HOW I GOT HERE – CA Sundeep Wagh

CA Sundeep Wagh
always wanted to start his own venture and never desired to be employed. His
parents forced him to become a CA. Today he enjoys practicing the profession
as a proprietor. He feels its gives him the respect it commands and the
leadership to deal with assignments, and most of all, the satisfaction
expressed by clients gives him utmost pleasure. He has been speaker at CAP
Finance workshops and shares his story with us.

By profession I am an …astute professional always doing my best to adhere to
the ethics, morals, discipline and perfection that the stature of this
profession commands. 

The philosophy with which I set up Wagh & Associates
is…I always dreamed of
making this firm unique. Moto is to be a ‘Service Partner of Choice’ for my
clients. By using technology in every sphere of work, employing different work
methods to delivering best results. I have always worked as a leader and not a
follower. 

I manage to keep accounts of…the environment. I adopted paper less operations
(reduced use of paper to the minimum) thereby reducing space required to store
documents resulting in clutter less office. I’ve also introduced
computerization, data security and backup systems and ensured data is available
On the Go wherever I am and whenever I desire it. Print only if required. 

Before I set up the company I was…looking forward to set up my own car
mechanic workshop, something I enjoy the most even today. I also find happiness
in doing jobs carried out by electricians, carpenters and plumbers. This
pleasure is quite different and though laughed upon by some people, it gives me
tremendous satisfaction. 

When I look back at my career I feel…proud for having worked my way from scratch
to great heights. I have reached here with all my might, dedication, planning,
but yes due to the unstinted support from my family. I have also given freedom
to my staff for execution to decide their way to achieve results. I lay down
the parameters by discussions and mutual acceptance with my staff. 

One client that
has been special to me…
I can never forget my first client who paid me Rs. 600/- to write a single
year’s books of accounts way back in 1986. I am proud to have this client even
today. My greatest achievement I consider is none of my client has ever severed
relations.

My involvement with the social sector began…largely, post my qualification in 1992 when
the IT Act was amended and Sec 10(23) as it was back then underwent a change.
This resulted in certain charitable institutions to seek fresh approvals for
being eligible for an exemption under this new modified section.  I learnt the philosophy and interpretation of
income tax law by reading commentary in the book The Law and Practice of Income
Tax by Nani Palkhivala and never missed his lectures on the subject. This study
of charity related laws made me very well conversant, especially in the spirit
behind the concept of charity and not just for the sake of words. My
interactions with then IRS officers who debated very intellectually put forward
challenges and motivated me and gave me enthusiasm to take this as a major area
of practice. 

One learning with social organisations/roles has been…such organisations are governed and
controlled by dedicated social workers and play a giant role in the upliftment
of the downtrodden. Over the years the concept and philosophy has undergone a
sea of change. Such organisations lack the support of professionals who can
take them forward cautiously but confidently by ensuring compliances and
helping them grow by good financial management. 

Funding for any social sector organisation is…a basic requirement, otherwise they would
collapse and not be able to fulfill their goals. But they lack the skills, know
how and talent to prepare and project their work in financial terms, to attract
monies towards their projects since the people at the helm lack commercial
knowledge. In today’s times, this could even lead  to organisations loosing their charitable
status. 

3 common mistakes that most NGOs make within finance are…
Give no importance to
Chart of Accounts or laying down of internal processes and controls, do not
invest their monies prudently, and lack adequate legal sense.

The relationship between and NGO and their CA should be …like family. It is a principle of mutuality
where each one works very closely with the other, so much so, as if they are
one. I have practiced this with an organisation and experienced it grow from a
gross receipt of Rs. 2.50 Lakhs in 1995 to about Rs. 20 crores of gross
receipts besides a corpus of about Rs. 15 crores.

The social sector in India today has…to many players suddenly jumping in like
ants being attracted to sugar. The introduction of CSR has created a class of
professionals. But many of them lack the true skills, knowledge and resources
and thereby the social organisations find themselves at a receiving end of
trouble inspite of having spent considerable sums in fees.

If I could change one thing about the social sector…social workers should abide by the social
objective they are in pursuit of and not cross the laxman rekha to make
business. This could lead to less intervention from various government
authorities and bring in a cordial atmosphere of trust and faith with the
beneficiaries.

My advice to non-profit founders/CEOs…do not try to use this sector as a money
generating “business” disguised as a non-profit. Under the pretext of elevation
of the poor, encouragement to the artisans, etc. flourishing businesses are run
for self gain, while the actual artisans or the poor hardly earn. Hire
professionals of good standing to ensure compliances and be focussed on your
objectives.

The balance sheet of life should be… balanced between work and personal life
only then the Owners Funds = Pleasure of living. Life should be full of
happiness and enjoyment which will fulfill the purpose of being on this planet
earth.

One of life’s most important learning has been…honesty, diligent work ethic, proactive
professional advise and service, which still commands good value in these
changing times. Finally these qualities are valued and I would like to serve
only those who value such qualities. Thus it is not the quantity of clients,
but the quality of clients that’s important.

The one aspect in my life I am eternally grateful for…to have been created with qualities, such
as honesty, sincerity, yearning to be perfect, timeliness and most of all
committed. I have experienced situations where I have to refuse work as I
cannot give every assignment my personal touch.

The one person who has inspired me… my
mentor who made me conscious of my capabilities which gave me tremendous
confidence, whom I tried to imitate by always being updated, ahead of time and
being organized. 

My greatest strength is…  ability to spend hours dedicated to
difficult task at hand. I have a long patience and my greatest weakness is… approaching
people or speaking of my own achievements. I am too to the point and cannot
beat round the bush. Being an introvert, it takes me long
to become talkative. I would rather wait for people to appreciate my work than
to project my contribution to their success.

In my
free time… I
listen to music or would like to go for a long drive.

The best way I deal with a difficult situation is…sit back quietly all by myself and
analyze the difficult situation, put down on paper the various difficulties /
hurdles and again sit back and plan a course of action, a strategy. This has
always helped me come out of all difficult situations. I strongly believe in planning
and having a strategy, as this alone makes execution very simple with assured
results.

An incident that changed my thinking...Corruption!!! Can’t be a part of it,
couldn’t ever convince myself to practice it. Completely wound up roaring
active tax practice and moved to accounts and business processes.

A book I would recommend everyone should read is…Books of Accounts, Ha ha!! I am not a
person who likes to read. I wouldn’t mind someone reading and telling me. But
reading, rarely. My family wonders how I qualified as a CA with allergy to
books. Yes, what is essential, I read, nothing more nothing less. In today’s
times, it is browsing that helps, which is more acceptable.

A song I identify with my life is…
“Over and Over” by Madonna