- CA firms are indispensable in India’s booming economy.
- India’s increasing entrepreneurial growth & business expansion fuel demand for accounting, auditing & advisory services.
- As the country thrives to become a trillion-dollar economy we were curious to understand what opportunities it provides for CA firms.
- Here is what Founders and Partners of CA firms in India have to say.
Pallavi Dinodia, Partner at SR Dinodia
Pallavi Dinodia is a Partner for International Tax and Transfer Pricing at S.R. Dinodia & Co. LLP, one of the oldest CA firms in India.
She mentioned that the firm’s focus is to grow in what they are good at, which is our audit and tax practice, with a clear process.
- NBFC infrastructure in India offers opportunities for auditors to specialize in this sector, NBFC Audits.
- International tax is highlighted as a growing field, especially due to the increasing global mobility of individuals and businesses.
- GST litigation presents opportunities for CA firms, given the digitization of compliance and the potential for value-added services.
- Embrace technology and software for GST compliance and leverage it for offering litigation services.
CA firms should invest in technology and specialize to meet client needs effectively. Invest in team building and networking. Utilize platforms like LinkedIn for visibility. Specialization and proactive client engagement are key to success.
Vikas Kumar, Senior Partner and CEO at T R Chadha (TRC)
After spending over 30 years of his life, Vikas Kumar, a Senior Partner at T R Chadha (TRC), became its first CEO.
T R Chadha consists of 20 partners, and 800 employees and is spread across 11 different locations across India.
Despite being a 75+-year-old firm, they have managed to stay relevant even today.
- Growth opportunities abound for Chartered Accountants (CAs) across various sectors, including industry, IPOs, ESOPs, and M&As. Large CA firms play a pivotal role in facilitating IPOs, M&As, and overall economic growth.
- Midsize CA firms also benefit from the expanding SME sector, necessitating their enhancement to meet growing demands.
- Assurance services, while challenging, offer opportunities for those willing to adapt and excel in meeting regulatory requirements.
Milind Limaye, Senior Partner at Kirtane & Pandit
Milind Limaye is a Partner at Kirtane & Pandit, a 65+-year-old legacy firm in India.
Today they have a team of 900+, over 30 Partners, and 11+ Offices in India.
Their success was not a result of mere luck, but rather meticulous strategic planning.
- We need to look beyond India now. Indian Chartered Accountants are renowned globally. We are exploring markets with small accountant pools, offering specialized services.
- What service line is growing the fastest at K&P? I would say all of it because of our adaptability and our ability to fine-tune existing services based on client needs.
- Sustainability Reporting is a new growing service line that has already been launched at Kirtane & Pandit. A sustainability report is published by companies to provide information about the environmental, social, and governance (ESG) effects of their operations. A couple of our partners are already working on growing this service line. However, I won’t call it one of the fastest-growing areas just yet. The client needs to be aware of it first before it can begin. However, it will pick up pace over time.
- When talking about India’s economic landscape, I won’t say that one particular industry is performing well or poorly. Every industry has its cycle of ups and downs and all of them per se, are going to grow because of one or the other reason.
- Small and midsize enterprises (SMEs) are crucial for growth, offering diverse clientele, yet it is overlooked by many CA firms. Firms should aim for specialization and look beyond large companies for growth opportunities. The Indian MSME sector consists of around 63 million businesses. So why not collaborate with those SMEs and help them grow?
Specialization is a must. Don’t just say that you’ll handle taxes, and also indirect taxes for a client. Focus on three key areas where you can offer better services.
Also read: This CA Firm Guru & Jana struggled for the first 10 years, now top firm in India with a team of 650+
Gaurav Sukhija, Founder of PGSJ & Co. (merged with Kirtane & Pandit)
In 2017, Gaurav Sukhija and his close-knit group left the Big 4 jobs to establish a CA Firm.
By tapping into startup clients they expanded to a team of 60.
In 2023, their firm PGSJ & Co. merged with Kirtane & Pandit.
- If you are building a CA firm focused on startups, deals sized between $1 million to $50 million are performing wonderfully well. So you don’t have to worry about the funding winter. I am still doing 100 valuations per year, which is a huge number.
- Specialization and a structured approach are key to success.
- It’s about finding your niche and adapting to client needs.
- Collaborate with others and leverage partnerships for growth.
If you have entrepreneurial skills, starting small, partnership, and diversification are the best ways to scale.
Ajay Sethi, Managing Partner at ASA
In 1991, Ajay Sethi built ASA. He began the practice in a small room with no far-reaching visions.
By being transparent forming strategies and hiring the right team, they grew to India’s top 10 firms.
They are a 1000+ member team, with over 33 Partners, and presence in 8 locations in India, and 6 international desks.
How would you advise someone to start a CA firm today?
- Shift from traditional areas towards tax advisory, ESG, and digital services.
- Closer examination of Assurance, particularly audit, citing its potential for high returns despite perceived risks. I foresee Audit as a future opportunity with the potential for significant growth.
- Establish robust systems, processes, and skilled personnel to capitalize on the expanding audit market.
- We understood Global business at a very young start I think it was only 5 years into the business we understood this. Look international. Now going to International clients it’s a money-spending game. So if you think you have the skills and all, remember it’s not going to just happen by a visit or something. You must have a game plan to connect it in India.
Guru Prasad, Co-founder and Managing Partner at Guru & Jana Chartered Accountants
Guru Prasad co-founded Guru & Jana Chartered Accountants in 2003.
For 10 years their growth was stagnant.
Today they are a team of over 672, including 180+ professionals, and offices in multiple locations.
- CA firms should focus on specialization and collaboration for success.
- CA firms have immense growth potential, especially with the rise of breakaway firms and increasing recognition globally. Specialization and strategic planning are key for long-term success.
Wrapping up
India’s rapid growth trajectory is expected to continue for at least the next decade, driven by its large and dynamic workforce, technological capabilities, and government initiatives.
Opportunities exist at all levels within the CA profession, but success hinges on investments in manpower, IT, and process improvement.
Firms must prepare adequately to capitalize on these opportunities and avoid being left behind in the face of rapid growth.
