Accounting by nature is a quantitative process. Its extent includes financial as well as operational information. The function of accounting is to aid the organization to reach its planned goals. The product of accounting is the accounting information. This information is used in deciding between different courses of actions and its outcome is decision making. Accounting serves to reduce the uncertainty inherent in the business where decisions are made concerning the future.
The task of accountant in producing the accounting data is to observe, screen and recognize events and transactions, to compute and process them and to collect corporate reports with accounting information that are communicated to users.
Accountants in UK offer a large variety of accounting and business support solutions. They will always include the business and tax guidance, all your planning requirements to drive your business forward ,preparation and audit of annual accounts, preparation of personal and business tax returns ,the providing of bookkeeping services ,payroll work ,advice on management accounting ,assistance with raising finance and opinion on budgeting and cash flow.
But if a company desires satisfaction and competence in terms of accounting functions being carried out, it should engage a chartered accountant, UK. The role of chartered accountant is similar to that of an accountant, except for the fact that chartered accountant is member of one of the recognized professional bodies such as ICAEW ,ACCA etc.
A company’s chartered accountant is taught to give an all-round business support service and can help businesses on many issues. Many a times, they advice on how to start up a business, on the different legal forms available and which is the most suitable and tax-effective form for them. Guidance can be offered as to the amount of finance that a new business will need, what support may be available and what to expect when starting up. He or she can also lend a hand with preparing business plans for presentation to lenders of finance.
Certified Chartered accountant UK is, therefore, responsible to offer an extensive range of services to new and established businesses of all kinds. They are not like other accountants in UK. They can help the directors of small companies to build and develop their businesses. At the same time they give their clients assurance that they will act in professional and ethical manner.