Being a chartered accountant is not easy. You have several restrictions. For instance, you cannot simply make advertisements for your firm and obtain clients. Company formation is not possible, and you have to limit your entity just to an LLP or partnership firm.
Following are some tips and tricks using which you can enhance and improve your work:
1. To Form Networks with The Right Kind of People
CA companies indeed get most of their work through references. Because of this, networking and reputation management is of utter significance. You have to regularly connect with the professionals and relatives in your and other domains. You also must empanel with RBI, NHAI and CAG. Regular discussions with colleagues, peers and seniors can give you a much better outlook.
According to a survey result, about 80% of professionals feel that professional networking is vital for success in a career. Utilize the power of social media to build and enhance your professional networking.
In case you want to shift to a new city, your professional networking will be very useful. It will help in infrastructure building, creation of space and following regulatory norms. It can also be helpful in your merging with another company so that both of you can provide better fees and enjoy an increase in the combined earnings together.
2. Adding Up of Partners
When a new partner comes, he brings along some potential clients; expertise in particular areas; increased visibility and a fresh and brand new outlook. If you have been looking for any quick fix business solution, then this is it. Do not forget to prepare a revenue-sharing model and open up about your firm’s experience and nature of work, while adding new members to the firm.
- If you have a new CA firm, it is may not be possible to pay remuneration to the partner. Therefore, the basis of revenue sharing should be solely profit sharing. The revenue each partner brings to the firm should be well-defined. Thus, all the partners feel motivated to take the firm to the next level.
- The revenue-sharing agreement can be a mix of profits and mixed incomes if your firm is old and a client base is available too.
3. Updating Yourselves
If you keep yourselves updated, then you will be amazed to know that you know a whole lot of things about technology, the world of finance and audit. Traditional accounting as well as modern accounting, both are necessary for honing up our skills. If you are not able to adapt yourselves to the new technology, then you will lag behind for sure.
4. “Jack of All and Master of One” Approach is the Best
If you provide multi-disciplinary services, this will help you in increasing your client base. However, you cannot give up on what has been your specialty. Your clients know you because of your specialty only. If you adopt the “jack of all and master of one “approach, you will not lose your clients, as well as you will build a long term relationship with the clients.
5. Make Use of the GST Market
Due to new rules and regulations regarding taxes, clients feel confused and seek services from the CAs regularly. Clients look forward towards compliance; financial advises and reporting from their CAs. This can be beneficial for all the Ca firms. They can build and grow their firm and provide GST consultation services to existing as well as potential clients.
Benefits of Offshore Accounting
If you want to modify completely the way you do business, then opt for offshore accounting services. Following are the benefits of offshore accounting.
- More Profitable: The salary that one pays to a local employee is much higher as compared to the salary paid to the offshore accounting professionals. There is no need to pay full-time employees allowances like car and fuel and housing allowances. There is no requirement for renting expensive office spaces. There is just a one-time payment per month for all the accounting work.
- To be able to select from a wide variety of candidates: There are lots of options available to choose from. The employee thus selected will be more efficient, committed and self-driven than a full-time employee.
- Reduction of the burden from the HR department: The HR department feels relaxed as there is no more responsibility upon it to hire employees for the accounting department. Rather, now the HR department can focus on other departments where outsourcing is not possible.
- Greater expertise at much lower cost: Different types of expert staff will be available at the same hourly rate, which is not the case with full-time cost accountants, tax accountants and financial accountants.
- Minimization of risks: There is no risk of the regular employee falling sick or taking leave without any prior notice. The offshore companies have umpteen qualified and trained staff, who take care of your daily work and completes them within the deadline.
- Confidentiality: Chartered accountants oblige all their professional duties and work ethics. So, there is no risk of misuse of client’s data.
- Flexible in nature: Your business can attain great flexibility by using offshore accounting services. Either you can offshore different departments one by one. Or you can offshore only that particular department which you feel relaxed and comfortable outsourcing.
- Usage of modern technology: The offshore companies use high-end technology by using expensive hardware and extensive software. They can advise their clients about the choice of software. Thus, the offshore companies are in a position to suggest the software companies update software with certain functions, making work easier for the clients.
- Advantage because of time zone difference: Even when it is night, and you are not working, your employee from the offshore company might be working because of the time zone difference. This will give you the latest accounting figures at the start of the day.
- The success of your business is the goal of the offshoring companies: The ultimate aim of the offshore employees is to improve their accounting services. While improving the quality of their services, they also help in achieving the goals of their clients.
I’m currently working as a Charted Accountant with Payroll Outsourcing Company. I have a great passion for outsourced accounting. In a previous couple of years, I have worked with big and small clients across numerous continents. I have a keen interest in outsourcing payroll processing, outsourcing accounts receivable, BPO outsourcing, outsource finance, outsourcing back office, outsourcing bookkeeping services, etc.