The dynamic and complex business environment and ever-changing tax laws mean that businesses often struggle to catch up with the working dynamic in India. The sheer number of laws concerning various aspects of business needs the help and support of a professional who can guide them in each step. For instance, GST returns and filings have become business realities with more than 1.21 crore businesses having already registered for GST. In such circumstances, it is prudent for a business owner to hire a CA firm that can guide them in their compliance and tax-related matters. However, entrepreneurs are often reluctant to hire Top CA firms in India due to the difference in the relevant valuation of the service provided. CAs are sometimes seen as merely tax return pre-parers or compliance providers. However, a CA firm can provide a much wider scope of service than just compliance and tax. Top CA Firms in India can provide the following advantages to a business:
In house resources may not only be expensive but also would specialize in specific areas of compliance and tax. However, top CA firms in India can offer a range of services. Apart from filing tax returns and preparing the balance sheet, a CA firm can also provide assistance with business strategy, raising capital and other offerings that add value. Thus a business owner can focus on running business operations. As compared to the salaries and other expenses incurred on full time employees, the fees charged by a CA firm would certainly seem appropriate.
Corporate planning is a critical activity which enables a business to set long term goals and lay out the road map to achieve these goals. A top tier CA firm can provide valuable insights to the management team of a business to make impactful decisions. A CA firm would also come into the picture when succession planning needs to be executed.
3. Advisory Role:
Top CA Firms in India can also act as Virtual CFOs or quasi consultants by taking up advisory roles and offer guidance to the management as well as the board. Since such CA firms work with a plethora of companies across industries, they have deep insights into multiple business models.
4. Internal Audit:
Internal audits are crucial for business owners to discover leaks within their businesses. These audits can not only fix issues but also enable a business to continuously optimise its operations. Internal audits offer unbiased and independent reviews of people, business operations and processes. A capable CA firm would be able to help out with conducting comprehensive internal audits.
5. An alternative viewpoint:
A business owner or entrepreneur will often struggle to see any chinks in their armour. In such a situation, often an incorrect decision is taken which hurts the long term perspective of the business. In such circumstances, CA firms can provide an unbiased and practical viewpoint to such a problem. Since such firms are not anchored to the business as the entrepreneur it would allow them to view the problem with a refreshing approach. Many top executives often look for a devil’s advocate for their business organizations, which Top CA firms in India happily provide.
6. Driving connections:
The importance of old school networking is still relevant in today’s digital world. The customer still remains the king and business contacts require plenty of hard work to grow. In such a scenario, Top CA firms are often the link between the customer and supplier in a market place. Such firms have a variety of clients and connections with various business groups. The advantage of such a large client base can be taken by businesses to grow or expand their business.
Top CA Firms in India can go far and beyond the traditional spheres of taxation and help in the establishment of a business for their clients. From the formation of a business to succession planning, all such important services are provided. The experience in possession of such firms along with their expertise in various subject matters can be the difference between a good business and a great business. Top CA firms in India such as AKM Global can propel your company and business to the next level through their expertise and constant support.