Modern-day chartered accountancy is just more than audit and taxation. Change in economic policies coupled with demand for specialised services from clients has prompted chartered accountants (CAs) to diversify their offerings to business acquisition, GST consultation, investigation and treasury services among others. However, to remain competent here are 5 things that should top your CA firm's to-do list.
Integrate Big Data and Analytics solutions
According to Protiviti's 2017 Internal Audit Capabilities and Needs Survey, the demand for data analytics services to support audits has increased in 73% organisations. By integrating Big Data and analytics into your practice, you can improve the quality of audit by enhancing the risk assessment process. Through Big Data and analytics, you can pinpoint areas in an audit that require investigation right at the beginning. The cost of setting up a big Data and analytics practice in your firm can be easily met with a chartered accountant loan.
Opt for Cloud Accounting Software
In this cloud age, it's imperative for you to opt for a cloud accounting software for your CA firm. With this software you can:
1. Get access to data in real-time
2. Collaborate online with your team
3. Go paperless thereby decluttering your office
4. Reduce upfront costs
Depending on the features, the cost of a cloud accounting software can run into lakhs. A chartered accountant loan can facilitate the purchase of such a software.
Deploy Cyber Security Solutions
According to a report, nearly 40% of more than 53,000 cyber-attacks in India occurred in the financial services sector in 2017. With an ever-increasing threat of phishing and website intrusion, it's imperative to protect your firm from falling prey to cybercriminals. Loss of critical financial data can have long-term repercussions on your practice. While installing antivirus and firewall is one of the ways to prevent cyber-attack, it's equally important to use genuine software. A 3-year license anti-virus for a single PC costs approximately Rs. 1,000. The cost of a mid-range firewall system is around Rs. 3.5 lakh.
Hire People with Value-Added Certifications
To remain competitive and expand your service portfolio, it’s essential for you to hire people with certifications in:
- Anti-Money Laundering Laws
- Enterprise Risk Management
- International Taxation
- Forensic Accounting and Fraud Detection
- Forex and Treasury Management
- Insurance and Risk Management
Having these people in your workforce will enhance value of your CA firm.
Invest in Employee Training
To keep your workforce motivated and aid your firm to stay ahead in the curve, it's essential for you and your firm to invest in employee training programmes. As per the Association for Talent Development (ATD), firms offering training programmes to their employees enjoy 24% higher profit margin.
Contemplate offering training to your employees on the technologies such as AI and machine learning disrupting the industry.
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