Want To Start Your Own CA Firm? Here’s The Laundry List…

After clearing one of the toughest exams, most chartered accountants (CAs) dream to start their professional journey by joining one of the big four accounting firms: KPMG, Deloitte, Ernst & Young (EY) and PwC.

Several CAs also prefer to join the corporate world in an organization’s audit, finance, treasury or regulatory departments.

Increasingly, more and more CAs are also drifting toward starting their own boutique advisory firms, especially in smaller towns, to stay closer to their native place.

The coronavirus era has changed the lifestyle of many executives and now several CAs are preferring to have their own firm with fewer working hours and relatively relaxed schedules. They don’t want to spend so much time in commuting, given the normalcy has returned as the Covid-19 impact has receded.

Prerequisites

• Certificate of Practice from the Institute of Chartered Accountants of India (ICAI)

• Firm registration with the Ministry of Corporate Affairs (MCA)

• Acquire PAN and TAN number for the firm

• Obtain Digital Signature Certificate (DSC)

• Obtain professional indemnity insurance

• GST registration

List of bare acts for ready reference

• The Insolvency & Bankruptcy Code 2016

• The Companies Act 2013

• The Income Tax Act 1961

• The Indian Evidence Act 1872

• The Contract Act 1872

• The Professional Conduct, Etiquette and Guidelines issued by the ICAI

The firm can acquire clients by implementing a variety of marketing strategies. Some of these strategies include networking with other professionals in the industry, offering specialized services, as well as building a strong online presence through a website and social media.

In addition, offering competitive pricing in the initial days of your firm’s operations along with on-call availability for the clients can help attract and retain clients.

Building a reputation for expertise and reliability through positive word-of-mouth can also be an effective way to acquire new clients.