Top ten business opportunities in accounts & taxation business
- Tax consultancy and compliance services: With the Indian government introducing new tax laws and regulations, there is a high demand for tax consultancy services, compliance and filing of returns. the field of labour law is one of the emerging filed and can be good option as consultant.
- Auditing and assurance services: Businesses are required to go through regular audits and assurance checks to ensure compliance with laws and regulations. This creates a demand for professional auditing and assurance services.
- Bookkeeping and accounting services: Small and medium-sized businesses often require assistance with maintaining their financial records, creating and managing budgets, and preparing financial statements.
- Payroll management services: As the Indian economy continues to grow, businesses are looking to outsource their payroll management to save time and resources.
- Financial planning and investment advisory services: With more and more Indians becoming financially literate and investing in shares, mutual funds, bonds and insurance, there is a growing demand for financial planning and investment advisory services.
- GST and indirect tax consultancy: GST implementation has resulted in more compliance and paperwork for businesses, this has resulted in a growing demand for GST and indirect tax consultancy services.
- Business valuations and appraisal services: With the increase in mergers and acquisitions, there is a growing demand for business valuations and appraisal services.
- Business process outsourcing (BPO): With the advent of technology, businesses are looking to outsource their non-core activities, such as accounting and finance, to save time and resources.
- Credit rating and risk management services: As the Indian economy continues to grow, businesses are looking to expand their operations, which requires them to manage risk and access credit.
- Forensic accounting: As frauds and white collar crimes are increasing in India, there is a growing need for forensic accounting services to detect and prevent frauds.
Though the career in accounts and taxation field is challenging but is low cost startup. But to be successful in this business you must have expert knowledge in the field and should have patience.