1) INTRODUCTION TO INDUSTRY & CONCEPT

1.1 INTRODUCTION OF THE CONCEPT

The study of finance focuses on asset and money management. Budgeting, saving, investing,
borrowing, and lending are some of the tasks involved in achieving financial objectives and
maximizing resource utilization.

Finance: The management of funds and assets is known as finance. It entails tasks including
borrowing, lending, investing, saving, and budgeting with the purpose of maximizing
resource allocation across time to meet financial objectives. Personal, corporate, and public
finance are just a few of the domains that fall under the umbrella of finance. Financial
planning, investment analysis, risk management, and capital budgeting are important ideas
in finance.

Accounting: is the methodical process of keeping track of, compiling, evaluating, and
reporting financial data and transactions pertaining to an organization. Financial data must
be measured, categorized, and communicated to various stakeholders, including creditors,
investors, regulators, and management. Accounting offers a framework for assessing an
organization's cash flows, position, and financial performance, facilitating responsible and
informed decision-making.

2
The foundation of contemporary business and financial management is made up of the
interrelated fields of finance and accounting. Accounting is the methodical recording,
synthesis, and reporting of financial data and corporate information. Through the creation of
financial statements and reports, it offers a thorough understanding of the performance,
position, and situation of an organization's finances. Finance, on the other hand, is
concerned with managing assets and money, including borrowing, investing, budgeting, and
risk management.

To accomplish financial objectives, whether at the individual, corporate, or governmental

levels, finance focuses on optimizing resource allocation. To assist decision-making,
promote economic activity, and maximize value for stakeholders, accounting, and finance
work hand in hand. They offer the essential resources and knowledge for effective financial
management, planning, and strategic decision-making in today’s dynamic business
environment

As the backbone of contemporary economies, the financial sector facilitates capital flows,
manages risks, and offers vital services to citizens, companies, and governments. It includes
a broad spectrum of organizations, financial systems, and tools that are essential to
managing wealth, distributing resources, and promoting economic expansion. The financial
industry is broad and dynamic, continually changing to meet the shifting demands of
international markets. It includes everything from banks and insurance companies to
investment firms and stock exchanges.

Among the financial sector's essential elements are:

Banking Institutions: Providing a range of services, including deposit taking, lending, and
financial advising, banks are essential to the financial industry. They act as go-betweens for
depositors and borrowers, making it easier to allocate capital effectively.

Capital markets: They offer a venue for purchasing and selling financial products such as
stocks, bonds, and derivatives. In addition to providing investors with options to purchase a
variety of assets, they allow firms to raise capital through the issuance of stocks or bonds.

Insurance Companies: Insurance plays an important role in risk management by protecting

against a variety of hazards such as life, health, property, and liability. Insurance firms
aggregate the risks of individuals and businesses and compensate policyholders for insured
losses.

Investment firms: Businesses which include asset management companies, hedge funds, and
private equity firms, manage investment portfolios for customers or investors. They seek to
produce returns by investing in a variety of financial assets and markets.

Fintech: The rise of financial technology (Fintech) has altered the financial sector by
bringing novel payment, lending, and investment alternatives. Fintech companies use
technology to expedite operations, increase accessibility, and promote financial inclusion.

The financial sector's health and stability are critical to overall economic well-being, as
disturbances or crises in the financial system can have far-reaching implications. As a result,
politicians, regulators, and industry participants are constantly working to enhance
transparency, manage risks, and develop innovation to ensure the financial sector's resilience
and efficiency.

Financial accounting is an essential component of business operations, offering a formal

framework for documenting, summarizing, and communicating financial transactions and
information to stakeholders. Financial accounting is fundamentally concerned with capturing
and communicating an organization's financial performance and position over a specific
period. It follows generally accepted accounting principles (GAAP) or international
financial reporting standards (IFRS) to assure the uniformity, comparability, and reliability
of financial statements.

The principles of accuracy, relevance, reliability, and comparability form the foundation of
financial accounting. The concepts of accuracy, significance, reliability, and comparability
shall be used in the accounting. Accuracy ensures that transactions are accurately reflected in
financial statements, whereas relevance protects users such as investors, creditors, and
regulators from being forced to make decisions based on the information presented. The
reliability of the financial information is to be verified, neutral and without bias to enable
stakeholders to have confidence in the data provided.

In addition, financial accounting plays a key role in the decision making of management,
investors, creditors, and other stakeholders. While investors and creditors use financial
information to assess the risk return profile of an investment or lending opportunity,
management relies on financial reports for evaluation of performance, allocation of
resources and development of strategic plans.

To ensure compliance with legal and regulatory requirements, as well as assess the tax
liability of an entity, financial statements are also relied upon by regulators and taxation
authorities.

In summary, financial accounting plays a key role in the capture, analysis, and dissemination
of financial information to stakeholders that is an essential tool for transparency,
accountability and informed decision making within organizations and across the broader
business environment.
 1.2 INTRODUCTION OF THE INDUSTRY

A regulatory organisation that stands for the professionalism and accounting industry of
chartered accountants is the Institute of Chartered Accountants of India (ICAI), founded in
1949. The council, which is made up of members, directors, the ministry, the controller, and
auditor general of India, and others, enacts laws and oversees both practicing and prospective
chartered accountants.

