• Apply now

Money in bank in 24 hours

Apply now

Traditional Areas Vs Emerging Areas for CA Firms

  • Highlights

  • Shift in financial and tax policies

  • Increased need for CAs to diversify their services

  • Traditional areas becoming redundant

  • Top emerging areas in accounting

Chartered accountants are integral to a company’s financial well-being. They ensure the company’s survival, by checking that all legal compliance is followed, especially with regard to taxes. In fact, in most small to medium enterprises, the CA is the go-to person for any legal clarification.

This fact opens quite a few doors for the enterprising CA. With a shift in taxation policies and a dynamic business environment, CAs must constantly question their offerings and go a step further to offer end-to-end solutions to clients to become an integral part of a company’s functioning.
With the new economy continuously throwing up challenges in the form of GST, demonetization, cryptocurrency, smart contracts, blockchain, etc., it becomes really important to expand your skill set beyond the traditional areas, if you want to stay above the competition.

Along with your expertise in auditing, taxation, indirect tax, and corporate compliance.

Traditional Areas for CA Firms

Traditional areas have become rather redundant, and seem to be losing monetary value. For example, the return filing fees in 1990 was Rs.1,500, and even in 2013 a CA could not charge more than Rs.2,000 for the same. Similarly, the cost for assessment proceedings has not changed much, since the value of Rs.2,000 that was in place in 1990. What’s more, even with the increased risks in auditing, clients hate to increase the fee paid to CAs. All this is a major loss for CAs, especially with inflation coming to play.

Additional Read: How to start a CA firm

Emerging Areas for CA Firms

This is where skills in the emerging areas for CAs, could help you improve your CA practice. Investing in courses to learn about labour and employment laws, government tenders, CSR, due diligence, IT laws, intellectual property laws and so on, could help you offer more services to your clients, and therefore increase revenue. Labour and employment laws protect the rights of the labour force, and keep the interests of employers and employees in balance. Corporate social responsibility (CSR) meanwhile, refers to the role that corporations play in meeting the agenda of sustainable development. Intellectual property law, on the other hand, enforces legally binding rights to one's inventions, designs, literary, technological and artistic creations. IP includes copyright, trademark, patents, geographical indications, design rights, etc.

IT laws and regulations exist to protect information technology used by a company against cyber threats and information distribution concerns. E-waste regulations and compliance is another area that comes under IT laws. Additionally, CAs have long been involved in the financial and tax due diligence, which is a part of any business deal. However, the new start-up culture has led to a requirement for CAs well versed in legal due diligence as well.

The certification for all these is available online and quite affordable. If necessary CAs can use professional CA loans to learn these skills and expand their practice, allowing them to take up larger projects in the corporate sector.

Additional Read: Opportunities & challenges faced by CA firms

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?

Next up


How to use a Chartered Accountant loan to strengthen your practice