The Best in Accounting: Top CA Firms of India

Summarising incomes and expenses, understanding avenues of cash flow, and evaluating the current financial position- these are essential activities for every business. This is a time and labor-intensive task, and a mammoth one for an organisation to take up on its own. A firm specializing in accounting services, on the other hand, is equipped with the right tools and expertise to perform these activities.

Whenever we think of accounting, we think of balance sheets and taxes. While these are two vital tasks, there is a lot more to accounting. Audits, bookkeeping, payroll, and advisory services are some of the commonest accounting associated tasks that are outsourced by businesses of all sizes.

Further, different accounting companies can have a variation in specialisation such as tax firms, audit firms, CPA firms, and others.

What are the Different Types of Accounting Companies?

Based on the major services they offer, accounting companies can be classified as:

● Full-Service Firms

From tax prep to business advisory, a full-service accounting company or firm provides it all. With a team of experts having a background in different specialisations and industries, they offer their services to all types of businesses.

● Tax Firms

The focus areas for these firms are tax planning, preparation, and resolution. These firms work with businesses as well as people who fall in a higher tax bracket.

● Bookkeeping Firms

These firms usually work with smaller businesses that do not have the resources to hire a full-time accountant to maintain their daily ledgers.

● CPA Firms

Accounting companies that employ CPA (Certified Public Accountants), provide specialised services like financial forecasting and strategic planning to improve the business process. CPAs are trained individuals who have a background in accounting or finance and have completed their professional education.

● Audit Firms

Catering to individuals, businesses, and governmental bodies, they verify the accuracy of the financial records of these organisations.

● Outsourced Accounting Companies

If you are unable to hire a full accounting team to serve all your accounting needs, you can simply outsource the tasks to a firm that will provide full accounting services, or customize their services according to your requirements.

Common Services Offered by Accounting Companies

Full-stack accounting companies offer a wide range of services. Here, we have outlined some of them:

● Tax Planning and Preparation

Proper and timely tax filing is an essential operational component for any business. An accounting company ensures this to stay on the right side of the law while maximising returns.

● Advisory Services

Providing financial advice to streamline business processes and increase valuation.

● Audits and Assurance

Evaluating internal controls and financial records to maintain business compliance as well as transparency.

● Payroll

Gathering employee data, calculating pay, accounting for deductibles, and recording employee expenses to process salaries on a regular basis.

● Business Accounting

This can be further classified as:

○ E-commerce Business Accounting

For businesses that only operate online.

○ Accounts Outsourcing

Providing an entire range of accounting services for people who do not want to employ a whole team.

○ Virtual Accounting

For online professional accounting assistance.

○ Offshore Accounting

For companies that function across borders or are planning to invest in a business in another country.

○ Year-end Accounting

Conducted at the end of the financial year to close the trial balance sheet for the current year and compile financial reports.

● Account Payables and Receivables

Keeping a track of money that is owed to other business for different purchases or services availed as well as amounts owed to the business in question for goods and/ or services provided to others.

● Bookkeeping Services

Recording cash flow and daily transactions for a business.

Evaluating the Best in Accounting: the Top 10 Firms in India

Since a simple online search can reveal tens of accounting services based out of your city, selecting an accounting firm that is just right for your business can be a confusing task.

To make it easier, we have curated a list of the most capable firms operating in India and serving across industries.

1. Lekhakar

A fairly new establishment (founded in 2021), Lekhakar is a dynamic Certified Accounting Firm providing 360-degree accounting services. Equipped with a team of Chartered Accountants, Financial Advisors, and Advocates, Lekhakar brings the sustainable approach of MSMEs to the world of accounting. No matter what your accounting needs are- tax filing, GST compliance, Chartered Accountant Services, or perhaps an annual audit, Lekhakar has a solution for everyone.

Why does Lekhkar top our list? The answer is simple: their client-centric approach and tailored services. The firm’s personalised approach is evident right from the very first consultation with the client.

