DECODING THE FINANCIAL IMPLICATIONS OF GROWTH

ESG, young entrepreneurs, startups, regulations and new sectors are all areas of growth but understanding these in financial terms is key for the long-term, says CA S. Ravi, the promoter and managing partner of Ravi Rajan & Co.

The early days of the chartered accountancy profession in India were more focused on auditing and accounting with some amount of taxation. In 2023, it is nearly a new world order as the profession becomes much more specialised. Reflecting on what the chartered accountant's (CA's) journey entails today, S. Ravi, the promoter and managing partner of Ravi Rajan & Co. says that CAs have become people who guide the business and what the next level should be.

CAs today are specialising in specific tax practices such as indirect, direct and international taxation among others or looking at valuations or specialising in GST or insolvency, adding a whole new level to their scope of services. "Every field within chartered accountancy has a specialisation and no matter how senior you are, you have to constantly improve your skill sets, taking exams or attending seminars, to stay relevant. The CAs who are beginning their careers too must embrace technology," cautions Ravi. "Much is changing. For example, white-collar crimes are increasing and clients require depth in this area. The work is moving in a different direction. Human intervention may slowly come down and technology and artificial intelligence (AI) tools can help more," he says.

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