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CAs can set up their own management consultancy firms
One-stop destination for business management solutions
Provide valuable advice in key areas of growth
The dynamic business scenario has evolved the role of a chartered accountant,compelling them to diversify their skills.The Institute of Chartered Accountants of India (ICAI) aims to make CAs efficient in handling management consultancy services along with regular accounting and auditing skills.
To facilitate this vision, it has allowed its members to set up their own management consultancy companies, presenting a great opportunity to CAs to venture into this new territory and enhance their service portfolio. Here are a few more reasonsfor them to do so:
With ICAI empowering CAs to set up their own management consultancy firms, CAs could becomekey service providers for all business, finance, and management-related requirements. CA firms can augment their revenues and the skill-sets of their workforce by offering diversified services to their clients with a wide variety of requirements.
To venture into this new area of business management consultancy, CAs need to equip themselves with specialised knowledge
Though ICAIisplanning to start consultancy management courses for practicing CAs, they can undertake business management courses provided by top Indian and foreign institutes.
While the cost of pursuing an MBA in India can go as high as Rs.25 lakh, foreign degrees can cost upwards of Rs.50 lakh. Through a personal loan for chartered accountants,CAs can finance such advanced degrees.
The management consultancy industry grew at a CAGR of 5% last year and is expected to continue growing along the same lines. Management consultants often help businesses to sail through troubled waters. From process restructuring to workforce management, they can advise business owners on a wide spectrum of business-related issues.
CAs can further understand the financial aspects of a business and can provide valuable advice in areas like revenue growth, debt management, and accounting practices. To undertake such diversification, CAs could also consider opting for a business loan for chartered accountants that are especially designed to help them grow their practice.
Integration of accounting and business management consultancy will help CAs become a turnkey solution provider for businesses. Now they can provide a variety of services across all aspects of a business such as finance, human resources, marketing,and logistics.
Such an expansion of the service portfolio will not only help in making chartered accountancy a rewarding career but also will help CA firms in expanding their client base.
The diversification in offerings will helpbring revenue from different channels, while also offering the prospect of developing different skillsets.