A CA firm, or chartered accountant firm, is a professional services organization that provides a

range of accounting, auditing, tax, advisory, and consultation services. These companies are
usually started and operated by chartered accountants who have completed the education,
training, and certification requirements to operate as professionals in the accounting and
financial professions.

The trustworthy accounting and financial services company ‘ASAP CA & CO.’ is well-known
for its proficiency in offering a broad range of services to both individuals and corporations.

As a prestigious chartered accountancy firm in Mumbai, we offer a wide range of professional

and value-added services. Our team of specialists includes renowned chartered accountants,
corporate financial advisors, and tax consultants.

Using the best combination of specialised experts from many industries, we strive to offer our
clients a comprehensive range of high-quality services in a timely, cost-effective manner while
upholding the highest standards of professionalism. Sincerity and integrity are two qualities
that cannot be purchased or measured in monetary terms, and we firmly think that these
qualities are necessary to provide true service.

ASAP CA Firm was established with the goal of providing clients with accurate and quick
solutions. The company was founded with a dedication to providing prompt and precise
solutions.

As a chartered accounting firm, or CA firm, is responsible for a broad range of accounting,

finance, and tax-related services and tasks. These are some of the main functions that ‘ASAP &
Co.’ businesses usually carry out:

Audit and Assurance: To verify adherence to accounting rules and regulations, they audit the
financial records of companies, associations, and governmental entities. They check internal
controls, records, and financial statements to guarantee the dependability and correctness of
financial data. This promotes confidence and trust in company financial statements.

Taxation Services: For both people and corporations, CA firms offer tax planning, compliance,
and advice services. They assist clients in maximizing their tax positions, lowering their tax
obligations, and making sure that all tax laws and regulations are followed.

Accounting and Bookkeeping: To ensure accurate and current financial records for its clients,
CA firms provide accounting and bookkeeping services.

Business consulting: Providing strategic guidance and assistance to help companies increase
productivity, simplify processes, and meet their expansion goals. This could involve risk
management plans, corporate process optimisation, and performance enhancement programmes.

Corporate Finance: Offering support to companies on a range of corporate finance matters,

including capital raising, mergers and acquisitions, restructuring, and valuation services.

Financial Advisory: Presenting clients with strategic financial advice and direction to assist in
making well-informed decisions regarding investments, risk management, financial planning,
and business growth. This could entail creating financial strategies, carrying out feasibility
studies, and analysing financial statements.

With regard to all of these aspects, ‘ASAP CA Firm’ has a key role to play in helping
individuals and companies navigate the difficulties of finance, accounting or taxation by
providing them with information and assistance that will enable them to meet their financing
objectives and make it possible for them to achieve lasting success.
 1.3 KEY COMPETITORS AND THEIR COMPARISON

Significant competitors of ASAP CA and Co. can include other financial

services and accounting companies that provide comparable services or operate
in the same area. Here are a few speculative instances:

1) N D Savla Associates

Dedicated to offering its clients full accounting, auditing, tax, and advice services is N D Salva &
Associates, a firm of chartered accountants (CA). The firm provides customised financial
solutions to individuals, enterprises, corporations, and non-profit organisations, all while
upholding the highest standards of professionalism, ethics, and client satisfaction. They pride
themselves on their local presence, serving clients in their communities or regions with personal
attention and a focus on building long term relationships.

It aims to deliver effective, accurate and innovative solutions for its clients' financial problems
through a commitment to technology and continuous learning. The firm shall endeavour to assist
clients in achieving their goals and success, whether they are assisting with tax planning strategies,
carrying out audits or consulting on finances.

N D Salva Associates remains a trusted brand in the field of Chartered Accountancy thanks to its
full suite of services and proactive attitude, which assists customers in achieving their financial
goals and thriving in today's competitive business environment.

The company ensures that its clients receive the most up to date information and relevant advice
and services by staying informed of industry developments, regulations or best practices.

How they do it -
 i. Substantial use of the knowledge base is to be made.
ii. Make sure you pay attention to demands and predict them.
iii. Develop a plan for each of these tasks.

2) Way2Legal

Way2Legal Account Firm is a specialised accounting firm that offers complete financial and
accounting services to legal professionals, law firms and associated entities in order to meet
their specific needs. The firm offers expert advice and assistance to clients in managing their
financial affairs effectively, with a view to bridging the gap between legal and financial aspects
of law practice.

The firm focuses exclusively on serving the unique needs of legal professionals and law firms
in terms of accounting and financial management. Legal practitioners and law firms are
provided with tailored tax planning strategies and services. The preparation and submission of
tax returns, the management of payroll taxes as well as compliance with fiscal regulations shall
be covered.

Whether it's assisting startups with financial planning, assisting established firms with audit and
compliance, or offering strategic advice to international enterprises, they stands out for its
commitment to excellence and client satisfaction.

In general, Way2Legal Account Firm intends to be a good partner for lawyers offering
specialist expertise in the field of accounting and finance with a view to assisting clients
optimise their financing operations and attaining their business objectives.

Way2Legal gives –

i. GST
ii. Tax planning
iii. Tax return filing
 iv. Wealth preservation and management
v. Estate planning and administration

3) Bansal & Company

Bansal & Co. was founded in 1989 with the goal of offering value-added professional services
in a variety of industries. We represent the breadth of knowledge and experience in the fields of
financial consulting, statutory auditing, internal auditing, and tax management. We believe in
preserving the highest levels of business ethics while remaining committed to total quality.

