INTRODUCTIONTTOTFINANCIALTANALYSIS Meaning TFinancialTanalysisTisTaTprocessTofTevaluatingTfinancialTrelatedTentitiesTtoTdetermineTtheirTfinancialTperformance

INTRODUCTIONTTOTFINANCIALTANALYSIS
Meaning
TFinancialTanalysisTisTaTprocessTofTevaluatingTfinancialTrelatedTentitiesTtoTdetermineTtheirTfinancialTperformance.TItTisTusedTtoTanalyzeTwhetherTtheTentityTisTstable, solvent ,andTprofitableTenoughItTisTfocusingTonTtheTfinancialTstatementsTsuchTasTincomeTstatement,TbalanceTsheet andTcashTflowTstatementFinancialTanalysisTcanTbeTdoneTwithTtheThelpTofTfinancialTnumbersTandTdata.TFinancialTratiosTareTconsideredTtoTbeTasTtheTmainTwayTtoTanalyzeTfinancialTdataTandTtoTcompareTtheTperformanceTofTtheTcompanyTagainstTthoseTofTotherTcompanies.TInterpretationTofTfinancialTstatementsTrefersTtoTtheTprocessTofTdeterminingTtheTsignificantToperatingTandTfinancialTcharacteristicsTfromTtheTaccountingTdataTwithTaTviewTtoTgettingTanTinsightTintoTactivitiesTofTanTenterprise.TByTestablishingTaTstrategicTrelationshipTbetweenTtheTitemsTofTaTbalanceTsheetTandTincomeTstatementTandTotherToperatingTdataT,TtheTfinancialTanalysisTexplainTtheTmeaningTandTsignificanceTofTsuchTitemsT
ObjectivesTofTfinancialTanalysisTDifferentTpartiesTareTinterestedTinTfinancialTstatementsTforTdifferentTpurposeT
TheTprospectiveTshareholdersTwouldTlikeTtoTknowTwhetherTtheTbusinessTisTprofitableTandTisTprogressing.

ToTmakeTaTdetailTstudyTaboutTtheTcauseTandTeffectTofTprofitabilityTandTfinancialTconditionTofTtheTfirm.T
TypesTofTfinancialTanalysisExternalTanalysis;
PeopleToutsideTtheTfirmTdoTexternalTanalysisTinTtheTmatterTofTfinancialTstatementT
TanalysisTinvestorsTcreditTagenciesTgovernmentTagenciesTshareholdersTetc.TareTtheTexternalTpartiesTofTtheTfirm,TitTisTusuallyTbasedTonTtheTpublishedTinformation.

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InternalTanalysisAnalysisTforTmanagementTpurposesTisTtheTinternalTtypeTofTanalysisTitTisTrunTbyTtheTcompaniesTfinanceTandTaccountingTdepartmentsTandTisTmoreTdetailedTandTexternalTanalysisTitTisTconductedTbyTexecutivesTandTemployeesTofTtheTorganization.T
HorizontalTanalysisTItTrefersTtoTcomparisonTofTeachTitemsTinTtheTfinancialTstatementsToverTaTperiodTofTyearsT,TitTisTalsoTcalledTasTdynamicTanalysis.

VerticalTanalysisTItTisTalsoTcalledTasTstaticTanalysis;TaTfigureTfromTaTyearTstatementTisTcomparedTwithTtheTbaseTselectedTfromTtheTsameTstatement.TThisTtypeTofTanalysisTisTmainlyTusedTtoTstudyTthroughTratiosTtheTquantitativeTrelationshipTofTvariousTitemsTinTtheTfinancialTstatement.

FinancialTanalysisTisTanTaspectTofTtheToverallTbusinessTfinanceTfunctionTthatTinvolvesTexaminingThistoricalTdataTtoTgainTinformationTaboutTtheTcurrentTandTfutureTfinancialThealthTofTaTcompany.TFinancialTanalysisTcanTbeTappliedTinTaTwideTvarietyTofTsituationsTtoTgiveTbusinessTmanagersTtheTinformationTtheyTneedTtoTmakeTcriticalTdecisions.TTheTabilityTtoTunderstandTfinancialTdataTisTessentialTforTanyTbusinessTmanager.TFinanceTisTtheTlanguageTofTbusiness.TBusinessTgoalsTandTobjectivesTareTsetTinTfinancialTtermsTandTtheirToutcomesTareTmeasuredTinTfinancialTterms.TAmongTtheTskillsTrequiredTtoTunderstandTandTmanageTaTbusinessTisTfluencyTinTtheTlanguageTofTfinance—theTabilityTtoTreadTandTunderstandTfinancialTdataTasTwellTasTpresentTinformationTinTtheTformTofTfinancialTreports.

DocumentsTusedTforTfinancialTanalysisBalanceTsheetTheTbalanceTsheetToutlinesTtheTfinancialTandTphysicalTresourcesTthatTaTcompanyThasTavailableTforTbusinessTactivitiesTinTtheTfuture.IncomeTstatementsInTcontrastTtoTtheTbalanceTsheet,TtheTincomeTstatementTprovidesTinformationTaboutTaTcompany’sTperformanceToverTaTcertainTperiodTofTtime.

CashTflowTstatementTheTcashTflowTstatementTisTsimilarTtoTtheTincomeTstatementTinTthatTitTrecordsTaTcompany’sTperformanceToverTaTspecifiedTperiodTofTtime.TheseTareTtheTvariousTdocumentsTthatTareTusedTtoTanalysesTtheTperformanceTofTcompany.ElementsTofTfinancialThealthLiquidity
LiquidityTrefersTtoTaTcompany’sTabilityTtoTpayTitsTcurrentTbillsTandTexpenses.TInTotherTwords,TliquidityTrelatesTtoTtheTavailabilityTofTcashTandTotherTassetsTtoTcoverTaccountsTpayable,Tshort-termTdebt,TandTotherTliabilities.

Leverage
LeverageTrefersTtoTtheTproportionTofTaTcompany’sTcapitalTthatThasTbeenTcontributedTbyTinvestorsTasTcomparedTtoTcreditors.TInTotherTwords,TleverageTisTtheTextentTtoTwhichTaTcompanyThasTdependedTuponTborrowingTtoTfinanceTitsToperations.

Profitability
ProfitabilityTrefersTtoTmanagement’sTperformanceTinTusingTtheTresourcesTofTaTbusiness.TManyTmeasuresTofTprofitabilityTinvolveTcalculatingTtheTfinancialTreturnTthatTtheTcompanyTearnsTonTtheTmoneyTthatThasTbeenTinvested.

CapitalTefficiencyTandTsolvencyTheseTareTtheTinterestTtoTlendersTandTinvestors.TThisTrepresentsTtheTreturnTofTinvestorsTwhichTgenerateTfromTtheTbusiness.TLeverageTshouldTnotTexceedTwhatTisTreasonableTforTtheTleverage.FinancialTanalysisTtechniquesImportantTtoolsTandTtechniquesTofTfinancialTstatementTanalysisTareTasTfollows:
ComparativeTstatementTorTcomparativeTfinancialTandToperatingTstatements
ItTdealsTwithTcomparisonTofTdifferentTitemsTofTtheTprofitTandTlossTaccountTandTbalanceTsheetTofTtwoTorTmoreTperiods.TAnyTfinancialTstatementTcanTbeTpresentedTinTtheTformTofTcomparativeTstatementTsuchTasTcomparativeTbalanceTsheetTandTcomparativeTprofitTandTlossTaccount.

CommonTsizeTstatementsCommonTsizeTstatementTisTpreparedTforTprofitTandTlossTaccountTasTcommonTsizeTincomeTstatementTandTforTbalanceTsheetTasTcommonTsizeTbalanceTsheet.TTheTstatementTshowsTtheTrelationTofTeachTcomponentTtoTtheTwhole.

TrendTanalysisTheTratiosTofTdifferentTitemsTofTvariousTperiodsTareTfindToutTandTcomparedTunderTthisTanalysis.TTheTanalysisTofTtheTratiosToverTaTperiodTofTyearsTgivenTanTideaTofTwhetherTtheTbusinessTconcernTisTtrendingTupwardTorTdownward.

AverageTanalysisTheTratiosTareTcomparedTwithTindustryTaverage.StatementTofTchangesTinTworkingTcapitalItTcanTbeTidentifiedTbyTpreparingTtheTstatementTofTchangesTinTworkingTcapital.FundTflowTanalysisItTdealsTwithTdetailedTsourcesTandTapplicationTofTfundsTforTaTspecificTperiod.CashTflowTanalysisItTisTbasedTonTtheTmovementTofTcashTandTbankTbalances.RatioTanalysisItTisTanTattemptTofTdevelopingTmeaningfulTrelationshipTbetweenTindividualTitemsTinTtheTbalanceTsheetTorTprofitTandTlossTaccount.CostTvolumeTprofitTanalysisItTdisclosesTtheTrelationshipTamongTsales,TcostTandTprofit.

FinancialTanalystTandTtheirTfunctionsItTisTusedTbyTaTbusinessTtoTevaluateTifTaTunitTisTsteady,Tsolvent,TorTlucrativeTenoughTtoTgoTaheadTwithTaTfinancialTinvestment.TFinancialTanalysisTisTalsoTappliedTtoTsetTtheTfinancialTpolicies,TstudyTeconomicTtrends,TandTeventuallyTbuildTlong-termTtargetsTandTactionTplansTforTtheTbusinessTsoTthatTitTcanTinvestTinTprojectsTorTcompaniesTthatTwillTgetTbetterTreturns.TAllTthisTevaluationTisTdoneTonTtheTbasisTofTaTcombinationTofTfinancialTnumbersTandTdata,TlikeTincomeTstatement,TbalanceTsheet,TcashTflowTstatementTetc.

ATfinancialTanalystTcanTperformTtwoTtypesTofTanalysis.FinancialTAnalystTisTaTboardTterm,TasTtheyTplayTdifferentTrolesTwithinTdifferentTcompaniesTandTsectors.THowever,ToneTthingTisTestablished,TthatTtheTroleTofTaTFinancialTAnalystTwithinTtheTfinancialTsector,TisTtheTmostTcovetedTandTreveredTrole.TToTputTitTinTaTnutshell,TaTfinancialTanalystTresearchesTtheTcompanyTfundamentalsTonTaTmacroeconomicTandTmicroeconomicTlevelTtoTgiveTindustryTrecommendations.TTheyTadviseTandTassistTinTdecisionTmakingTonTchartingTtheTpathTahead,TsuchTasTtoTbuyTorTsellTtheTcompanyTstock’sTbasedTonTitsTpast,TcurrentTandTfutureTstrength.THenceTneedlessTtoTsayTtheTfinancialTanalystTshouldTbeTwellTupdatedTonTbusinessTtrendsTandTcurrentTdevelopmentsTinTtheTrelevantTindustry.TTheyTshouldTalsoTbeTexpertsTinTformulatingTfinancialTmodels,TwhichTonTaTnumberTofTvariablesTcanTpredictTfutureTeconomicTclimate.TThereTvariousTtypesTofTfinancialTanalyst’sTpositionsTavailableTinTtheTfinancialTsectors.TFinancialTanalystsTareTsoughtTafterTbyTinvestmentTbanks,TinsuranceTcompanies,TonTtheTbuyTorTtheTsellTside.TBesidesTtheseTverticals,TfinancialTanalystsTalsoTworkTinTsubspecialties,TlikeTanalystsTthatTspecializeTinTequities,TorTinTfixedTincomeTinstruments,TorTmaybeTtheyTcanTalsoTspecializeTinTenergyTorTtechnology.

ATcareerTasTaTfinancialTanalystTisTveryTrewardingTonTtheTpersonalTandTprofessionalTfront;TitTneedsTaTlotTofTpreparationTandThardTwork.TATfinancialTanalyst’sTcontributionTisTanTintegralTpartTofTanyTbusinessTlandscape.

InstitutionTcertifyTFA,TQualificationTandTguidelinesFinancialTanalystsTlookTintoTmoney-relatedTdataTaboutTproducts,TindustriesTorTregions,TandTuseTthisTdataTtoTcreateTfinancialTforecastsTandTassessTtheTpotentialTrisksTofTinvestmentTdecisions.TAsTaTfinancialTanalyst,Tit’sTimportantTtoThaveTaTgoodTunderstandingTofTinvestment-affectingTtrends,TincludingTregional,TpoliticalTandTeconomicTtrends.TFinancialTanalysts’TjobTdutiesTmayTincludeTpreparingTreports,TdevelopingTfinancialTstrategiesTandTadvisingTinvestmentTsalesTagents.

DegreeTRequiredTBachelor’sTdegreeTtypical,TMaster’sTdegreeToftenTpreferredEducationTFieldTofTStudyAccounting,Tfinance,Tstatistics,Tmathematics,TandTengineeringKeyTSkillsTAnalytical,Tcommunication,Tcomputer,Tmath,TandTdecisionTmakingTskills
LicensureTRequiredLicensureTbyTtheTFinancialTIndustryTRegulatoryTAuthorityT(FINRA)TorTcertificationTasTaTCharteredTFinancialTAnalystT(CFA)
SkillsTofTfinancialTanalysis2276475290830FinancialTanalystFinancialTanalyst
3124200786130190500057658000398145015748012668251574800TAnalyticalTskillsTtechnicalT379582319800200
MathematicalTskillsTDetailTorientedTskillsTDecisionTmakingTskillsFinancialTstatementTusersCompanyTmanagement.

TTheTmanagementTteamTneedsTtoTunderstandTtheTprofitability,T HYPERLINK “https://www.accountingtools.com/articles/2017/5/13/liquidity” liquidity,TandTcashTflowsTofTtheTorganizationTeveryTmonth,TsoTthatTitTcanTmakeToperationalTandTfinancingTdecisionsTaboutTtheTbusiness.

