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29 Dec 2020

As a Chartered Accountant, you may be worried with how the business and its range of services can be expanded. Since you cannot advertise your business to get customers, it can become hard. If you try and get business by referrals, massive commissions will be involved and profitability will be affected. Such obstacles impede the growth of your practice. Here to help you broaden your scope in order to appeal to a broader consumer base, following are some ways to grow your CA firm:

● Cashing the GST Market

As unorganized enterprises now come under the umbrella of taxation, the newly effective indirect taxation mechanism has expanded the number of tax-paying businesses. With tax rates being continually updated, consumers seek financial guidance, enforcement and reporting from CAs. Each CA business can therefore build and extend its indirect tax practice and provide current and prospective customers with GST consultancy services. You can also appeal to a wider clientele by providing GST consulting with the help of CA loans available on Finserv MARKETS.

● Adopt a multitasking approach

Providing multi-disciplinary services would allow you to improve your customer base. However you cannot miss out on the field of your specialization at the same time as that is what your customers have eventually remembered you for. Diversifying your services by delivering consulting in allied areas hedges the risk of losing your customers and establishes a long-term relationship with you, where you become your go-to individual on all matters related to accounting and finance.

● Refresh Yourself

Keeping yourself informed not only needs knowledge of the latest trends in the finance and audit world, but also technology. Technologies such as cloud accounting software can support you: represent customers in various countries, improve monthly cash flow by remotely providing accounting services and reduce travel expenses to gather reports from visiting the customer's site. By registering for post-qualification courses such as Information System audit, concurrent bank audit through a professional loan, you can also remain ahead of the curve as these courses are a requirement for banking customers.

● Quality recruiting of specialized staff

For any organisation, its effectiveness is measured by the quality of its employees. It's important for you to employ skilled people in your company to provide excellent customer service, particularly for projects that warrant specialized professionals. Even during the peak filing seasons, this will help you reach tight deadlines with ease.

● Provide added-value facilities

Many CA businesses face the challenge of customer-acquisition and retention in an increasingly competitive market. Companies should consider going into bank finance to solve this, assisting customers in securing the right loans, preparing feasibility reports for them, aiding them in business valuation, cash flow management, strategic business planning, succession planning, new business creation, etc. Consider applying for a CA loan on Finserv MARKETS to obtain ready capital with ease. Also read about factors affecting chartered accountant loan.

● Including Partners

New partners bring in future customers, experiences of helping the business diversify its products, and a new perspective. This is a solution for quick-fix business growth. Preparing a concept of revenue sharing focused on the experience of the business and the quantum/nature of work, while introducing new members to the company. If you've parked your capital market investments, consider the external source of finance. Chartered Accountant Loans on Finserv MARKETS are intended to support professionals like you in order to increase your ROI as per requirement.

You need to recruit new staff with good experience, if you want to improve your practice as well as achieve a good standard of work. Never add partners that are dormant or sleeping. Since they will not be able to contribute to work, they will still have certain standards and you will therefore have to work harder to fulfill their requirements. Make a strong distinction between professional workers and partners, since they may all work on the same tasks. To avoid any potential conflict, their duty and rights should be clearly defined.

A Professional Loan for Chartered Accountants available on Finserv MARKETS will be a perfect option if you are thinking of taking out a loan to grow your CA firm. The whole process of application and approval is clear, fast and can be done entirely online. The other benefits include minimal documentation, flexible repayment tenure and much more.

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