What Are the Qualities of a Good Chartered Accountant?

Leading or working in a CA firm is a common career choice for a majority of chartered accountants in India, according to ICAI. They also say that around 50% of associate and fellow CAs are currently practising full-time or part-time.

The primary goal of every such practising CA is to bring in more clients and to expand their business. Now, CAs cannot advertise and solicit customers as the ICAI bars it. Hence, this can become an obstacle in this case.

One of the only ways a CA firm can reach to more clients is via word-of-mouth marketing from the existing ones. This is only possible when they are satisfied with the service.

You need to portray all the essential qualities of an accountant if you seek to run your own firm in the future and provide a satisfactory service to your clientele.

If you do have such aspirations, here are some of the qualities that you need to have:

Communication Skills

There are various technical jargon associated in the field of accounting, auditing, and taxation. Clients who don’t have much comprehension of these fields may not know such terms.

Hence, effective communication from your end is of utmost importance. You have to adapt to their comprehension as per the mode of communication.

Not only clients, but you also need to be adept at communication to interact with your seniors, juniors, and partners.

Organisational Skills

One of the essential qualities of an accountant is to organise not only physical items but also the intangible ones. From stacks of papers to multiple spreadsheets, you have to organise all of these as part and parcel of your daily functions.




Having superb organisational skills will help you get access to urgent requirements rapidly and manage your work more efficiently.

Professionalism

Any breach of contract and divergence from the code of conduct laid down by the ICAI can lead to a temporary or permanent removal of the CoP. The organisation lists all such members found guilty under their schedules.

Hence, maintaining robust professionalism and ethics is another one of the qualities of an accountant. You must not accept information as it is presented and always question them.

Team leading skills

CAs working in a firm lead a team of accountants who will collectively function on the project. Any discrepancy or conflict within them can hamper the project productivity.

You have to ensure that such situations don’t arise by leading your team in a coordinated way. Such skills are one of the top qualities that an ideal chartered accountant must have.

Accountability

Taking responsibility is a critical role of a CA that you need to have. You must take account for your mistakes and learn from them. Also, you need to make sure that the same doesn’t arise anymore. Lastly, put every contingency in place to avoid any errors from occurring.

These qualities will surely help you expand your practice and bring in more clients. Taking help of a CA loan in such cases can provide you with the funds to relocate to bigger premises, purchase respective equipment, etc.

NBFCs like Bajaj Finserv provide Business Loans for Chartered Accountants that can help you with the same. They can disburse loans within 24 hours of approval and against minimal documentation.

Make sure to start developing these essential qualities of an accountant during your CA articleship. Selecting the right firm will help you with the same. Gather as much experience over time to open up your own and prosper.

3 Tips to Get the Lowest CA Loan Interest Rate

Mr. Ankush Tiwari, a Chartered Accountant by profession, had a long-cherished and an abroad family holiday pending! However, he was short on funds yet wanted to take a small break from his hectic schedule to rejuvenate! He was in a spot of bother as he needed around Rs.10 lakh to fund his trip.

He was almost to give up the idea when one of his other CA friends Vikram Taware informed him about availing a Chartered Accountant loan at a lower interest rate. He gave it a thought and found that he is eligible for it and applied for it. With a CA loan, he could enjoy his heart content with his family in Singapore.

If you are a CA and are willing to go on a foreign trip yet scared of the CA loan interest rate, you can implement some habits and avail a lower CA loan interest rate. Want to know more? Let’s go!

What is a CA loan?

A Chartered Accountant loan is nothing but a personal loan designed for CA professionals. Lenders consider CAs as respectable and responsible citizens of the society, and that’s why they are awarded a higher loan amount of up to Rs.35 lakh.

How to get the lowest CA loan interest rates?

The only thing that bothers a majority of CAs and ordinary citizens is a higher interest rate. However, there are ways you can bring it down and never feel the pressure. Here are those tips that you need to implement:

1. Always shop around a bit

Did you know that there are more than 100+ banks and non-banking finance companies (NBFCs) that offer loans in India? Thus, a borrower has many choices, and must not go to the first lender that confirms the eligibility. 

Thus, you should always compare leading offers on a third-party website as CA loan interest rate can vary between 14-20%. Comparing all offers beforehand will surely help you avail a lower rate of interest.

2. Maintain a good CIBIL score

A CA loan is an unsecured one which means you need not provide collateral as in the case of a home loan. Thus, a borrower’s Credit history becomes an important factor while deciding a CA loan interest rate. 