Competitors.

TEntitiesTcompetingTagainstTaTbusinessTwillTattemptTtoTgainTaccessTtoTitsTfinancialTstatements,TinTorderTtoTevaluateTitsTfinancialTcondition.TTheTknowledgeTtheyTgainTcouldTalterTtheirTcompetitiveTstrategies.

Customers.TWhenTaTcustomerTisTconsideringTwhichTsupplierTtoTselectTforTaTmajorTcontract,TitTwantsTtoTreviewTtheirTfinancialTstatementsTfirst,TinTorderTtoTjudgeTtheTfinancialTabilityTofTaTsupplierTtoTremainTinTbusinessTlongTenoughTtoTprovideTtheTgoodsTorTservicesTmandatedTinTtheTcontract.

Employees.

TATcompanyTmayTelectTtoTprovideTitsTfinancialTstatementsTtoTemployees,TalongTwithTaTdetailedTexplanationTofTwhatTtheTdocumentsTcontain.TThisTcanTbeTusedTtoTincreaseTtheTlevelTofTemployeeTinvolvementTinTandTunderstandingTofTtheTbusiness.

Governments.TATgovernmentTinTwhoseTjurisdictionTaTcompanyTisTlocatedTwillTrequestTfinancialTstatementsTinTorderTtoTdetermineTwhetherTtheTbusinessTpaidTtheTappropriateTamountTofTtaxes.InvestmentTanalysts.TOutsideTanalystsTwantTtoTseeTfinancialTstatementsTinTorderTtoTdecideTwhetherTtheyTshouldTrecommendTtheTcompany’sTsecuritiesTtoTtheirTclients.Investors.

TInvestorsTwillTlikelyTrequireTfinancialTstatementsTtoTbeTprovided,TsinceTtheyTareTtheTownersTofTtheTbusiness,TandTwantTtoTunderstandTtheTperformanceTofTtheirTinvestment.

Lenders.TAnTentityTloaningTmoneyTtoTanTorganizationTwillTrequireTfinancialTstatementsTinTorderTtoTestimateTtheTabilityTofTtheTborrowerTtoTpayTbackTallTloanedTfundsTandTrelatedTinterestTcharges.RatingTagencies.

TATcreditTratingTagencyTwillTneedTtoTreviewTtheTfinancialTstatementsTinTorderTtoTgiveTaTcreditTratingTtoTtheTcompanyTasTaTwholeTorTtoTitsTsecurities.

Suppliers.TSuppliersTwillTrequireTfinancialTstatementsTinTorderTtoTdecideTwhetherTitTisTsafeTtoTextendTcreditTtoTaTcompany.

Unions.TATunionTneedsTtheTfinancialTstatementsTinTorderTtoTevaluateTtheTabilityTofTaTbusinessTtoTpayTcompensationTandTbenefitsTtoTtheTunionTmembersTthatTitTrepresents.UsersTofTfinancialTanalysisFinancialTanalysisTisTtheTprocessTofTidentifyingTtheTfinancialTstrengthsTandTweaknessesTofTtheTfirmTbyTproperlyTestablishingTrelationshipsTbetweenTtheTitemsTofTtheTbalanceTsheetTandTtheTprofitTandTlossTaccount.TFinancialTanalysisTalsoTrefersTtoTasTfinancialTstatementTanalysisTorTaccountingTanalysisTorTAnalysisTofTFinanceTwhichTisTusedTtoTassesTviability,TstabilityTandTprofitabilityTofTaTbusiness,Tsub-businessTorTproject.

ThereTareTdifferentTreasonsTwhyTfinancialTstatementTanalysisTisTimportant.TAndTtheTnatureTofTanalysisTdiffersTdependingTonTtheTrequirementTandTtheTpurposeTofTanTanalyst.TFinancialTanalysisTisTundertakenTbyTaTmanagementTofTaTbusinessTfirmTorTpartiesToutsideTtheTfirm,TsuchTas,Towners,Tinvestors,TcreditorsTandTothers.

TheTabilityTtoTunderstandTfinancialTdataTisTessentialTforTanyTbusinessTmanager.TATbusinessTmanagerTneedsTtoTtakeTaTbroadTviewTtoTcriticallyTanalyzeTaTbusiness.TItTisTalsoTimportantTtoTconsiderThowTbusinessTdecisionsThaveTtheirTimpactTonTtheTorganization.TFinancialTanalysisTthusTenablesTbusinessTmanagersTtoTmakeTtheTrightTdecisionsTwhileTitTaidsTthemTgreatlyTtoTanalyzeTtheTfinancialTproblemsTthatTaTcompanyTfaces.

FinancialTanalysisTisTaTquantifyingTmethodTforTdeterminingTtheTpast,TcurrentTandTtheTfutureTperformanceTofTaTcompany.TAsTregardsTtheTratioTanalysis,Tit’sTaTpowerfulTtoolTofTfinancialTanalysis.TTheTratiosTareTusedTtoTmeasureTtheTefficiencyTwithTwhichTaTcompanyTturnsTbusinessTactivitiesTintoTprofitability.TTheyTareTnotTonlyTusedTtoTmeasureTtheTreturnTearnedTonTaTcompany’sTcapital,TbutTalsoTtoTdetermineTprofitsTandTtheTexpenseTmargin.TRatiosTareTcategorizedTaccordingTtoTtheTfinancialTaspectTofTtheTbusiness.TAccordingly,TthereTareTfiveTcategoriesTofTfinancialTratios.TTheyTare:TliquidityT(solvency),TleverageT(debt),TassetTefficiencyT(turnover),TprofitabilityTandTmarketTratios.TAndTeachTratioTisTusedTtoTmeasureTdifferentTfinancialTaspectTofTtheTbusinessTfirm.TFinancialTanalysisTisTusefulTforTbusinessTownersTandTmanagersTinTdecisionTmakingTprocessTwhileTitTisTveryTmuchThelpfulTinTdeterminingTtheTstrengthTandTweaknessTofTaTbusinessTfirm.TInTthisTway,TbusinessTownersTandTcompanyTmanagersTgainThelpfulTinsightsTfromTtheirTexaminationTofTcompany’sTfinancialTstatementsTthatTinTturnThelpsTtoTimproveTprofitability,TcashTflowTandTvalueTofTtheTfirm.

TheTtermTcreditorTisTfrequentlyTusedTinTtheTfinancialTworld.TTheyTareTtheTonesTwhoTareTowedTpaymentsTforTrawTmaterialsTorTproducts’TcomponentTparts.TFinancialTanalysisTisTimportantTtoTtradeTcreditors,TasTtheyTareTinterestedTtoTknowTtheTabilityTofTtheTbusinessTfirmTtoTmeetTtheirTclaimsToverTaTshortTperiodTofTtime.TIt’sTthusTtheTanalysisTforTthemTisTconfinedTforTevaluatingTtheTliquidityTpositionTofTtheTfirm.TSimilarly,TtheTlongTtermTsuppliersTareTconcernedTwithTtheTsolvencyTandTstabilityTofTaTbusinessTentity.TTheyTthereforeTneedTtoTanalyzeTtheTprofitabilityToverTtheTcourseTofTtimeTandTtoTdetermineTtheTabilityTofTaTbusinessTtoTgenerateTcashTandTpayTinterestTandTpayTbackTtheTprincipleTamountTofTmoney.TThisTalsoTleadsTtoTconductTanalysisTforTdeterminingTtheTfutureTsolvencyTofTaTbusiness.TLikewise,TtheTsteadyTgrowthTofTearningsTofTaTbusinessTfirmTisTaTmajorTconcernTforTinvestorsTwhoTinvestTtheirTmoneyTinTtheTfirm’sTshares.TLikeTtheTlongTtermTsuppliesTtheyTareTalsoTinterestedTinTascertainingTtheTfirm’sTfutureTearningsTability,TsolvencyTandTrisk.

FinancialTanalysisTisTanTimportantTaspectTofTtheToverallTbusinessTfinanceTfunction.TItTisTappliedTinTaTwideTvarietyTofTsituations.TThus,TaTbusinessTmanagementTwouldTbeTconcernedTinTeveryTaspectTofTtheTfinancialTanalysisTtoTgetTinformationTthatTenablesTtoTmakeTcriticalTdecisions;TensuresTtheTresourcesTareTbeingTusedTeffectivelyTandTefficientlyTandTdeterminesTbusinessTentity’sTliquidity,Tsolvency,TstabilityTandTprofitability.

LimitationTofTfinancialTanalysisNotTaTsubstituteTofTjudgment.

BasedTonTpastTdata.

ProblemTinTcomparability.

ReliabilityTofTfigures.

VariousTmethodsTofTaccountingTandTfinance.

ChangeTinTaccountingTmethods.

ChangeTinTtheTvalueTofTtheTmoney.

LimitationTofTtheTtoolTapplicationTforTanalysis.

NoTassessmentTofTmanagerialTability.

ChangeTofTbusinessTcondition.

PurposeTofTinternshipTheTfinancialTservicesTindustryTisTconsideredTbyTmanyTtoTbeTtheTmostTcompetitiveTindustryTtoTbreakTinto.TATfinanceTinternshipTconsistsTofTanalyzingTtheTflowTofTmoneyTintoTandToutTofTinvestments.TFinanceTisTtheTveryTlifebloodTofTtheTglobalTeconomyTandTDreamTCareersTcanTofferTyouTtheTopportunityTtoTinternTinTtheTfinancialTcapitalsTofTtheTworld.TTheThigh-stakesTandTbigTpaychecksThaveTmadeTtheTfieldTofTfinanceTdesirableTforTmanyTyoungTprofessionalsTandTdespiteTanTeconomicTdownturnTthatThasTtemperedTjobTgrowthTinTtheTsector,Tlong-termTindustryTgrowthTwillTcertainlyTbeTstrong.

TheTindustryTcanTbeTbroadlyTcategorizedTintoTthreeTsectors:Tpublic,Tpersonal,TandTbusinessTfinance.TAccountants,TinvestmentTbankers,TstockTbrokers,TfinancialTadvisers,TandThedgeTfundTmanagersTareTjustTaTfewTexamplesTofTprofessionalsTinTtheTindustry.

ATfinanceTinternshipToffersTanTincredibleTopportunityTtoTgainTreal-worldTexperienceTinTtheThigh-stakesTfinanceTindustry.TMostTimportantlyTaTfinanceTinternshipTallowsTyouTtoTdistinguishTyourselfTfromTyourTclassmates,TasTyouTgainTaTcompetitiveTadvantageTbyTconnectingTyourTcourseworkTwithTindustryTexperience.TGainTexperienceTfromTcompaniesTfocusingTonTwealthTmanagement,TcapitalTassets,TfinancialTanalysis,TandTclientTservices.

ChapterT2
PROFILETOFTTHETORGANISATIONT
ItTisTanTIndianTcharteredTaccountantTfirmTbasedTinTPattambiTPalakkad.TItTprovideTallTsortTofTcharteredTaccountantTservicesTrelatedTtoTaccounting,Tauditing,TincomeTtax,TfinancialTservices,TcompanyTlawTmatters,TforeignTcollaborations,Timport-exportTconsultancy,TGSTTRegistration,TGSTTReturns,STPI,TTransferTPricingTrelatedTmattersTetc.TInTorderTtoTmeetTtheTspecificTrequirementsTofTtheTclients,TitTprovidesTtheTbestTpossibleTsolutionTandTconsultancyTforTtheirTrespectiveTmatters.TWithTtheTactiveTsupportTthatTheTfirmTreceivesTfromTtheTcompetentTteamTofTprofessionals,TitThaveTmanagedTtoTprovideTtheTeffectiveTservicesTtoTtheirTvariousTesteemedTclients.TTheTcompanyTisTempanelledTwithTandTaffiliatedTwith.TTheTfirmThaveTdedicatedT;TexperiencedTteamTofTcharteredTaccountantsT;TotherTprofessionalsTwhichTisTcommittedTtoTprovideTworldTclassTCATservices.TOutTofTourTtotalTheadcountTof,TtheTfirmThasTexpertTcharteredTaccountant
ProjectTFinancingNeedTfundTtoTgrowTyourTbusiness.TExperiencedTCATcanTprepareTprojectTreportTforTloanTfinancingTtoTensureTthatTyouTgetTmostTeligibleTamountTinTtheTshortestTtime.TGenerallyTfeesTasT%TofTfinanceTamount.TDSTReturnsIncomeTtaxTactTrequiresTTDST(TaxTDeductedTatTSource)TdeductorTfileTtheTTDSTreturnTonTperiodicTbasisTbyTmentioningTTANTNo.

.IncomeTTaxT(Salaried)
IncomeTtaxTreturnTofTsalariedTemployeeTcanTbeTfiledTwithThelpTofTFormT16T;TFormT16A.TFormT26TASTwillThelpTyouTinTgettingTinformationTaboutTTDSTonTsalary.TExperiencedTCATfirmTcanThelpTyouTforTbetterTtaxTplanningTandTreduceTtheTTDS.

IncomeTTaxT(Business)
IncomeTTaxTreturnTfillingTisTrequirementTofTIncomeTTaxTActTforTcompaniesT/Tbusinesses.TTaxTAuditTReportThelpsTinTcomplianceTofTincomeTtaxTlaws.TExperiencedTCATfirmsTcanThelpTinTreducingTnon-complianceTofTincomeTtaxTlaws.

.

