ICAI E-services comprises of SSP portal – Login, registration and services for CA students and CA Connect. CA Connect is a portal – ICAI designed for flashing the chartered accountancy firms with distinction in the services and location. SSP portal is for the online process of application with a user-friendly interface. The member details are helpful for the clients and stakeholders. The information regarding CA firms in the portal is the firm name, constitution year of the firm, locality, area of expertise, and several partners. This blog clarifies the client requirement, branding for CA firms, and the professional services offered by CA firms. In this way, the learners understand the business challenges in auditing firms.
Client requirement of services:
New members of ICAI struggle to find clients. This struggle is because the rapport that the firms built forms the reputation. The listing of the CA firms helps for branding the new firms and grouping the old firms. The services that clients demand are divided broadly into legal representation, investment advice, technology, and recruitments. If the clients are satisfied with the service, they refer the Company to other new clients. Providing multiple services is the best way to attract clients. Big companies want all their work under one roof. The quality of service comes from experience. Here following the best practices of experienced CA firms help for getting success. The number of services and experience help for getting referrals.
Branding for CA firms
Sales depend upon the quality and recommendation. The CA firms act proactively to the requirement of the client. By providing the contact details, services, reviews and testimonials, the CA firms get more clients. The number of clients shows the professional credibility of a CA firm. In the digital age, networking is the platform to reach clients. The code of conduct prescribed by ICAI states that the CA firms need to refrain from their services from advertisements. Professional blogs, existing fee structures, and reviews are the information used in the digital platform to value the CA firms. The social following is essential for reaching the global client base and domestic client. The services of the audit firms have specialisation to group them with discrimination. The CA firms need to concentrate on the best services as it helps remember the client as the best. The CA firms need to provide services and focus more on specialised services. For instance, the firm is good in management consultation and auditing, the acquisition of clients is as per their area of expertise. Financial mismanagement is an evolving concern in Companies. The CA firms improve their professionalism and ethical values. For handling the different domains with different accounting processes and tax consulting, following different strategies aid in acquiring.
How to know the area of expertise for CA firms?
The CA firms need to understand their area of strength and promote their social followers with their best services. GST, internal audits, international taxation, mergers and acquisitions, wealth management, tax planning, and start-up ecosystem are the services that need to be capitalized. Let me dig deep into this to know further about the industries associated with these services.
The domains which look for GST experts are hospitality, real estate, automobile, infrastructure group, FMCG, start-ups, e-commerce, information technology, logistics, infrastructure, and multinational conglomerates.
Internal auditors are not to manage the risk, but they also focus on compliance, fraud investigation, security concerns etc. IT audit, operational audit, management audit, compliance audit, and environmental audit are the five types of internal audits processed in Companies. Pharmaceutical companies, healthcare organizations, and credit management Companies give more importance to internal audits than external audits.
International tax consultation is essential for understanding the supply chain, foreign tax credit, business restructuring, transfer pricing services, GST and international tax. Companies with multinational dealings prefer consultancy regarding international taxation.
Mergers and acquisitions happen in the domains where the competition is high. The rivals join hands for the promotion of the product and enhancement of profit. Industries based out of technology, healthcare, retail sectors, and financial services Companies plan for merger and acquisition. The M&A purpose is to increase sales and gain more profit. So, it is essential to execute the process effectively with professionalism. The negotiation, evaluation of the value of the Company, certification services, due diligence services, and performance after the merger are the places where CA firms provide professional guidance.
Wealth management is investment advice for wealthy clients. Chartered accountants with knowledge of equity research are suitable for this job. ICAI offer a certification course on equity research.
Tax consultation services are budget forecasting, preparing final accounts, capital budgeting, TDS, Income tax, and tax planning. Manufacturing Companies, service sectors, Banks, Financial services, and infrastructure companies seek tax consultation to plan tax.
Every start-up Company requires balance with accounting transactions. The different stages of business such as ideation, validation, registration, and tax-planning require professional advice. Chartered accountants help start-up businesses to plan their cash flow and tax payment. The technology-based company requires legal advice and tax advice to become successful in their start-up business.
Hope by reading this readers value CA Connect: Know about ICAI Search Engine Portal. Audit firms need to promote specialized services and enhance their online presence. As there are restrictions from doing advertisements, they can promote their digital presence through the ICAI institute. As a regulatory body, it is the responsibility of ICAI to monitor the performance of the audit firms and advise chartered accountants regarding the current market trends. The syllabus and question paper of the chartered accountancy course is as per the business challenges. It is a chance for beginners to know about the number of chartered accountancy firms in India. It also helps for deciding about the article ship training on a geographical basis. The CA-connect portal has a dual advantage from the old member and pursuing student.