Practicing CA Firms Need To Use out Of Box And Collaborative Approach To Grow

Collaborative Approach

An interesting article by a practicing CA provides insights into the challenges faced by practicing CAs.

With increased passing percentage over years, CA professionals are flooding the market and are not getting job. More CAs in market means reduced rate from customers. Add to this the increasing cost of setting and running practice, practicing CAs are finding it difficult to grow the practice and earn higher revenue.

Traditional practice is getting redundant and does not have value—in fact it is losing monetary value! The new economy is throwing more challenges and hence the smaller firms need to consolidate and innovate to grow as the big CA firms are in a much better position to corner all the glory work with economies of scale and contacts at high levels.

Read complete article at: Should Chartered Accountants enter into practice?

  • Collaborate with other Firms –CA Firms specialized in specific and complimentary business areas need to partner and collaborate with each other so that they can give exceptional service to customers, thereby charging premium to the service.
  • Gather & Share knowledge - CAs need to understand and gain expertise in latest trends, practices & rules and share the knowledge with other CAs. This active knowledge sharing will help CAs to
  • Take Control of practice – CA partners should have complete control of practice and should know real time status of all clients work. CAs should also start sharing work status with clients in transparent manner CAs can use IT systems to showcase transparency and let customers take control of work. Once this happens, customer will have confidence with CA and would recommend CAs to his/her colleagues, resulting in additional overseas business to CAs.

CADashboard can help CAs to collaborate with each other & take control of Office and provide transparency to customers

CADashBoard is one such platform which chartered accountants can use.