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CAs require portfolio diversification
Taxation software as a natural extension of operations
High demand for taxation solutions
Franchise taxation software solutions
Chartered accountancy is not only a respected and dignified profession, but also ensures a stable and lucrative career. With the increasing number of statutory compliances and stringent taxation rules, chartered accountants are going to play a major role in the future.
Chartered accountants have two options: either they can get employed in a CA firm, or can start their own private practice. As real estate and infrastructure investment costs spiral, an increasing number of CA graduates prefer to join corporates than set up their own practice. Data with the Institute of Chartered Accountants of India (ICAI) indicates that the number of working CAs will surpass the number of practicing CAs in our country. With increasing employment opportunities, practicing CAs will be 20%, while working CAs will be 80% by 2020.
Additional Read: Day to day costs of CA firms and how to finance them
If you want to start your own business, you need to learn about the important terms and conditions of business as well as the various business opportunities.
Chartered Accountants provide services such as auditing, assurance, tax consultancy, accounting services, accountants, finance outsourcing and financial reporting.
However, unfortunately they have been hit by inflation because of non-payment of appropriate and fair fees to them over the past years. Subscribing to knowledge-based websites and purchase of books have all kept pace with inflation and sometimes have outrun inflation, thereby disproportionately increasing operating costs.
Cost of communication, power, systems, etc. has gone up—but the fees have not risen in proportion to the costs.
Hence there is a need to look for business opportunities apart from consultancy, which they can venture into without making huge capital expenditure. One such option is taking a franchise of a taxation software company. This can be financed by business loans specifically available for chartered accountants.
You can take a franchise of a taxation software company that gives you the option of starting a part time business with the flexibility of working towards becoming a full-time business owner. You will have the opportunity to own a tax preparation service, accounting service, office/retail location, and create more revenue streams.
You can earn revenue by selling the taxation software on your behalf and hence create your own sources of income. Thus, taking a franchise of taxation software is easier and less expensive. With new businesses being established every day, and the integration of the unorganized sector into the organized sector, has created a higher demand for taxation solutions. Leverage this opportunity to market your taxation software.
Cost of taxation software franchises could range anywhere between Rs.10,000 to Rs.50,000 or maybe even higher depending on the specifications and seller of the software. With professional business loans for chartered accountants, you can easily finance such costs and make use of this opportunity