Why I started my own chartered accounting firm? This question must have arisen many times and for this, we have come for a solution Whoever has cleared the Chartered Accountant final exam thinks that they have become a CA. No, it’s wrong because the real journey starts from here in which you will have to learn a lot of new things and get the experience. And the biggest challenge is that you have to compete with your peers in order to get success.
So many questions might have arisen in your mind about the challenges you will face while starting your own Chartered Accountant Practice and the opportunities you will get during the period.
So to answer all your questions we have come up with these several points. Read On!
#1. What to choose: Job or Practice?
The biggest question that arises now is to do the job or to practice. It is all up to you. But it does not mean that you will take years to know it. You have to decide it as soon as possible. If you want to practice then instead of joining a big firm join a small or medium firm in which you will have a lot to learn from auditing to taxation as well as from executing to handling the client.
If your family already have a professional practice then the task becomes easy and you will easily get the clients. And if there is no CA in your family then starting your own practice is a hard thing to do.
#2. How Replacing Job With Practice
Everyone dreams about replacing the job with the practice as no one wants to work under anyone and wants to be a boss. But due to the financial commitments and low confidence, it becomes a risky task. So if you want to shift to practice from the job then you must have a minimum experience of 3 years in a job so that you will have a backup. This backup is required because when you will shift to practice it will take a lot of time to settle and till you settle you must have the cash flow.
This backup will help you in the bad phases till you get success. So if you want to switch the job to practise then have a strong mindset and a backup which will help you further.
#3. How To Online Presence is in Business Trend
There was a time when people used to get the clients from only relatives and friends but now this can be expanded because the technology has grown a lot by which you can show your online presence and tell everyone that you exist and you have the qualities that a client needs. Always try to learn new things and write articles on them. Then the clients will also be interested in your work and will contact you.
As per the research, in the coming future, everything will be digital due to which the professionals will get up to 40 per cent of growth in their income and this will happen because of the Virtual Service Provider. The professional who will not do so will have to see a great loss. Everything will be done digitally and there will be no face to face interaction.
As the online presence is in trend, the CAs have their websites but still, there is no growth and this is because of the less traffic. So to get the traffic the CA must create an online presence at the website called the CA portal
CA Portal offers client website development with hundreds of website templates for tax professionals and lawyers. The company also carters services such as hosting+domain with tech support for any query on the website. In such a way, the clients get an online digital presence on the web making it much easier to find clients and expand their base.
#4. Better Opportunity Than Other Professions
As compared to the other professionals like the Lawyer and Company Secretaries, CA has a lot better opportunities in the practice. Clearing the CA test is not so easy and only a few can pass it due to which there are less CAs and the demand is very high. Along with CA, CS can also be considered as the most demanded profession.
#5. Creating Expertise or General Practice?
It is very important to have a general practice as you will learn a lot of things in it. So it is better to be perfect in a few selected fields which have to be chosen carefully. But it is still risky because the government can change its mood anytime and can abolish the field in which you are specialised. So it must be chosen carefully considering past, present, and future.
#6. How to Be a BOSS
It is a dream of every CA to have their own firm and be your own boss. If you are a boss, then your life becomes balanced and you can fulfil all your dreams. You will face problems at the beginning but if you have a strong mindset and stick to it then no one can stop you to get success. It might also happen that you might have sleepless nights but it is worth achieving success in life. Have patience and be confident to taste the ripe fruit.