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Top Tips Every Practicing CA Must Keep in Mind

  • Highlights

  • Effective audit management

  • Investment in technology

  • Tax management for diverse clients

  • Employee training

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.

In order to cater to a larger clientele and remain competitive, here are some important 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 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 to analyse large volumes of data precisely with minimal chances of error, thereby boosting productivity. For example, deploying AI tools to analyse lease accounting data can bring down time to file a report as these tools can themselves analyse 70% of data, leaving the rest for humans.

Similarly, a practice management software helps CAs to store data on a single-hosted platform, leading to better visibility. Depending on the features, the price of such a 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. 32 lakh and money in bank in 24 hours.

Tip 3: Knowledge on 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.

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A practicing CA must be well-acquainted with all the provisions of Income Tax Act 1961, including various exemptions, deductions, tax holidays to not only manage the taxes of clients but also save them in the best possible manner.

Since CAs cater to diverse clients, it's essential for them to know about the provisions of effective tax management for clients in various sectors. Flexi Business loans for CAs help you to cater to client’s finance problems by investing in technology, implementing a CRM system, meet 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. Employee training programs act as a source of motivation for employees. It also leads to lower attrition that contributes to better productivity and robust customer service.

Additional Read: How to Use a Chartered Accountant Loan to Strengthen Your Practice

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