A chartered accountant is a most important profession; a CA is needed in all companies and businesses. He just computes and quotes all the financials of the company and helps in filing the Income tax return, GST compliance, auditing, corporate finance, business recovery, etc, followed by important dates for their clients as per the statutory laws.
Most Important Key Lessons for Tax/CA Practitioners
As a result, we shared the most important key learnings which will help you to reduce your compliance burden in the office, along with other major business things.
Regular Training for Staff for Transparency
You are not having any additional tasks, and not all people can afford the salary of the staff. But it is true that if you hire someone for your work, then your workload gets distributed, and you would enable yourself to attain new learnings or additional things in your field.
It is essential to train the staff regularly; your interaction with your staff will add knowledge to their job. Indeed, it brought clarity between you and your staff in your work.
Provide them with chores. Doing so can focus you on additional things that enhance your profile.
Place Proper and Needed Infrastructure
Your office must be equipped with high-end infrastructure like laptops, internet, wireless networking, computers, printers, etc., so that you, along with your staff, can work better for your company. To fulfil the needs of clients, you are obligated to provide the best service, which can only be possible with the help of the best infrastructure.
Updated technology is needed at the present time, including a faster processing configuration and a high-speed internet connection.
Enable Automation and SOPs
The upgraded technology would be used to achieve automation in your office. Automation enables the component of repetitive tasks, which yields free time that could be utilised for work-life balance.
Do standard operating procedures (SOPs) for all your workflows, the same would take time. It is useful if your firm has a high staff turnover.
The above-mentioned picture tells about the perspective of the staff.
The most important role for you is to appreciate the efforts of your employees for their performance. Also, if you require anything rectified or revised must be discussed solely.
Plan the Road Map, Roles & Responsibilities
You secure a new assignment from a new client before initiating the work; just plan the roadmap, roles, responsibilities, and assignment fee.
If you secure work from a new client, you must initiate it promptly and complete it on time. After completing the work, if you present the bill to the client, they negotiate it, or they ask to pay later. It is the case when you do not finalise the deal properly before starting the work.
When your work is completed, make a bill and send it to them. Do follow-ups on your bill. Each service you are furnishing raises a bill, follow-up and collects it every time. Sometimes, even after six months, you are not reminded, and the client wants a discount on this bill. We are suffering losses, but they are correct on their side.
Say No to The Client
If any new or existing client is giving you a task that is not within your knowledge or you are not from that specific field, then you should not take any of those tasks or say no to it.
It needs to dare to refuse the client’s project, but if you say it straightforwardly, then your clients observe your loyalty and character.
Read Also: Free Download Chartered Accountant Software for Firms & Tax Practitioners
Timely Updates to Clients
The laws of tax would get updated within time, thus all the updates must be transferred to your client on an immediate basis so that they can make financial decisions in multiple beneficial ways.
Apart from that, your reminder of the follow-up of the due dates to the client, which is applicable to them, shall enhance your chances of cash inflows.
Use the networking tools that boost your leads and your client base. You should note that your client is your marketing partner.
Join a Group of Positive People
You must avoid the company of those negative people who have negative thoughts, like there is nothing left in CA practitioners, etc.
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Your positivity gets lost if you sit between the people who neglect the process and compliance of a career or spread negativity about a particular field. Such people might be your partners, your seniors, or your junior colleagues.
Learn and Increase Knowledge
It is the biggest and major mistake to avoid reading and learning after CA.
You shall enhance your knowledge by reading for 1 hour daily, and the same must increase every year.
Also Read: Best Business Opportunities for Chartered Accountants
In the initial times, it is difficult to find a specific area to get expertise in. Always learn about the specific area in which you have an interest so as to get experience in that.