Bansal & Company is led by a team of experienced and highly qualified Chartered Accountants
that provide a wide range of services targeted to the specific needs of enterprises, people, and
organizations. They specialize in financial accounting and reporting, audit and assurance, tax
planning and compliance, corporate finance, and business consultancy services.

They use a client-centric strategy, focusing on knowing each client's individual needs and
objectives before providing personalized solutions that produce value and encourage long-term
success. Their team combines technical skills with practical insights to manage complex
financial difficulties and efficiently guide clients through regulatory requirements and market
realities. They seek ways of integrating value added knowledge, for our own people, clients and
the society at large.

In pursuit of excellence, we strive for a perfect combination of professionalism and high

standards of service.

They provide -

i. Accounting
ii. Audit & Assurance
iii. Entrepreneurial Service
iv. Service Tax, VAT
v. Legal Assistance

4) Blend Financial Services

The Blend Group of Companies, incorporated in 1997, continues to strive to stay up with the
changing times by establishing innovative ways for Global Management and Financial
Advisory services to help achieve excellent financial results. Blend has created a steady and
increasing network of lenders all around the world. A network that spans the Middle East,
GCC, Africa, Europe, Asia Pacific, India, and America.

Seven years after its founding in 2004, the company established its first domestic branch in
India. Blend then expanded its operations internationally, establishing its first foreign
subsidiary in Dubai, Blend Management Services FZCO. That same year, India Factoring &
Finance Solutions Private Limited was established as a joint venture with PNB and FIM Bank.

- Driven by Values, Passions, Results.

They deliver financial advice to our clients that leads to a beneficial outcome. Across diverse
geographic areas, we offer a broad and flexible range of services and solutions. Our advice
facilitates both the growth of business and social enterprises, creating a secure environment in
which all parties benefit from each other
Expertise –
They are providing clients with end-to-end financial advice, which leads to good outcomes. In
diverse areas, we offer a comprehensive and flexible range of services and solutions. The
Advisory facilitates both economic and social growth, creating a sustainable environment
where all parties benefit from it.
5) A.M. Jain & Co.

The journey of the firm began in 1987 when Mr. Arun Kumar Jain, its managing partner, started
to service clients on audit and tax matters. The journey has taken place over the past three
decades, as the Indian economy has grown and liberalised, and the company has carved out a
niche for itself in the Indian audit and consulting sector, and has been regarded as an Indian
firm with global advantage.
The main differences in the service model -
i. Deep understanding of the client's trade
ii. Continuous interaction with clients
iii. Understanding of the Local and Global Business Environments
iv. An intensive use of IT support
v. Value driven and outcomes derived service delivery at work, cross function teams

Assurance, taxation, management consultancy services and financial outsourcing are the main
areas they offer.

Services –

vi. Audit and Assurance

vii. Tax and Regulatory
viii. Management Consultancy and Advisory
ix. Domestic and International Tax Advisory
x. FINANCIAL PROCESS OUTSOURCING
xi. Accounting Outsourcing
xii. Corporate Finance

The AMJC believes in a commitment to common objectives based on open and honest
communication, while showing concern and support for each other Building on the foundation
of integrity, doing all necessary to provide value to all stakeholders. They are committed to
providing our customers with the best possible service. As part of that process, we are
accountable for our own actions and decisions, as well as those of our team and the
organization within which we have responsibility.

They are well-known for their devotion to quality, professionalism, and ethical standards, as
well as adherence to applicable laws, regulations, and accounting standards. They aspire to
establish long-term customer relationships based on trust, transparency, and exceptional service
delivery, earning respect as a trusted advisor and partner in their clients' success.
1.4 REASON FOR SELECTING THE ORGANIZATION

I joined ASAP & Co because I wanted to work in a CA firm with experienced owners in
accountancy, taxation, and corporate law. This means they have a solid understanding of the
legislation and regulations governing accounting and taxation. As I am interested in financial
work, this is a terrific opportunity for me to gain new skills and grow myself. They offer a
variety of services to their clients, including tax filing, auditing, and accounting.
I only had theoretical knowledge prior to joining the firm, but after choosing ASAP & Co, I
was certain that I would pick up some practical expertise. The fact that everyone in the
company was older than me and I knew I would learn a lot was one of my other motivations for
wanting to work in a stimulating and upbeat workplace.
Excellent customer service is also provided, so clients may receive prompt and correct
guidance from the company. I was therefore very certain that this is the company where I
should complete my internship after viewing all of this.
They are Really Good at What They Do: Individuals choose ASAP & Associates since they are
known for doing an excellent job. If you need assistance with money matters such as taxes or
corporate finances, you would want to work with professionals who know what they are doing,
right?
They Understand Your Business: they specialize in specific types of enterprises or industries. If
they understand your company's operations well, they can provide more targeted suggestions.
 1.5 LEARNING OBJECTIVES

i. To improve communication skills.

ii. To apply theoretical knowledge in actual organisation.
iii. To gain hands on experience in the field of accounting.
iv. To learn how to present yourself in the workplace.
v. To acquire skills such as punctuality and adaptability within an organisation.
vi. To gain exposure working in a real work environment.
vii. To learn how to connect with customer to know how to deal with them with their
problems.
2) INTRODUCTION TO THE ORGANIZATION
 2.1 ABOUT THE ORGANIZATION

An Instrument of Retirement on March 5, 2016, the City of Mumbai opened for admission.
Asutosh Srivastava, a chartered accountant; Vikas R. Chaudhary, a chartered accountant; and
Pankaj Kumar Jaiswal, a chartered accountant, were the three parties engaged. They all
practiced chartered accounting under the name "ASAP & CO." and were members of The
Institute of Chartered Accountants of India. According to the agreement, the surviving partners
wanted to carry on with the same name, but the third member, Pankaj Kumar Jaiswal, decided
to depart from the partnership.

