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 consultancy services and have 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 reasons for them to do so:
1. Acting as a one-stop destination for all business management solutions
With ICAI empowering CAs to set up their own management consultancy firms, CAs could become key 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 through ICAI is planning to start consultancy management courses for practising CAs. In addition, 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. However, through a personal loan for chartered accountants, CAs can finance such advanced degrees.
2. Driving business growth
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 various business-related issues.
CAs can further understand the financial aspects of a business and provide valuable advice in revenue growth, debt management, and accounting practices. To undertake such diversification, CAs could also consider opting for a business loan for chartered accountants specially designed to help them grow their practice.
3. Expansion of client base
Integration of accounting and business management consultancy will help CAs become turnkey solution providers for businesses. Now they can provide various services across all aspects of a business, such as finance, human resources, marketing, and logistics.
Such an expansion of the service portfolio will help make chartered accountancy a rewarding career and help CA firms expand their client base.
The diversification in offerings will help bring revenue from different channels while also offering the prospect of developing different skillsets.
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