Currently in Malaysia, according to the government, we are having a shortage of chartered accountant. A lot of officials are tirelessly trying to convince the younger generation to take up accountancy to help bring the numbers up. We currently have way too many companies and not enough accountants to help these companies.
In this article, we are going to explore the job scope and what you should expect if you want to one day become a chartered accountant or what you should expect your accountant to be when you want to hire them.
In Malaysia, the median average salary that a chartered accountant will earn is RM 93,957, this amount is taken from Payscale.
Credits : payscale.com
What is the job description for a chartered accountant?
In Malaysia, a chartered accountant is someone who actually handles all the financial reports that your business produces. They are there to create and review all the reports that your company will make financially. They will also tabulate all the company’s finances and ensure that every department is spending in their budget.
In addition to that, they are also there to help you make decisions that are financially sound according to all the information they have tabulated from before. They will be able to tell you where you should be spending less or be able to give you a proper budget to ensure that you are keeping the financial health of your business.
They will also be in charge of registering your taxes to be reported to SSM at the end of the year.
What tools do chartered accountants use?
The main tools that chartered accountants use are basically financial software, statistical software, Google Drive to store data and a lot of calculators.
What qualifications do they need?
Becoming a chartered accountant is not easy and the basic educational qualification is to have a Bachelor’s Degree in Accounting, Business or Finance. To become a chartered accountant, they would also need an additional two years of training to become a qualified accountant.
What are their main tasks?
The chartered accountant that you will hire will have a few main tasks that they will be doing on a daily basis is as follows :
- They should be maintaining all the records that you might have of your liabilities, your cash flows, your assets, taxes, purchases, vendor payments, and things as simple as wages as well.
- The records they obtain will then be analysed and tabulated by them to then see how the financials of the company is doing. They are required to send detailed reports and analysis of the money spent and how it can be better improved constantly.
- They would also need to prepare financial reports for external reporting. For example, the Malaysian SSM has just come out with a great reporting tool called the Malaysian Business Reporting System. All accountants will have to use this when they send yearly financial reports to SSM.
- They should also be using their knowledge and information to ensure that your company is in compliance with all the regulatory requirements made by the Malaysian government.
- They should also be kept up to date with all the changes and updates made that require your immediate attention. Things like reporting systems or changes in taxes will be needed to be taken care of as soon as possible as it is tied to governmental compliance.
So, before you hire your next chartered accountant, make sure that you know and understand what a chartered accountant is supposed to do. This way you can always hire a lot better. If you already have an accountant and feel that they need the MBRS training course, you can click here to register!