IMPACT OF CORONAVIRUS ON CHARTERED ACCOUNATNTS

Lockdown was announced at a very tricky time for Chartered Accountants of the country. They need to change in working style of Chartered Accountants especially those who are doing practice solely or in partnerships with small teams. All disruptions, be it is political or social or economic or health-related one, motivate us to change, and if we fail to change ourselves with changing times, chances of our survival reduce significantly with each passing day, hence we must review our existing administrative processes and change them in a timely fashion so that we can serve our clients in an effective and efficient manner.  Let’s talk about the administrative changes that Small and Mid-sized CA firms should adopt to increase their work efficiency:

 

1.      Use cloud storage for storing of data so that it could be accessed from anywhere.

2.      Try to renegotiate the professional charges for some period so that client feel less in burden   and to think about to change you.

3.      Shift to work from home for employees on rotation basis. It will save cost for you and your   employee.

4.      Give extra time to client to pay professional charges.

 

“Due to the COVID-19 pandemic, there is a significant impact on the global economies and the international financial markets,” ICAI President CA Atul Kumar Gupta said following the event. “This unique initiative of ICAI of bringing the global leaders of accountancy profession on a single platform and giving them the opportunity to share their views, ideas and suggestions for combating the COVID-19 challenge on reporting and assurance for the benefit of the accountancy profession as a whole has been very well appreciated by the viewers all around the globe.”

 

In a dynamic and challenging business environment, Chartered Accountants are looked upon as Complete Business Solution Providers. They are thoroughly trained practically in all avenues of Finance and Accounting.
The Institute of Chartered Accountants of India (ICAI) provides an opportunity both to employing organizations as well as young professional aspirants / experienced professionals to meet and explore the possibility of taking up positions in Industry. Due to coronavirus, ICAI is organizing placements through Video conference.