CA VENKAT SUBRAMANIAM – Stay Persistent to achieve your Goals

By BWA Envoy
July 01, 2022
2 Minutes Read

Chartered Accountant replaced Registered Accountant as the preferred word once the Chartered Accounts Act of 1949 was passed and the ICAI was established. The ICAI Foundation Day or CA Day has since been observed on July 1st.

It makes me ecstatic and mostly grateful even to think I am the only CA even in my extended family, chuckles CA Venkat Subramanian.

This young chartered accountant has a prestigious career with lots of opportunities for progression and high earning potential. But where did it all start, how did he come onto this road? He says that the reason he has a passion for finance is that his father was working in the field. This inspired him to pursue a career that would take him on such a wonderful journey. “My job requires me to give counsel, audit accounts, and provide reliable information about financial records, but before all of this, I observed my father handling accounts, which may be considered part of my journey to the point where my dream is now becoming a reality”, says Venkat.

Even while it is well known that this voyage consumes minds and wears out lives, it wasn't the same for this young man. He failed his inter test on numerous occasions, but instead of giving up, his family and friends’ tenacity and extraordinary efforts, along with those of his mentors, etched a silver lining in Venkat's life and helped him realize his goals. After achieving this dream of becoming a Chartered Accountant, his job prospects included a lot of options to work in a range of organizations, including public practice firms and industry and commerce, as well as in the not-for-profit and public sectors also small businesses such as MSMEs are called SMEs in India.

Venkat says that “And as someone who constantly deals with accounts and analyzes them, I would like to emphasize the importance of SME’S. Even though I have not got the opportunity to work with any of the SMEs. As part of my studies, I had to inspect them and analyze them to understand more about their importance. Small and medium-sized enterprises (SMEs) are there in every country to create new job opportunities, encourage entrepreneurial endeavours, improve the living conditions of the impoverished, and increase the SME sector’s contribution to the country’s GDP. In my opinion, MSMEs, which account for 40% of all exports and 45% of industrial output in India, are the backbone of the economy. MSMEs have also made a substantial contribution to job growth in the nation. From 3.87 lakhs in 2017 to 5.875 lakhs in 2018, micro-enterprises created 51.6 per cent more jobs than they did the previous year. Additionally, this industry contributes 30% of the nation's GDP, according to the chairman of the MSMEs Ministry. However, I also think that even though SMEs make up a substantial portion of India's GDP, outdated, ineffective business practices and low adoption of technology have kept smaller companies from reaching their full potential.”

This budding CA is currently working in a BPO that provides financial services to foreign clients. Even though his job relates to a great expanse of opportunities, due to the pandemic the possibility of landing a job of his choice was difficult. “ I chose the one which I felt would best help me get initial experience even if it isn't my dream job” he adds on. He shares that his team has worked exclusively for one client and is focused on accounting, financial reporting, and reconciliations. When asked for suggestions on how to make audits easy and hassle-free, he replies - "Maintain appropriate support for everything. Knowing how your hard-earned money is being used will provide you peace of mind even if there is no audit ". This is why keeping track of your finances is always a wise move.

Discussing the changes in the profession, such as the technology that has advanced tremendously and continues to grow in all spheres of life, this young professional doesn't see this as a hustle because he thinks he can make things simpler "by reading Journals and a lot of YouTube videos on economics and legal cases related to the profession." Venkat is actively working in the field giving secure advice to the clients. He says, "For the problems my clients confront, even if it's out of scope, I will try to help and if I can't directly help, I will at least try to connect to proper people."

Discussing the importance of ratings, Venkat says "I believe that by providing honest ratings, rating agencies can help propel businesses to get the capital they need instead of it being sent to fraudulent or incapable businesses that collapse the trust of people to invest.” Venkat continues, "If any action outside of one's given responsibilities can offer the essential value, it can be done. Additional work that doesn't offer value isn't always necessary.” As a profession, chartered accounting places a strong emphasis on working strategically, which also entails maximizing profitability. People and businesses should keep an open mind, learn new things, and make wise plans regards their accounts and their management.