As the recent report of Business World suggests, growth in GDP boosts hiring across industries by 11%. This can result in over 1 lakh employment opportunities in practice of accountancy, taxation, and GST implementation & management.
Consequently, CA firms are encouraged for expansion, providing a boost to employment opportunities for graduates and chartered accountants.
The government intends to encourage the growth of chartered accountancy firms in India so that they can join the big 4’s (PWC, EY, KPMG, and Deloitte) in the top audit company’s league.
However, the success of a CA firm depends upon several factors, including the leadership and management skills and ethics adopted by them. Such qualities ensure,
- Smooth transition of processes in the firm,
- Elimination of conflict within the organisation resulting in increased productivity,
- Improved user experience from the well-coordinated services.
Individuals that are looking for job opportunities can even consider CA articles as an option and work with leading companies to learn more about consulting.
Besides, they can observe the leadership and managerial skills incorporated in the firm and bring them in use as they grow in their career pursuits.
Leadership vs. Management
While both the terms are often confused with one another, they have a substantial difference in terms of practice.
A leader focuses on the followers or team members that work together to meet the bottom line, whereas a manager is focused on meeting the bottom lines by brainstorming ways to make them complete a task.
A leader inspires team members to be more focused towards work and finish it efficiently.
While both leaders and managers have a different approach in handling human resource to increase productivity, they are amongst the essential qualities that an ideal accountant must-have.
Subsequently, incorporating such qualities in the human resources will help CA firm to realise and define their goal and reach them efficiently.
Here are some of the qualities that a chartered accountant must possess to ensure they contribute well to the growth of the organisation.
Leadership & Management qualities that one should have
Strategic & Organisational leadership
Since chartered accountants are responsible for managing the financial direction of a company, they must have the required decision-making skills and strategies that can contribute to the growth of an organisation.
As part of the strategic & organisational leadership, they need to strategise cash flow efficiently, draft a short-term and long-term growth plan, and define the financial credibility of the organisation. Working upon these, one can expand their CA firm easily.
Mentorship
Organisations often fail to utilise the human resources they have up to their skills. Those already proficient in the arena of accountancy and financial decision making should take the initiative in understanding the strengths and weaknesses of subordinates and those who opt for CA articleship.
This will help them improve and reach their maximum capability when provided with sufficient resources.
Delegation
A leader understands that he/she can’t perform all the tasks themselves and can’t take all the responsibility.
Consequently, they should be able to understand the available human resource and team they have and assign them with a task that best suits their expertise.
This will improve the overall productivity and efficiency of the employee as well as the organisation.
Cross-functional leadership
Since an organisation is formed with several employees that come from different educational backgrounds, it might be a tedious job for a manager to communicate with them.
However, they have to communicate as the organisational goal demands. A skilled individual with leadership qualities, in this case, will be apt for the job.
Hiring such resources or training them to help develop leadership skills are also some of the significant growth tips for an accounting firm that they can adhere to.
Ethics in accounting
A good leader or manager is one that sets an example in their professional endeavour by demonstrating ethical behaviour.
A high moral compass that guides all professional decisions will not only boost organisation performance but also help establish trust with subordinates.
Such leadership and management qualities can’t be implemented in a day but need to be practised intently so that organisational growth is assured.
To achieve so, organisations spend a hefty sum on educating human resource and hiring skilled candidates.
However, these aren’t the sole areas that need funding. Entrepreneurs seeking funds for set up can apply for a loan for chartered accountants and finance various organisational goals.
Further, non-banking financial companies like Bajaj Finserv simplifies loan application procedure by facilitating users with their pre-approved offers for existing customers on loans.
Subsequently, individuals in a CA firm will perform better with such leadership and management skills and will help their peers and subordinates achieve maximum proficiency. Eventually, incorporating such qualities will help organisations grow at their pace.
