Like in any other profession, being a Chartered Accountant also means that the individual has certain long terms plans regarding his or her career. While most CAs start out being self employed or with an apprenticeship in an established firm, they always cherish a desire to have a firm of their own. Once the necessary experience has been gained, establishing one’s own business is not a difficult goal to achieve. But to set up a firm initially, one might have to opt for a chartered accountant loan. Then, certain steps have to be taken over a period of time to ensure that the CA practice workflow is overall improved.
- One of the first steps of doing that is to standardize working process in the firm. Documentation of client’s records, tax calculation procedure and methods, preserving data, all these aspects within the firm should actually be standardized, instead of changing them every few years. The practice would then become a set pattern and eventually a number of flaws would be eliminated, as is often the case when something is properly mastered. The only changes might occur in the upgrades of software or other office equipments, which would aid in the smooth workflow practice. Any additional funds in this regard can also be availed through a Bajaj Finserv loan for chartered accountants.
- It is also important to look at the bigger picture rather than always at the firm’s initial profits. For example, a start up might approach your firm to manage the taxes for them and manage their finances. One look at their records and you know that although the start up might have an initial boom- and bring you quite a bit of revenue in the beginning- its services would not be relevant enough down the line and it might eventually also face a shut down. It would be a wise idea to forego that offer and take on a more reliable and steady firm, which shows promises of growing in the future, unless of course you can manage both. These decisions should be made without leaving any scope for doubts.
- If you have always been sure about creating a firm of your own, then start keeping records of your working experience and accumulate the capital. Go through the CA loan eligibility criteria and make sure that you fulfill all of them before you apply, to avoid cancellation of application thereafter. And once you start paying your EMIs properly, you would have established a good working relationship with the bank so that later when you are already established enough, and want a loan to expand your firm, you would have no difficult in availing one. Prepare your financial statements properly, make a record of your billing and build a solid credit score, and you will be in a position to ask for the best CA loan interest rates.
If all goes well, you would have established a steady workflow in your firm and it would only get bigger and better with time.