TallyTAccountingTallyTisTmostTusedTaccountingTsoftware.TSmallT;TmediumTsizedTbusinessTcanTtakeTservicesTfromTCATfirmsTwhoTcanTallocateTaccountantsTtoThandleTaccountingTofTyourTbusiness.FEMATCertificatesCertificatesTfromTCATfirmsTareTrequiredTtoTgetTIncomeTTaxT;TExportTbenefitsTforTexportTofTgoodsT/services.TCertificatesTneedTtoTbeTsubmittedTtoTBanksTasTproofTforTforeignTexchangeTcurrencyTtransaction.

.IncomeTTaxT(NRI)
ComplexityTinvolvedTinTNRITincomeTtaxTreturnTcanTbeThandledTbyTexperiencedTCATtoTensureTbestTtaxTplanningTwithTnoThurdleTatTlaterTstage.TExperiencedTCATfirmsTcanTeaseToutTtheTprocessTwithinTreasonableTfees
StatutoryTAuditGetTtheTStatutoryTAuditTofTyourTcompanyTunderTCompaniesTActTfromTexperiencedTCATfirms.TStatutoryTAuditTisTcompulsoryTforTanyTtypeTofTcompany..TaxTAuditTaxTAuditTisTrequirementTofTIncomeTTaxTActTforTcompaniesT/TlargeTbusinesses.TTaxTAuditTReportThelpsTinTcomplianceTofTincomeTtaxTlawsT;ThighlightsTkeyTtaxTrelatedTinformation.TExperiencedTCATfirmsTcanThelpTinTreducingTnon-complianceTofTincomeTtaxTlaws.

.InternalTAuditInternalTAuditT;TInternalTFinancialTControlTTestingTisTneededTasTperTCompaniesTAct.TInternalTAuditTisTNOTTasTcompulsoryTasTStatutoryTAudit.TInternalTauditorTcanTaddTvalueTtoTyourTbusinessTtoTarrestTleakageT;TimproveTcontrolT;Tefficiency.T
No.TOfTClientsTProjectTFinancingT8T
TDSTReturnsT18T
IncomeTTaxT(Salaried)T20T
IncomeTTaxT(Business)T21T
TallyTAccountingT22T
FEMATCertificatesT23T
IncomeTTaxT(NRI)T24T
StatutoryTAuditT25T
TaxTAuditT26T
InternalTAuditT27T
CTPTvenugopalT;TAssociatesTinTpattambi,TPalakkadTisTaTtopTplayerTinTtheTcategoryTCATinTtheTPalakkad.TThisTwell-knownTestablishmentTactsTasTaTone-stopTdestinationTservicingTcustomersTbothTlocalTandTfromTotherTpartsTofTPattambi.TOverTtheTcourseTofTitsTjourney,TthisTbusinessThasTestablishedTaTfirmTfootholdTinTitsTindustry.TTheTbeliefTthatTcustomerTsatisfactionTisTasTimportantTasTtheirTproductsTandTservicesThaveThelpedTthisTestablishmentTgarnerTaTvastTbaseTofTcustomers,TwhichTcontinuesTtoTgrowTbyTtheTday.TThisTbusinessTemploysTindividualsTthatTareTdedicatedTtowardsTtheirTrespectiveTrolesTandTputTinTaTlotTofTeffortTtoTachieveTtheTcommonTvisionTandTlargerTgoalsTofTtheTcompany.TInTtheTnearTfuture,TthisTbusinessTaimsTtoTexpandTitsTlineTofTproductsTandTservicesTandTcaterTtoTaTlargerTclientTbase.TInTPalakkad,TthisTestablishmentToccupiesTaTprominentTlocationTinTpattambi.TItTisTanTeffortlessTtaskTinTcommutingTtoTthisTestablishmentTasTthereTareTvariousTmodesTofTtransportTreadilyTavailable.TItTisTatTpattambi,TwhichTmakesTitTeasyTforTfirst-timeTvisitorsTinTlocatingTthisTestablishment.TItTisTknownTtoTprovideTtopTserviceTinTtheTfollowingTcategories:TCA,TStructuralTAuditors,TandTStatutoryTAuditors.

CTPTVenugopalT;TAssociatesTinTChandraTNagarThasTaTwideTrangeTofTproductsTandTservicesTtoTcaterTtoTtheTvariedTrequirementsTofTtheirTcustomers.TTheTstaffTatTthisTestablishmentTisTcourteousTandTpromptTatTprovidingTanyTassistance.TTheyTreadilyTanswerTanyTqueriesTorTquestionsTthatTyouTmayThave.TPayTforTtheTproductTorTserviceTwithTeaseTbyTusingTanyTofTtheTavailableTmodesTofTpayment,TsuchTasTCash,TDebitTCards,TCheques,TCreditTCard.TAsTaTcharteredTaccountantTyou’llTgiveTadvice,TauditTaccountsTandTprovideTtrustworthyTinformationTaboutTfinancialTrecords.TThisTmightTinvolveTfinancialTreporting,Ttaxation,Tauditing,TforensicTaccounting,TcorporateTfinance,TbusinessTrecoveryTandTinsolvency,TorTaccountingTsystemsTandTprocesses.

You’llThaveTtheTchoiceTofTmanyTdifferentTsettingsTtoTworkTin,TincludingTpublicTpracticeTfirmsTandTindustryTandTcommerce,TasTwellTasTinTtheTnot-for-profitTandTpublicTsectors.TWorkingTstrategically,TyourTaimTwillTbeTtoTmaximiseTprofitabilityTonTbehalfTofTyourTclientTorTemployer.

Responsibilities
AsTaTcharteredTaccountant,Tyou’llTneedTto:
manageTfinancialTsystemsTandTbudgetsundertakeTfinancialTauditsT(anTindependentTcheckTofTanTorganisation’sTfinancialTposition)
provideTfinancialTadviceliaiseTwithTclientsT(individualsTorTbusinesses)TandTprovideTfinancialTinformationTandTadvice
reviewTtheTcompany’sTsystemsTandTanalyseTriskperformTtestsTtoTcheckTfinancialTinformationTandTsystemsadviseTclientsTonTtaxTplanningT(withinTcurrentTlegislationTtoTenableTthemTtoTminimiseTtheirTtaxTliability)TandTtaxTissuesTassociatedTwithTactivitiesTsuchTasTbusinessTacquisitionsTandTmergers
maintainTaccountingTrecordsTandTprepareTaccountsTandTmanagementTinformationTforTsmallTbusinessesT(accountancy)
adviseTclientsTonTbusinessTtransactions,TsuchTasTmergersTandTacquisitionsT(corporateTfinance)
counselTclientsTonTareasTofTbusinessTimprovement,TorTdealingTwithTinsolvency
detectTandTpreventTfraudT(forensicTaccounting)
manageTjuniorTcolleaguesliaiseTwithTinternalTandTexternalTauditorsT(whereTapplicable)TandTdealTwithTanyTfinancialTirregularitiesTasTtheyTarise
produceTreportsTandTrecommendationsTfollowingTinternalTauditsTorTpublic-sectorTauditsprepareTfinancialTstatements,TincludingTmonthlyTandTannualTaccounts
ArrangeTfinancialTmanagementTreports,TincludingTfinancialTplanningTandTforecastingAdviseTonTtaxTandTtreasuryTissuesnegotiateTtermsTwithTsuppliers.

Salary
StartingTsalariesTforTaccountantsTvaryTdependingTonTtheTlocation,Tsector,TsizeTandTtypeTofTfirm.TGraduatesTenteringTtheTcareerTcanTexpectTtoTearnTsalariesTofTupTtoT25,000.TTheTaverageTearningTpotentialT(salaryT+Tbonus)TofTcharteredTaccountantsTwithTtwoTtoTfourTpost-qualificationTyearsTofTexperienceTisTaroundT56,000.

AfterT5TorTmoreTyears,TtheTaverageTannualTsalaryTforTaTcharteredTaccountantTinTbusinessTrisesTtoT90,200,TwithTanTaverageTyearlyTbonusTofT20,600.

CareersTinTbankingTandTcapitalTmarketsTtendTtoTattractTtheThighestTsalariesTandTlargerTemployersTgenerallyTpayTmoreTthanTsmallerTones.SalaryTpackagesTmayTincludeTbenefitsTsuchTasTbonuses,Tprofit-sharingTschemes,TmedicalTinsurance,TpensionsTandTcarTallowances.

WorkingThoursWorkingThoursTvaryTdependingTonTtheTroleTandTtheTorganisation,TbutTtypicallyTaren’tT9amTtoT5pm.TWorkingTextraThoursTinTtheTeveningTandTatTweekendsTisTquiteTcommonTinTorderTtoTmeetTdeadlines,TparticularlyTinTlargerTfirms.TAsTaTtrainee,Tyou’llTusuallyTbeTgivenTtimeToffTinTlieuTofTanyTovertimeTworked.

FlexibleTworkingTarrangementsTareTusuallyTpossibleTafterTqualification.TYouTcouldTalsoTworkTindependentlyTbyTsettingTupTasTaTsoleTpractitioner.WhatTtoTexpectJobsTareTavailableTinTmostTareasTthroughoutTtheTcountry,TbutTareTmoreTcommonlyTfoundTinTcitiesTandTlargerTtowns,TwhereThigherTsalariesTareTtypicallyTearned.TPost-qualificationTopportunitiesTexistToverseas.TThereTareTalsoTtrainingTopportunitiesToverseasTwithTICAEW.

DueTtoTtheThigh-profile,Thigh-responsibilityTnatureTofTtheTwork,TtheTdressTcodeTisTusuallyTformal.

SupportTandTadviceTforTwomenTenteringTaccountancyTisTofferedTbyTWomenTinTBankingTandTFinance,TwhichTaimsTtoTempowerTindividualsTtoTreachTtheirTfullTpotential.TThereTisTcurrentlyTstillTaTgenderTpayTgap.

TravelTwithinTaTworkingTdayTisTfrequentTinTauditTwork,TwhichTisTcarriedToutTmainlyTatTclientTpremises.TAbsenceTfromThomeTovernightTandToccasionalToverseasTtravelTisTpossible.

WorkingTinTotherTareas,TsuchTasTtax,TorTinTsmallerTfirms,TtendsTtoTbeTmoreToffice-basedTwithTlessTtravel.

Qualifications
EntryTisTopenTtoTgraduatesTofTallTdisciplines,TasTcompaniesTofferingTtrainingTagreementsTareTinterestedTinTgraduatesTfromTaTrangeTofTbackgrounds.TEntryTtoTtheTprofessionTwithoutTaTdegreeTorTHNDTmightTbeTpossible,TbutTgraduatesTwillThaveTtheTcompetitiveTedgeToverTotherTcandidates.TCandidatesTwithTaTdegreeTareTgenerallyTpreferredTtoTthoseTwithTanTHNDTbyTlargerTemployers.

ATCertificateTinTFinance,TAccountingTandTBusinessT(CFAB)TservesTasTaTusefulTstepTbetweenTaTdegreeTandTaTtrainingTcontract.TAlternatively,TsomeTemployersTtrainTstudentsTtoTdoTtheTAssociationTofTAccountingTTechniciansT(AAT)TaccountingTqualification,TwhichTdoesTnotTrequireTaTdegreeTbutTcanTleadTonTtoTtrainingTforTcharteredTstatus.

MissionTandTvisionTofTtheTorganizationtheTqualityTserviceTwasTalwaysTmainTvisionTandTmissionTofTtheTFirmTsinceTinceptionTinTallTareasTofTitsTprofessionalTservicesTandThasTbeenTwidelyTrecognizedTbyTourTclients.TAsTapprovedTtrainingTorganizationTweTprovideTexcellentTplatformTofTlearningTthroughTextensiveTexposureTtoTallTindividualsTwhoTwantTtoTpursueTtrainingTunderTICAPTtrainingTprogram.

AchievementsTandTawardsTTheTbestTauditorTawardTinTPalakkadTdistrict,TKeralaTforTtheTyearT2016.

SameTtimeTworkTasTtheTbestTtaxTpractitionerTandTallTareTcomingThereTtoTgetTconsultationTfromTotherTdistrictsTasTwell.

OtherTfunctionsTofTtheTorganizationTaxationTservicesTaxTPlanningT&TConsultingTaxTplanningTisTtheTanalysisTofTone’sTfinancialTsituationTfromTaTtaxTefficiencyTpointTofTviewTsoTasTtoTplanTone’sTfinancesTinTtheTmostToptimizedTmanner.TTaxTplanningTallowsTaTtaxpayerTtoTmakeTtheTbestTuseTofTtheTvariousTtaxTexemptions,TdeductionsTandTbenefitsTtoTminimizeTtheirTtaxTliabilityToverTaTfinancialTyear.

TaxTComplianceTSupportTaxTComplianceTLawTandTLegalTDefinition.TTaxTComplianceTisTtheTdegreeTtoTwhichTaTtaxpayerTcompliesT(orTfailsTtoTcomply)TwithTtheTtaxTrulesTofThisTorTherTcountry,TforTexampleTbyTdeclaringTincome,TfilingTaTreturn,TandTpayingTtheTtaxTdueTinTaTtimelyTmanner.

AppellateTSupportTheTadjectiveTappellateTisTgoodTforTtalkingTaboutTtheTlegalTprocessTforThearingTappeals.TAnTappellateTcourtTofTlawTmainlyTdealsTwithTpeopleTattemptingTtoTreverseTlegalTdecisions.TAfterTaTdefendantThasTbeenTconvictedTofTaTcrime,TsheThasTtheTopportunityTtoTappealTthatTdecision,TorTapplyTtoThaveTherTcaseTre-tried.

InternationalTTaxT(includingTNRITservices)
TInternationalTtaxationTisTtheTstudyTorTdeterminationTofTtaxTonTaTpersonTorTbusinessTsubjectTtoTtheTtaxTlawsTofTdifferentTcountriesTorTtheTinternationalTaspectsTofTanTindividualTcountry’sTtaxTlawsTasTtheTcaseTmayTbe.TGovernmentsTusuallyTlimitTtheTscopeTofTtheirTincomeTtaxationTinTsomeTmannerTterritoriallyTorTprovideTforToffsetsTtoTtaxationTrelatingTtoTextraterritorialTincome.