The partners have entered into an agreement with ASAP & Co., which is a registered company
of the Institute of Chartered Accountants in India. One partner wishes to retire, and the
remaining partners wish to continue their partnership under a common name. The agreement
covered indemnity of the continuing partners, settlement of the retiring partner's account
balance, and renunciation of any future claims or interests in the firm. Regarding the assets and
liabilities of the company, they will be left with no rights or duties. The partners have agreed on
the name, profession, and location of the partnership and have made the decision to formally
enter into a relationship. The collaboration will have its headquarters in Mumbai and may open
other locations if needed.

Every year, the firm's fiscal and accounting year ends on March 31st. Partners will have access
to copies of the required books of accounts or excerpts from them. The company's accounting

methods are the "Mercantile Basis" or the "Cash" technique.

The partners in the agreement agreed to pay the working partners on the basis of the time and
effort put in by the company. The amount shall be agreed between the Parties and may be
subject to a limit on taxes. The partners can also make drawings from the firm as decided
mutually, without any interest charged. The company's bank account may be opened with a
nationalised cooperative bank, a private sector bank, or a foreign bank, and may be operated by
a single signatory of each partner.
In accordance with the rules and regulations of the Institute of Chartered Accountants of India,
continuing partners shall be able to admit any other person into a partnership profession
mutually decided upon by them from time to time. If one or more of the remaining partners has
chosen to retire from the partnership, he may do so by indicating a period of three months'
notice for another partner. After such retirement, he shall only be entitled to the balance in his
capital and current account with the company and, where applicable, the profits, up to the date
of such retirement.

In addition, the goodwill of the firm shall be deemed to be 'NIL' on the date of retirement. He
shall have no right, interest, or claim against the Partnership and its professional status or any
assets of the Partnership's bank account after such retirement; nor may he act as a partner in the
firm or seek business with it.

The Partnership shall not determine, but remain with the other Partner in case of death of an
ongoing partner. However, as may be mutually agreed between the surviving partner and the
legal heirs of the deceased partner, the continuing Partner would be entitled to pay a life term or
a limited period of "royalty" to any legal representative of the deceased partner. The Partnership
shall not determine, but continue with the remaining partners, in the event of retirement, death,
expulsion or insolvency. The goodwill of the company shall be deemed to be 'NIL' in any such
case.

The Partnership Firm may occasionally borrow funds as needed for the Partnership Profession
from Continuing Partners, Individuals, Firms, Companies, or Banks in the form of deposits or
loans at a mutually agreed-upon interest rate. All of the Partners must sign any borrowings for
them to be legally binding on the company. All personnel, including clerks, apprentices, and
servants, must be hired with the approval of all or most of the partners.

Any actions, transactions, and agreements carried out by the partnership must be approved by
both parties. Without the written assent of all partners, no continuing partner or partners may be
permitted to pledge, hypothecate, or encumber the firm's assets or stock-in-trade.

Every Continuing Partner is required to:

a) Pay his individual debts on time and to protect the partnership's assets and other partners
from any resulting losses, as well as to cover all related costs.
b) Pay a letter, check, and any negotiated instruments received by the partnership into the firm's
bank account.

Without the other partner's permission, none of the continuing partners may: a) lend any money
to someone or people who the other partners have previously forbade in writing to have faith
in.

b) Give any guarantee or security for the firm's payment account unless it is within the firm's
regular course of business.

c) Make any bond, provide bail or surety for any person, or knowingly allow anything to be
done that could jeopardize the assets or other interests of the other Partner or Partners in the
Partnership.

A unanimous decision made by either all or most of the Partners on issues pertaining to the
Management and Conduct of the Partnership's day-to-day operations must be final and
enforceable.

Any disagreements and conflicts arising from this Deed, whether they be between the
Continuing Partners or any representative of the Continuing Partners, shall be submitted to
arbitration under the Indian Arbitration and Conciliation Act, 1996, in compliance with the
applicable laws. The arbitrator's ruling shall be conclusive and enforceable against the Parties
to the dispute.

The provisions of the Indian Partnership Act, 1932 shall apply with regards to any items not
specifically indicated below. The above-mentioned party’s hereby reserve the right, at any time
and in accordance with mutual agreement, to amend, vary, vary, or modify the current Deed.
Such amendments, variations, or modifications will be interpreted as an appendix to this Deed.

All things considered, the organizations are essential in advancing professionalism, quality, and
integrity in the accounting field and are a valuable resource for Certified Public Accountants at
every stage of their careers
Founder of the Organization

CA ASUTOSH SRIVASTAVA
(CEO)

He is the founder and CEO of ASAP & Co., a renowned advice and consultancy business that
offers services to a range of industries. Having worked in the corporate sector for more than
20 years, he has made a name for himself as a prosperous and powerful company leader.

