2 min read
25 May 2021

The job of a chartered accountant (CA) is challenging as well as a rewarding one. Extracting meaningful information from tons of financial data that help organisations undertake critical business decisions requires logical thinking and reasoning.

To cater to a larger clientele and remain competitive, here are some essential things a practising CA must keep in mind.

Tip 1: Effective management of audit

Auditing is an important aspect of CA's job. Auditing plays an essential role in preventing frauds that can hurt the image of an organisation and erode its revenues. For effective management of audit, every CA must:

  • Prepare a well-thought audit plan and program considering the nature, timing, and extent of the audit procedure
  • Develop a structure allowing timely sharing of information with every team member
  • Balance assignment to team members according to their knowledge and skills
  • Develop policies to effectively delegate the audit work among the audit team and establish accountability

Tip 2: Investment in technology

"A firm's technology plan should be part of the firm's overall strategic plan" - John Higgins, Strategic Advisor, CPA Crossings

Adopting technology in practice helps CAs analyse large data volumes precisely with minimal chances of error, thereby boosting productivity. For example, deploying AI tools to analyse lease accounting data can bring down the time to file a report as these tools can themselves analyse 70% of data, leaving the rest for humans.

Similarly, practice management software helps CAs store data on a single-hosted platform, leading to better visibility. Depending on the features, the price of such software can go well above Rs. 1.5 lakh.

You can make investments in technology with a customised loan for CAs, offering funds up to Rs. 35 lakh and money in the bank within 24 hours.

Tip 3: Knowledge of effective tax management for diverse clients

Individuals, as well as companies, depend on CAs to better manage their taxes. Income Tax is a vast domain with various sections defining the provisions of income and the tax to be collected.

A practising CA must be well-acquainted with all the provisions of the Income Tax Act 1961, including various exemptions, deductions, and tax holidays, to manage clients' taxes and save them in the best possible manner.

Since CAs cater to diverse clients, they need to know about the provisions of effective tax management for clients in various sectors. Flexi business loans for CAs help you cater to clients' finance problems by investing in technology, implementing a CRM system, meeting immediate and unexpected cash needs, and much more.

Tip 4: Focus on employee training

Employee training improves audit quality and personnel satisfaction, thus helping CAs to increase their income per employee. It also reduces employee turnover costs that can financially pinch a CA. In addition, employee training programs act as a source of motivation for employees. Finally, it also leads to lower attrition that contributes to better productivity and robust customer service.

Additional read: How to use a Chatered Accountant loan to strengthen your practice
 

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