5 ways in which you can use a Business Loan for CAs

A CA firm needs funds for various expenses. To give your practice a fillip, hire skilled CAs, buy needed accounting software or refresh your knowledge with a course, you can use the customised business loan for chartered accountants. Take a closer look at how this loan can be beneficial for your CA firm in more ways than one.

1. Hire specialists to enhance your workforce

If you run a firm that provides accountancy services to several clients, you will want to ensure that your staff can handle any project that comes your way. This will allow you to say yes to more opportunities and make the most of the offers that come your way. So, to ensure that you do a good job when you sign on a client, it is important to have a pool of specialists that are a part of your workforce and can step in when specialised attention is needed.

You can use funds from a business loan for CAs to hire specialists such as forensic accountants, auditors and investment accountants without feeling the pinch. When you apply for a business loan for chartered accountants from Bajaj Finserv, you can enjoy several other benefits apart from a high loan amount. These include a Flexi loan facility, convenient tenor, easy online loan application and management.

2. Take care of working capital issues

Like any other business, your service firm may also face working capital issues from time to time. For example, you may find it difficult to pay rent and salaries while you’re awaiting payment from multiple clients who have defaulted on making their payment to you within the stipulated period. While such a situation can weigh on your mind, you mustn’t allow it to affect employee morale or your everyday business. In such cases, you can rely on a loan to help you pay for the office rent, utilities and salaries while you focus your attention on collecting payments.

3. Incorporate technology into your business

Accounting software can greatly improve the speed and accuracy with which you work, which is why they are worth investing in. So, instead of relying on free demos, or duplicates of expensive software that can expose data to malware and land you in legal trouble, take the effort to seek out the original software that your business would benefit from and purchase them. A business loan for CAs will help you buy as many copies of the software as you need, whether it is QuickBooks or Busy, as well as pay for the renewal of the subscription when the time comes.

4. Hire extra resources during the seasonal shift in demand

If you have identified the first half of the year to be the period when your services are in demand, it is wise to plan in advance so that you can make the most of enquiries from clients that come your way. To cater to seasonal demand and add as many clients to your roster as possible, you may need to hire additional entry-level accountants, associates and project-based experts to your firm. A business loan for CAs comes in handy here, as it allows you to staff your firm with the extra resources you need to handle the additional demand efficiently.

5. Expand your firm to another location

After a few years of running your CA firm, you might find that you have generated goodwill for your company and have a steady stream of work coming your way. In such a situation, you can consider taking the next step towards growth by expanding business operations and opening a second office. This could be in another city where you anticipate good business or in the same city, offering different, specialised accounting services. When you decide, a loan will help you set up the second office, right from zeroing in on office space to doing up the interiors, buying furniture and staffing it with employees.

So, whether you simply want to amp up the efficiency of your CA firm or are looking to take it to a whole new level by diversifying and expanding, you can rely on a flexible CA loan to be your ally through the journey.