He was born and raised in India, completed his management studies, and pursued a degree as
a chartered accountant in 1979.

But he had always wanted to start his own business and create something of his own. He
made the brave decision to quit his secure position and start ASAP & Co. in 2010. He
believes that in order to stay ahead of the competition, one must constantly adapt to the
shifting business environment.

In conclusion, CA Asutosh Srivastava is a visionary leader and a prosperous businessman.

Many people find encouragement in his journey from corporate employee to company leader.
His knowledge, skill, and commitment have allowed him to create an organization that is
expanding and having a beneficial effect on the business world.
Partner at ASAP & Co

CA ROHIT DUBEY
(MANAGER)

Partner Rohit Dubey works for the Mumbai, India-based financial consultancy company ASAP
& Co. Having worked in the field for more than 15 years, he is well-liked by both clients and
colleagues. His commitment, understanding, and proficiency have enabled him to establish a
solid name in the finance industry.

He holds a Bachelor of Commerce degree from the university in Mumbai. After working his
way up from the position of financial analyst at his modest firm named as “Rohit Dubey &
Company,” he became a partner at ASAP & Co. during the course of his career.

Understanding his clients' demands and offering tailored solutions that best meet their business
objectives is one of his strongest suits. In order to assist his clients in reaching their financial
goals, he works directly with them and values developing good connections with them.
Because of his ability to win over his clients' trust and loyalty, he is now one of the most
sought-after financial advisors in the organisation.
Mission & Vision

1. Mission

The mission of ASAP & Co is to empower our clients to achieve their objectives and prosper in
a fast-paced business climate by offering them outstanding financial services and strategic
counsel. In every connection, we pledge to provide excellence, integrity, and value, establishing
enduring bonds based on dependability, professionalism, and trust.

As a dependable partner and industry leader in accounting, they hope to be known for the
commitment to ethical practices, innovation, and customer success.

The mission of ASAP & Co. is to give our clients the best possible financial and accounting
services. They work hard to be a dependable and trustworthy partner for our clients, supporting
them as they pursue success and their financial objectives. The group is made up of extremely
knowledgeable and experienced experts that are committed to offering specialized services that
are tailored to the particular requirements of every client.

They are aware of how crucial fast and accurate financial data is for both individuals and
enterprises. Delivering accurate and trustworthy financial reports and guidance to clients so
they may make well-informed decisions is the goal. They are dedicated to assisting their clients
in developing and succeeding since they feel that their success is also our success.

The promotion of strong client relationships is another important aspect of the mission. The key
to a successful partnership, they believe, lies in open and transparent communication. The team
takes the time to listen and understand clients' needs and objectives, providing them with
personal attention and support. They strive to build long term relationships with their
customers, and are very proud of the fact that many have been loyal clients for years.

They have committed themselves to giving back to the community and making a positive
impact. It is about keeping up to date on industry developments and giving back to the
community. They are passionate about helping clients succeed and dedicated to fulfilling their
mission on a daily basis.
2. Vision

The Firm vision is to be a leading provider of financial solutions and advisory services, known
for our commitment to customer satisfaction, innovation, and excellence. We want to establish
a standard of integrity, professionalism, and ethical conduct in the sector, which will lead to
positive change, and will have a significant impact on the businesses and communities we
serve.
The goal is to consistently advance and adjust to the dynamic business environment while
staying one step ahead of the curve and offering our clients state-of-the-art financial solutions.
Since the finance industry is ever-changing, we make it a point to stay current on the newest
developments in technology and trends in order to better assist our clients. Our team of
exceptionally talented and knowledgeable professionals is dedicated to providing outstanding
outcomes, and they use their knowledge and experience to assist our clients in making wise
financial decisions.
They also have a strong sense of social responsibility at the company, and are committed to
having a positive impact in our community. Giving back and promoting various initiatives that
are in line with the values and vision is also important. The aim is not only to be a successful
accounting firm, but also to be a socially responsible and ethical one.
They aim to anticipate and exceed the evolving needs of our clients and stakeholders,
positioning ourselves as a trusted advisor and partner in their success journey, by promoting
continuous learning, collaboration, and technological progress.
The future is envisaged where the support of a highly reputed and reliable accounting firm will
allow businesses and individuals to thrive financially. the objective is to establish ourselves as
our clients' first choice when it comes to exceptional financial services, offering them creative
and well-thought-out solutions to help them reach their financial objectives. They think that
since each customer is different, they should all receive individualized care and customized
solutions. The goal is to establish trusting, long-lasting relationships with our clients by
providing outstanding services and knowledge.
In conclusion, the goal of ASAP & Co is to be a respected and trustworthy partner for our
clients who provide them with high quality finance services and solutions enabling them to
meet their financing needs. In order to establish a benchmark for excellence in the field of
accounting, we shall endeavour to constantly evolve, innovate, and contribute positively to our
community.