TransferTPricingTTransferTpricingTisTtheTsettingTofTtheTpriceTforTgoodsTandTservicesTsoldTbetweenTcontrolledT(orTrelated)TlegalTentitiesTwithinTanTenterprise.TForTexample,TifTaTsubsidiaryTcompanyTsellsTgoodsTtoTaTparentTcompany,TtheTcostTofTthoseTgoodsTisTtheTtransferTprice.

Arbitration
ArbitrationT,TaTformTofTalternativeTdisputeTresolutionT(ADR),TisTaTwayTtoTresolveTdisputesToutsideTtheTcourtsT.TTheTdisputeTwillTbeTdecidedTbyToneTorTmoreTpersonsT(theT”arbitrators”,T”arbiters”TorT”TarbitralTtribunalT”),TwhichTrendersTtheT”TarbitrationTawardT”.TAnTarbitrationTawardTisTlegallyTbindingTonTbothTsidesTandTenforceableTinTtheTcourts.

GSTTComplianceThisTwouldTinvolveTexercisingTtaxTsavingsTbyTre-pricingTofTproductsTorTServices,TanalyzingTtheTimpactTofTprofitTandTLoss,TBalanceTSheet,TCashTFlowsTandTwouldTalsoTconsistTadvisingTonTtheTimpactTofTtheTGSTTregimeTonTtheTsupplyTofTtheTgoods/servicesTandTtheTcostTofTtheTgoods/servicesTsold.

ExportTImportTPolicyTaxTPlanning,TAccountingTentryTforTexportsTofTgoodsTisTbasedTonTyourTchoiceTofTprocedureTadoptedTforTtaxationTofTsupplies.TExportTsuppliesTunderTGSTTareTZeroTrated.

ManagementT;TComplianceTRiskTmanagementTisTtheTidentification,Tassessment,TprioritizationTandTmitigationTofTtheTimpactTthatTuncertaintyTcanTplaceTuponTanTorganization.TRiskTmanagementToftenTisTusedTtoThelpTanTorganizationTdetermineTitsTriskTappetite—howTmuchTriskTtheTorganizationTisTwillingTtoTassumeTinTorderTtoTachieveTitsTstatedTobjectives—asTwellTasTtoTdevelopTtheTmethodsTforTensuringTthatTtheTriskTanTorganizationTdoesTassumeTdoesTnotTexcessivelyTthreatenTtheTorganization’sToperationsTorTsuccess.T
T
T
T
Chapter 3
Functional departments
There is no much organized sector of departments it mainly concentrate on the financial sectors and accounting as well as tax sectors of different firms. It is not divided in to various departments but all the work is carried by Mr.C.P Venugopal and the remaining works will be done by the other members who are technically proven their skills in various areas.

Associates
Associates are often the primary point of contact for clients in an accounting or finance firm. They will normally join the firm directly after earning a Bachelors degree and, depending on the size of the firm, will be assigned to a specific function such as risk assessment, auditing or taxes. Associates will typically spend around three or four years at the entry level before promotion to senior associate. They are responsible for most of the administrative and research work within the firm. Senior associates assign tasks to entry-level associates and oversee the day-to-day management of data collection, advanced-level research and client issues.

Various firms are consulting the organization to get audit their reports and to make tax payments accordingly. It can be divided in to various forms such as income tax and the newly introduced GST.

Senior Managers
Senior managers are individuals within the finance or accounting firm that have six or more years of experience. They are typically assigned to head up a division within the company. For example, the audit manager would directly manage the senior associates in the auditing department and would work to direct company policy within that division. Important decisions on operations and finances are made by senior managers.

Firm Partners
At the top end of the hierarchy are the firm’s partners. Partners typically buy equity in the organization, making them partial owners and entitled to a share of the profits. Partners have the ultimate authority over decisions made by senior managers and they work to set the strategic vision of the company. As the organization is not vast there is no such partnership. The organization was managed by a person called xyz later it is taken over by venugopal so the ownership is transferred to him as per the deed.

Functions
Accountancy
Preparation of financial statements for various firms as per the records provided by them. There are many firms are coming for this purpose to the organization which is starting from simple book keeping to complex financial analysis. Many small organizations feel it difficult to maintain such statements but it is the essential elements of any organization so this associate helps them or this purpose and a particular amount is charged for the same.

Auditing
Possibly one of the most important functions of a Chartered Accountant, it is here that his specialized training, skill and judgment are most often called into play. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles and that they represent a true and fair view of the state of affairs of the organization.

Taxation
The main function of this organization is to make the tax payments on behalf of the firms and for that it receives the return as fee. There are almost 100 of companies coming for this purpose .using various software the organization is calculating the tax for the month and submit the information to the respective firms ,once the process done they will collect the amount of tax has to be paid and make the payment to the government. Income tax also will be calculated same like this.

Cost Accountancy
Costs of production and of processes at different levels of operations in the manufacture of a product and in the rendering of a service. He is also equipped to provide costing information for the guidance of management, introduce cost control methods and assist the management in establishing appropriate selling prices. Likewise they are also helping o get loan from the bank as per the requirements.

Management Accounting
This is another field in which the Chartered Accountant is able to render a service which is utilized in a variety of ways like formulation of policies, day to day control, performance evaluation, etc.

Policy and procedures
Technical professional ethical standards
Accounting standard issued by ICAI
Accounting standard issued by companies rule,2006
Standard on quality control issued by ICAI
Engagement standard issued by ICAI
Standard on internal audit
Framework for assurance management
Preface on Standards on Quality Control, Audit and Assurance and Related Services; Framework for the preparation and presentation of financial statement;
Framework of statements on standard auditing practices and guidance notes on related services and guidance notes on related services;
Statements and Guidance Notes issued by ICAI;
Notifications/Directions including those of self-regulatory nature
Various relevant statutes and/or regulations which are applicable in the context of the specific engagements being reviewed.

Committee members will discharge their duties solely in the interest of the Corporation and will exercise the care, skill, prudence and diligence that a prudent person, acting in a like capacity would use in the conduct of a similar enterprise. To develop, implement and monitor the Board adopted investment policy; recommend, monitor the operating budget and oversee finances of the grant programs.
The staff will be selected on the basis of their knowledge to deal with the various software.

The person whoever coming for the help in this organization will not returned with unsatisfied mind .The staff as well as C.P.Venugopal will be available at any time in order to meet with the requirement of different firms.

Working culture of the organization
This office is situated in pattambi in Palakkad district.it was first formed as a small tax consultancy office at the center of the city itself. Later it is taken over by C.P.Venugopal and it was the only organization which was available for the companies and business over there. Not only from that city but also from other places many used to come here for the purpose of tax calculations and payment of tax as well. The company had only 5 members who are good enough with the knowledge and as running very successfully. As the organization was running successfully a need for the space raised and the new organization has been came in to existence.

There are no strict rules to be followed by the staff; they are given with the freedoms. Each person will be given with a set of companies on which they have to work on. There will be certain softwares for this purpose and the process of using such new software will be done by the people accordingly. The names of the company is didvided as per the alphabets and it has been given to different set of people .there will be timeline provided for them and they are supposed to complete this work within the time limits. There is particular format of dress code and all but al should follow a decorum by maintain formal dressing style as it is a professional organization.

Staff has all the freedom to communicate for the purpose of clearing any doubts and the clients are treated very nicely here, they ensure that the client will be happy with the services provided by the organization. The sir might go for the official purpose at that time whoever is coming they have to deal with the staff and staff has to maintain proper standards and the information should be passed accordingly to the main office. They should be capable of doing works overtime also if necessary in order to meet with the time span.

To be an employer of choice, it attracts and retains the best talent by offering an environment which is:
Dynamic, exciting, and entrepreneurial
Rewarding and challenging with exposure to a variety of clients and services (audit, tax, consulting, etc.) that fosters development of well-rounded professionals
Dedicated to cultivating a strong team of professionals who are likeable, approachable and eager to develop new people
Constantly looking for ways to improve work-life balance through the implementation of new technologies and through open communication regarding career customization
Supportive and provides unlimited opportunities for growth and multiple paths to succeed based on each individual’s unique strengths and talents
Driven by the understanding that the firm can only succeed if our people succeed. We provide a wide range of auditing and assurance services like statutory audit, risk based internal audit, concurrent audit and revenue audit. Our experience in statutory audits and assurance services covers audits and certification under The Companies Act 1956, The Income Tax Act 1961, The Customs Act 1962, The Central Excise Act 1944, The KGST Act ,The Kerala Value Added Tax Act 2003, The EPF Act 1952 and the ESI Act 1948.
We have wide experience in handling risk based internal audits for small, medium and large scale business enterprises both under the public sector and private sector.
We also have experience in handling “INVESTIGATION” assignments entrusted to us by the Hon’ble Kerala High Court and The Company Law Board.

Our clientele who have benefitted from our auditing and assurance services are from varied industrial and service sectors thereby giving us immense knowledge of the working of various industries and services. This has ensured that our partners and staff are ready to handle any kinds of audit and assurance assignments. Our main areas of audits are :-
Statutory Audits
Internal Audits
Concurrent Audits
Revenue Audits of Banks
Due Diligence Audits
We provide consultancy services on the compliance aspects of various tax laws like The Income Tax Act, The Value Added Tax Act, Service Tax, The Customs Act and The Central Excise Act; The Companies Act 1956 and 2013, The Indian Partnership Act, The Indian Trusts Act and the Societies Acts; FOREX Laws like the Foreign Exchange Management Act and the Foreign Contribution Regulation Act. Our specialist partners and experienced staff help our clients in filing the returns and documents under the various provisions of the aforesaid Acts thereby saving our clients of the humongous task of legal compliance.
The client activities are periodically reviewed for ensuring compliances with the various regulations thereby minimizing the risk of non compliance. Our legal consulting service covers the following statutes
The Companies Act
The Indian Partnership Act
The Indian Trusts Act
Societies Registration Acts
FOREX Laws (Foreign Exchange Management Act, Foreign Contribution Regulation Act)
Direct Tax Laws(The Income Tax Act, Wealth Tax Act)
Indirect Tax Laws ( Service tax Laws, The Central Excise Act, The VAT Act)
Finally we have a lot of exposure in areas of formation of limited companies, LLCs, Partnership Firms, Trusts and Societies. Our experience in ensuring regulatory compliance with various business laws post formation has given our clients a feeling of immense security to do business without getting into the wrong side of the law .The Central Government and The State Government departments are continuously automating the regulatory compliances now commonly known as “E-Governance initiatives”. This has resulted in the returns and documents under various regulations to be electronically filed using diverse return preparation and return filing utilities. We have a highly trained and experienced staff providing E-Filing services under the various regulations.

We help our clients in maintaining their books of accounts under varied standalone as well as ERP platforms. Our partners and staff are highly experienced in working in ERP systems of BAAN, SAP, RAMCO, NAV etc. and standalone accounting modules like Tally ERP and other custom made accounting modules.

We have experience as “INVESTIGATORS” appointed by statutory authorities as part of investigation carried out by those authorities.

Chapter
Functional software, services and operations
Operations of the organization
Computation of GST
Income tax returns
GST file return
Preparation of estimated and projected balance sheet
Checking with the GSTR 2
Auditing
Registration for GST
Guidelines for the firms
Introduction of Goods and Services Tax (GST) will indeed be an important perfection and the next logical step towards a widespread indirect tax reforms in India. As per, First Discussion Paper released by the Empowered Committee of the State Finance Ministers on 10.11.2009, it has been made clear that there would be a “Dual GST” in India, i.e. taxation power lies with both by the Centre and the State to levy the taxes on the Goods and Services.

The scheme was supposed to be implemented in India from 1st April 2016, however it may get delayed since the NDA government does not have majority in Rajya sabha (‘the upper house of parliament’ or ‘the house of states’).

Further, Punjab and Haryana were reluctant to give up purchase tax, Maharashtra was unwilling to give up octroi, and all states wanted to keep petroleum and alcohol out of the ambit of GST. Gujarat and Maharashtra want the additional one per cent levy extended beyond the proposed two years, and raised to two per cent. Punjab wants purchase tax outside GST.

Income Tax Return is the form in when assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.1
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year.2 These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

Taxpayers with a turnover threshold of up to Rs 5 crores can file a quarterly return but the taxes will have to be paid monthly. Forms sugam — for B2B and B2C supplies — and sahaj — for B2B supplies — have been proposed for this category.

Taxpayers above this threshold will have to file a monthly return. The due date for the same will be the 20th of the next month.

Suppliers can upload invoices anytime during the month and this would be visible to the buyers.

Based on the uploaded invoices, buyers will be able to claim input tax credit.

Buyers will be able to claim input tax credit for those invoices that are uploaded till the 10th of that month.

Taxpayers will be able to file an amendment return twice for any tax period.

Provisional Balance Sheet is unaudited one. Like if our balance sheet as on 31.03.2016 is not finalized, still some bank or other institution demand balance sheet, we provide them a unaudited/provisional balance sheet. Provisional Balance Sheet is prepared on the basis of Past data i.e. for the period which is already completed. Estimated Balance Sheet is prepared for future Data (for which period is started but not completed) on basis of projection i.e. for the period which already started but not completed. Projected Balance Sheet: – Projected Balance Sheet is prepared for future Data on the basis of projection i.e. for which period is not started.

GSTR-2 contains details of all the purchases transactions of a registered dealer for a month. It will also include purchases on which reverse charge applies.
The GSTR-2 filed by a registered dealer is used by the government to check with the sellers’ GSTR-1 for buyer-seller reconciliation.

