Chartered Accountants can expand their practise, without hassles, through the CA loan. The annual report of ICAI 2015–16, shows that there were 2,53,337 members as on 1st April 2016. More than one lakh CAs are practising in India. Chartered Accountant Loan can help you to expand your work as per your choice.
There are various aspects involved to grow your practice. Let’s explore a few of them.
1. Add More Partners
For a positive growth curve, your CA firm need to add partners with diverse talent. To attract talent, the remuneration and the client base is an important consideration.
A preferred revenue sharing agreement includes both the profit sharing, and the fixed retainership per month. To maintain fairness, you can choose an ERP solution for your firm, so that the quantum of work for each partner can be reflected in a transparent way.
Lean and efficient working scenario goes a long way to retain your human resources. ERP solutions can enhance the efficiency quotient, by integrating several processes on one platform. These include audit report software, balance sheet software, GST tools and others. ERP solution costs will differ based on the users and the locations. Tally ERP 9 Auditor’s Edition (Multi User) costs around Rs. 10,800.
2. Enhance The Knowledge Quotient And Skill Set Of Your Firm
Given the competition around, you need to constantly upgrade the expertise of your team. You can hire more people with diverse skills such as:
-Consultation – GST, insolvency, legal
-Auditing, national and international
At the same time, you can help the existing members tread a learning curve. The ICAI Committee on Information Technology has introduced several courses. Some of them are:
-Post Qualification Course on Information Systems Audit (ISA)
-ERP Courses on the Finance/Control module through leading vendors – SAP, Microsoft
-Certification Course on Forensic Accounting & Fraud Prevention
Courses on Information Systems Audit can get you a degree of D.I.S.A. (ICAI). As a part of capacity building for small, and medium practitioners, ICAI has arranged for an accounting software by Relyonsoft.
CAs can also audit accounts for multinational companies. Indian account books need to be integrated with that of the global accounts. For example, the qualification of US GAAP is required for US companies.
Thus, there are immense opportunities for increasing the knowledge quotient of your firm. There is no substitute for expertise.
Another area where you need to focus is networking and visibility. You can meet potential clients in seminars. Your aptitude and attitude can win you references. Building a clientele base is a time-consuming process, but it is the inevitable part of the task. You can join the 6000 delegates from around 130 countries at WCOA Sydney 2018, in the World Congress of Accountants.
You can establish authority and visibility by publishing blogs, guest posts, and opinion pieces. These can be posted on social media to spread the word.
These are the main areas to work upon, to consolidate your firm’s growth.
How Chartered Accountant Loans Can Help You Expand Your Firm?
A flexible business loan for chartered accountants helps to cater to the diverse needs of your firm. You can use the funds to:
-Finance a course
-Buy office supplies and advance accounting software
You do not have to take separate loans for different purposes. You can avail flexible business loans from non-banking financial companies such as Bajaj Finserv, for your diverse needs. The interest rate for CA loan are competitive.
The flexible line of credit of Bajaj Finance loan for chartered accountants, lets you withdraw funds whenever you need. The same credit line allows you to borrow funds for different purposes. Moreover, you pay interest only on the borrowed funds, rather than the whole credit line. The EMIs comprise only the interest component, thereby reducing the burden of monthly payouts. You can apply online after purusing the CA Loan Eligibility Criteria.