As a chartered accountant, one can perform operations like financial statement analysis or audits or one can seek employment at a reputed accounting firm. In India, chartered accountants are one of the highest-paid individuals. However, many of them often venture into their line of business to generate more revenue.
So, if you are a practicing CA, you can start up a small business of your own and ladder your growth. Besides, the easy availability of professional loans for chartered accountants has only fuelled this growth. Experts recommend it is a smart move to start a business as it holds more potential than a salaried job.
Hence, here are some of the best business ideas which you can adopt as a CA if you are willing to work independently.
Goods and Service Tax practitioner
Often welcomed as the best move for practicing CAs, GST practitioner is a perfect way to start your entrepreneurial journey. A GST practitioner is entitled to file Income Tax returns on behalf of micro and small business enterprises who cannot bear the escalating cost of accounting. Besides, they cannot afford to invest in modern accounting technology to assist them.
Concerning this, you can instead help them with their ITR filing. Moreover, you can draw a loan for chartered accountant from any source of business finance to purchase the latest accounting software to scale up your work and boost revenue.
If you are a practising CA, you can lend your skills and expertise in auditing and accounting matters. Your in-depth knowledge of audit services will be an invaluable resource to your clientele base.
This is because you will be able to make better business decisions than them and use your analytical skills to assess the risks and opportunities of a business. This, in turn, will not only boost that firm’s creditability with their lenders, but it will scale-up your reputation and remuneration as well.
Open academia for CA course
You can even put your bright educational skills and knowledge by tutoring young aspirants to shine in your line of career. However, opening an academic firm requires a substantial investment. But, with professional loans for chartered accountants, you can invest in the best of infrastructure and hire top-notch faculty to achieve a positive outcome.
Tax consultancy services
Nowadays, every modern enterprise needs an adviser to track their revenue and expenses for them. Hence, if your field of expertise is tax law and financial planning, you can open a business of tax consultancy services.
Through this venture, you can maximise your market value and reputation by providing professional tax advice to individual clients or organisations. However, starting a tax consultancy business involves a significant investment (like accounting software, opening an office, etc.). Hence, you can avail of a professional loan for chartered accountants to fund this substantial expenditure.
While opting for lenders, pick one that offers the best deal and less stringent loan application process. You can apply for a loan for chartered accountants from lenders. They offer instant loan approval with nominal paperwork and fast disbursal of the sum into your bank account.
A CA can also start an outsourcing business and hire recruits who have just completed their article ship. Using these human resources, you can even expand your business into new domains like financial data management, ERP implementation and many more.
To ensure, you can hire the best-in-class recruits and invest in state-of-the-art infrastructure, professional loan for chartered accountants can help you achieve this feat. However, you must be aware of the eligibility criteria and documents required to apply for CA loans. Keeping in mind these innovative business ideas, you can open your line of business and boost your productivity.