Auditing : Auditing refers to a systematic and independent examination of books, accounts, documents and vouchers of an organization to ascertain how far the financial statements present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law.

Registration for gst: You must register for GST if:
your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more
your non-profit organisation has a GST turnover of $150,000 per year or more
you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
you want to claim fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t fit into one of the above categories, registering for GST is optional. However, if you choose to register, you generally must stay registered for at least 12 months.

Software used:
Busy software
BUSY offers a range of accounting softwares to cater to the needs of different business segments. The primary editions offered by BUSY are Basic, Standard ; Enterprise.

BUSY is an integrated business accounting software for Micro, Small and Medium businesses. With over 2,00,000 installations (over 6 Lakh Users) worldwide, BUSY Accounting Software is one of the leading accounting softwares in India.

The salient features of BUSY are:
Financial Accounting (Multi-Currency)
Inventory Management (Multi-location)
Production / Bill of Material
Sales / Purchase Quotations
Sales / Purchase Order Processing
Fully User-configurable Invoicing
User-configurable Documents / Letters
User-configurable Columns in Reports
GST Invoicing ; Reports
VAT / Excise / Service Tax
TDS ; TCS
MIS Reports ; Analysis
Change Financial Year
Generally, in India, an accounting period from 1st April to 31st March is followed. Hence, on 31st of March, closing of the accounts is done, new books are started for new financial year and the balances are carried forward to new financial year. Although new financial year is created and new entries starts getting posted to new year, we need to go to previous year frequently to finalize the accounts and post year end entries. In such cases we need to carry over balances again to New Year. So, changing financial year consists of two parts:
Creating New Financial Year and carrying balances of previous year.

b)Switching back to previous year, make/change some entries and carrying over balances again to next year (New Financial Year).

We will now discuss the above mentioned points in detail.

Creating New Financial Year and carrying balances of previous year
To Create New Financial Year, click Administration -; Change Financial Year option. Given here is a screenshot of Change Financial Year menu.

Select New Year from 01-04-XXXX option to create a new financial year. On clicking this option, a Create New F.Y. message box appears. Click the Ok button in the message box to create a new financial year. On clicking the Ok button a Change Financial Year window appears displaying different actions that will be taken at the time of changing a financial year. Given here is a screenshot of Change Financial Year window.

At the bottom of the Change Financial Year window, an option Create New Year Only (Don’t Carry Balance) appears. You can enable this option, if you want to create financial year only and do not want to carry balances to the next year. With this option you can instantly create a new financial year and start with the work (especially billing). However, later at any time, you can carry previous year balances to current financial year by going back to previous financial year and again going to Administration ? Change Financial Year option.

Click the Start button to start the process of creating/changing new financial year.

While changing financial year, a Bank Reconciliation message box appears. Click the Yes button in the message box, if you want to carry forward un-cleared entries to next financial year. Otherwise, click the No button.

Switching back to previous year, make/change some entries and carrying over balances again to next year (New Financial Year)
To switch back to previous year, click Administration ? Change Financial Year option. Given here is a screenshot of Change Financial Year menu.

Select F.Y. from 01-04-XXXX if you want to switch to a previous financial year. There can be various reasons for which you want to switch to a previous financial year such as to check any entry, to modify a record and so on. On clicking this option, a Change F.Y. message box appears asking for your confirmation to change the financial year. Click Yes button in the message box, if you want to switch to the previous financial year.

Once you have switched to a previous financial year and made the required changes in it, click the Administration ? Change Financial Year ? F.Y. from 01-04-XXXX option to switch to the current financial year again. If you have made some changes in the previous year’s records then while switching to current financial year, a Carry Balances message box appears asking your confirmation to carry forward the balances to the current financial year. Given here is a screenshot of Carry Balances message box.

Click Yes button in the message box to carry balances to the current financial year. On clicking the Yes button in the message box, a Carry Balances message box appears asking you to carry forward balances of all the Masters or only those Masters in which any change has been made. Given here is a screenshot of Carry Balances message box.

In the message box, there are two options. The options are:
All Masters – Select this option if you want to carry balances of all the Masters.

New ; Changed Masters – Select this option if you want to carry balances of only those Masters in which some changes have been made.

On selecting any of the option, a Change Financial Year window appears. Given here is a screenshot of Change Financial Year window.

Click the Start button to start the process of switching to another financial year.

At the bottom of the Change Financial Year window, there are two options. The options are:
?Carry Account’s full details (Address, Registration Details etc.) to next year – Select this option if you want to carry Account master’s full details such as Address, Registration Details etc. to next financial year.

?Carry Item’s full details (Description, Price, HSN Codes etc.) to next year – Select this option if you want to carry Item master’s full details such as Description, Price, HSN Codes etc. to next financial year.

While switching to another financial year, a Bank Reconciliation message box appears. This message box appears if you have enabled the Bank Reconciliation feature in Features / Options and in any Bank account; you have more than 50 percent of the entries for which clearing date has not yet entered. If you click the No button in the message box then the un-cleared entries will not be carried over to next financial year. Otherwise, if you click the Yes button then all the un-cleared entries of the previous year will be carried over to the next financial year.

E-Way Bill is an electronic way bill for movement of goods which can be generated through E- Way Bill Portal (ewaybill.nic.in). It is applicable for any consignment value exceeding INR 50,000. Even if you have an inward supply of goods from unregistered person, E-Way Bill is required.

When an e-way bill is generated from E-Way Bill Portal, a unique E-Way Bill Number (EBN) is allocated and is available to the supplier, recipient and the transporter.

Implementation in BUSY
Complete implementation of E-Way Bill in BUSY can be divided in two parts:
?Part I: Data Entry related to E-Way Bill in BUSY
?Part II: Generation of Excel / JSON file from BUSY for upload on portal
Part I: Data Entry related to E-Way Bill in BUSY
Data entry for E-Way Bill is divided in two parts:
?Masters Information
?Transactions Information
Masters Information
Masters information is the information that is to be fed for one time only. This information will be picked automatically at the time of voucher feeding and E-Way Bill generation.

Following is the information that is to be specified for one time only:
1.’From Place’ ; ‘PIN Code’ in Company GST Configuration
First of all you need to specify ‘From Place’ ; ‘PIN Code’ in Company GST Configuration. These two fields provide information about your location/city from where the movement of goods will start. To specify ‘From Place’ ; ‘PIN Code’ in Company GST Configuration click Administration ? Configuration ? Features/Options ? GST/VAT. Given below is the screenshot of GST/VAT Configuration window.

2.) Transport, State and PIN Code in Party Master
Next, in Party Master you need to specify Transporter Name in ‘Transport’ data field, place where goods will be dispatched in ‘Station’ field and PIN Code of the place/station in ‘PIN Code’ field. This information will be picked automatically at the time of voucher feeding and can be changed for that voucher if required. Given below is the screenshot of Party Master.

Once the above information is specified in all Parties, your Masters Information feeding is over.
Transactions Information (E-Way Bill related details in transactions)
Transactions Information is the information that is to be fed every time you create a voucher (Sales/Material Issue etc.).

While entering voucher, a ‘Transport Details’ window appears in which you need to specify the transport details like Transport, Station/To Place, PIN Code, Distance etc. By default these details will be picked from Party Master and GST Configuration and you can change them if required.

Once voucher is saved, you can print the invoice with E-Way Bill related details printed on it.

Sometimes the transport related details are not known at the time of feeding vouchers. In such situation, you can feed these details later on using the Update Transport Details utility available through Administration ? Misc. Data entry. With this utility, you can enter transport details for vouchers already entered or we can say that you can update transport details of multiple vouchers using a single screen. Here you can specify all Transport related details for multiple vouchers in one go.

With the above information, we complete E-Way Bill implementation Part-I related to data entry of E-Way Bill. As of now this information is for the purpose of printing in invoice only. To generate E-Way Bill, user will have to go to E-Way Bill portal and generate E-Way Bill No. and specify the same in BUSY for printing.

Like most of the other business management softwares, BUSY also input/output all data in English language. But sometimes it is required to print Invoice and other reports in user’s native language like Hindi, Marathi, Bengali and Arabic etc. To manage the same, user can enable ‘Second Language Support’ feature in BUSY. With the help of this feature, user can set a second language which is other than English and can specify some of the Company/Item/Account details in that language.
Provision made to specify Company/Account/Item details in one more language (Second Language) for the purpose of printing in Invoice. Can be done in following steps:
a) Enable through Administration -> Configuration -> General tab.
b) Specify Second Language details in Company/Account/Item masters.
c) Create personalised Second Language Dictionary for static words to be used in Invoice printing. Available as Administration -> Misc. Data Entry -> Second Language Dictionary.
d) Enable Second Language details printing in Standard Invoice configuration.
e) Bulk Updation of Accounts/Items for Second Language provided as Administration -> Masters -> Bulk Updation -> Update Account/Item Second Language Details.
f) Export/Import of masters Second Language details in XML format through Administration -> Data Export/Import.

Provision for the same in BUSY will be available in following 2 steps :
Step 1 : Today we have released BUSY 17 (7.0) in which provision for E-Way Bill related data entry has been made. Option to feed E-Way Bill No. and other related details is given in related Masters and Sale Vouchers. And the same E-Way Bill No. will be printed on your Sale Invoice in STANDARD FORMAT .Please note that as of now user need to generate E-Way Bill from portal only and can feed E-Way Bill No. & other related details in BUSY for the purpose of printing in invoice.
Step 2 : By Feb 6 2018 (Tuesday), we will provide option to create Excel / JSON file directly from BUSY with all the details required to generate E-Way Bill. This file will be uploaded to portal to generate E-Way Bill. In this case also user would be required to go to portal but he would not be required to feed data manually. User would be able to upload file generated from BUSY and E-Way Bill will be generated automatically.
Since it is a new concept and portal is also not stable, users might face some problems initially. But hopefully everything will be ok after some time. Fast Mode Invoicing (POS Mode)
Many of us might not be knowing that there is a feature of fast mode invoicing in Busy, which can help you in creating an invoice in less than 20% of the time like that in regular invoicing mode. In this case, you can save a invoice with minimum Enter button pressed, as most of the fields that are regularly used are made default with automatic pre-defined values. Like – Date, Sale Type, Godown , Bill Sundries etc. And thus we do not need to enter them again and again. This mode of invoice feeding is very popular especially in retail segment, or in firms where a fix pattern of invoices are normally raised.
Maintain Your Stock with Item Parameters
It has been found that many times, it is not just enough to maintain your business inventory with item names. We might also want to add some more details with name like size, color, style, grade etc. But, if we create items with all these things embedded in the item names, then we might face the following problems –
– We will have to create multiple item masters for every item with all possible combinations like a garment manufacturer will need to create Jeans 32 Blue Narrow, Jeans 34 Blue Narrow, Jeans 32 Red Narrow, Jeans 34 Red Narrow, Jeans 32 Blue Regular and so on.
– If any new color or size is introduced, then we will have to take care to create all the combinations again.
– The width of item master field might become short to contain all the details as only 40 chars can be feeded in it.
So, to get rid of this problem, you can enable Item Parameter Details in Features/Options -> Inventory page, and you will be able to create upto 3 new fields in this, from where you can easily maintain your detailed stock position with minimum efforts and maximum accuracy.
Maintain MRP wise stock
It is a very useful tool for those segments, where the price of the products change very frequently, let it be the cost price or the mrp. For ex, it is a problem with the iron traders that the purchase cost of iron changes very frequently. Similarly, in FMCG trade the MRP of the packing changes in regular intervals. So, many a times it might happen that you the current stock that you have with you, is of 2 or 3 different rates, and you might make mistakes in selling it. So, we have a very good tool – Maintain MRP wise stock, which can again be enabled thru Features/Options -> Inventory Tab. After enabling this, you can check anytime your stock as per your cost price or mrp. Even at the time of invoicing, you will see a window showing the price wise quantity of the item that you have in your stock.
Batch-wise Inventory with Mfg. / Expiry Date
It is a very useful tool for those segments, where the price of the products change very frequently, let it be the cost price or the mrp. For ex, it is a problem with the iron traders that the purchase cost of iron changes very frequently. Similarly, in FMCG trade the MRP of the packing changes in regular intervals. So, many a times it might happen that you the current stock that you have with you, is of 2 or 3 different rates, and you might make mistakes in selling it. So, we have a very good tool – Maintain MRP wise stock, which can again be enabled thru Features/Options -> Inventory Tab. After enabling this, you can check anytime your stock as per your cost price or mrp. Even at the time of invoicing, you will see a window showing the price wise quantity of the item that you have in your stock.
GSTTSOFTWARE
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1.TAllTInvoiceTSettingsT–TAddingTCompanyTLogoT–TAddingTInvoiceTPrefixTandTAddingTInvoiceTStartTSeriesTT–TAddTTermsTandTConditionsT–TAddTCustomTFieldsT–TAddTBankTDetails2.TAllTContactTSettingsT–TCreateTContactsTT–TCreateTContactTMasterT–TViewTAllTContactsT–THowTtoTBulkTImportTContactsT–TCollectTGSTINTInformationT–TAddingTNewTContacts3.TItemTMasterT–TCreateTItemsT–TCreateTItemTMasterT–TViewTAllTItemsT–THowTtoTBulkTImportTItems4.TSalesTInvoiceTGenerationT–TNormalTInvoiceT–TExportTInvoicesT–TInvoicesTforTReverseTChargeT–TInvoicesTforTTCST–TInvoicesTforTFreight/TransportationTCompaniesT–TInvoicesTforTCustomersTwithTDifferentTBillingTandTShippingTAddressT(PlaceTofTSupply)
T–TCreatingTBillTofTSupplyT–TCreatingTAdvanceTReceiptsT–TCreatingTCredit/DebitTNotesT–TCreateTDeliveryTChallansa)TJobTWorkTChallanb)TChallanTforTSupplyTonTApprovalc)TOtherTCases5.TPurchaseTInvoiceTGenerationT–TRecordTPurchaseTInvoices6.TViewTInvoicesT–TViewTAllTInvoicesT–TViewTAllTBillsTofTSupplyT–TViewTAllTCredit/DebitTNotesT–TViewTAllTAdvanceTPaymentsT–TViewTAllTChallans7.TBulkTImportTInvoicesT–TBulkTImportTAllTInvoicesT–TBulkTImportTCreditTandTDebitTNotes8.TPrintingTInvoicesUsefulTFeaturesTheseTareTtheTguidesTforTtheTproductTfeaturesTapartTfromTdataTimport,TreturnTfiling,TandTinvoicing,TwhichTwillTbeTusefulTforTbothTCAsTandTTaxTProfessionals,TandTbusinesses:
a)TForTCAsTandTTaxTProfessionals–TInviteTaTSingleTClientT–TInviteTMultipleTClientsT(BulkTInvite)
–TBulkTImportTClientsT–TOfflineTBillsTCreationb)TForTBusinessesT–TRequestTforTCollectionTofTVendor/CustomerTGSTINsT–TCreateTMultipleTBusinessesTwithTDifferentTPANT–TCreateTMultipleTBusinessesTwithTtheTSameTPANT(AddTMultipleTGSTINs)
T–TModifyTExistingTBusinessTDetailsTorTDeleteTaTBusinessT–TUserTManagement:TAssignTDifferentTRightsTtoTDifferentTUsersTforTaTSingleTAccount–TCreatingTandTDownloadingTSalesTReportsT–TCreatingTandTDownloadingTPurchaseTReportsTheTGoodsT&TServicesTTaxT(GST)ThasTbeenTimplementedTinTIndiaTsinceT1stTJuly,T2017.TSinceTthen,TtheTGSTTCouncilThasTbeenTworkingTtoTsimplifyTtheTrulesTtoTmakeTitTeasierTforTbusinesses.TAtTTally,TweThaveTwalkedTtheTGSTTjourneyTwithTourTcustomersTbyTcontinuouslyTbuildingTaTreliableTGSTTsoftwareTonTparTwithTtheTchanges,TtoTmakeTcomplianceTsimplerTforTbusinessesTandTtaxTconsultants.T
GSTTmeansTdifferentTthingsTtoTdifferentTstakeholders.TBusinessesTregisteredTasTregularTdealersTneedTtoTfileTtheirTGSTR-1TonTaTmonthlyTbasisTifTtheirTaggregateTturnoverTexceedsT1.5TCr.TBusinessesTwithTaggregateTturnoverTlessTthanT1.5TCrThaveTtoTdoTGSTR-1TreturnTfilingTonTaTquarterlyTbasis.TAlso,TbothTtheTbusinessesTneedTtoTfileTtheirTGSTR-3BTonTaTmonthlyTbasis.T
OnTtheTotherThand,TcompositeTdealersThaveTtoTfileTGSTR-4TonTaTquarterlyTbasis.TAlso,TgoingTforward,TasTe-WayTbillTbecomesTmandatoryTforTinterstateTandTintrastateTmovementTofTgoodsTworthTRs.T50,000,TbusinessesTwillThaveTtoTadhereTtoTe-WayTBillTcomplianceTasTwell.T
AllTthisTcallsTforTanTefficientTGSTTreadyTaccountingTsoftware,TwhichTcanTnotTonlyTtakeTcareTofTyourTholisticTbusinessTneeds,TbutTalsoTensureTaThassle-freeTcomplianceTexperience.