Aim to maintain a CIBIL Score of at least 700+ so that lenders could award you the best interest rate. Some of the things that you can do to maintain a good CIBIL Score are: 

• Paying your existing loan EMIs on time 
• Having a clean repayment history 
• Not having many credit cards 
• Not maximizing the credit card’s limit 
• Ensuring to get all Credit history mistakes corrected 

3. Opt for NBFCs over banks

A banks’ rate of interest may be lower, but their charge structure is heavy on the pocket of a borrower. NBFCs, on the other hand, also provide a lower CA loan interest rate along with a unique facility in the flexi loan. 

It allows a certain amount to be borrowed from a provided limit. The interest is paid as an EMI on the utilized amount and not on the total amount, making it easy to manage. The remainder of the amount is adjusted at the end of the tenor.

Don’t fear the CA loan interest rate

Thus, if you wanted to avail for a CA loan, but could not do so fearing the exorbitant CA loan interest rate, you can now do that by implementing the above-discussed tips. Incorporating these tips is easy, and it will help you avail a lower interest rate for CA loans without hassles.

The Bottom Line

Now that you have an idea of what it will take for a Chartered Accountant to grab the best CA loan interest rate - go ahead and make the most of it. Once you are sure that you are availing the best CA loan interest rate, apply for it online, and fulfill your needs.

Rediscovering Yourself As An Accountant? Here Are 12 Resources To Get Your Business Up And Running

Switching careers is no small feat, and when setting up business as an accountant, it's vital handle projects like creating a website, looking into marketing, and joining professional associations. Remaining prepared and knowledgeable about being an accountant in the digital world is easier with a look at the following resources.

List Updated for 2018

1. Accounting Today: Keep up with the changes impacting the accounting world by reading valuable articles and news from this busy source of accounting information. This website offers a host of topics directly and tangentially related to accounting for a very well-rounded view of the industry.

2. Accounting Web: Another great way to keep up with industry trends and information is Accounting Web. This website covers many facets of accounting including new changes in the tax code and legal rulings around the United States that impact accountants, taxes, and everything related to keeping the books.

3. Accounting.com: This website is a vast resource for accountants who are new to the industry and need to start looking for clients and work. It costs nothing to post a resume as a job seeker and the website also offers many job listings for consideration. Seeking alliances and partnerships with other accountants may offer some benefit when a person is new to the industry.

4. U.S. Small Business Administration: The Small Business Administration of the United States government offers incredible resources, funding, and assistance to individuals and groups setting up a small business. For new accountants looking to start a business, this government website offers a wealth of valuable information. One of the most beneficial aspects of this resource is the potential for local connections with other small businesses in the area.





5. ClientWhys.com: In today's business world, a well-crafted website that offers social media sharing, helpful content, and a simple way to communicate with clients is a must. ClientWhys offers a terrific option for responsive web design and helps to ensure that an accountant's time spent on the internet is efficient and results in growth of clientele and reputation.

6. Rutgers Accounting Web: Stay up to date on what the "Big 5" accounting firms are doing, and learn about symposiums and other meetings designed for accounting and tax professionals. This website also offers some excellent options for continuing education as an accountant.

7. The American Accounting Association: Membership in official organizations is essential for any professional, and this is definitely true for individuals working in accounting. Many of the state certifications required to work as an accountant are handled through tests offered by national and state accounting associations, so it's important to start learning about these associations early.

8. American Institute of CPAs: For anyone interested in becoming a Certified Public Accountant, seeking membership within the American Institute of CPAs is a great way to investigate all that the AICPA has to offer. The AICPA also has some valuable budgeting tools that new accountants may find helpful.

9. Accounting Degrees Online: There are literally thousands of search websites on the Internet. But, where should you look for accounting education and degrees? This website has a considerable database of accounting programs and helpful information to help you decide.

• Guide to a Master's Degree in Accounting
• Guide to Financial Aid in Accounting

10. FIU Corporate MBA Online: A CMBA from Florida International University (FlU) enables you to reach ultimate career goals, whether you seek the role of a key corporate executive or a successful business owner.

11. Best Online Accounting Degree Programs 2018: Online schooling programs are becoming more and more accessible, providing students great flexibility in earning a degree. The ability to access schoolwork and classes online whenever schedules permit, allows students to earn an income or to juggle a family while still going to school.

12. Grantham University - Accounting Bachelor of Science: Prepare for a career in accounting, auditing or related financial field with an online Bachelor of Science in Accounting from Grantham University. This IACBE-accredited online Accounting degree program will give you the theories, principles, practices and skills you need to take your career to the next level.




Finding success when starting an accounting business requires much awareness and research regarding current accounting trends. No longer is it sufficient for an accountant to have a listing in the Yellow Pages and expect that clientele will grow based upon that single line in a phone book. Today's smart accountants must utilize all that the internet, government, and national associations have to offer.