These statements, which highlight the firm's dedication to serving customers, upholding the
highest standards of professionalism, and making a beneficial impact on the community, are
designed to reflect the firm's overall purpose (mission) and its future goals (vision).
 2.2 TYPES OF OWNERSHIPS

1. Sole Proprietorship:
A sole proprietorship is a company owned and run by one person. The most basic and popular
type of ownership structure is the proprietor bearing full personal liability for all business-
related expenses and debts. The owner of a sole proprietorship bears unlimited personal
culpability for the debts and liabilities of the company, which is one of its important
characteristics. This implies that creditors may seize the owner's personal assets, including their
home, savings, and other investments, in order to pay off the obligations if the company is
unable to pay them.
When considering alternative business formats, sole proprietorships are comparatively cheap
and simple to establish. For the most part, establishing a single proprietorship just requires a
few legal requirements. Depending on the type of business, the owner might need to get the
required licenses or permissions.
Even while sole proprietorships are straightforward and adaptable, their potential for expansion
may be constrained when compared to other business forms. Without the resources and backing
of partners or shareholders, sole entrepreneurs may find it difficult to attract top staff, grow
their business, or obtain finance.

Advantages
a) Easy and Affordable to Launch: Forming a single proprietorship is a simple process that
usually requires few legal requirements and low initial expenses. This makes it a feasible
choice for would-be business owners on a tight budget.
b) Total Control: The proprietor, being the only owner of the company, has total authority over
all facets of operation, encompassing strategic direction, management, and decision-making.
This independence enables prompt and decisive response to business possibilities and
obstacles.
c) Ease of Management: With no partners or shareholders to consult, communication and
decision-making processes are streamlined, leading to greater efficiency in day-to-day
operations.
d) Tax advantages: Sole proprietors are entitled to passthrough taxation, which means that
business income is reported on the owner's personal tax return.

Disadvantages
a) Unlimited Liability: The business's debts, commitments, and legal liabilities are all directly
owed by the owner. This implies that in the event that the company experiences financial
difficulties or legal claims, personal assets including savings, investments, and property
could be at jeopardy.
b) Limited Capital Access: The owner may only be able to rely on personal resources or loans if
there are no shareholders or partners willing to engage in the company.
c) Dependability on the owner: the skills, knowledge, and availability of the owner may play a
key role in the success and viability of the business. The continuity and sustainability of the
undertaking may be jeopardised if the proprietor becomes unable to do so or wishes to
depart.

2. Partnership:
The partners that provide money, expertise, or other resources to the company own and run the
partnership. Corporations, individuals, and other entities can form partnerships. There are
various types of partnerships, such as limited partnerships and general partnerships. In a
general partnership, each member is individually accountable for the partnership's debts and
liabilities and has equal rights and responsibilities in running the company. A partnership
agreement, which specifies each partner's rights, obligations, and responsibilities, is necessary
to establish a partnership.
In conclusion, partnerships have benefits like pooled resources, decision-making authority, and
tax breaks, but they also have drawbacks like unrestricted liability, partner disputes, and
reliance on individual contributions. In order to reduce any potential difficulties, entrepreneurs
thinking about forming a partnership should carefully analyse these aspects and set up explicit
agreements.

Advantages
a) Shared Decision-Making: In partnerships, decision-making authority is divided among the
members, fostering cooperation and a diversity of viewpoints in both operational and
strategic planning decisions.
b) Access to money: Compared to sole proprietorships, partnerships may have better access to
money due to the multiple partners contributing to the business. Partners have the option to
put money into the company, boosting its ability to grow and expand financially.
c) Risk Sharing: Compared to sole proprietorships, where the owner has entire responsibility,
this might offer a sense of security and decrease the impact of probable losses or
obligations.

Disadvantages

a) Unlimited liability: Similar to sole proprietorships, partnerships have unlimited liability,

which means that each partner is responsible for the debts, liabilities, and legal obligations
of the company on a personal level.
b) Dependency on Partners: Each partner's performance and dedication may have a significant
impact on the business. The partnership as a whole may suffer if one partner is unable or
unwilling to carry out their responsibilities.
c) Conflict & Disputes: Partnerships are vulnerable to disagreements and conflicts between
partners, particularly when it comes to management, profit-sharing, and decision-making.

3. Corporation
The ownership structure of a company known as a corporation is referred to as corporate
ownership. Under this arrangement, the corporation, and its owners—also referred to as
shareholders or stockholders—are two distinct legal entities. A board of directors, chosen by
the shareholders, is in charge of the corporation's daily activities.
The officers in charge of overseeing the company's operations and formulating its strategic
direction, including the CEO, CFO, and other executives, are chosen by the board of directors.
In most cases, shareholders have the ability to vote in order to choose the board of directors and
give their approval for important business decisions including acquisitions, mergers, and
structural adjustments.

Advantages
a) Limited Liability: Beyond their initial investment in the company, shareholders are not held
personally responsible for the debts and liabilities of the corporation.
b) Access to Capital: Public offerings and private placements are two ways that corporations
can raise money by issuing stock to investors.
c) Legal Entity: A company can enter into agreements, hold property, and take on debts in its
own name because it is a different legal entity from its owners.
d) Transferability of Ownership: A corporation's stock permits its shareholders to purchase,
sell, or otherwise transfer their ownership stakes in the business with comparatively little
difficulty.

Disadvantages
a) Complexity and Regulation: State and federal rules pertaining to corporate governance,
financial reporting, and compliance are just a few of the many complicated regulations that
corporations must comply with.
b) Agency Costs: When ownership and control of a company are separated, there may be
instances in which shareholder and management interests do not coincide.

