In today’s world, businesses need innovative ideas to survive. The complex nature and speed of business operations, and market expansion has ensured fierce competition among businesses. In this scenario, partnering with a good management consultant can prove to be quite beneficial for strengthening structures and approaching better growth avenues. Management consulting firms have proven to act as a significant stimulus for businesses, but its success is directly proportional to the quality of its team; which usually comprises of individuals specializing in business management, technical experts and Chartered Accountants (CAs). Herein, I have discussed some of the skill sets that CA’s bring into management consulting firm.
CA: BEST FIT FOR STATUORY AND COMPLIANCE WORK
Chartered Accountants are statutorily denoted experts in the field of accounting, auditing and taxation. Their core area of practice and knowledge lies in these fields; which are often the key areas where businesses seek help from consultants. While all other problems are either commercial or economic for businesses, these problems are potential issues that can place businesses at cross roads with the law. Be it the requirement of businesses to have a sound accounting system that can accurately record their financial transactions; maintaining the sanity of their books of account, or the need to devise a tax efficient business structure and defend their tax positions before statutory authorities; CA’s are the best minds that management consulting firms can offer when it comes to analysis of business processes.
Furthermore, matters on taxation and compliance requires a systematic approach coupled with patient official communication with government counterparts. CA’s, by virtue of their professional nurturing and strenuous articleship training, are equipped to execute such complications in the smoothest manner possible; which is not very convenient for non-CA members of a management consulting firm.
CA’S ARE NUMERATE
Apart from this, business analysis demand more numeric data. Be it analysis of performance ratios, identifying valuation keys or impact of numbers in financial statements; numbers are what matters the most for entrepreneurs. Even in this facet, management consulting firms prefer CA’s who can interpret these numbers for businessmen. So when you want a valuation report or do not understand what your profit and loss statement says, or for that matter, you want to know where the profits go in a particular situation, you know the best man in the team your client can speak to is a CA.
PRESENTATION AND REPORT WRITING: NOT A CA’S FORTE
While CA’s have their own set of skills that they excel in, there are a few areas where they need improvement, and a management consulting position is exactly where they can hone these skills. For instance, CA’s lack the skill of presenting insights in the best manner which is a pre-requisite for being a successful management consultant. While they have the best access to every nitty gritty of the technical aspects, CA curricula does not incorporate marketing and presentation training; except for a few boring sessions. Thereby, when it comes to presenting their work or doing elaborative report writing, CA’s often fall weak. In addition, efficient and smart marketing is an essential quality for a management consultant; which again is not a CA’s forte. While such skills depend a lot on personal capacities, business schools have proved that they can be nurtured as well. Management consulting can thereby be the playground in which CA’s explore and work on these skills; emerging to be effective communicators, better report writers or fine presenters.
In addition to their unabashed technical knowledge, CA’s need to work an extra bit to be at par with business school graduates that demonstrate well versed presentation and writing skills to create a niche for themselves in a consultancy firm. This would not only extend the scope of available opportunities on offer for CA’s; but also take management consulting services in Nepal to another level.