Dr. APJ Abdul Kalam rightly said, “Chartered Accountants are partners in the nation building”.
Their contribution is not only debit and credit of accounts, but something more expansive. They operate as business advisors, administrators and strategists.
With the financial expertise of the chartered accountants in India, we can definitely uplift the deteriorating economy. No matter what the field is, the role of a chartered accountant cannot be neglected.
“90% of the start-ups generally fail in the first year of business due to lack of resources and mismanagement of funds.”
No matter what size of a business you have, Whether you are running a large organisation or a sole trader, small partnership or salaried individual, top-notch financial advice is one of the most essential factors that scripts your business success story.
The role of a chartered accountant does not start and end with tax preparation and tax filing.
They manage business accounts, matters related to company laws and taxation, preparation of GST registration process documents, bookkeeping, capital budgeting and financial reporting. They also make sound financial decisions on behalf of the company.
As you start working with a professional accountant, you will soon realise that hiring a chartered accountant for your start-up is an investment, not an expense.
How to hire a chartered accountant for your business?
Once you have decided to hire a chartered accountant for your business, the first step would be to determine whether you want to hire an in-house accountant or outsource work for chartered accountants.
Well, it is all a matter of personal choice! For small businesses, outsource bookkeeping services is a blessing, cost-wise.
However, if you are running a large organisation where there are abundant money in-flow and outflow every month, you may be better off with a full-time accountant. An advantage of working with chartered accountants in India is that you’re free to give them a set of tasks to perform.
- Qualifications matter
Once you have decided on how you want your money to be managed, the next step is finding a chartered accountant near you. For that, we at Dial Jordan have you sorted with a list of best-chartered accountants in Bangalore.
Just being good with numbers and report creation is not enough. You need a candidate who is well qualified, who can communicate well, present information to your investors precisely and take the best financial decisions in the interest of your company.
Always look for chartered accountant firms in Bangalore that have already managed the accounts of companies similar in size to yours. They’ll be more understanding on the kind of issues your company faces.
In addition, look for someone who has the experience of working with all kinds of companies ranging from start-ups to multinationals.
- Know your requirement
While hiring a chartered accountant for your business, it is very important to know your needs.
Only by determining why you need to hire a chartered accountant, half your job is done.
Do you need a chartered accountant for?
- Business advisory services
- Tax advice
- Accounting and record keeping
- Payroll management
Once you’ve established your needs, you’re good to start looking for CA services online or start interviewing chartered accountant candidates.
Dial Jordan Tip: When outsourcing work to chartered accountants, doing a little background check on them is always handy.
Don’t have the time? Don’t worry! Dial Jordan has done the work for you. Contrary to myriad of CA service online, I have personally helped businesses find chartered accountants near me that are verified and trustworthy.
- Know how they charge
When you approach a chartered accountant in India, they may convince you that they are the most reasonable in the business. However, sooner or later, you may be left surprised when the bill comes up.
For example, top chartered accountant firms in Bangalore charge by the hour while others bill at a flat rate. On the other hand, some firms may charge you every time you call them for advice.
Knowing what you are paying for is important to maintain smooth relations. If they offer a flexible billing procedure, you may have found the best audit firm in Bangalore.
Working with a Chartered Accountant will make your business grow
Chartered accountants are the unsung heroes of the business world. In a world where every business owner is looking to cut costs, doing it yourself can be a pretty painful task.
- Better finance management
The first step to the growth of any business is finance management. Having your financials in places gives you peace of mind, and helps you concentrate on other aspects of your business such as marketing, product quality and brand value.
- Maintains a professional reputation
You know you have found your ideal chartered accountant in Bangalore when he/she strives to keep your company in good light. This is important while building strong business relations. For example, getting loans from a bank may not be as easy as it seems.
However, when your firm has a good reputation and an efficient finance team, the process becomes much easier. An experienced chartered accountant also has the skill of attracting investors to your business.
