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Regarding setting up independent practice

M S ANAND (AGM Finance) (74 Points)

23 January 2011

I am working as an Assistant General Manager Finance with a Government undertaking .I am contemplating setting up private practice after putting in a service of 20 years in industry .Any ideas regarding upcoming areas of practice that is lucrative and will boom in the next ten to fifteen years.Please let me know about emerging and upcoming trends in the area of Independent Practice as a CA and the skills that will be expected in these areas.

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t.v.s.raghavan (PARTNER) (52 Points)
Replied 23 January 2011

Dear Mr Anand,

Congratulations to you for deciding to have an independent practice.

Around fifteen years ago I was like you but could not decide what to do.

Finally one day I decided that there is nothing like to have an independent practice.It is a happy moment to get freedom and to be of your own "Boss".There are certain flipside as well as silverlining in practice.As an employee you will be getting on first of every month your salary but in practice this will not be the case.It depends when you complete your assignment and when your clients will pay you.The silver lining is extreme job satisfaction

I regret why I had not taken up my practice earlier.I had no god father nor any body to trust me as a new guy in the field.Nor I had many goodfriends who can help me in the initial years.Life was tough.But things have changed slowly.I have proved that ,I am not only trust worthy but also straight forward guy and never compromised on values. Today also I can not say I am doing great. But my clientsI have all known my uncompromising nature for values.Due to this I gained some clients and also lost many of them.What I want to say is that I had given more importance( which I have been giving all along) for values in life rather than money part which was always elusive to me.But i don't care. It took five years to stebilise my practice in these lines My friends in practice criticize me that I am impractical and not doing a business in a manner in which it has to be done.I am desisting the idea of converting a profession in to a "business" and I do not want to do that "business"which may offer you so many goodies in a shortest possible time.In short you need to decide what you want and how would you do a thing or approach to achieve the same.I have just spoken out my mind and you may or may not agree with many of my views.

To day after economy has opened up, lot of opportunities are available to C.A's.

There are many speciality groups available.You may choose any one of them which you like.In certain cases you are require to have some prior experience.In some cases it does not matter whether you have experience or not.The following fields for example are available for you to explore and choose:

Apart from our traditional practice of Taxation,accounts,Audit, to day specialisation in each field has come up.If you take up taxation apart from direct tax indirect tax practice like VAT audit and related fields are promising zones today.

In the case of accounts, preparation of accounts for companies or running an accounts department for companies have emerged as a new field.This is boosted with starting your own BPO for preparation of accounting for not only national clients but also overseas clients.The opportunities are unlimited.

In the case of Audit sectoral experience is often much talked about.Various industry segments audit experience is beneficial to get more work.But for a new practioner though it looks daunting task with networking and tie up with existing firms will give this type of experience.There is no dearth of work.Plenty of jobs are available.Our Institutes ' site PDICAI.ORG will give details of opportunities available to CA's.You may visit this site every day to know the opportunities available..Even if you feel that the opportunities may not suit it will give an idea how you should prepare for the future opportunities.Our institute's DISA course also very useful.You need to be a continuous learner and a student.

In addition to the above,you can have management consultacy,systems audit,mergers and acquisitions where our skills are most sought after.There are many more and more .I can not give you the unlimited opportunities one can exploit.I think I am able to give you an idea.

.In case you need any help from me you may contact me.

Wishing you all the best for your future venture.

with regards,

CA T.V.S.RAGHAVAN,

T.V.S.RAGHAVAN & CO

2A SHANTISAGAR APARTMENTS,NEHRU ROAD,DOMBIVILI-EAST,DIST:THANE,MAHARASHTRA,PIN:421201.

TEL:0251-2450673/9987019673/E-MAIL:: tvsrco @ rediffmail.com

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