ICAI/ICSIUpdates

Newly Qualified CA’s – New area for Practice

Dear CA’s are you still struggling in practice and are not earning handsomely. New Chartered Accountants usually tend to start with traditional and routine work like Income Tax, Audits and Indirect Tax in which competition is very high.
Let us now think of Non-traditional areas for practice of Qualified Chartered Accountants so that they can prove themselves and earn good amount of money as well as reputation.
Payroll Management, accounting & compliances
As per latrest trends in the market many companies in sectors like, call centers and medium & small entities avoid setting up an In-house Human Resource Management department but requires expertise payroll management and accounting experts. Chartered Accountants can provide necessary expertise. What you will need is accounting knowledge as well as knowledge of laws such as TDS, PF, ESI, Bonus, NPS, labour laws and other retirement related laws. Payroll software can help in managing the accounting and related compliances efficiently.
Practice in RERA:
In this new area, their is good scope for practice, all you will need is the knowledge of RERA Act of States, specially your own State and related procedures. This could be one area in which you will find lot of sc ope coupled with name and fame for yourself.
Valuation Experts
A most lucrative area of practice due to very less competition, the Valuation expertise will provide lot of scope to CA’s. It will off course require certain post qualification experience to get a degree of certified valuer.
Forensic audit and fraud Detection/prevention
With number of frauds going up in Banking, NBFC’s and other sectors and increase in money laundering cases, Forensic audit is one of the need of hour. A certificate to act as Forensic Auditor is required. Initially one should work with an expert to improve his/her skill, then slowly he/she can start his/her own practice in this area.
Fraud detection and prevention consultancy is again one of the most sought after area that Chartered Accountant can provide to businesses so that they can saved loss of money and assets due to fraud. It involves detailed understanding of working of Industry as well as of Frauds that has been already taken place or likely frauds that may come up in future. An appropriate fraud detection and reporting plan need to be drafted. This will require incorporating check mechanism in business processes for early identification and reporting of frauds to prevent occurrence of such frauds.
Loan Syndication:
Though established area of practice businesses need fund and who better than a Chartered Accountant can help them out. What is required is a good relationship with bank managers, understand the different loan products and funding sources, new avenues, You have to be familiar with loan documentation process. You can also provide tailor made loan consultancy that suits the business funding needs of the businesses.
Subsidy facilitation:
Government of India as well as manyb State governments are providing various subsidies to businesses to help them set up the business as well as for business expansions. Most businessman’s are unaware of these subsidies. What is required is the study of subsidy scheme. This require some efforts initially but once you are familiar with the overall concept, it will be relatively easier to practice in this area.
Virtual CFO:
Small and mid-sized businesses now hire Virtual CFO in place of whole time CFO to manage their businesses. Think of acting as virtual CFO in such entities and manage their business.
New business set up or expansion of existing business consultants
A Chartered Accountant can help new entrepreneurs in setting up their business and also can help existing entrepreneurs in business expansion. This will require working knowledge of products and industry, laws, related regulatory framework, land and building laws and requirements, product knowledge, technological advancements, funding arrangements, manpower resource , etc.
Expertise in IFRS and IndAS:
With IFRS and IND AS, complexities in finalizing financial statements has increased manifolds and require help of an expert. Get a certification course to gain theoretical knowledge and approach various Corporates to gain work exposure.
Others:
These include Trade mark consultancy, Liquidation of businesses, International Taxation, Transfer pricing etc.

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