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How to Make Your CA Firm Stand Out in A World of Growing Competition

  • Highlights

  • Cloud computing allows access to client data

  • Streamline processes by going paperless

  • Improve efficiency with practice management software

  • Diversify offerings to reach out to new markets

Being a self-employed CA can be hard. You usually have to limit your entity to being a partnership or a limited liability proprietorship (LLP). Moreover, it can be difficult to expand your services, and getting business can also be hard, particularly due to extensive competition and such huge referral fees. However, there are several measures you can take to improve your practice’s efficiency, and stand out from among your competition. Here are the top 4:

1. Start Using Cloud Computing

In accounting, getting your clients to use online accounting software makes it easier for you to ‘flag’ potential problems they might face. The software allows your client to log their expenses, create and send invoices, forecast their tax bills, and do self-assessment and VAT filing. As their accountant, you can then log into their account and check their spending, alerting them wherever necessary.
This also provides you client details in a timely enough manner to help them save on their tax, which isn’t

possible if you get the information only at the last minute, as is usually the case. Through this, you can improve client relations, providing you with an advantage over your competition.

2. Cut the Paper Trail

Software can help you simplify paper-based administrative processes, like expenses and invoicing. It also reduces chances of error and delays. Therefore, with such software you can automatically populate expense claims using electronic receipts. That is, e-receipts from airlines, hotels, etc., will be automatically transferred to an expenses report on their personal profile.
With this, expense claim and invoice processing speeds up by nearly 70% and 85% respectively. Quick processing and service always gives you an edge over your competition.

3. Incorporate Practice Management Software

Practice management software improves your CA firm’s efficiency. It includes a client database, billing and standardised fee notes, that can be inserted into bills and while tracking for jobs and projects. You can also automate previously manual tasks like invoicing, work scheduling and project management. Moreover, the filing and sharing of documents between you and your clients would also become easier, through linking to online portals.

How your practice can benefit from a Loan for CAs

Your practice can manage its day-to-expenses and meet expansion needs with a feature-packed Business Loan for Doctors offering capital up to Rs.35 lakh.

4. Provide Additional Services

One of the best things you can do to get an edge over your competition is to provide other services besides just auditing and tax servicing. You can, for example, provide advice on finance management, taxation (direct or indirect), bookkeeping, internal audit, information systems audit, etc. You can also advice on how to adapt to the changing tax regime (GST, RERA, etc.), provide legal consultation, sustainable development advisory, due diligence advisory, etc.

Along with the right strategy and business plan, you will also need the right mode of finance to ace the competition. While there are wide ranges of financing options available in the market, innovative products like Chartered Accountant Loans stand out for their unique features. They are designed for you to reduce cost and get the most out of your lending.

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