NETWORKING AND PROFESSIONAL
OPPORTUNITIES
CA ANKIT PANKAJ SANGHAVIPANKAJ P. SANGHAVI AND CO.CHARETERED ACCOUNTANTS
OTHER FACTORS
IMPERATIVENESS OF TECHNOLOGY
RISK MANAGEMENT
SERVICE ORIENTATION
NEED FOR SCALE UP
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
NETWORKING
Networking is an association of different Firms / Members who identify a common name [ Brand ] and adopt collaborative approach yet retain their own identity and ownership of individual practices. The individual participants continue to manage their own practice but, adhere to the standards established by the Network. They share common practices, procedures, and knowledge base.
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
FORMS OF NETWORKING
• Means a network registered with ICAI
• Objective is to use collective resources of the affiliates
Formal• Means a practice to refer
professional work by a firm to one of its associate / affiliates
• Objective is not to pool in their collective resources
Referral
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
REQUIREMENTS. . .
Name of the Network: No compulsion of a distinct name
Use “ & Affiliates” in place of “& Co. /& Associates”
Application to be made in Form A
Registration:A Formal Network needs registration
Application in Form B
No requirement of registration for Referral Network PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
. . .REQUIREMENTS
Consent of Client: Consent to be obtained by the Network from the client to engage an affiliate in discharging the professional assignments
Byelaws:A Frame work of Internal bye laws of the network is required for Network’s requiring registration
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
GROUNDWORK . . .
A common Vision of the Firms / Individuals coming together
Network Philosophy
The Mission should be definedCommon Agenda
Code for SuccessEthical
Guidelines
A common Brand NameBranding
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
. . . GROUNDWORK
Ensure continuity of the network. The Network should not belong to any one
Institutionalization
A formal Structure should be formed. Network Structure
Detailing the terms of the NetworkProfit Sharing Methodology
Defining the role of everyone involved
Roles and Responsibilitie
sPANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
OPERATIONAL PROTOCOL . . .
Avoid creating immovable properties
Use Client delivery trackers
Define Cost Allocation
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
. . . OPERATIONAL PROTOCOL
Knowledge Sharing through Database
Common Pool for Research
HR Processes to be put in place since inception
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
MEETING OF MINDS . . .
No ambiguity with regards to Key areas of such as Sharing of Profits, Roles, Responsibilities etc.
Power Centre to be identified. Total power should not rest with single partner/individual
Committees of Partners to be formed with ultimate powers resting with the entire Partnership
Continuity and Succession plans to be put into placePANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
. . . MEETING OF MINDS
Norms of admission of new partners to be defined
The process to be followed in case of retirement of partner to be identified and documented
Control on Partner Costs
Administration of the Firm should be carried out through a committee of senior partners.
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
NETWORKING DETERRENTS . . .
Finding the Right Fit
Lack of Vision
Trust
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
. . . NETWORKING DETERRENTS
Reluctance to share Specialization
Fear
Conservative Thinking
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
KEY SUCCESS FACTORS. . . The Networking Firms Mission, Vision, Values, Leadership Alignment, and Goals supporting the desired changes should help to formalize and make permanent the new ways of doing work
Finding the Right Fit
Lack of Vision Trust
Reluctance to share
Specialization
Fear Conservative Thinking
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
SUMMARY . . .
Develop a Vision
Identify Firm / Firms for Networking
Meeting of Minds
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
MANAGEMENT CONSULTANCY
The Goal of a Management Consultant is to make the
flow of processes, information and funds which support
the highest visibility and efficiency across the value
chain, transparent to users. It's all about getting the
right information, in the right format to the right person,
at the right time, at the pace business demands.
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
ERP IMPLEMENTATION
ERP Solutions that are custom-built to suit the needs
of all enterprises and each individual within. Its
comprehensive, enterprise specific solutions enable
businesses to outclass competition through highly
competent operations and par excellence
performances at all levels.PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
ACCOUNTING AND COMPLIANCE
To provide consistent, repeatable single solution approach
that integrates all the business processes operating
across different locations and functions. This ensures that
operational information produced locally; from forecast to
financials, cascades upwards into a single consolidated
view that accurately reflects the organization's
performance.PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
FINANCIAL MANAGEMENT AND ADVISORY Financial Management may be defined as the Art and Science of Managing Money
There are various range of services as a Financial Consultant :- Structuring Fund Requirement plan for meeting Project needs
- Monitoring and Reviewal of Sick units- Business and/or Financial Restructuring- Merger and Acquisitions- Working Capital Management- Fund Syndication- Transaction Management PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
VALUATION
The dynamics of an economy is compelling business
enterprises to tap capital market and/ or private equity
investors; to venture into acquisitions, restructuring,
strategic alliances; to offer stock options for retention of
intellectual capital, etc. All these endeavours raise a very
crucial issue of determining the value of an enterprise.
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
INTERNAL AUDIT
Internal Audit is the continuous and critical appraisal of the
functioning of an enterprise relating to its Profile,
Processes, Practices and Planning. The Internal Audit
process adds value and improves the efficacy of the
enterprise's business operatives. It analyses, evaluates,
and recommends the measures to enhance business value
and bolster the overall governance structure; strategic risk
management and internal control system of the enterprise.PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
TAX ADVISORY AND REPRESENTATION
As an Individual taxpayer, Corporate or Trust,
the financial affairs ought to be managed
both, Tax effectively and in compliance with
the Law.
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
MANAGEMENT AUDIT
Management Audit is a process of critical monitoring and examining the conduct of business from Management level to the Shop level, in order to ascertain whether sound management prevails throughout the organization, thus facilitating the most effective relationship with all its stakeholders or the governing authorities and the most efficient and seamless functioning of Business processes internally.
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS
COMPLIANCE AUDIT
Continuous Changes are making
Statutory Codes increasingly complex and
incomprehensible, and are thus increasing
the risk of making expensive mistakes.
PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS