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5 Growth tips for your accounting firm

  • Highlights

  • Create a growth plan comprising short- and long-term goals

  • Manage cash flow efficiently

  • Build an online presence to increase clients on your roster

  • Get up to Rs.35 lakh with a Bajaj Finserv Business Loan for CAs

With most of your time spent on managing your client’s finances, you may be left with a little time to plan your own business growth. However, in order to scale your business, having a basic idea of how you will go about doing this will ensure that you don’t waste time, and can make a measurable difference. So, take a look at 5 tips to help you take your practice to the next level.

1. Create a business plan

Crafting an efficient business plan is the key to expanding or growing your accounting firm profitably. This is your roadmap to creating a new and improved accountancy firm and can involve hiring an informed strategist to help you, as well as taking your clients feedback into consideration to decide the allied services that you can offer.

Whether you are adding a tax preparation department or payroll services, remember to draw out a plan that you will follow. Map out short- and long-term goals once you identify profitable growth moves. Then, further detail how you will go about achieving each goal.

2. Manage your cash flow efficiently

It is best to earmark finances slowly and steadily for various aspects of growth. Decide the areas that will require most money, and set aside funds for them first. For instance, if you’re adding an HR department to make internal operations smoother as you scale up, create a reserve for this. Also, trim expenses wherever possible so that when you put your plan in action, you don’t have to stop midway owing to insufficient funds.

3. Create an online presence

Have a virtual office that clients can visit from anywhere in the world. Focus on providing detailed information as well as a clear design. Mention all your contact information clearly, and also list the types of services that you offer. For clients who are looking for accountancy services online, optimising the website content for search engines will help you reach a wider audience and beat your competitors on such websites too.

4. Hire a CFO on a contractual basis

While considering the growth of your accounting firm, you may not find yourself ready to have a chief financial officer on your payroll. However, you will also not have the time or bandwidth to take on this role yourself. This does not mean that you cannot hire one. Use your current resources to hire a CFO on a contractual basis. Not only will this take some of the work off your shoulders, but also while you focus on the future, someone will be there to ensure that your existing operation is on track. Also, if you’re expanding by way of buying out a smaller accountancy firm, having a CFO on your side will only help you further.

5. Apply for a loan when needed

To be able to complete tasks on your list, you are likely to need more funds than you have at the moment, whether you need to purchase software like Tally ERP 9 for multiple users or computers for a new bookkeeping department. You can use a CA loan to cater to your financial needs. A Business Loan for Chartered Accountants from Bajaj Finserv is one that is customised to meet your requirements and gives you financing up to Rs.35 lakh in 24 hours. You can also use the Flexi Loan facility to borrow as you need and pay interest only on the used amount. Additionally, you can choose interest-only EMIs and repay the principal at the end of the tenor.

So, use these tips to approach growth in systematic manner. Once you have your plan in place, get funds at a moment’s notice with a pre-approved CA loan.

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