What is the role of a chartered accountant? [Job description]

Would you like to become or call on the services of a chartered accountant?

🤔 But what is their role? Have its missions evolved with the digital transformation?

Finally, is it compulsory to use a chartered accountant in business?

Discover their profile in our job description, along with a toolbox for an online chartered accountant in tune with the times.

Chartered accountant's job description :

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What is the role of a chartered accountant?

Expert-comptable: definition

A chartered account ant is an accounting professional whose role extends beyond managing a company's accounts.

His added value lies in his role as an advisor on legal, tax, social and accounting matters, both in preventing potential difficulties and in optimizing financial health.

He assists all types of businesses, from micro-businesses to large corporations, throughout their life cycle:

• business start-ups
• taking over or selling a business,
• business development, etc.

Tasks during company start-up

• Drawing up a balance sheet forecast,
• Advice on :
  • choice of legal status,
  • choice of social status,
  • tax optimization,
  • financing options.

Missions throughout the life of the company

The chartered accountant has 3 main missions, plus a number of additional ones:

• Presentation of annual financial statements:
  • bookkeeping (full or partial),
  • auditing,
  • preparation of annual financial statements,
  • preparation of tax and social security returns,
  • consolidation of group financial statements;
    
• Limited review of the annual financial statements:
  This involves attesting to the fairness and accuracy of the annual financial statements, with respect to the company's financial position and results at year-end;
  
• Contractual audit:
  More advanced than the previous mission, this involves certification of the regularity and fairness of the annual financial statements, following controls (sampling, material verifications and external cross-checks);
  
• In addition, the chartered accountant may be called upon to :
  • carry out legal formalities (annual general meetings, transfer of registered office, capital increases) ,
  • provide social and tax services,
  • carry out legal assignments (required by law), for works councils for example, etc.

Assignments during the transfer or takeover of a company

An acquisition audit carried out by a chartered accountant is advisable to :

• be sure or question the purchase value of the entity ;
• negotiate the transaction;
• limit the buyer's risks.

His missions when financial difficulties arise

Whether the company is in a safeguard, receivership or compulsory liquidation plan, the auditor's role is to :

• determining the state of cessation of payments,
• drawing up a continuation plan,
• monitoring operations and cash flow during the observation period,
• supplying documents and data to the court-appointed administrator,
• implementing the plan to sell the company's assets and activities, etc.

© Conseil supérieur de l'Ordre des Experts Comptables

What are the career prospects?

Sometimes salaried at the outset, in the vast majority of cases the chartered accountant evolves towards a self-employed status by creating or joining a chartered accountancy firm, and then building up a clientele.

Within a large company, they may become :

• accounting director,
• financial director.

In a small firm, they are multi-skilled, but in a larger firm, they specialize and work in collaboration with legal and tax specialists.

How much does a chartered accountant earn?

There are two possible ways of remunerating a chartered accountant, by invoicing the client:

• on an hourly basis, according to the time spent on the case ;
• on a fixed annual, quarterly or monthly basis.

Remuneration depends on :

• the quantity and quality of work entrusted to him;
• experience ;
• geographical location. A chartered accountant in Paris costs more than one in the provinces.

According to the CIDJ, a chartered accountant' s gross monthly salary is around :

• 3,000 € + bonuses, for a salaried beginner,
• 5,000 € for a beginner in a firm,
• up to €9,000 for a senior accountant.

☝️ If you are in charge of a company, try to detail the various tasks you wish to outsource to a chartered accountant, and how often they recur, then ask for several quotes to compare fees.

To formalize everything, the chartered accountant draws up a contract, known as an engagement letter.

How do I become a chartered accountant?

Training to become a chartered accountant

Chartered accountants can begin their careers after :

• 5 years' higher education, including :
  • a Diplôme supérieur de comptabilité et de gestion (DSCG),
    obtained in a specialized school, after a Bac+3 accounting and management diploma (DCG) and 2 years of work-study,
  • or a Master's degree in Accounting, Control and Auditing (CCA),
    obtained at university, with the option of a 2-year sandwich course;
• + 3 years' internship in public accounting, leading to a DEC (Diplôme d'Expertise Comptable) Bac+8.

☝️ The DEC and membership of the Ordre des Experts-Comptables are compulsory for self-employed accountants.

▶️ Watch this wink-wink video "Who said the profession of chartered accountant wasn't fun and full of promise?

What are the qualities of a chartered accountant?

Unsurprisingly, a chartered accountant is :

• organized
• rigorous,
• and enjoys working with figures.

Their expertise in financial management is complemented by a mastery of

• business law,
• tax law,
• employment law.

Ideally, he or she has a sound knowledge of the sectors in which his or her customers operate, so as to master the jargon and specificities, and adapt easily.

They also have good interpersonal skills, enabling them to explain accounting language in layman's terms and inspire confidence.

☝️ The dematerialization of accounting has enabled him to develop his role as advisor.

Choosing the right accounting software can save him a considerable amount of time, enabling him to meet the needs of his practice, increase productivity and provide the best possible support to his clients.

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Is a chartered accountant compulsory for a company?

No, a chartered accountant is not compulsory for a company, even a small one.

Unless the company wants to outsource its accounting.

However, in addition to their expertise in ensuring that your accounts are in order, they are also highly recommended when setting up or taking over a business.

He is a key partner in your development and financial stability.