4 Tips for The Expansion of your Chartered Accountancy Practice

One of the most important decisions that Chartered Accountants face after obtaining their degree is whether they should join a job or set up an individual practice. Both these options have their fair share of benefits and challenges.

However, if you have decided to start your own practice, you’ll need a clear roadmap. There are many challenges along with the opportunities faced by CA firms. As an owner, you need to understand both to achieve the best possible output from them.

The biggest problem, especially for new practices, is the lack of funds necessary to grow a business. Financial institutions such as Bajaj Finserv offer Business Loans for Chartered Accountants up to Rs.35 lakh, which are tailor-made financial products to help a CA meet all the financial requirements and succeed in his/her venture.

Here’s a brief guideline to take your CA practice to new heights this year with such advances.

Tap into emerging markets

GST has brought many new businesses under one tax bracket. It’s the perfect platform to expand your CA practice. The traditional areas of chartered accountancy such as audit, creating financial reports, taxation practices, business mergers, etc. are already overcrowded. You should look to expand your practice above and beyond to areas such as-
GST consultancy
Forensic accounting
International taxes
Asset valuation

If you require additional equipment, new office space or more manpower to expand your existing business, you may take a CA loan to fund the expansion.

Add partners to your firm

Starting a practice is one thing, but growing it substantially may take the expertise of more than one individual. It’s a good idea to add one or more partners to your firm to share the responsibilities and the inherent risk of running a firm. You may split the responsibilities and take a more targeted approach towards growth. For example, one partner can take up the responsibility to handle the existing client base while the other works to obtain new customers.

However, you should choose your partners with extreme caution. You will be taking business decisions and sharing profits or losses together.

Take a business loan for Chartered Accountants
Expanding any business requires capital. There are client acquisition costs, overhead expenses, travel and a host of other expenses to meet. A majority of CA firms cease to succeed due to the lack of funds. Some opt for angel investors or take credit from friends and family.

However, the best option to fund your CA practice is with a Business Loan for Chartered Accountants from Bajaj Finserv. Take advantage of the substantial loan amounts up to Rs. 35 Lakh as unsecured advances with attractive CA loan interest rates and flexible repayment terms.

Bajaj Finserv also brings you pre-approved offers on a host of financial products such as business loans, personal loans and home loans. These offers simplify the process of availing loans and help you save on time. Know your pre-approved offer by submitting a few essential details.

Keep your clients informed

No firm can hope to achieve success if they do not build a lasting relationship with their clients. Customer acquisition is an essential aspect of growing your practice, but client retention is equally important. One of the ways how you can ensure both is by keeping them abreast with the changes in government regulations that happen from time to time. It’ll not only build trust but may also potentially bring in new business from existing clients.

These are 4 of the most essential tips to expand your CA practice. Stick to the basics to run a business, avail financial advances for better revenue generation in the future and manage the repayment efficiently to avoid defaulting.