The profession of chartered account is one of the most lucrative and popular practices in the country. Coming to the top chartered accountants in Pune they are individuals with a robust knowledge of taxation, law, and audit along with other financial subjects. But for a CA firm to be successful it is not only about exemplary skills. It is not only about efficient employees and training; a CA firm requires office rent, equipment subscriptions. Below are mentioned some of the stipulations for maintaining a successful CA firm.
Stipend along with salary of the office staff
Motivate and skilled employees are obligatory for a CA firm. This is the cornerstone for the success of any organization. One of the issues that plagues a present day CA firm is employee retention. The rates of attrition of the trainees, junior accountants and articles are high. This forces the firms to look out for new employees over and over again. The recruitment of a chartered accountant on an average is going to cost you around 10 lakhs per annum. Based on proficiency and experience it can short up to 25 lakhs per annum. Just add insurance along with employee stipend to it and a huge sum of money is to be paid as wages.
Government approval and trade license
Based on the fundamentals of the state government, it is necessary for a CA firm to register and obtain a professional tax registration certificate. This is one of the fundamental requirements for CA services in Pune to do business. Approval from the municipal corporation along with a trade license is essential. Irrespective of your birth place and location you can set up a CA firm in any remote corner of the country.
Office expenses along with infrastructure
To make sure that you have a high end location for your CA firm, it is of importance in the competitive world. If the office is well equipped it is an epitome of better infrastructure and technical superiority. But if you are planning to lease a property in the prime locations of the city it is going to burn a hole in your pockets. Some regions of the country tend to be costly when you compare it to the others in the region. If you add water and electricity expenses then it is going to be a major one. In short you end up with a mountain of expenses.
Apart from basic infrastructure and good employees, the CA firms need to update themselves with the latest technology and the best of facilities. There are some revolutionary methods like blockchain technology, cloud computing which has been a top draw in the last few years. Numbers indicate that 56 % of the accounting firms are using these techniques.
When you are implementing these measures there are some hidden expenses like labour which add up to it.
These are some of the tips that you need to keep in mind when you are availing the services of CA firm in India.