Today I am dared to share my CA practicing experiences If I know them earlier, I would have been growing much faster than I am now.
Before starting my article a brief intro of myself. I am CA Shahenshaha Mujawar. I have completed my 8 years journey as a practicing Chartered accountant. I have witnessed a couple of difficulties in this short span of the journey, and it was helpful for me to grow my practice as a CA.
In these 8 years of journey, I have learned a lot of new things, and now here I am sharing a share with you 8 key learnings.
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1. Hire Staff and Train them
Initially, you do have not too much work and hence it cannot afford a staff salary, even though you can hire a staff. If you hire a staff, it is helpful for you to concentrate on your new scope, learnings, and productivity.
Yes, training staff is an important thing however if we interact with staff on a frequent basis, it will add value to their job role. This will create transparency between you, your staff, and your work.
Delegate tasks to them. When you delegate tasks, you concentrate on new learnings.
2. Up-to-date Infra in your office
You have a sizable number of staff, but they do not have proper infra like PCs/Laptops.
It is like a solider with no weapons, and they are going to war.
So always your office should be well equipped and updated with modern technology.
3. Automation and SOPs
New and updated technology is helpful to achieve automation in your office. Automation helps to element repetitive tasks, resulting in ample free time which can be used for work-life balance.
Do SOPs for all your workflow, it will take time. It is helpful in case of your firm has high staff turnover.
I have learned the above three things from the staff’s perspective.
Some extra points, We should honestly praise and appreciate them for their excellent work in front of everyone. If anything needs to be improved/corrected should be discussed behind closed doors.
4. Finalizes your terms and assignment, fee before starting work
You have a new assignment form a new client before starting this work finalize your scope, responsibilities, and assignment fee.
In the case of the new client as soon as we get work, we started it and finished it fast. When we present our bill, they first start negotiating it or they said, we pay it later and you know what happens next. If you already finalized, most of the time it works.
When your work is finished, make a bill, and send it to them. Do follow-ups of your bill. Each service you are providing raises a bill, follows up, collects it every time. Sometimes you are not reminded even after six months the amount is piled up and the client wants some discount on this billing. They are right on their side, but we are suffering from losses.
5. NO Means NO
If any assignments are not as per your terms or any other thing which you do not want to take this assignment say no to a client even though he is your biggest client, if you do not agree with any of these terms say straightway NO.
It requires lots of guts, but in front of a client, it shows your true and good character.
6. Provide Updates to Clients
Tax laws are updating day by day so all updates should be conveyed to your client a prompt basis so they can take financial decisions in many profitable ways.
Besides this strict follow-up of every client about due dates which apply to them. Your reminder chances to increase your cash inflows.
Do networking tools that increase your leads and your client base, your client is your marketing partner.
7. Find a circle of positive persons
Avoid persons with negative thoughts like “Abhi CA practice main Kuch Nahi Raha, Meri practice Badh Nahi Rahi” and all that.
Negative people make you weak.
Positive persons not only make you mentally strong, but also provide solutions to most of the problems in your practice. It will be your partners, your seniors, or your junior colleagues.
8. Reading, Reading, Reading
After CA most of us avoid reading, it is the biggest mistake.
If you read for 1 hr. Daily and increasing it each year, you are growing exponentially fast.
Other than above find your expertise area it is difficult to find initially but while you obtain experienced, go to this direction, in my case I also searching my niche area.
Do not procrastinate
Invest in new learnings especially in “SOFT Skill”.
Health is wealth.
Work life Balance.
In Business Hours Your mobile must on focus mode. (Less screen time)
Last thing before ending this article
“ENJOY YOUR PRACTICE”
- It is one year, Eight Years, fifteen Years, or thirty years of your practice.
- Enjoy each moment and fill proud of yourself, and what you had achieved in previous years.
- It will make you motivated.
“COP holder (Certificate of Practice)”
Consistency – Be Consistent in your work.
Opportunity – Find New Opportunities.
Patience – Patiently waiting for the result.
What are your experiences and learnings in your Practice/Job/Business?
I hope you enjoy this article. Thank You
Author Bio
Thanks for sharing these thoughts. They will surely help to work with state-of-art. Following these keys one can enjoy practice and work life balance.
Keep it up always. Your thoughts are like Shahenshaha like your name
Thank you Jaykumar
Thanks for sharing such a great information, really explains everything in detail, the article is very interesting and effective. Thank you and good luck in the upcoming articles.
Thank You Anil