What is CA Tushar Makkar known for?

CA Tushar Makkar is known for being AIR 47 in CA Final and creating India's largest audit community.

What services does CA Tushar Makkar offer?

He offers audit resources, courses, and expertise to chartered accountants.

How to Start Your Own CA Practice: A Practical Step-by-Step Guide

Starting your own CA practice can be a rewarding career move, provided you have a structured plan, industry insights, and the determination to succeed. Whether you are a newly qualified CA or a professional with years of experience, this guide will walk you through the essential steps to establish a successful CA firm.

December 17, 2024

Disclaimer- I have shared some of the strategies that I used to get clients initially. I have also attached a video where I have shared my personal experience regarding the same.

1. Define Your Purpose and Vision

Before taking the plunge, reflect on:

• Why do you want to start a practice?

• What services will you offer? (Tax advisory, audits, GST compliance, etc.)

• Where do you see your firm in the long run?

For example, if you excel in tax compliance, your niche could be helping SMEs file GST returns and manage direct tax filings. Clarity at this stage will help you set clear goals for your practice.

2. Meet the Legal Formalities

To legally start a CA practice in India, you need to fulfill these basic requirements:

• Certificate of Practice (COP): Get your COP from ICAI. A full-time COP is mandatory to run a CA firm.

• Choose Your Firm Structure: Decide whether you want to operate as:

• Sole Proprietorship

• Partnership Firm

• Limited Liability Partnership (LLP)

Example: If you’re starting on your own, a sole proprietorship is straightforward. As your firm grows, you can expand to a partnership model or LLP to involve other CAs.

• Register with ICAI: Reserve and register your firm’s name as per ICAI guidelines under Regulation 190.

3. Select Your Core Services and Niche

Identify the key services you plan to provide:

• Tax Services: GST returns, tax audits, and direct tax advisory.

• Audit and Assurance: Internal audits, statutory audits, and bank audits.

• Business Advisory: Start-up consulting, financial planning, and MIS services.

• Compliance Management: TDS, GST filings, and company law compliance.

Example: If you target early-stage start-ups, offering affordable packages for company registration, compliance filings, and tax consulting could set you apart.

4. Set Up Your Office

An office—whether physical or virtual—represents your practice’s credibility. Here’s what you’ll need:

• Workspace: Start with a home office or rent a cabin in a shared workspace to keep costs low.

• Tech Tools: Invest in software for accounting, GST compliance, and client management.

• Basic Equipment: Ensure you have a laptop, printer, scanner, and a stable internet connection.

Pro Tip: Many CAs opt for co-working spaces initially to save on office costs while maintaining a professional setup.

5. Build Your Client Network

Getting your first set of clients can feel challenging, but here’s how you can attract them:

• Tap into Personal Networks: Reach out to family, friends, and acquaintances for referrals.

• Join Professional Associations: Attend ICAI seminars, chamber of commerce meetings, and local business gatherings.

• Leverage Social Media: Use LinkedIn, Facebook, and Instagram to share valuable financial tips, updates, and case studies.

• Offer Customized Packages: Small businesses often look for budget-friendly compliance solutions. Cater to their specific needs.

Example: A CA offering monthly GST filing services at affordable rates could attract small traders and shopkeepers.

6. Use Technology to Streamline Your Work

Technology is your ally when it comes to running an efficient CA firm. Invest in:

• Accounting Software.

• Tax Filing Tools.

• CRM Platforms.

By automating repetitive tasks, you can focus on delivering high-value services to your clients.

7. Market Your Practice Effectively

Smart marketing will help you establish a strong presence in the industry:

• Create a Website: Showcase your services, client testimonials, and success stories.

• Content Marketing: Write blogs, post videos, or share infographics on taxation, audits, and compliance updates.

• Google My Business: Register your firm for better visibility in local searches.

• Collaborate with Start-ups: Partner with incubators, small businesses, and finance platforms for referrals and promotions.

Example: If you specialize in audits, post a video titled “5 Common Mistakes in Statutory Audits and How to Avoid Them.” It can attract clients looking for audit expertise.

8. Start Small, Scale Gradually

Focus on delivering high-quality services to your initial clients before scaling your practice.

• Hire articles, interns or part-time associates to handle routine tasks.

• As revenue grows, bring in more full-time staff and partners to expand your service portfolio.

9. Keep Learning and Staying Relevant

Continuous learning is essential for long-term success in the ever-changing financial landscape.

• Attend ICAI CPE seminars, online courses, and professional workshops.

• Stay updated with changes in taxation, audit standards, and business laws.

• Network with mentors and peers to gain fresh perspectives and advice.

TIP:- You can also follow me on Instagram to stay updated on relevant topics and latest trends.

Personal Strategies used by me for attracting clients

1. Gathered restaurant owners' numbers by using Swiggy and Zomato, and then importing them into an Excel sheet. This facilitated easier communication. Offered food license services at competitive prices for new restaurant owners making it attractive for startups.

2. Sent personalized messages to friends and acquaintances can significantly enhance your professional relationships. This approach not only shows respect but also helped in building a referral network for your practice.

3. Building and maintaining professional relationships is crucial for success in practice. Networking with former colleagues and larger firms can lead to valuable referrals and work opportunities.

4. Actively marketing yourself and engaging with local businesses can lead to valuable referrals and assignments.

5. Utilizing local shopkeepers as referral sources can significantly boost your practice. Informing them about your services creates a network of potential clients.

6. Distributing business cards and promoting your services increases visibility. Engaging in personal conversations helps build trust and can lead to future referrals.

Go through this video How I win clients in my CA practice to know more about it.

Final Thoughts

Setting up a CA practice requires dedication, networking, and the right mix of knowledge and technology. Start with a small client base, deliver value-driven services, and grow step-by-step. With consistency and a strong professional presence, you can build a thriving CA practice and make a significant mark in the financial world.

Whether you are fresh out of CA exams or looking to transition from corporate to practice, this guide provides the practical steps to kickstart your journey with confidence.

FAQs:-

What are the key steps to start a CA practice?
- Register with the ICAI, set up an office, decide on your service offerings, and market your practice to potential clients.
How can I attract clients to my new CA practice?
- Leverage networking, build an online presence, and offer specialized services that cater to specific client needs.
What resources are essential for a successful CA practice?
- Invest in accounting software, hire skilled staff, and stay updated with industry changes to provide top-notch services.

Reference:-

Why People Leave Big 4 Firms

How to take CA Articleship transfer in first year or second year