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Coworking space is an innovation introduced in the year 2005 with an intention to reduce the rental cost of office spaces utilised by working professionals. 

As per this concept, self-employed individuals or companies can rent work stations as per their need and pay only for the number of employees they have. 

Various amenities and infrastructure facilities like furniture, equipment, printers, internet, reception, meeting rooms etc. are shared amongst customers. 

Chartered accountants who know what is coworking space can better their business performance as the cost for rent and operation of such a business unit will be reduced while integrating flexibility in office space.  

Apart from this, there will be more chances to build a strong social network as chartered accountants will be sharing the office space with other business units. This might help them gain more clients than they had initially. 

Evaluating these pointers will help CAs understand if they should use a co-working space or set up their own office. Setting up an independent unit may promise privacy and expanded storage space; however, it will also increase the cost of rent and operation. 

Hence, CAs practising in their initial days of business can better manage their expenses with coworking spaces while generating profit.