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 a routine fire with the 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 24/7 service we got into a call thinking must be a small issue but the call went on for 2 hours and we realized that Srini was really in a distressed situation.
Problem: Srini has a term sheet in hand for Series A funding of $ 1 million which he needs quickly to grow the business, hire a team, and build a technology platform. The term sheet has a clear requirement of at least 40 accounting, tax, and secretarial compliances to be done in 10 days otherwise term sheet is no longer valid. The 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 had done everything to his surprise Srini realized that his consultant did not even know how to build a trial balance despite being qualified from a premier institute. On further probing, we realized that he has not even started accounting work for the last 6 months, with 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 requested to take over his complete assignments starting from accounting, tax, legal drafting and review, secretarial compliances, and internal audit which we happily agreed but Srini set 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 the company and will take another six months to raise funds again
Our approach: Imagine when you see your client is in a distressed situation due to the incompetency and incapability of other professionals, you feel restless as you definitely want to ensure that the customer is happy but then you are challenged with execution. volody decided to do everything possible to Make it happen. We mobilized resources, hired additional staff, asked our colleagues to cancel the Raksha Bandhan Holiday, and ensured that we completed the requirements. As planned everything worked well and with the help of a 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 thanked our team and gave us a mandate that volody would be his company`s only consultant for all services of CA, CS, and Lawyers. In addition, he also gave us references from 3 more start-ups that have gone through similar situations with compliance
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Takeaway for start-ups: Please do your proper homework before appointing a professional for complex services of CA, CS, and Lawyers. In today`s world, it’s not only qualification but practical knowledge of business intricacies, and understanding the start-up ecosystem is very critical.
Please do give us a call at 808080 9301 in case you need a free diagnostic of your financial records. We assure you we will not chase you for business Please visit https://www.volody.com/ to avail of the services.