Chartered Accountant or CA, as it is better known is a field that attracts a lot of eye balls, right? Most of us have the ardent desire to become a CA but only a few of us can get through. Do you know in what all fields a CA works? Well, a CA can work in the business arena as well as the financial arena! And what are the jobs that a CA has to do? Well, these could range from taxation to auditing to financial management and even general management! So, these functions could actually be way too beneficial for a business, right? And yes, let me tell you that a CA could work for a public sector or even a private one too! So, if you wish to become a CA for your own business, then you would be working for a private sector. Got it?
So, before me move on, let me ask you, how many of you have your own business? Oh, I can see you all shouting in unison! Well, that’s quite a lot of you! I totally agree, with the advent of technology, a lot of start-ups have come up and people are now becoming job providers. For sure having your own business is a great thing but becoming a CA for your own business is even better! Why should you shed out your business’ profit and give them to a CA? Why not allow money to flow in the house only? So, how about considering the fact of becoming a CA for your own business? Well, having said that let’s move on and figure out the next steps!
Alright, so after having known who a CA is and what job he performs, the next thing that must be acting as a bee in your bonnet must be that what all do we need to do in order to become a CA for our own business, right? Well, there are a few steps involved to get to that goal but let me drop in some information for you over here. These steps are not at all a cake walk! You have to toil day in and day out to attain this goal! Nevertheless we all possess that indomitable courage to become a CA for our own business, right? So, let us begin the journey!
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ATTAIN THE DEGREE
Of course, this goes without saying. You can’t excel in any field until you have a professional degree of that field. So, before you decide to go further with the thought of becoming a CA for your own business, you need to get the degree of CA. Now, after having earned a degree of a CA, what should the next step be? Are you eager to know? Alright, let us discuss the next step then!
2. CHOOSE YOUR SPECIALTY
Now, once you are done with the first step, the second most important thing is to choose your specialty. What are the major areas of specialization? Well, you could choose between public accounting or corporate accounting. Well, corporate accounting is also popularly known as business accounting. Moving on to the next step! Are you ready to know the next step?
3. CPA OR ACCOUNTANT
Now you must be perplexed as to what major differences these two positions have in between them. So, let me tell you that an accountant is someone who could be hired by any business in order to perform accountancy related tasks for them. They could also prepare financial statements for them! On the other hand, we have CPA (Certified Public Accountant). CPAs could perform all the tasks that a normal Accountant can but moreover, he could also conduct audits and represent certain clients as well! So, choose between which one you would like to go for! Alright, so let us move onto the next step!
4. CPA EXAM TO BE PASSED
Thinking what all the CPA exam consists of? Well, the CPA exam consists of four parts which are related to auditing, financial accounting, regulation and business environment. So, all you need to do is pass all these four parts and then finally set yourselves on the crest of a wave! Well, let me tell you that this was just the last step that you had to perform for becoming a CA for your own business! Well, you all look like a dog with two tails! So, the task is done and you have finally become a CA!
5. JOIN THE BUSINESS!
Yes, after having done all the tasks, the very last step remains and that is, you have to join the business and take note of the financial tasks!
So, these were five simple steps which could help you in becoming the CA for your own business. We often have to levy a lot of costs in hiring a CA for our business. But if we become CA ourselves, wouldn’t we save ourselves a huge amount of money? And what all the CA would do for us? Well, after becoming a CA we could get a more sort after information about the taxes we need to pay. We don’t just have to shed out money without any direction rather we would have a clear picture on where our money is flowing.
Moreover, the most important benefit of becoming a CA for your own business is that you could do a very detailed cost-benefit analysis. This analysis would help you sustain your business when it is declining and can also help you analyze where should you invest money and where you shouldn’t.
Becoming a CA could also bring in new clients for your business and make them invest in your business due to which your business will eventually grow and prosper!
So, after having known so many benefits of becoming a CA for your own business, I’m sure you must be having ants in your pants to become one, right? So, what are you waiting for? Get down to brass tracks and follow these five simple steps!