BenefitsTofTusingTTally.ERPT9
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AsTaTbusinessTowner,TyouTcanTeasilyTshareTreturnsTdataTwithTyourTtaxTconsultantTasTperTGSTTformat.TIfTyouTpreferTto,TyouTcanTfileTGSTR-1,TGSTR-3BTandTGSTR-4TonTyourTownTbyTexportingTdataTtoTtheTExcelTOfflineTUtilityTtoolTorTinTJSONTformatTasTperTtheTGSTTportal.TTheTuniqueTerrorTdetectionTandTcorrectionTcapabilityTensuresTthatTyouTfileTreturnsTaccurately.T
WhenTitTcomesTtoTe-WayTBills,TTally.ERPT9ThelpsTyouTtoTeasilyTgenerateTandTmanageTe-WayTBills.TYouTcanTcaptureTallTtheTrequiredTinformationTatTinvoiceTlevelTitself,TexportTtheTdataTinTJSONTformatTandTuploadTtheTdataTinTtheTe-WayTportalTtoTgenerateTtheTe-WayTBill.

IfTyouTareTaTtaxTconsultant,TthenTyouTcanTeasilyTshareTchangesTmadeTinTreturnsTbyTmarkingTthem.TTheTlistTofTonlyTtheTchangedTtransactionsTcanTbeTsharedTwithTyourTclientsTsoTthatTtheyTcanTupdateTtheirTbooksTeasilyTbyTreplacingTonlyTtheTappropriateTdetailsTinTaTsingleTclick.T
Tally’sTGSTTsoftwareTinTIndiaThandlesTallTyourTGSTTbillingTneeds.TYouTcanTgenerateTaTrangeTofTinvoices,TfromTsimpleTinvoicesTtoTinvoicesTwithTmultipleTitemsTandTmultipleTtaxTrates.TYouTcanTalsoTmanageTadvanceTreceipts,TreverseTchargeTscenarios,TbranchTtransfers,TandTbillTofTsupply,TexportTinvoices,TinputTtaxTcreditTandTotherTadjustmentsT-TallTbyTusingTTally’sTGSTTbillingTsoftware.T
Tally.ERPT9TensuresTthatTyourTGSTTreturnsTareTinTsyncTwithTyourTbooksTofTaccounts,TandTreflectTtheTsameTdataTasTusedTforTfilingTreturnsTinTtheTGSTTportal,TthusTprovingTtoTbeTtheTrightTGSTTreturnTsoftwareTforTyou.

AvoidThasslesTofTsegregatingTdataTinvoice-wise,TdetectTandTcorrectTerrorsTinTtransactionsTquicklyTandTgenerateTreturnsTinTtheTrequiredTformatTusingTTally.ERPT9.TYouTcanTgenerateTGSTR-1,TGSTR-3BTandTGSTR-4TeitherTinTJSONTformatTorTuseTtheTExcelTOfflineTUtilityTtoolTtoTfileTyourTGSTTreturns.TToTunderstandTtheTproduct’sTcapabilitiesTinTitsTentirety,TfeelTfreeTtoTuseTTally’sTGSTTsoftwareTfreeTtrialT-TandTassessThowTyourTbusinessTneedsTareTbeingTcateredTto.

GSTTRatesTheTGSTTratesTinTIndiaThaveTbeenTdeterminedTasTfollows:TExemptT–T0%T
PreciousTStonesT–T0.25%T
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StandardTRatesT–T12%T&T18%T
DemeritTRatesT–T28%T
CompensationTCessT–TleviedToverTandTaboveTtheTdemeritTratesGSTTRegistrationUnderTtheTGSTTregime,TtheTregistrationTthresholdTisTINRT10TLakhTforTspecialTcategoryTstatesT(ArunachalTPradesh,TAssam,TJammuTandTKashmir,TManipur,TMeghalaya,TMizoram,TNagaland,TSikkim,TTripura,THimachalTPradeshTandTUttarakhand)TandTINRT20TLakhTforTRestTofTIndia.TSmallTdealersTwithTturnoverTbelowTINRT
ExistingTdealersTwouldTbeTauto-migratedTintoTtheTGSTTregimeTandTgivenTaT15-digitTPANTbasedTGSTINT–T2TdigitsTtoTrepresentTstateTcode,T10TdigitsTofTPAN,T1TentityTcodeTdigitTapplicableTforTtaxpayersThavingTmultipleTbusinessTverticalsTwithinTtheTstate,T1TblankTdigitTandT1TchecksumTdigit.TAllTtaxableTpersonsTwillTneedTtoTprocessTtheTGSTTregistrationTonlineTonTtheTportal.

Client’s management
Family ; Relatives – Of course these are the first and foremost way of getting clients. Look for relatives who are Business People.

Bringing People into Conversation – You go to a social event/casually meet people. Here, the general talks are each other’s whereabouts and then after sometime people start talking about different general topics like politics, stock market, their own business.
Friends Group – You can form a group of your CA friends and share work according to specialized area. You can decide the size of this group based on your trust, because larger group can lead to conflicts. Try to find such friends from other cities. This will help in distribution of clients.

Membership in CA Groups & Associations – There is various groups of Chartered Accountants who share their work with each other. My principal was a member of BNI – an association of professionals and he used to get a lot of clients from there.

Associate Firms/ Network Firms – You can register as a Network firm. Although big networks won’t allow you, but you can join network firms of your seniors. Try to find network firms from different cities. That will be more helpful.

Scholarly Articles – You should write some good articles in this time. You can write such articles on various websites where CAs do write regularly. You can also answer queries relating to businesses and entrepreneurs online, wherever possible. This will not give you clients, but surely help your confidence and you can showcase your skills to existing clients later, so that they can do oral publicity.

Look for Public Speaking Opportunities – If you have good public speaking skills, you will earn clients little faster. You can give lectures, seminars etc. as a Chartered Accountant. This will drag people’s attention towards you, if you are good enough.

Update Social Networks – Social Networks can help you get attention and may be a few clients. LinkedIn is a great place, if you use it effectively. Facebook too can be handy, all depends on how creatively you use them to market yourself.

Oral Publicity by first few clients – Good service to your first few clients will get you more and more clients through oral publicity. So it is very important that you treat your first few clients well.

Form your specialization – Specialization earns you better and worthy clients over time. It takes time. But this is an area where people will recognize you. A: “I need to get VAT registration”, B: “Xyz CA is best in this.” So this way your oral publicity will be faster. Just like “photocopy” is better known as “Xerox” (a company name) similarly this too works.

Ask more questions.

In order to do with the task given by the clients and manage them the auditors should keep on ask questions to them and know the activities are legally happening.

Do the little things.

Make sure that you are doing the little thing for the clients who will help them to maintain the decorum as well as the trust. The little things to make the clients to feel that they are free to talk freely.Automate, and then test it.

Anything the auditors are doing they have to test it and make sure that the process is done in the proper way only. Auditing is not something which can be done in anyway but has to put all the efforts and care in order to make the process genuine.

Meet outside the office.

Few auditing has to be done out of the office such as stock auditing and all .There is a need to get all the information about the stock so these has to be done out of the office.

Get in touch more often.

Always have a contact with the clients the auditor should communicate to the client frequently in order to maintain the relationship.

Contribution by internee
Work undertaken
As an internee the organization provided me a great opportunity to learn few things. My computer knowledge and the ability to use the software helped me to do the works and complete it within the time limits given by them to me. As an internee I could provide my better contribution to the organization. It was little difficult to learn about the way how they are dealing with different clients. But the staff over there were really friendly and they were always spend their time to teach that how to use the software. Mr.Venugopal took all the responsibility of mine and was always there to help me to do with the works as well as to teach me the easiest method of solving the issues of respective clients.

The initial days they did not made me to do so much works because it was almost the end of the month the works were almost completed.so the part of my job was just to learn the software and the staffs helped me to do so.

The software used before was tax software and then the new software has introduced that is called as busy software. There is a number of features have to be leant for this software and the process was done with a period of two days with the help of the senior officer named Ms.Ashwathi.

The next week they have been given the work of entering sales voucher and purchase voucher in order to calculate the tax of each company. The company given for me was a medical shop. The items of medicine are rated as 6%, thermoseal as 18%, insulin as 5 % and shampoo as 28% so on. For each percentage particular list of items are created.so when the percentage is selected the software automatically calculate the tax amount after that have to check that with the amount given in the bills and it should match with each other. If it is nit matching it is the responsibility to call the person and inform that there is a difference in tax amount. Once all the bills are entered then the next wok is to call the respective company and tell them about the tax amount. The person will transfer the amount to this organization account so that we will be able to make the payment. The revenue will be the fees that collecting from the clients.

Almost all kind of company is given for me to do the entry and and it was difficult in case of super market as there are a lot of item included in it.

The next work given was to file GSTR return. It is all based on the online process. Before uploading something we should give proper attention once it’s been done it will be very difficult to correct it. There will be option called as export the excel file which will help to export the data from excel file to the GSTR website again we can check with the amount and then file return.

The other work done by me was to check the GSTR-2.Here we need to check that the details that have been uploaded online will be same as the bill voucher. If it is different then have to contact the respective person and should inform them that the amount is different.it was quite difficult as the many company’s work was pending and had to do that within a short period of time but it had a lot to learn also.

A lot of companies were coming because of the auditing mistakes and some cases were going regarding this. The work to ascertain what is wrong with the reports has to be done to know what should be the next step that has to be taken .i was working with the senior officer for this purpose and my main work was depending on this only.

Edappayil hardware is a company working successfully having branches in different cities. When audit has taken place there was a difference of 600000 which did not shown in the books of account. The transaction was happened between the states as well as within the states and there were also some transaction which has to be treated in different ways.so we understood that certain transaction is not done in the way how it has to be done. But in order to prove that there was a need to prepare separate reports for the purchase and sales and also for the state and for interstate differently it has to be reported. I helped to do this work by preparing excel sheet for the sales and purchases both within the state and between the states.

