While earlier the job of chartered accountants (CAs)was primarily restricted to taxation and audit today, due to complex business demands,ittoday extends to enterprise risk management, forensic accounting, fraud detection, forex and treasury management and much more.As a CA looking to bolster your practice by venturing into new avenues, here�s how a tailor-made businessloan for chartered accountants can help.
Meet working capital needs
Working capital is one of the critical components of any business. It helps enterpriseswith liquidity to meet daily business expenses and short-term financing.A business loan for CAs can help you to meet payroll costs, utility bills, and software purchase among others.
Also, when payments are delayed from clients particularly during the tax-filing season, the loan ensures a positive working capital for smooth operations.
Promote growth and expansion
If you are opening a new office or expanding your existing one to offer a diverse range of services, you need a substantial amount of money.During expansion, you need money for interiors and buying equipment. There are also expenses related to regulatory compliance. All of these can be easily met with a specialised CA loan.
Buy the latest software and upgrade cyber security
As a CA, you need to install software that isin tune with the latest tax regime. The cost ofsuch software can easily run into lakhs of rupees.
At the same time, it�s essential to protect critical data from cyber attacks as a leak can have long-term ramifications. The financial sector has always been the target of cyber criminals and therefore, you need to deploy the latest cybersecurity solutions into your practice.
It�s a methodical process involving cyber audit, identifying the vulnerabilities and deploying the solutions. The expensesfor setting up the entire process and running it can easily cost Rs.7-8 lakh. You can use the funds from a business loan for CA to install new software and thus implement cyber-security solutions.
Meet unexpected cash needs
There could be times, particularly before the tax season, when you need to hire extra resources, interns and equipment, so that the more experienced employees can focus on other intricacies of taxation.
You can meet all such unexpected cash needs with a customised CA loan.
New-age CA loans such as the Bajaj Finserv Business Loan for Chartered Accountants comes with a Flexi Loan facility that allows you to borrow money as and when required from the approved loan limit. Note that interest is charged only on the amount utilised, and not on the entire limit, thus lowering your monthly EMIs. You can avail funds up to Rs.35 lakh with a flexible tenor ranging from 12-60 months which allows you to repay as per your convenience.
Also, with pre-approved offers from Bajaj Finserv on this loan along with a host of other financial offerings, availing funds is easy and convenient. All you need to do is to share a few basic details to avail your pre-approved offer.
To know more about a CA Loan from Bajaj Finserv, click here.
CAclubindia
