In our multi-skill,multi-processing,multi-tasking knowledge dynamic society the role of all professionals is continuously changing.In the current scenario the role of “Chartered Accountants ” has to focus on becoming thoroughbred professional who have to assist their clients in “creation of wealth” “preservation of wealth” and most importantly in “enjoyment of wealth”

CA can help the client by giving valuable inputs for wealth enhancement.:

Assisting the client in identifying emerging opportunities since CA is totally familiar with clients working,knows his strengths. He can help in optimizing his sales mix,streamlining and optimizing operations.

Similarly he can help in Cost control and cost reduction for improving profitability and margins.Further marginal costing may help the client in procuring orders which normally may not be justifiable.

CA can also effectively help the client in better working capital management with control on inventory and collections.

CA can also identify new projects which have synergy the clients existing domain to help him grow.He can further advise the client on capital structuring and also try to reduce his cost of funds.

CA forte is Tax planning so that the clients post tax yield can be maximized.For this he has to advice the client on the various fiscal and monetary incentives and choice of location of the unit.

Further he can also advice the corporate clients in the “Dividend ” decision..In some cases it may be better that the managements do not take any remuneration but take dividends depending on their other income.

CA can also assist the client for his “Business Continuity Planning ” and conduct “Risk assessment and analysis ” to help the client in Risk management.

He also has to advice the client to adequately protect his assets and Data in this information age is the most important assets.The client should have adequate insurance and more importantly have data recovery.

CA should also advice the client with “Disaster Recovery Procedures ” and help the client to conduct various drills and exercises on regular basis so that all the client staff is well prepared in the event of contingencies.

CA can also assist the client in identifying the various threats and weaknesses of the business and help him in taking adequate safeguards.

CA can also help the client in coping with new technologies.

As per the great Chinese sage “Confusius ”

Quote:
“What you have is not relevant but what you enjoy is relevant ”.

Thus the CA has to advise the client that how he can help in enjoyment of wealth he has created.

For this he has to advise the client to set up a system based organization so the individuals dependence is reduced.“MIS ” has to be strong and the report giving complete data have to be placed before the owner.

The concept of time management has to highlighted so that the client becomes effective and efficient.

Further the client has to be made aware of the importance of audit as value addition and assurance proposition which shall help the client in managing the business by remote control.

The author is a member of the Institute and the views expressed herein are his personal views and do not necessarily represent the views of the Regional Council..