Lekhakar’s value lies not just in its able leadership or its efficient workforce. Its USP is in the minute attention it offers to each client. Whether you are a large real estate firm or a small apparel business, Lekhakar’s financial strategy will mold to fit your business like a glove.

2. Lodha & Co.

A trusted name in the world of Accounting and Chartered Accountant Services, Lodha & Co. is a pre-independence firm that has delivered quality services over the years. With offices in 6 cities across the country and a huge team of experts, Lodha & Co. brings a classic approach to accounting services.

3. Mindspace Outsourcing Services Pvt. Ltd.

Operating across borders from the USA to India, Mindspace provides accounting and bookkeeping services in multiple countries. Being an international service provider, Mindspace brings global expertise to Indian businesses.

4. SS Kothari Mehta & Co.

Established in 1971, SS Kothari Mehta & Co. brings over 50 years of expertise to accounting processes. Whether you need Auditing Service, Business Advisory, or simple Accounting Support, SSKM sets a high professional standard for all services.

5. KPMG India

Providing business advisory, ESG compliance, and tax advisory services, KPMG is a leading financial service provider in India that operates across multiple sectors. While KPMG is a top choice for business advisory services, when it comes to other accounting-related tasks, their scope might be limited.

6. EY India

Providing Corporate Finance Solutions, Tax Services, and Assurance Services, EY caters to industries of all types and operates across borders. With a team of professionals having expertise in different avenues, EY offers dynamic services to its clients.

7. Deloitte India

A global brand, Deloitte offers Audit, Assurance, Risk Advisory, Taxation, Financial Advisory, and Consulting services. The consultancy of choice for industries and government & public Services as well, Deloitte provides expertise across sectors.

8. PwC India

Being one of the Big 4 accounting and consultancy firms, PwC has a global presence (operating across 155 countries). PwC offers a wide range of Financial and Consulting services for top organisations.

9. Grant Thornton India

Providing assurance and tax services combined with technological transformation, Grant Thornton is one of the biggest Financial Services firms in India. If you are looking for custom financial solutions in Auditing and Assurance, and Compliance services, Grant Thornton can be a good option for you.

10. Luthra & Luthra

A renowned firm offering Tax Services, Audit, and Advisory to its clients, Luthra & Luthra is a good choice for financial services. With expertise in taxation and corporate law, this company offers high end services to its clients.

Larger or Smaller Firms: Which one should you pick?

When sorting through Accounting Companies for our business, our primary concern is quality and reliability. Being a sensitive service that can either increase business efficiency or damage its credibility, a lot of care needs to be taken when selecting a Financial Service Provider.

It is easy to be tempted to go to one of the Big 4 for Financial Services (Deloitte, KPMG, EY, and PwC), but they can prove to be more expensive. There is also the issue of being offered cookie-cutter solutions as large firms have set processes they might not be able to customize. On the other hand, when you choose relatively smaller companies like Lekhakar, you can tap into services that are specifically designed to meet your business’s requirements.

While the bigger MNCs tend to visit the Big 4 or similar companies, certain advantages can be found with smaller firms. These are as follows:

● Custom services tailored to each client’s needs

● A one-on-one, customer-centric approach

● The same compliance services at a much more affordable rate

● Opportunities for direct interaction, and hence better understanding of the client’s needs

● The ability to integrate with the client’s business, essentially acting as an extension of the in-house workforce

To make a long story short, if you want a large workforce and services set in stone, opt for a multinational CA firm. But if you are looking for a personal touch, go for a smaller company.

To conclude

Whether your preferred accounting firm is big or small, it is imperative that you check their credibility and customer feedback before availing their services.

Also, look into the services offered. These include Chartered Accountant Services, Financial Advisory Services, Tax Services, Audits, Compliance, and more. Select a financial service provider (accounting companies) that ticks all your boxes when it comes to the services you want to avail from them and the response that you expect.

Take advantage of the free initial consultations offered to gauge the companies for yourself and choose wisely from among the multiple accounting companies available.