There were almost 500 bills that have to be added in this list and made the report and submitted it to the main officer. He asked to find out the difference of that amount of 600000 and the next task was to know about that .Later with the studies I was able to find out that it is because of the interstate transfer of goods and it is not registered hence there is a difference of 600000 raised. The case was happening in the court and we helped the client to realize with the problem and the case we won as per the reports that has been submitted with the help of us.

Stock register preparation
One more problem raised for the edappayil sanitation was the stock maintained and showed in the books of accounts were different and the company was not able to understand how this problems has arised.there was no proper stock register was maintained so our organization has taken the responsibility to do deal with this probkem.as the company containing various items such as floor tile and wall tile etc., there was a need to maintain proper register for different items. And the taxes will be calculated by considering the items and the boxes for each tile will be different as per the size of the tiles.

They had given me the work to prepare stock register. For each of the items it has to be prepared different. This was happened for the financial year 2017 and the whole transaction bills were taken in to consideration. By taking all these bills I had to prepare stock register which was
Completely a manual work. They provided me with the bills and the books and using all those information I made the stock register. To make the work more perfect first I have mentioned the bills in excel sheet then taken the same in to the stock register.

PREPARATION OF BALANCE SHEET
The other work done by me is the preparation of projected balance sheet as well as estimated balance sheet. The company might require loan from the bank in order to expand their business but the banks will provide the loan only when the profit of the company is good enough .because the banks are considering it as the measure to know whether the firm will be able to payback the amount.so some company will try to show their balance sheet in such a way so that they will get the loan. In order to do this there is a need to prepare projected balance sheet and estimated balance sheet. The balance sheet for the previous year will be provided and as per the information available from that we need to prepare estimated balance sheet by showing a particular amount of profit where the company will be able to take a loan amounted to rs.3000000.

A projected balance sheet starts with forecasting the revenue. This will show the related changes in future asset investment, outstanding liabilities and equity financing. Business considers the creation of projected balance sheet as a way to facilitate long term strategic planning. A business long term plans often concern future asset growth and how it may be supported by increased financing through both debt and equity.

Made forecast assumptions
To create a projected balance sheet a business makes certain assumptions about how individual balance sheet items may change over time in the future. Business plan also focused on anticipated sales in future.

Projecting asset items
Common asset items those are most relevant in a projected balance sheet includes cash, account receivables, inventory and fixed assets. While the amount of cash expected to be generated from the forecast sales increase may accumulate at a comparable rate, cash balance shown on the balance sheet is not necessarily in proportion to the sales increase.

Projecting liability items
Major liabilities in a projected balance sheet may include account payable, short term debt and long term debt. Accounts payable often are the result of accepting trade financing on inventory purchases. If more sales require more inventory, the increase in inventory likely leads to an increase in outstanding accounts payable.

Projecting discretionary financing
A projected balance sheet may not be balanced upon initial projections of various balance sheet items. Total projected assets may exceed total projected liabilities and equity resulting in a fund shortage in future financing.

Plans and preparation
The plan was to work according to the schedule .My intention was always to make sure that the work given to me is completed within the time period given to me .In a period of one month I was able to complete the works. In order to execute my plans I had to give my 100% efforts to the work. Concentration was needed for this work .The complete working hour of 8 hours did not spend for anything else except working hardly.

It was not a good ideas to keep the work for next day because the work pressure was really high.so I always tried to complete the one given work within one day .Each day the work given was different and helped to learn a lot if new things which was interesting also.

Preparation to do this work was learn and come prepare for the task .there was a need to know about the tax parts and all so I had to prepare accordingly.it is important to know the tax rate for different items so that the entry part will become little easier. The clients were helping to clarify the reports and also the staff over there always helped to complete the works.as it was quite different and new things for me I had to seek advice frequently from the staff.

And also small works such as scanning and taking printout then take Xerox ,make new files are also done by me .There should be patience to do all this by taking our own times. Every work has its own difficulties and outcomes also. We should keep this in mind and should be ready to work as per the instruction given by the senior people.

DURATION
I worked in a CA firm for a period of 21 days.it was really a tight schedule. The working hour was 10 AM to 5 PM. Break was given for 30 minutes. In a week 6 days are also working days. Only Sunday is the holiday and even if the strike was there it is the only organization still works at that time also.

Execution
The works executed by using various kinds of software such as busy software, GST software ,and taxman software .I used excel and other Microsoft tools in order to do with the tasks. Even manual works were also done by me such as preparation of the stock register. The plans whatever was there executed successfully with the help of staffs. The timely completion of the works was an appreciated job.

OUTCOME
I was able to learn a lot of new things. Till now it was only a theoretical knowledge for us but when will get the opportunity to learn the things practically it would help us to understand the concept also. The main work was given for me is the calculation of the tax and payment of the same. What is tax exactly how it is being calculated and why it is differ from item to items all these can be identifiable with the help of real world problems.

The balance sheet plays an important role for any organization. The concept of balance sheet was quite common for me but was not aware about the projected balance sheet and estimated balance sheet. After working here in this organization it given the opportunity to learn how to draft a projected balance sheet for various purposes.I also understood how important of maintain proper books if accounts as it is really necessary to record the transaction for a proof. For example if something goes wrong with the auditing there should be evidence and that will be the main basis for the auditing. The evidence will be the books of accounts maintained by the organization. If they fail to record something it will show the wrong results and will affect the organization also.so by the works given for me I clearly able to know how much important the books of accounts have and how it is going to affect the long run of the business.

How the organization works and how to deal with the clients and how effectively the works can be done everything is learnt within a period of 21 days. I believe that I have utilized my days in the organization in an efficient manner itself.

SWOCTANALYSIS
SwocTanalysisTisToneTofTtheTmostTvaluableTtoolsTinTtheTmanagementTinTthisTprocessTthroughTwhichToneTcanTidentifyTfactorsTinTfourTareasTisTstrength,Tweakness,TopportunityTandTchallenges.TStrengthTandTweaknessTareTinternalTandTnextTtwoTfactorsTareTexternal.

Strengths
ItTdescribesTwhatTanTorganizationTexcelsTat,TallowingTdecisionTonThowTtoTgainTaTcompetitiveTadvantage.TStrengthTofTanTorganizationTisTtheTstaffsTandTtheTscopeTofTtheTworkTtheyTareTundertakingTwith.

Weakness
ItTstopsTanTorganizationTfromTperformingTatTitsToptimumTlevel.TTheyThaveTtheTpotentialTreduceTprogressTorTtoTgiveTaTcompetitiveTedgeTtoTtheTcompetition.TAnTorganizationTneedsTtoTminimizeTweaknessTandTanalysesThowTtheyTcanTbeTimproved.

Opportunities
OpportunitiesTrefersTtoTfavorableTexternalTfactorsTthatTanTorganizationTcanTuseTitsTadvantage.TIfTutilizedTeffectivelyTopportunitiesThaveTtheTpotentialTtoTcreateTaTcompetitiveTadvantage.challengesitTrefersTtoTthatThaveTtheTpotentialTtoTnegativelyTimpactTanTorganization.itTisTprudentTforTanTorganisationTtoThaveTaTcomprehensiveTcontingencyTplanTthatTaddressesTpossibleTrisksandTspecifiesThowTtoTdealTwithTthem.

STRENGTHS
LowTCostTofTEducationItTprovideTaTgreaterTopportunitiesTforTtheTinternsTandTtheTstudentsTcomingTforTarticleTshipTandTbecauseTofTtheTreputationTnameTtheTcostTofTeducationTisTveryTlessTcomparedTtoTtheTotherTsimilarTorganization.

PerformanceTinTtypicalTsituationsTheTstaffsTareTconsideredTtoTbeTasTtheTstrengthTofTtheTorganization,TtheyTareTableTtoTmeetTwithTtheTrequirementTwithinTtheTtimeTperiodTgivenTforTthenTforTaTgivenTsituation.

HighTSpeedTheTworksTundertakenTbyTtheTorganizationTisTcompletedTwithinTaTshortTperiodTofTtimeTthatTmeansTtheTspeedTofTtheTworkTisTveryThigh.CapacityTtoThandleTvariousTtypesTofTtasksTsimultaneouslyItTisTnotTonlyTconcentratingTonToneTtaskTbutTdealingTwithTvariousTresponsibilitiesTandTworksTandTtheyThaveTtheTcapacityTtoThandleTvariousTkindsTofTtasksTsimultaneously.T
KnowledgeTofTeverTchangingTdifferentTtypesTofTlawsTheTlawsTareTchangingTasTperTtheTnewTrecommendationTandTotherTreasonsTsoTtheTentireTprocessTwillTturnTinTtoTthatTandTtheTorganizationTisTableTtoTadaptTanyTprocessTasTperTtheTchangesThappeningTinTtheTlaws.

AccuracyTguaranteedTinTGovernmentT&TinTOtherTDepartmentalTworkThereTareTcertainTgovernmentTauthoritiesTalsoTcomingTtoTthisTorganizationTtoTmeetTwithTsomeTresponsibilitiesTandTthisTassociatesTareTgivingTmaximumTcareTwhileTdealingTwithTsuchTaudits.GoodwillTinTPublicTMindTTheTnormalTpeopleTwhoThaveTtoTcalculateTtheTincomeTtaxTisTalsoTdependingTonTthisTorganization.TTheTtrustTmaintainedTisTtheTassetTofTtheTorganization.soTitThelpedTtoTcreateTaTbrandTnameTinTtheTmindTofTnormalTpeople;TitTwonTtheTtrustTinTtheTmindTofTpeople.

WorldTClassTJournalTandTPublicationsItTalsoTpublishesTcertainTrelevantTpapersTinTwell-knownTjournalsTinTKerala.9.TSoundTVisionTTSystemTAnalysisTandTDataTProcessingTsubjectTintroducedTmoreTthanT6Tyears.

.TTactfulTanalysisTofTSubjectTMaterialTheTanotherTstrengthTofTtheTorganizationTisTtheTsubjectTmatterTdealingTwithTthis.itTalwaysTtakingTtheTrecentTtechnologiesTandTtheTmethodsTinTorderTtoTdoTwithTit.WEAKNESSES
1.TUnmatchedTTrainingTProgramme:
TEachTandTeveryTstudentTdoesn’tTgetTtheTsameTqualityTofTtrainingTduringTtheTarticleTship.onlyTsuggestionsTlikeTthereTisTnoTsubstituteTofThardTworkTetc.TisTgiven.TThatTisTwhyTdespiteTpassingTCPTTandTPCC;TmanyTstudentsTcannotTsucceedTinTCATFinal.TAtTtheTtimeTofTresults;TtheyTpresumeT-TluckTisTunfavorable.

T
IfTweTanalyzeTtheTaboveTsentence;TtheTstudentsTwhoTpassedTCPTTand/orTPCC;TitTmeansTtheyTworkedThard.

T
T3.TUnmatchedTCPETHoursTforTMembers:
ItTisTcompulsoryTtoThaveT30ThoursTofTCPETinTaTcalendarTyearTforTaTpracticingTmember.TSuchTtypesTofTrequirementTwereTneverTfeltTinTanyTotherTprofession.T(ThatTisTwhyTCATProfessionTisTunique?).TThisTmayTbeTtreatedTlikeTaTcoaching.4.TNon-StandardizationTofTFaculties:
TTheTcontentsTofTtheTmatterTandTtheTpresentationTskillsTshouldTbeThighlyTinformative.TManyTtimes;TspeakerTisTgoodTbutTcontentsTareTpoor.TManyTtimesTcontentsTareTgoodTbutTspeakerTisTpoorT.TNoTpanelTofTspeakersTisTmaintained.TWithoutTcheckingTtheTquality;TeachTmemberTwhoTshowsThisTwillingnessTtoTspeak;TisTfreelyTallowedTtoTspeak.

5.TLackTofTCommunicationTSkills:TStaffsTareTnotTcommunicatingTeachTotherTinTaTproperTwayTwhichTwillTcreateTconflicts.theTstaffTwillTnotTbeTableTtoTcompleteTtheirTworks.TMembersTareTnotTableTtoTconvinceTtheTclientsTregardingTvalueTofTtheTservicesTtheyTprovide.TMostTofTtheTCAsTareTreadyTtoTdoTTaxTAuditsTatTRs.T5,000T(evenTbelow)TasTtheyTcountsTnumberTonlyTatTtheTcostTofTquality.TEvenTifTbooksTareTpresentedTforTauditTonTlastTday;TauditTreportsTareTpreparedTandTneatlyTprinted.T
TThatTisTwhyTdespiteTintroductionTofTtaxTauditT25TyearsTback;TtheseTreportsTareTnotTvaluedTbyTtheTIncome-TaxTDepartmentTatTtheTtimeTofTscrutinyTandTheavyTadditionsTareTmadeTalthoughTNILTadverseTcommentsTareTthereTinTtheTauditTreports.

T
6.TLackTofTDayTtoTDayTTimeTManagement.

Now-a-days;TweTseeTthatTupTtoT15thTofTAprilTeveryTyear;TsomeTcompaniesTpublishTtheirTannualTaccountsTauditedTdespiteThavingTturnoverTofTmillions.

TBut;TlookTatTtheTotherTsideTofTtheTcoin.TInTeveryTpartTofTtheTnation;TweTseeTtheTlastThourTrushTtoTfileTtheTReturnsTetc.TBecauseTservicesTareTguaranteedTbyTCATwithoutTchargingTextraTunlikeTDoctors.

TheTlastThourTrushTcausesTtremendousTpressureTtoTdoTworkTinTlimitedTtimeTwithTgreatTaccuracy.TOnlyTcharteredTaccountantsTareTrequiredTtoTdoTlegalTwork/complianceTinTaTparticularTtimeTframeTofTaTlargeTnumberTofTclients.TTheTstoryTofTadvocatesTisTdifferent.TTheyTcanTrunTtheTcaseTasTlongTasTtheyTwish.

