Post liberalization, privatization and globalization, chartered accountancy has become an extremely rewarding career in terms of prospects in India. Considering the various benefits of becoming a chartered accountant (CA), it is a common understanding that many would want to pursue this career path. In fact, if statistics are to go by, then in any given year, there are over 1 lakh students who appear for the Institute of Chartered Accountants of India exams.
After becoming a CA, you can choose to either be employed with a firm as an employee or open your own private practice. However, many CAs end up becoming their own boss through independent practice or and consultancy services. A CA firm needs funds for various expenses. To give your practice a fillip, hire skilled CAs, buy required accounting software or refresh your knowledge with a course, you can use the customized Business Loan for Chartered Accountants from Bajaj Markets.
The designation of a Chartered Accountant is a highly respectable one. CAs may start their own practice after gathering some experience or opt to work with another reputed Chartered Accountant's firm. Every registered firm or organization under the Company Act, has a CA appointed that manages Auditing & Assurance, Tax Consultancy, Accounting Services, Accountants & Finance Outsourcing and Financial Reporting. There are numerous job opportunities for a CA in the present as well as in the future.
The advancement in technology will change the audit process, as well as the skill sets required of future auditors. But that’s not anything new, auditors must embrace new technologies. When books and records were first converted to computers, CAs had to improvise and test IT controls accordingly. Later, audit documentation was converted from paper to digital form and since day one, auditors have used various forms of data analytics. For those pursuing careers in accounting and auditing, the future is quite big and exciting.
So what are the sectors driving the scope for ca in India recently? Here is a list of seven areas of opportunity for you to capitalize upon if you are a self-employed CA:
After the implementation of the Goods and Services Tax (GST) in India, the demand for Chartered Accountants well-versed in the new tax regime has been on a rise. If you are a CA, you can become a GST Service Providing by availing a professional business loan for the necessary infrastructure and software. In fact, at Bajaj Markets, as a CA, you can get approval for a business loan of up to Rs. 3o Lakhs online in less than three minutes.
More and more cross-border transactions happening nowadays, and thus there is an increased demand for professional expertise in the area of international taxation. Calculating foreign tax credit of companies, legal and compliance work for opening liaison office for international organizations as well as taking care of foreign remittances are some of the crucial areas where CAs would need to help clients and organizations in the future.
Increasingly stringent regulatory norms for companies has raised the demand for competent auditors to examine records, reports and operating practices while verifying assets and liabilities by comparing the items to documentation, as and when required. As a result, internal audit firms are witnessing unprecedented growth. If you want to set up a new firm, or a looking to hire additional help to meet the burgeoning demand, you can avail a business loan from Bajaj Markets which provides you repayment flexibility and unlimited withdrawals.
Wealth management is a professional service which combines financial and investment advice, accounting and tax services, and retirement planning at a pre-decided fee. Chartered accountants can choose to work with private or government entities or offer their expertise only for an individual as such.
Mergers and acquisitions have become the order of the day and this has given rise to the scope of ca being required to handle client-specific mergers and acquisitions cases. Advisory functions for a chartered accountant could involve advising client companies on whether to add businesses to their asset portfolio; or sell off subsidiaries they no longer want to own.
With the present government’s push on ‘Make in India’ scheme, the uptick in the startup ecosystem is there for all to see. These new-age companies, too, would need skilled hands to manage their finances prudently at all times. Aspirational CA firms can target these startups for fresh opportunities by becoming tech-savvy and efficiency-oriented. Latest accounting software can greatly improve the speed and accuracy with which you work, which is why they are worth investing in. A business loan for CAs will help you buy as many copies of the software as you need for your firm, as well as pay for the renewal of the subscription when the time comes.
The number of income taxpayers in India has more than doubled over the last few years, and this is expected to further rise as the formalization of the economy continues.
However, most people are unfamiliar with the complexities of taxes. More and more CAs are assisting the common man and small businesses with a full review of their business, determining the most efficient tax structure, and carrying out administrative duties in compliance with tax legislation. A business loan for CAs comes handy here, as it allows you to staff your firm with the extra resources that you need to handle the additional demand during the income tax season in an efficient manner.
To conclude, the scope of CA in tax planning will show steady growth throughout its lifecycle.
