BCAS President CA Chirag Doshi’s Message for the Month of June 2024

Viksit Bharat – Professional Firms

Dear BCAS Family,

Friends, as the month of elections in the largest democracy of the world ends, the results are awaited. The present government advocated vigorously the vision for Viksit Bharat.

At a talk in Mumbai on the role of professionals in Viksit Bharat, our Hon Finance Minister Smt. Nirmala Sitaraman ji, mentioned that Viksit Bharat is not possible without the support of Chartered Accountants in Profession and Industry. India needs 2 big Indian firms of the size of the big fours in the near future. The government is ready to provide all the support needed and needs from all of us a strategy to make it happen. She also mentioned that talks are on with other nations regarding cross acceptance of professional degrees for practicing in other countries.

Revenue of the Big Four accounting/audit firms worldwide in 2023, by function.

Revenue of the Big Four accounting/audit firms worldwide in 2023, by geographical region

Number of employees of the Big Four accounting/audit firms worldwide in 2023

One common factor behind successful growth story of all these firms is various mergers and acquisitions of firms worldwide. Other factors which affect the growth and stability of the firms are:

a. Technology – Technology will play a very critical role like workflow management can improve the efficiency and effectiveness of the audits, creating secured client portals wherein client can upload all audit relevant data, data analytics tools, tools those enable continuous monitoring and auditing, cloud based tools for flexibility of working from anywhere, data protection tools and many more. By leveraging technology, CA firms can improve efficiency, enhance client service, ensure compliance, and ultimately drive growth.

b. Competent Employees – Competent employees are essential to a CA firm’s success. They ensure the delivery of high-quality services, enhance client satisfaction, drive innovation, and maintain compliance. By investing in the recruitment, structured training modules, and retention of skilled employees, CA firms can secure a competitive advantage and achieve sustained growth.

c. HR policies – HR policies are vital for the smooth operation and growth of a CA firm. They ensure legal compliance, promote fair treatment, attract and retain talent, and enhance operational efficiency. By fostering a positive work environment, supporting employee development, and managing risks, HR policies contribute significantly to the firm’s overall success and sustainability. Investing in comprehensive and well-structured HR policies is a strategic move that supports the firm’s build a strong, motivated workforce.

d. Continuous Skill Development: Presentation and pitching skills are essential for us to communicate effectively, win new clients, and advance their careers. By investing in developing these skills, we can enhance our professional image, build strong relationships with clients, and differentiate ourselves in a competitive market.

e. Firms audit manual – Audit manuals are vital for CA firms as they provide a structured, standardized approach to conducting audits. They ensure compliance, enhance efficiency, facilitate training, and help manage risks. By maintaining high-quality standards and promoting consistency, audit manuals contribute significantly to the firm’s reputation and success. Investing in comprehensive, up-to-date audit manuals is a strategic move that supports the firm’s long-term growth and stability.

f. Client servicing – Client servicing drives client retention, enhances reputation, fosters revenue growth, and builds trust. By prioritizing client needs, gathering feedback, and providing exceptional service, we can establish long-lasting relationships and a strong competitive advantage.

g. Geographical location – The geographical location of a CA firm plays a critical role in its operational efficiency, client relationships, talent acquisition, and overall growth. By strategically choosing a location that aligns with its business goals, client base, and operational needs, a CA firm can enhance its competitiveness and success. Whether it is proximity to clients, access to talent, or cost considerations, the right location can significantly impact the firm’s performance and reputation.

h. Diverse services offerings – Diverse service offerings are essential for a growth, stability, and competitive advantage. By meeting the varied needs of clients, creating multiple revenue streams, and enhancing client relationships, a firm can secure its position in the market. Investing in a broad range of services not only drives revenue growth but also fosters innovation, attracts top talent, and ensures resilience in a dynamic business environment.

i. Networking – Networking is a strategic tool for CA firms to expand their client base, stay informed about industry trends, and enhance their reputation. By actively participating in networking events around the world we can create opportunities for growth, innovation, and success.

j. Government and ICAI policies and framework: Forward-looking and open government and ICAI policies and frameworks are essential for the sustainable growth and development of the accounting profession. By allowing Indian CA firms to market their services and have investors could lead to positive outcomes if managed effectively. However, it is also essential to balance the benefits with the challenges and implement appropriate safeguards to protect clients, maintain professional standards, and uphold the integrity of the accounting profession.

k. Indian Industry trust: Indian industry trust and support is essential for Indian CA firms to compete effectively against the Big global accounting firms. By leveraging the client base, market presence, and expertise of Indian industries, CA firms can enhance their services, expand their reach, and establish themselves as trusted advisors in the Indian market. Collaboration between Indian industries and CA firms is key to mutual growth and success, driving innovation, competitiveness, and excellence in the accounting profession.

There are various other ways, models, suggestions and recommendations to support Indian firms grow. I would request the members in practice and industry in India and abroad to write back to me on president@bcasonline.org with your valuable inputs and support the drive for a Viksit Bharat professional.

“Coming together is a beginning; keeping together is progress; working together is success.” By Edward Everett Hale