TDespiteTtheTfactTthatTheavyTpenaltyTisTthereTforTnotTfilingTTaxTAuditTReports;TpeopleTtendTtoTcomeTatTlastTmomentTbecauseTCAsThaveTguaranteedTtheseTservicesTwithoutTanyTextraTcost.TItTisTmyTopinion;TthatTinTsuchTtypesTofTcases;TtheTfeeTshouldTbeTchargedTatTleastTdoubleTsoTthatTinTnextTtime;TtheTclientTwillTcomeTwellTinTtime.T
7.TOverloadedTWork:
TCharteredTAccountantsToftenTremainTbusyTonTphoneTasTifTrunningTanTInformationTBureau.TEvenTonTRefresherTProgramTtheyTcannotTswitchToffTtheirTmobileTwhichTprovesTtheirTbusinessT(businessTwithoutTanyTcashTvalue-telephonicTservicesTareTneverTconsideredTsoTusefulTbyTtheTclients).TFortunatelyTorTunfortunately;TtheTspellingTofTbusinessTisTsameTasTofTbusiness.

TBundlesTofTpapersTareTtoTbeTretainedTforTyears.TTheseTfilesTincreaseTdayTbyTday.TEverytime;ToldTpapersTareTtoTbeTreferredTwhichTconsumeTaTlotTofTtime.TAuditTReportsTalsoTtoTbeTretainedTforT10TyearsTwithTworkingTpapers.TAlthoughTpaperTproblemThasTbeenTsolvedTtoTsomeTextentTwithTtheThelpTofTcomputers.

T
DespiteTgivingTonTspotTservicesTmostTofTtheTtime;TCAsTdoTnotTdifferentiateTtheTnormalTservicesTandTurgentTservices.TTheTchargingTpatternTisTsameTatTtheTcostTofTwholeTofficeTsystemTwheneverTanTurgentTworkTcomesTtoTtheTtable.

T
8.TPoorTChargingTofTServicesTRenderedTInTmostTofTtheTfirms;TbillsTareTnotTraisedTimmediatelyTafterTtheTservicesTareTrendered.TTheTsituationTisTnotTapplicableTtoTtheTfirmsTwhoTareTunderTservice-taxTnet.

9.TPoorTCo-ordinationTbetweenTtheTmembers
TheTmembersTdoTnotTshareTtheirTviewsTifTthereTisTanyTnewTdevelopmentTinTtheTprofession.TAlthoughTtheTmatterTisTpublishedTinTtheTmagazinesTmuchTbeforeTthanTitTisTgoingTtoTbeTimplemented;TbutTtheTsameTisTnotTdiscussedThonestlyTbetweenTtheTmembers.TThisTisToneTofTtheTreasonsTofTinferiorTqualityTinTservices.

10.TPoorTConcentrationTDueTtoToverloadedTwork;TconcentrationTlacks.

TOPPORTUNITIES
TVariousTnewTavenuesT(needTnoTdiscussion)TinTtheTprofessionThaveTemergedTwhichTprovideTmarvelousTopportunities.TOneTofTtheTopportunitiesTwaitingTforTCATisTGoodsTandTServiceTTax.

ToTgrabTtheTopportunities;TcompleteTchangeTinTvisionTisTrequired.TIfTweTseeTthatTevenTinTtaxTauditTcases;TtheTstockTrecordsTareTnotTup-to-date;TtheTworkTcanTbeTallottedTtoTsomeTyoungTC.A.TwhoTwillTgiveThisTcommentsTonTstockTrecordsTwithoutThavingTanyTbias.TTheTaboveTisTanTexampleTonly.TIfTweTseeTaTnumberTofTunsecuredTloans;TtheTworkTcanTbeTallowedTtoTanotherTCATtoTverifyTtheTcorrectnessTofTtheTloansTbyTcallingTconfirmationsTandTotherTrelevantTdetails.TButThereTmostTofTCAsTthinksTtheTworkTmightTbeTsnatchedTbyTnewTCATifTallotted.TIncreasedTNo.TofTArticledTClerksTandTComplexityTofTAuditTWorkTetc.

ByTintroducingTincreasedTnumberTofTarticledTclerksTperTmember;TnowTeachTcharteredTaccountancyTfirmThasTavailabilityTofTstaff.

T1.TToTgrabTtheTopportunities
2.TToTTrainTtheTArticledTClerks3.TToTgetTtheTworkTsupervisedTbyTSeniorTArticledTClerk4.TPublicTAwareness.

IfTweTexpendTonlyT15TminutesTinTaTdayTtoTallTofTourTarticledTclerks;TaTtremendousThelpTinTtheTday-to-dayTworkTmayTbeTachievedTatTanTveryTefficientTway.T
THREATS
1.TLackingTtimeTmanagement2.TLackingTadvanceTlearningTofTComputers3.TLackTofTLiaisonTwithTTopTAuthorities4.TLackTofTtrainedTpeople5.TIncreasingTcomplexityTinTtheTtaxTlaws,Tfema,TauditingTetc.

T
ACTIONTPLAN:
1.TTryTtoTfindTourTbestTtimeTaTday.TMentalTworkTrequiresTconcentration.TBestTtimeTforTdealingTwithTothersTisTrelaxedTtime.

T2.T21TdaysTprogrammeT:
a.TRescheduleTtheTwholeTworkT(TotalTworkTofTtheTOffice)
b.TProperTdelegationTofTworkTtoTtheTextentTpossible-(aTmanagementTtool)
c.TRaisingTbillsTimmediatelyTandTfollowTupT–(DeemTitTasTpartTofTwork)
d.TCutTdownTtimeTforTcompletionTofTjobTtoTtheTextentTpossibleT–(PracticalTapproachTofTCostTAccounting)
e.TSpendTtimeTwithTfamilyTatTleastTsixThoursTinTweeklyTworkingTdaysT
3.TStressT:TanalyzeTtheTcausesTthereofTandTremoveTthem:
TTryTtoTdoTtooTmuchTworkTAfternoonTdrowsinessTTooTmanyTinterviews/visitorsTTMostTtelephonesTfromTwhomTTProfessionalTtimeTScheduleT4.TTimeTDemandsT:TTTasksTPurposeT;TPrioritiTOtherTPeople,TSelfTDemandsT5.TWorkTAnalysisT:
TManyTtimes;TdueTtoTshortageTofTtimeTthisTanalysisTisTnotTdone.

6.TPurposeTofTWorkTandTKeyTPrioritiesTTAlthoughTallTweTknowTaboutTtheTkeyTpriorities;TbutTdueTtoTunscheduledTpatternTofTattendingTclients;TparticularlyTinTsmallTcities;TinTmostTofTtheTcasesTtheTwholeTscheduleTgetTdisturbed.TItTshouldTbeTtakenTinTcontrolTtoTserveTbetterTtoTtheTdisciplinedTandTvaluedTclients.

T
ChapterT8
Findings,TrecommendationTandTconclusionInTthisTchapterTallTtheTfindingsTofTtheTstudyTofTtheTCATorganizationTandTalsoTtheTrecommendationTforTtheTorganizationTasTwhole,TandThowTtheyTcanTimproveTupon,TareTgivenTalongTwithTaTconclusionTdrawnTfromTtheTinternshipTdidTinTthisTorganization.

Finding
TheyTfocusTonTtheTqualityTofTtheTservice,TconfidentialityTofTtheTinformation,ToperationalTflexibilityTtoTfulfillTtheTclient’sTneeds.

Client’sTsatisfactionTisTtheTmainTobjectivesTofTtheTorganization.

TheThumanTresourceTisTcomprisedTofTtheTfounder,Texecutives,Tmanagers,TconsultantsTandTtheTstaffsTandTalsoTtheTarticleTshipTmembers.

TheTmainTconcentrationTisTforTtheTtaxTpurposes.

ThereTareTaroundT500TofTcompany’sTgivingTtheTsalesTandTpurchaseTvouchersTinTorderTtoTmeetTwithTtheTtaxTpurposes.

TaxTwillTbeTcollectedTfromTtheTorganizationTandTwillTbeTpaidTthenTforTtheTpurposeTofTcalculationTofTtaxTandTfilingTreturnTfeeTwillTbeTcollectedTfromTtheTclients
ThereTisTnoTdifferenceTbetweenTtheTbigTorganizationTandTtheTsmallTone.

TotalTnumberTofTstaffsTareT14
TheTsalariesTofTtheTstaffsTareTfixedTandTitTmightTchangeTasTonTannualTbasis.

TheTauditTisTdoneTwithTdueTcareTandTwithoutTnegligence.

TheTprocessTwillTchangeTasTperTtheTchangesTinTtheTlaws.

ThereTisT14TsystemsTareTavailable.

TheTsoftwareTusedTforTtheTpurposesTareTBusyTsoftware,TGSTTsoftware,TwinTmanTsoftware.

TheTassociateTisTtheTonlyTfirmTwhichTisTworkingTforTanyTkindsTofTclients.

ItTalsoTconcentratedTforTtheTcalculationTofTincomeTtax.TTheTfirmTworksTfromT10TtoT7.

ItTalsoTundertakesTsomeTcasesTregardingTtheTaudits.

TheTfirmTenjoysTloyaltyTfromTitsTclients.

ManyTareTcomingTforTtheTpurposeTofTgstTreturnsTheTintroductionTofTGSTThasTincreasedTtheTscopeTofTtheTfirmsTandTmanyTareTcomingTforTtheTregistrationTofTgst.

ItTalwaysTprovidesTopportunitiesTforTtheTinterns.

CompleteTtheTtasksTwithinTtheTtimeTperiod.

EachTjobTareTdividedTwithTtheTemployeesTonTtheTbasisTofTalphabetsTofTtheTnameTofTtheTorganizationTcoming.

SUGGESTIONS
ThereTisTrequirementTforTmoreTstaffsTwithTtheTrequiredTknowledge.

TheTsoftwareTrequiresTupdationTasTperTtheTtechnologicalTrequirements.

TheTcommunicationTshouldTbeTstrongerTbetweenTtheThigherTauthorityTandTtheTstaffs.

TheTfirmTisTconsideringTmoreTaboutTtheTclientsTsoTmanyTtimesTitTfacingTwithTfinancialTproblemsTsoTitTshouldTincreaseTtheTfees.

FirmTcanThaveTaTrelevantTperformanceTappraisalTmodel.

TheTcompanyTcanTalsoTimplementTtechniquesTeffectivelyTtoTdealTwithTtheTprocess.

InternsTshouldTbeTtreatedTasTinternsTandTbeforeTgivingTthemTworksTshouldTmakeTsureTthatTwhetherTthyTwillTbeTableTtoTdoTwithTit.

MoreTsupportTfromTtheThigherTauthorityTisTrequiredTforTtheTlowerTauthority.

TheTcompanyTcanThaveTaTwebsiteTwhereTitTwillTbeTableTtoTgiveTassistanceTtoTtheTrequiredTpeopleTthroughTwebsiteTorTvirtually.

TrainTtheTemployeesTproperlyTasTperTtheTintroductionTofTnewTsoftware.

KeepTtheTinformationTmoreTconfidentialTbecauseTitTcanTbeTmisusedTbyTtheTpeople.

MakeTproperTrecordsTofTtheTtransactionTandTtimelyTpaymentTofTtheTtaxTisTrequired.

IncreaseTtheTsalariesTofTtheTstaffsTinTorderTtoTencourageTthemTandTreduceTtheTworkTpressureTandTalsoTgiveTthemTtheTtimeTforTthemselves.

AsTtheTfirmTisTrunningTsuccessfullyTtheTfirmTcanTincreaseTtheTsizeTofTitTandTcanTstartTinTtheTcoreTpartTofTtheTcity.

GiveTproperTtrainingTforTtheTemployees.

CONCLUSION
CTpTvenugopalTisTtheTfounderTofTtheTfirmTisTtheTownerTofTveryTrespectfulTpersonality.TBecauseTofTtheTadministrationTandTmanagementTtheTfirmThasTsucceedTinTallTkindTofTtheTactivities.TTheTcoordinationTofTtheTemployeesTandTtheTclientsTisTtheTreasonTforTtheTcurrentTstatusTofTtheTfirm.itTnotTonlyTdealsTwithTaTsingleTtaskTbutTalsoTdealsTwithTvariousTactivitiesTandTtheTreturnTforTthisTservicesTareTtheTfeeTcollectedTfromTtheTclients.TCATfirmThasTaTlotTofTresponsibilitiesTitTisTnotTonlyTtheTauditingTbutTaTlotTmoreTthanTthat.TTaxTisTnotTsimpleTasTitTsoundTtheTtaxTcalculationTisTreallyTcomplex.TAndTtheTGSTThasTintroducedTwhichTchangedTtheTcompleteTperspectivesTofTtheTbusinessTitself.itThasTtakenTtheTbusinessTinTtoTanTanotherTlevelTandTtheTfirmTstartedThelpingTforTtheTregistrationTandTfilingTofTreturns.TAnTorganizationTsuccessTisTdependsTonTtheTwayThowTtheyTareTdealingTwithTtheTworks.

ItTwasTaTgreatTopportunityTforTmeTtoTbeTaTpartTofTthisTfirmTasTITwasTableTtoTlearnTaboutTnewTthingsTwhichTisTapplicableTforTusTinTtheTcomingTdaysTinTcorporates.TItThelpedTtoTgetTaTclearTideaTaboutTdifferentTaspectsTofTtaxesTandTotherTfinancialTterms.TITamTrespectingTtheTworksTundertakenTbyTthemTandTalsoTtheTwayThowTtheyTareTmanagingTwithTtheTtime.