Do you run a successful CA firm and have clients who are extremely satisfied with your services? If you’re reading this post, then that probably is the case. Accounting as a profession has undergone radical changes in the past 10 years and good CA firms are constantly on the lookout for enhancing their capabilities across various practice areas like taxation, M&A, corporate advisory, corporate finance and fund raising, debt finance, and several more.
Accounting firms have traditionally enjoyed a high level of trust with their clients. This trust extends to the services they provide, the advice and also recommendations. The advent of technology has already helped CA firms deliver services at reduced cost. This has become extremely important in the current times where increasing billing rates proves difficult in most cases.
Accounting: Modern CA firms already employ several cloud based technologies, which span simple day to day stuff like e-filing, tax payment, etc. Online filing and tax compliance has been made possible at scale, largely due to the security and technology of modern cloud infrastructure. Accounting services have seen a huge fillip using cloud infrastructure, as already demonstrated by several cloud based accounting software and services launched in the past 2 years.
Payroll: Secondly, the new CA firms are now also looking at Payroll processing and compliance services which traditionally took a lot of time and manpower to deliver cost effectively. Using simple Excel sheets and macros, or using traditional desktop software, has been the mainstay of Payroll processing but suffered from lack of vendor support and inability to provide logins to the client’s employees and finance managers. Cloud based payroll software now alleviates such problems and are used by CA firms very cost effectively as compared to managing with outdated software or manual processes. Moreover, such software usually comes with in-built compliance for personal income tax, and several other statutory liabilities like Provident Fund, Professional Tax, ESI, and more.
Document handling: Third, Document management and corporate law services are the next frontiers that will get digitized and served over the wire. Accounting firms are already preparing for it and those that do not, will risk being perceived as outdated. From daily document exchange, return filing, online repository, to legal services are all now coming under the cloud and proving to be very cost effective for CA firms as compared to running their own inhouse technology or customized software.
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