Where some Chartered Accountancy firm in Delhi NCR found it difficult to survive amid intense competition while other overly work-loaded CA firms in Delhi were more relaxed during this pandemic. However, there are some ordinary problems faced by almost all professionals including lawyers and Chartered Accountants in India.
· Work-load in the post-lockdown period:
Although the government has announced various legitimate relaxations and postponed the due dates for different types of submissions and extended the time period for various schemes. But it wasn’t enough without any monetary compensation.
In fact, the measure led to the overload of work post-lockdown among general lawyers and newly Chartered Accountancy firm in Delhi NCR who were unable to provide cloud-based or web-based services to their clients.
Postponement of the work also resulted in the delay in the cash inflows for lawyers and Chartered Accountants in India. Overly burdened firms may not only hamper the quality of the work but also result in the errors and omissions.
· Lesser compensation from clients:
The businesses were not running, and most of the people were waiting for economic relief from the government in almost all domains of life. Some Chartered Accountancy firms in Delhi NCR having poor-quality client base left with no option other than receiving lesser compensatory value for the service that they provided to their clients.
However, top-notch lawyers or the CA firm in Delhi, which could work through e-courts or provide advisory services on the call were able to get better compensation. But these practices broaden the gap between general class professionals and upper-class professionals.
· Change in the working pattern of small and mid-sized firms:
Small and mid-sized firms have to suffer the most in comparison to leading firms having better technology and data storage system. The need for work from home among employees and the fee negotiation tendencies in the customers due to the economic crisis during and after the pandemic forced the small firms to amend their working mechanism to the one, which minimises the cost as well as provides easy access and storage of data.
Irrespective of the service and employment type, everybody was expecting some sort of relief from the government. Compared to others, the economic burden laid more on professionals who provide services and get the fees only after a bill follow-up procedure or the work has been done.
Conclusively, named lawyers and the CA firm in Delhi could sustain their practices by boasting better facilities, but the small firms suffered more and thrive to survive economically during the lockdown.