4. Limited Liability Company (LLC)

An entity that combines aspects of a corporation, partnership, or sole proprietorship is a limited
liability company. Members are the owners of an LLC. Individuals, businesses, other LLCs,
and international entities may all be members.
A company can have one or more members, unlike partnerships or sole proprietorships. The
number of members is not limited in any way. Although they are not usually mandated by law,
operating agreements are strongly advised in order to manage the internal operations of the
LLC.

Advantages
a) Less Formalities: Depending on state laws, they might not be obliged to keep copious
corporate documents, conduct yearly meetings, or adhere to strict reporting standards.
b) Flexibility in Management: Members have the option of assigning managers to oversee
daily operations or managing the business themselves.
c) Simplified Ownership: LLCs are capable of having a single member or several members
due to their adaptable ownership structure. This simplifies the process of starting and
running a business.

Disadvantages

a) Difficulty in Raising Capital: Due to the limited transferability of ownership interests and
absence of a formal ownership structure, investors may be reluctant to make investments in
LLCs.
b) Difficult Ownership: To make changes in ownership, you might need to file papers with the
state, alter the operating agreement, and get approval from other members.

5. Franchise
A franchise is a form of business arrangement in which a franchisor, in return for regular fees
and royalties, allows a franchisee to use its name, business plan, and support networks.
While the franchisor offers support, marketing help, and training, franchisees run their
businesses using the franchisor's well-established brand name and business practices.

Advantage
a) Established Brand Recognition: Franchising companies profit from operating under a well-
known brand that already has a following of loyal customers and a strong online presence.
b) Proven Business Model: By offering franchisees a tested business plan that includes
marketing plans, operational guidelines, and lower the risk of failure when compared to
beginning a business from the ground up.

Disadvantage

a) Initial Expenses and Fees: Generally, franchisees are required to pay the franchisor
recurring royalties, initial franchise fees, and other costs.
b) Lack of Independence: Franchisees' ability to make autonomous business decisions is
restricted by the franchisor's rules, which they must follow.
 Ownership of ASAP & Co

PARTNERSHIP FIRM
Partnership ownership is a business structure in which two or more individuals jointly own the
enterprise and are equally responsible for its performance, profit, and loss. The partnership
consists of highly experienced and skilled chartered accountants who have come together to
form a strong and efficient team in the case of ASAP & Co.

The sharing of responsibilities and tasks is one of the main advantages of partnership
ownership. Each partner brings his or her own set of skills, knowledge, and experience to help
the firm operate effectively. For firms, the partners have a wide range of experience on various
aspects of accounting, taxation and financial matters that enables them to offer their clients an
extensive range of services.

Partnership ownership instils a sense of accountability among partners. Since each partner is
responsible for the other's actions and choices, decisions are always reached after thorough
deliberation and communication. Accountability plays a vital role in upholding openness and
trust in a partnership, which is essential for any firm to succeed. Because of its partnership
ownership structure, the firm is renowned for its individualized and client-focused approach.
The partners are driven to give their clients the best services possible because they share equal
responsibility for the firm's success. Because of this, the company has been able to establish
enduring relationships with its clients, who value and depend on their knowledge and counsel.
Furthermore, the growth of the ASAP & Co has been significantly aided by the partnership
ownership structure. The firm has been able to expand into new markets and attract new clients
thanks to each partner's contribution of their network of contacts and clients. As a result, the
company has seen an increase in sales and has become recognized as one of the top accounting
firms in the sector.

Because the partners in a partnership share in the company's gains and losses, there is equal
stake in the firm's success for each member. In addition to encouraging cooperation and
teamwork, this aids in the equitable allocation of earnings.

A partnership is a type of business ownership in which two or more people work together to
manage a company in order to turn a profit. Because it enables partners to share risks,
resources, and obligations, it is a common form of company organization.

Features –

i. Agreement between partners: The agreement between partners is the most important
aspect of partnership ownership. All partners must reach a consensus and sign a
partnership agreement prior to beginning a partnership.

ii. Shared obligations: One of the key benefits of ownership in a partnership is that
participants have shared responsibilities. The distinct talents, experience, and expertise
that each partner contributes to the company aid in the efficient operation of the
organization.

iii. Unlimited liability: As a result of partnership ownership, each member is individually

responsible for the debts and liabilities of the company. The partners' personal assets
may be utilized to offset losses in the event that the company is unable to pay its debts.

iv. Flexibility: In comparison to other business forms, partnership ownership allows a

significant degree of flexibility. Without external intervention, partners are free to make
decisions and manage the company as they see proper.
 v. Tax benefits: Partners who own a partnership also receive tax benefits. The business's
profits are subject to individual partner taxation, which is often less than the corporate
tax rate.
vi. Joint decision-making: Making decisions together is a requirement of partnership
ownership. Major decisions need the agreement of all partners, and each partner has an
equal voice in the process.