No matter what service your business offers, an investor will readily do business with you only when they are sure about the right use of their funds.
- Helps you save taxes
As your business grows, you will soon realise the number of taxes you will have to pay. Handling taxation yourself can lead to more losses and less profits.
A top chartered accountant firm in Bangalore will act as your legal loophole expert who will skilfully save large amounts of money for you.
Since they’re abreast on latest amendments and finance laws, they can educate you on all the deductions.
Outsourcing bookkeeping services will make sure your taxes are filed smoothly.
- Analyses profitable opportunities
As a business owner, you may not be able to realise the full potential of your business only because you’re new in the business or don’t have the time for it.
Let me tell you, you are missing out on a great business opportunity.
Finding chartered accountants near me made me realise how they can analyse and interpret growth opportunities for a business. They can see what you can’t see.
They literally dive into numbers, propel business growth and show you the profitability of your venture.
Remember, your business cannot survive the test of time without the assistance of a chartered accountant!
Signs you need to change your Chartered Accountant now
To save you from the trepidation of an incapable accountant, I have listed few warning signals that would help you recognise early when it’s time to say bye-bye to your existing chartered accountant and find a new one with the help of the Dial Jordan Directory.
- They don’t understand your industry: An accountant who does not understand your industry can take a toll on your business. You may face excess taxes, legal fees and heavy payrolls. It’s important to find a chartered accountant who meets your requirements. If your accountant fails to deliver the technical and comprehensive experience, it’s time you need a new accountant.
- Tax surprises: The reason you hire a chartered accountant is to maximise deductions. Imagine at the end of the financial year, your accountant breaks to you about a large tax payment you have to make. This can be downright stressful. Top chartered accountant firms in Bangalore work closely with you in the last quarter of the year, explaining the projected profit and the required tax to be paid. If your accountant is not involved in your sensitive business matters, it’s time you look for a new one.
- Lack of communication: Even if you outsource bookkeeping services to chartered accountants, it’s important for them to keep you updated throughout the year. A professional CA should be reachable and helpful. If you are not getting what you’ve paid for, you should definitely find a new accountant. Vague, inaccurate and confusing explanations can lead to the downfall of your company.
- Jack of all, master of none: If your accountant thinks he/she knows everything, you’re in trouble. Just like any other profession, they have expertise in specific areas. When you hire a chartered accountant, you want someone who can add value to your business. An accountant who has experience in taxation may not necessarily be able to provide investment advice or tips on how to best grow your business.
- Late filing of tax returns: As an enterprise, it is important to file your tax returns on time. Certain chartered accountant firms are bombarded with work at the end of the financial year due to which they miss filing returns for your company. This can even cost you a penalty fee. It’s the duty of your accountant to give you a financial statement at the end of every quarter. If they fail to do so, it’s time you move on.
If you as a company or individual face any of these warning signals, it’s best to talk to your chartered accountant first. If you plan to fire an accountant, the best time to do so is right after the financial year.
This enables the new accountant to start with a new calendar year. If things are still not looking good for you, do it at the beginning of a quarter.
Wondering where you should look for a chartered accountant? Dial Jordan has you sorted with a list of best chartered accountants in Bangalore.
Tips to Remember when Hiring a New CA for your Firm
You’ve just fired your existing chartered accountant and all of a sudden things are looking very glum for your company. This is the time when you have to stand strong and find yourself a chartered accountant who will contribute to your company’s overall success.
You need someone who has the right technical skills and competency.
I’ve shared few tips that will come handy when you are hiring a new CA for your firm:
- Don’t speed the hiring process: One of the biggest mistakes most companies make is rushing into hiring a new CA. When you lose a member of your accounting staff, multiple resignation formalities have to be completed. If you rush into the hiring process, you’re bound to make the wrong decision. Therefore, take some time and find the right fit for your organisation.
