A Chartered Accountant has become an integral part of a business in an evolving and complex business environment. A CA Firm is not only helpful in the taxation and legal aspects but also plays a large role in business advisory and business planning aspects. With such growing importance, it becomes necessary that one selects a CA firm based on important parameters that serve a business for a long time.
While there is no exhaustive list for the same, the following aspects become very important:
The ‘one size fits all’ model no longer works in this complex business environment. Businesses within the same industry also require a tailor-made solution that fits their risk and business profile. With standardization no longer the best solution for most problems, it is prudent to approach a CA firm that can provide you with a tailor-made solution to your problems. Not only will this ensure an increase in business efficiency and streamlining of business processes, but also enable the firm or company to adopt better practices.
The growth in businesses and globalization has ensured that companies and firms have to contend with various laws and legal issues. In such a situation, it often becomes difficult for an entrepreneur to coordinate with different consultants. A CA firm that can provide multiple services to the client at their end is hence preferable for the company. Therefore, apart from auditing, a modern CA firm should be able to offer a host of solutions including dealing with compliances, effective tax planning, business advisory, transaction advisory and raising capital
Understanding global regulations and associations across the world:
Thanks to globalisation, businesses are looking to expand worldwide. This requires them to have a CA firm that can help them navigate through complex and disparate legal requirements. Apart from this, if the CA firm is associated with accounting firms in other countries, then it is easier for this firm to guide its clients about foreign market entry strategies.
While choosing a CA firm, you could also evaluate the number of years it has been in business and the profile of its clientele. It is recommended to work with a CA firm that has witnessed multiple business cycles and has worked with a varied set of clients.
References and Reviews:
Once you shortlist a few firms, you could try to get information about them from your contacts. You may also want to evaluate the quality of reviews received by these firms on public platforms. Testimonials offered by business owners or CFOs on the websites of these CA firms would also be helpful.
The exponential growth opportunity that exists in the world of business today requires consultants to be business growth partners. CA firms such as Dewan P.N. Chopra & Co, SKP Business Consulting, BDO, etc. can not only provide the regular services that a CA firm would provide but also go beyond that and enable the business to tap their potential.