What Qualities of An Accountant Make a CA Firm Popular?

As of 2018, there were more than active 90,000 CA firms in India as reported by the ICAI. Even though the number seems high, there is still constant demand for CAs owing to rising taxpayers and increasing number of start-ups and small businesses.

Firms always try to hire the best CAs in the market, but what they actually look for are before hiring them.

These qualities are –

Subject knowledge

There is a lot more to accounting than just keeping a tally of revenues and expenditures. A company hires a CA firm to avail services related to finances, bookkeeping, tax filing, budget preparation and others.

Chartered accountants also have to perform budget analysis, auditing, etc. as per their client’s requirement. Thus, as a professional CA, he/she should have a diverse knowledge of this sector to work for a chartered accountant firm successfully.

Organisational skill

Chartered accountants deal with a lot of paperwork, numbers and data every day. Thus, if they lack in organisational skill, it increases the chances of discrepancies. Hence, they have to implement a system that will help them access any information without wasting too much time; it increases their productivity.

Time management

Time management is one of the essential qualities of an accountant. Chartered accountant firms handle multiple clients; as a part of that team, a CA may be responsible to work for more than one client in a day. Thus, if they aren’t efficient in time management, it can be difficult for them to finish off their work within the deadline.

Team handling or working in a team

Managing finances of different clients is not a one-person job - it requires a team. Whether a chartered accountant works for a company or a firm, he/she should have the ability to work within a team or lead a team. It is one of the qualities that an ideal accountant must have.

Ability to innovate

Businesses are evolving every day and changing their way of operations. Thus, as a part of a chartered accountant firm, a CA has to formulate new ways to deal with their client’s requirement.

Sometimes, they have to step aside from the traditional methods to innovate new solutions that can solve an issue without any hassle. It is one of the must-have qualities of an accountant that chartered accountant firms focus on before hiring.

Knowledge of the latest technology

To deal with multiple clients and their ways of working, a chartered accountant must be aware of the technological updates of their industry. They should have hands-on knowledge of different software to make accounting precise and less time-consuming. It is one of the top tips every practising CA must keep in mind.

Client knowledge

Last but not least, working for a CA firm, professionals must have a good understanding of their client base. Accountants should know the clients they are handling and be aware of their requirements. It will help them to determine which accounting measures they should use for a particular client.

These are some necessary qualities of an accountant that a looks for. However, firms often have their guidelines and criteria that applicants have to fulfil to work for them. Firms ensure they achieve popularity and success by abiding with these conditions.

Apart from working for a firm, CAs can opt for an independent practice also. They can build their practice at home by availing a small loan.

CAs can avail a Loan for Chartered Accountants from reputed NBFCs like Bajaj Finserv to fund their business. They can avail a loan of up to Rs.2 crore at an attractive interest rate.

Chartered accountants are responsible to manage every part of a company’s finance. Thus, the necessary qualities of an accountant mentioned above are essential for a professional to tackle the diverse portfolio of clients handled by their firm.