What does a CA Practice involve?
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• Networking (Meeting clients, generating clients, educating clients)
• Reading, Staying updated
• Managing due dates
• Recovering Fees
• Managing man hours for each client
Practice in general is a very dynamic field. No two days can ever be the same, every day brings new challenges, new issues and certainly new notices (Thanks to GST) if I were to talk about what does a CA in Practice do? It will be a mix of -
Marketing + Admin + Follow up + Planning.
When I talk about marketing, it does not only involve selling your practice to the clients but also educating the client that there is a need for CA Services making them aware about the notifications & new updates. Creating your requirements as CA for the business.
To be able to educate the client, CA in practice has to devote considerably longer hours in reading & analysing updates. you can only service a client if you are aware about the updates applicable to the client and guide them with correct solution (To stay updated do subscribe to the newsletters by Accountingbuzz global
As I mentioned earlier that CA Practice is quite dynamic it also involve managing due dates.Unlike bigger firms which have separate department & employees for each vertical, smaller firms tends to manage by developing same staff for various jobs and prioritizing the work accordingly to the due date.
It is also very Important to manage the no. of man hours devoted to a client or work. A smart calculation is needed because more often then not ow revenue generation work tends to occupy more man hours. What also helps is planning the work. (Read about how to prepare for Audit
What is practice if you don’t get paid? One of the sad truth or struggle for a CA in practice is recovery of fees. Unlike other professions fees of CA’s is usually not paid for at least 6 months after presenting the bill.