Written By: Resham Daswani

Are you a qualified chartered accountant still looking for a side business to earn that extra income?  Well, you have reached the right place.  Here we have listed some of the best opportunities for chartered accountants to consider in India alongside their mundane routine of number calculations.  So shall we get started?

New Opportunities For Chartered Accountants In India 2024

Prospective Chartered Accountants can work for an existing firm or go into private practice after finishing the course. If you are interested in beginning your own business, the first thing you should do is educate yourself on the fundamental rules and regulations of business.

One of the first things that you need to keep in mind before beginning is the importance of being patient and working hard. These are two essential aspects of the enterprise that will propel you to a higher level of achievement than you have ever achieved before.

Chartered accountants have access to a wide range of business options nationwide, many of which do not require them to make significant financial investments. A Chartered Accountant was an individual who played a significant role in a variety of departments within an organisation.

These departments include

• auditing,
• assurance,
• tax consultancy,
• accounting services,
• accountants,
• finance outsourcing, and
• financial reporting

Here are some of the top five side opportunities for chartered accountants to consider in India.

# 1. Start a Financial Consulting Services Firm.

Provide one-on-one financial advice to individuals and small companies. Among these services may include retirement planning, tax preparation, investment guidance, and budgeting. Certified public accountants (CAs) offer invaluable insight to individuals and companies who need expert advice on how to maximise their financial plans.

Did you know, there are many advantages that you can benefit from by starting this consulting services firm?  Here are a few.

• Additional revenue stream: One way certified public accountants (CPAs) might supplement their income is by starting their own financial advisory services business. This can greatly improve their financial situation in the long run.
• Diversify your skill set: They might broaden their expertise by running a consulting firm. Their professional competencies can be expanded beyond typical accounting and auditing to include financial strategy, investment advice, and other consulting services.
• Manage a flexible schedule: Offering financial consulting services on the side allows for more leeway in terms of scheduling. To maintain a healthy work-life balance, CAs have the freedom to decide when they take on clients or when to schedule consultations.
• Valuable entrepreneurial experience: The entrepreneurial skills that CAs hone when operating a side business are invaluable. If they want to become an entrepreneur full-time, they can gain knowledge about marketing, client acquisition, and company management.

# 2. Virtual Training & Webinars:

Make a living teaching others about taxes, accounting, and financial management through online classes or seminars. There is a growing need for online education, and CAs can take advantage of this trend by sharing their knowledge with more people. You may contact people all over the world by using websites like Udemy or Coursera.

Did you know, there are many advantages that you can benefit from by conducting virtual training and webinars?  Here are a few.

• Global reach: Throughout the world, people can participate in virtual training and webinars. By luring participants from all over the world, CAs can contact more people than ever before, regardless of their location or country.
• Enhances your brand visibility and branding: A CA's profile and reputation can take a boost by hosting virtual events. Webinars are a great opportunity to network with other professionals and share useful information while also receiving good feedback.
• Helps showcase your expertise: Certified public accountants can highlight their specialisation in topics like accounting, taxes, and financial planning by hosting online training and webinars. Clients and trust can be fostered by this display of expertise.
• Allows scalability: Because of the scalability of virtual training and webinars, CAs may reach a broad audience without substantially increasing their burden. A scalable stream of money can be generated from recorded webinars by reusing or selling them as on-demand material.

# 3. Goods and Services Tax [GST] Compliant Services:

Make available specialised services that are associated with the compliance of the Goods and Services Tax (GST). Numerous companies have difficulty navigating the complexities of the Goods and Services Tax (GST), and certified public accountants (CAs) can provide aid in submitting returns, assuring compliance, and giving advice services. As a result of the ongoing modifications to tax legislation, this specific niche has the potential to be very lucrative.

Did you know, there are many advantages that you can benefit from by providing GST-compliant services?  Here are a few.

• Additional revenue generation: Providing services that comply with the Goods and Services Tax (GST) generates an additional revenue stream for certified public accountants. This presents a market for certified public accountants to provide useful services since a large number of organisations, particularly small and medium-sized businesses, are looking for professional assistance to handle their GST requirements.
• Market demand: Because of the ever-evolving nature of the Goods and Services Tax (GST) and the ongoing changes in tax legislation, there is an ongoing need for expert services. Accountants can capitalise on this market demand by providing firms that are looking for assistance with dependable GST compliance services.
• Better adaptation to regulatory changes: To effectively adapt to changes in regulations, CAs should remain fully engaged in GST compliance. Their services will always be up-to-date and relevant if they stay informed of changes and modifications.

# 4. Freelancing Accounting and Auditing Services:

Small enterprises and startups could benefit from the provision of independent accounting and auditing services. There are a lot of smaller businesses that might not have the financial means to retain a certified public accountant on a full-time basis, but they still need periodic financial services.

Freelancing allows certified public accountants to engage on a project basis, which offers them flexibility and a wide range of exposure.

Did you know, there are many advantages that you can benefit from by starting a freelancing accounting and auditing services business?  Here are a few.

• Development of Portfolio: The professional profile of the CA can be improved by constructing a portfolio that includes a variety of initiatives. A robust portfolio allows them to demonstrate their experience in accounting as well as auditing across a variety of industries, which makes them more attractive to prospective customers.
• Global geographical independence: Chartered accountants can connect with clients regardless of their physical location when they freelance. Spreading their reach beyond the confines of local markets, they can provide their services to customers located in different regions or even globally.

# 5. Starting a BPO For Financial Operations:

When it comes to outsourcing financial tasks, such as accounting, payroll management, or tax preparation, you should begin a business process outsourcing (BPO) service. When it comes to managing their financial processes, small and medium-sized businesses frequently look for cost-effective solutions.

One option that may be appealing to these businesses is outsourcing to a professional certified public accountant.

Did you know, there are many advantages that you can benefit from by starting a BPO for financial operations?  Here are a few.

• Better scalability: As a result of the scalability of BPO services, professional accountants can take on several clients and expand their business as required. There is a possibility that this scalability will contribute to the expansion and continued existence of the secondary business.
• Cost-effective for clients: When it comes to cost savings, businesses frequently opt to outsource. Small and medium-sized businesses that want to optimise their financial processes may find business process outsourcing (BPO) to be an appealing choice because CAs can offer affordable rates for their BPO services.
• Efficiency in operations: By outsourcing their financial operations, firms can concentrate on their main activities while the business process outsourcing (BPO) of the CA guarantees that their financial procedures are efficient. This operational efficiency has the potential to contribute to an improvement in the organization's overall performance for customers.
• Flexible working schedules: As a side business, BPOs give CAs more control over their workload and schedule, allowing them to do what works best for them. This ability to adapt can be especially beneficial for individuals who are required to balance other responsibilities, whether they be professional or personal.

Therefore, when starting any kind of side business, it is important to remember to comply with all of the legal and regulatory requirements. Keeping to the unwavering principles of honesty and fair play is essential in the Chartered Accountancy field.

Moreover, to achieve success in these prospects for side businesses, it is vital to maintain a current awareness of the most recent market trends and laws.

To Conclude,

In India, Chartered Accountants (CAs) possess a wide range of skills that go beyond the typical accounting and auditing practices now in use. With the use of their skills, certified public accountants can investigate a variety of alternatives for side businesses to boost their income.

Connect with us at FranchiseBazar for more on the latest business opportunities for chartered accountants to start as a side business in India.

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