According to the reports generated by the ICAI, there are a total number of 1,32,480 CA firms established until the year 2018.
The significant rise of accounting firms exhibits the growing trend among CAs in developing independent working platforms for rendering income tax consultancy services.
For individuals who are starting on their own can find difficulty in managing the day-to-day operations along with simultaneously dealing with clients and administrative tasks.
To rescue the CA practitioners form the onus of stressful multitasking, several CA firms are now inclined towards employing newer software with cutting-edge technology.
List of Practice Management Software Required for CA Firms
There are several CA office management software programs designed to cater to the responsibilities of different departments to render effective tax consultancy services.
Given below is the list of different types of software programs available in the market:
● Billing Software – With billing software, individuals can manage their inventory efficiently and track the transactions made so far. Software like Point of Sales billing software helps in maintaining the records of the company stocks and capital meticulously.
● GST Software – Several GST software in India is designed to help accurate GST accounting and billing and address ambiguities related to the taxation structure. It determines the data entry errors and also is an effective tool for tax management. Saral GST solution is one such specially designed software to elucidate the complex process of e-filing GST tax returns.
● Customer Relationship Software – CRM software is meant to attract new clients and also plays a crucial role in securing the trust of existing customers. It plays a pivotal role in upgrading customer service by communicating with the clients and offering prompt services.
● Digital Marketing Software – Promoting business endeavors and accomplishments on a digital platform are emerging trends for CAs. This tool helps in generating leads, along with introducing marketing campaigns. Once enough leads are developed throughout the website, digital marketing software comes into play to cultivate these leads.
● Accounting Software – Payroll management is among the prime functions or services offered by this tool. It keeps a tabular record of the transactions and also helps to generate invoices.
● Project Management Software – To plan projects and to allocate tasks, professionals will need a project management software program. Tools like ZOHO projects maintain simplified workflow that is easy to manage and saves sufficient time. Other project management software programs CAs should consider investing in are Backlog, Beesbusy, Zoho Sprints, and Celoxis.
Individuals who have availed CA loans to set up their firms to render tax consultancy services can utilize the aided credit on installing the above-mentioned software to enhance the working efficiency and time management.
Reputed financial institutions like Bajaj Finserv offers Loans for Chartered Accountants with tailor-made features to meet the financial needs of CA practitioners who are running their own CA firm meant for several personal and professional emergencies.
Apart from facilitating feature-rich benefits to the customers, they also provide pre-approved offers on Loans for Chartered Accountant which help simplify an elongated application process and save ample time.
Therefore to achieve stability and fuel company growth, individuals should consider deploying advanced software technologies. Integrating these tools would ensure not only error-free monitoring of administrative tasks but also simplify several other time-consuming activities.