Cons Of Non Compliance And Of Doing Your Books Of Accounts At One Go
After quite a hectic day with 12 interviews, 3 calls with service providers, 20 customer calls and routine fire with execution team, our co-founder on his way back home at 10.30 PM receives a call from Srini, founder of six months old start-up) frantically asking for professional help on multiple things. Since volody is known for providing 24X7 service we got into call thinking must be small issue but call went on for 2 hours and we realised that Srini is really in distress situation.
Problem: Srini has a term sheet in hand for Series A funding of $ 1 million which he needs quickly to grow business, hire team, build technology platform. Term sheet has clear requirement of at least 40 accounting, tax and secretarial compliances to be done in 10 day otherwise term sheet no more valid. Next day we got on a call with Srini and his professionally qualified consultant and we were aghast that while Srini was assuming that his consultant has done everything but to his surprised Srini realised that his consultant does not even know how to build trial balance despite being qualified from premier institute. On further probing we realised that he has not even started accounting work of last 6 months, no TDS payment, no TDS compliance and no ROC filing. Oh my god, I am dead that’s the word we heard from Srini and he disconnected the call. Srini call again to our co-founder and request to take over his complete assignment starting from accounting, tax, legal drafting and review, secretarial compliances and internal audit which we happily agreed but Srini put a deadline of 7 days to complete his accounting and tax compliances. Srini says in case this is not done he will not have funds for company and will take another six months to raise fund again
Our approach: Imagine when you see your client is in distress situation due to incompetency and incapability of other professional, you feel restless as you definitely want to ensure that customer is happy but then you are challenged with execution. volody decided to do everything possible to Make it happen. We mobilised resources, hired additional staff, asked our colleagues to cancel Raksha Bandhan Holiday and ensure that we complete Srini`s requirement. As planned everything worked well and with the help of dedicated team of volody we were able to deliver everything 10 hours before our deadline and Srini was absolutely on top of the world. He thanks our team and gave us mandate that volody will be his company`s only consultant for all services of CA, CS and Lawyers. In addition he also gave us references of 3 more start-ups having gone through similar situation with compliance
You May also be interested in Reading: Features of ROC Software
Take away for start-ups: Please do your proper homework before appointing a professional for complex services of CA, CS and Lawyers. In today`s world its not only qualification but practical knowledge of business intricacies and understanding start-up ecosystem is very critical.
Please do give us a call at 808080 9301 in case you need free diagnostic of your financial records. We assure you we will not chase you for business Please visit http://volody.com/ to avail the services.