- Outsource CA services online: If you are not in the right state to hire a full-fledged chartered accounting team, you can always outsource work to top chartered accountant firms in Bangalore based on your chartered accountant requirements. Outsourcing can meet your staffing needs better. A consultant has the skill and qualification your business needs.
- Get a temporary placement: If you lose your CA just towards the end of the financial year, it can be quite taxing mentally. The only option is to find a temporary fit for the role who can file your returns for that particular year. Finding someone with tons of expertise at this point may be trying, but you will have to go through it. Find chartered accountants near me that will keep your processes and company moving forward.
When you are running a business and are short on resources, it is easy to become frustrated easily. Finding someone on your own may be difficult since you are too busy focusing on other aspects of your business. The easiest solution is checking the Dial Jordan local search engine directory for the list of best-chartered accountants in Bangalore.
Frequently Asked Questions with regard to Chartered Accountants
- What is meant by a chartered accountant?
According to Investopedia, a Chartered Accountant (CA) is an accounting designation given to accounting professionals in many countries around the world. A CA designation typically proves the holder has the qualifications to file a business’s tax return, audit financial statements and business practices, and offer advisory services to clients.
- Why do we need Chartered Accountants? What tasks are specific to them?
The role of a chartered accountant in businesses cannot be ignored. They help in building long-lasting relationships with clients and investors. They help in tax-related matters, filing of returns and providing business advice. The specific work a chartered accountant is auditing. They prepare and review financial statements of a company and maximize tax deductions. They are also responsible for financial reporting, tax and strategic decision making.
- What are the benefits of Outsourcing to a chartered accountant
- Reduces business costs
- Reduces IT costs
- Gives business continuity
- Helps you leverage the skills of experienced professionals
- More flexibility and scalability
- 24/7 operations
- Why do you need a chartered accountant to register your business?
For company registration in Bangalore, a chartered accountant is a must. Since they are experts in the field, they guide you through the whole process, ask for necessary documents, give you the right advice and help in obtaining approvals faster.
- How much will I save if I outsource my payroll to a CA?
Outsourcing payroll accounting not just has cost savings, but time and management savings as well. When you outsource, you save on overhead costs, software costs, training costs and compliance related expenditure.
- Is the chartered accountant regulated by ICAI?
When hiring a chartered accountant always find out if he/she has obtained a certification under Institute of Chartered Accountants of India.
- Bookkeeping / Accounting – What should be outsourced? What needs to be done internally?
If you are confused between outsourcing and hiring in-house talent, remember, it is always better to outsource bookkeeping services and get accounting done internally. Outsourcing bookkeeping maintains privacy, security and scalability and maximizes your resources. It gives you the advantage of seeking trained and professional help.
On the other hand, getting accounts done in-house is always beneficial since it is very specific. Hiring in-house talent gives you the freedom to get a set number of accounting tasks done. They understand your business process and make sure they add value to your business.
- What’s the difference between CA & FCA?
CA stands for Chartered Accountant while FCA stands for Fellow Chartered Accountant. A CA is a registered member of Institute of Chartered Accountants of India while an FCA is a CA who has completed practice of 5 years as a registered member of ICAI.
We at Dial Jordan have listed top chartered accountant firms in Bangalore that will help you with all aspects of your business – budgeting, cash flow, GST, the filing of income tax returns, payroll and other business-related matters.
Our extensive list has you covered on all matters related to taxation and auditing. We only list the best in the business that would give you complete value for money. Hire from the list of top chartered accountants in Bangalore today.
List of top chartered accountants in Bangalore
- G Raju & Co
- MMV Associates
- N Baid & Associates
- Nitin Jogad and Associates
- Darshan Kumar & CO Chartered Accountants
- B.R.V. GOUD & CO
- GMG Lavoro Services Pvt Ltd
- Pradeep Bhat & Co
Know of any better audit firms in Bangalore? Let us know in the comment section below.
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