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 accountancy, taxation, and GST implementation & management.
Consequently, CA firms are encouraged to expand, boosting employment opportunities for graduates and chartered accountants.
The government intends to encourage the growth of chartered accountancy firms in India to join the big 4s (PWC, EY, KPMG, and Deloitte) in the top audit company 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 organization, resulting in increased productivity,
- Improved user experience from the well-coordinated services.
Individuals looking for job opportunities can consider CA articles 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 to 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 who 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 focus more on work and finish it efficiently.
While leaders and managers have different approaches to handling human resources to increase productivity, they are among the essential qualities that an ideal accountant must have.
Subsequently, incorporating such qualities in human resources will help CA firms realize and define their goal and reach them efficiently.
Here are some qualities that a chartered accountant must possess to ensure they contribute generously to the organization's growth.
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 organization.
As part of the strategic & organizational leadership, they need to strategize cash flow efficiently, draft a short-term and long-term growth plan, and define the financial credibility of the organization. Working upon these, one can expand their CA firm quickly.
Mentorship
Organizations often need to work on utilising their human resources up to their skills. Those already proficient in accountancy and financial decision-making should take the initiative to understand the strengths and weaknesses of subordinates and those who opt for a 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 their available human resources and team and assign them a task that best suits their expertise.
This will improve the employees' and the organization's overall productivity and efficiency.
Cross-functional leadership
Since an organization is formed with several employees from different educational backgrounds, it might be tedious for a manager to communicate with them.
However, they have to communicate as the organizational goal demands. In this case, a skilled individual with leadership qualities will be apt for the job.
Hiring such resources or training them to help develop leadership skills are also significant growth tips for an accounting firm that they can adhere to.
Ethics in accounting
A good leader or manager sets an example in their professional endeavor by demonstrating ethical behavior.
A high moral compass that guides all professional decisions will boost organization performance and help establish trust with subordinates.
Such leadership and management qualities can’t be implemented daily but must be practiced continually to ensure organizational growth.
To achieve this, organizations spend a hefty sum on educating human resourcess 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 organizational goals.
Further, non-banking financial companies like Bajaj Finserv simplify loan application procedures by facilitating users with pre-approved offers for existing customers on loans.
Subsequently, individuals in a CA firm will perform better with leadership and management skills and help their peers and subordinates achieve maximum proficiency. Eventually, incorporating such qualities will help organizations grow at their own pace.
