If you are a Chartered Accountant who is willing to expand his/her firm and don’t know what to do, you are not alone. Yes, some CA professionals have the required skills to help grow his/her firm to heights of success, but don’t how and where to begin.
This post will help you get to know some of the most helpful tips that would help you expand your Chartered Accountant practice super easy.
Are you also concerned about the funding part? Don’t worry as leading banks and non-banking finance companies (NBFCs) can offer you a loan for Chartered Accountants as high as Rs.35 lakh to complement your needs.
Quick tips for CAs to expand their practice
- Grab the emerging GST marketplace
Even since the introduction of the Good and Services Tax (GST), the number of businesses falling under its limit has increased. The tax rate slabs are constantly in the revision mode which means clients looking for CAs for all the financial assistance, compliances and reporting. As a result, it is a big opportunity to tap this market and grow one’s firm by offering GST consultancy services to existing and new clients.
- Foray into new markets
In India, the number of Chartered Accountants is less than required. The number is less than 2.8 lakh as per reports of The Institute of Chartered Accountants of India in 2016-2017. Hence, the platform is set for the CAs who are in the business to foray into newer markets and provide services. Other than just offering traditional services such as taxation, audit, financial reporting, you can accumulate growth by offering services in areas such as Companies Bill, 2012, Valuation, Forensic accounting, making plans for overseas INCs, and setting up GST practices and new rule implementation. A CA loan up to Rs.35 lakh can help you not to worry about the financial hurdles that may come in your way.
- Offer multi-services
Nowadays, clients and customers prefer only such CA service providers that can offer multi-disciplinary services to them. As a result, aim to provide numerous services to your customers to boost your client base. This is primarily because service diversification and consultancy services in the alike areas keep off the risk of losing clients. As a result, you can have a long-term association with your clients and customers and emerge as their preferred solution provider for all accounting and finance concerns.
- Embrace new technologies
Not getting used to newer technologies and still hoping to improve your CA practice to grow means expecting beyond your capacity. As a result, for all businesses to grow in today’s time of hi-technology, it becomes a must to adopt new technology. For the same, you will need to buy new equipment or devices concerning the trends in your area to be ready to serve your clients better. Opting for technologies such as cloud accounting software can help you serve clients across different location, increase monthly cash flow, and cut travel cost of visiting clients to collect account and more.
- Increase online visibility
Social media is a new marketplace to attract new customers and engage with your niche to help them land on your website and subscribe for CA services. For reaching out more and your kind of audience, you can run paid ad campaigns on Facebook, Twitter and more platforms.
The Bottom Line
Dreaming to grow and striving to grow are two different things! If you keep about dreaming and do nothing, nothing will happen. However, if you strive to strengthen your CA practice by implementing the discussed tips, your firm will surely grow.
For answering all funding issues, you can avail a CA loan of up to Rs.35 lakh to get started with the growth of your CA practice and build it brick by brick.