There is a huge number of chartered accountants (CAs) practising in India proficient in technical knowledge. But with the growing challenges faced by businesses, merely the technical know-how is not enough. CAs should learn to identify and solve business problems. Businesses are looking for CAs whom they can trust as advisors and who understand the dynamics of business.
Conventionally the services offered by CAs are:
- Company audit
- Direct, excise, and service tax
- International tax
- GST compliance, audit, and training
- Company secretarial services
- Cost accountancy
Some of the emerging areas include:
- Insolvency-related consultation
- Share evaluation
- Forensic accounting and auditing
- Structuring entry strategies for overseas companies
- Financial modelling
- NRI services
- Risk assessment and management
- Corporate governance
- Government schemes
- Intellectual property valuation
- Planning and structuring revenue models
The scope of financial modelling includes research - equity, market activity, IPO, and so on. The dynamic economic environment requires CAs to shift their role from just being accountants, auditors, or financial reporters. CAs need to become business advisors, strategists, and forefront administrators to businesses. This shift will enable CAs to guide businesses through the changing business scenario. They need to interpret reports skillfully and find solutions to business problems as accounting can no longer be taken in isolation.
Other areas include investment banking, merger & acquisition analysis, equity and IPO research, fraud and insolvency analysis, etc.
The accounting and audit firms also include roles of data management and cyber security. This will help to improve transparency and reduce fraud in the financial system.
The way forward
CAs can move ahead with practice expansion. They can cater to newer markets by diversifying their services, and thus, broadening their client base.
The platform for executing the redefined role of CAs is comprehensive. You need sufficient capital to support practice expansion. Now, arrange the funds easily with a loan for CAs. You can get funds up to Rs. 80 lakh from Bajaj Finance to expand your practice.
CAs can also undertake courses on advanced subjects and upskill themselves to stay ahead of the curve.
These courses will help provide CAs with the skills to:
- Provide solutions for business challenges
- Think analytically, critically, and in an integrated manner
- Conduct research
Advanced business management courses from reputed institutes may cost more than a lakh. Executive MBA programmes or specialised master’s degree programmes for working professionals can benefit you. To fund your education, you can check the loan for chartered accountants from Bajaj Finance.
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