Disadvantages –

a) Set up easily: In contrast to other company forms, such as corporations or LLCs,

partnership ownership can be established more easily and affordably. Formalities or
complicated legal paperwork are not necessary.

b) Complementary knowledge and proficiency: Ownership of a partnership enables people to

collaborate and capitalize on their distinct abilities and knowledge. This implies that every
partner can contribute something special, strengthening and diversifying the company.

c) Shared Financial Burden: The shared financial burden is one of partnership ownership's
greatest benefits. Having a partner means sharing the financial burden of starting and
maintaining a business, which can be an expensive endeavour. In addition, partners can split
losses among them, lessening the load on a single person.
 2.3 STRUCTURE OF THE ORGANISATION

1) Functional Structure
A type of organizational structure in which staff are grouped on the basis of their particular
functions or roles at a company is referred to as a functional structure. Under this arrangement,
workers who share the same knowledge and abilities are grouped together and answer to a
single manager or supervisor. For instance, a marketing manager would oversee all staff
members who are in charge of marketing, and a finance manager would oversee all staff
members who are in charge of finance and accounting.

It provides for specialization and expertise in a variety of fields within the organization. It
ensures that individuals with similar skills are working together, which could lead to
increased efficiency and productivity by grouping workers on the basis of their tasks. As
employees report to the manager, who has knowledge of their specific field, it also provides
for clear lines of communication and accountability.
a) Pros

expertise and skill development

Efficient coordination and communication

specialization in different departments.

b) Cons

Difficulty in decision-making and accountability

Lack of flexibility and adaptability

Potential for silos and limited cross-functional collaboration.

2) Divisional Structure

Divisional structure is a type of organizational structure that is commonly used in large

companies. It is characterised by the division of the company into different divisions or
departments on the basis of the specific functions or products. Each division has its own set of
objectives, resources and responsibilities and operates as a separate entity. Each division in a
divisional organization is led by a divisional manager, who is in charge of the division's overall
performance. Because the managers can customize their operations and plans to match the
unique requirements of their division, this enables increased specialization and focus within
each division.
1) Pros

Get a better idea of each market.

Promotes flexibility.

Greater responsiveness to changes and needs that are local or regional-based.

2) Cons

Poor documentation.

Lack of communication within the organization.

There are competing departments among themselves.

Lack of hierarchy understanding.

3) Matrix Structure
One kind of organizational structure that blends divisional and structures is the matrix structure.
Employees in this structure are arranged into project teams, or divisions, as well as groups
according to their specific abilities and roles. This makes it possible for the company to manage
activities and projects in a more adaptable and dynamic way.
The matrix structure introduces a double reporting system, unlike traditional hierarchy
structures in which employees are assigned to one manager only. Two chains of command are
in place for employees within the matrix structure, one based on their functional area and
another related to a project or division they perform. This implies that staff have several
supervisors, and it may be necessary to adjust their demands and priorities according to the
different managers' needs.
But there are drawbacks to the matrix structure as well, like unclear roles, power imbalances,
and possible disputes between functional and project managers. Strong leadership, well-defined
roles and duties, and efficient communication are essential for the matrix structure to be
implemented successfully.

1) Pros

employees report to more than one manager.

communication and collaboration among different departments or teams.

2) Cons

multiple managers can lead to confusion and conflicts over priorities

challenging to balance the demands of different managers.

Overall, matrix structures have their own set of difficulties that must be properly handled, even
though they can encourage cross-functional cooperation and creativity.

4) Team Structure
Individuals or groups that concentrate on providing a single good or service are formed under
an organizational structure that is team-based. These groups can make choices and find
solutions to issues without the assistance of outside experts.

They have complete control over the project and are in charge of handling their task.
Organizations that rely on teams are characterized by a high degree of flexibility and minimal
formalization. Manufacturers and multinational corporations find this structure to be effective.

Employees in a team organization structure are organized according to their expertise and skill
sets. As the team works toward a single objective, this enables improved teamwork and
communication. However, because team unanimity is necessary for decision-making, it can
occasionally take longer in a team organization.

A team structure in an organization describes how duties, responsibilities, and tasks are
delegated, managed, and coordinated among team members to accomplish shared objectives.
The size of the team, the reporting hierarchy, and the procedures are all determined by the team
structure. Tasks and objectives are matched to the skills and areas of expertise of team members
via well-designed team structures.
Typical team structures are cross-functional teams with a variety of abilities, self-directed teams
where members oversee their own work, and functional teams organized by specialization (e.g.,
engineering, marketing, IT, etc.). Coordination, responsibility, methods of problem-solving, and
overall team performance are all impacted by team structure. Depending on the demands of
each department, organizations may adopt various team structures throughout the organization.
The goals of the team, the difficulty of the job, and organizational strategy all influence the
ideal structure.

1) Pros

Grouped together based on their skills and expertise.

Creates growth and innovation.

They value experience over seniority.

Management emphasis is reduced.

2) Cons

Decision-making might occasionally take longer because it necessitates team members

approval.

No clear authority.

There is no indication of growth in the career path.

5) Network Structure

An internal firm structure is only one aspect of a network structure. It is the action of
combining the resources of two or more businesses in order to provide a single good or service.
To finish the work, a network organization usually contracts with vendors or independent
contractors.

Teams in network organizations are composed of both full-time staff members and independent
experts. This allows internal staff members to devote most of their time to the tasks in which
they are experts. Using this strategy enables businesses to quickly acquire the skills they need
and adjust to changes in the market. Working with people who are not a part of your corporate
culture leads to more agility and less formalization.

An organizational design known as a network structure is one in which, as opposed to a

conventional hierarchical structure, individual units or entities are connected through a network
of relationships. Decentralized decision-making, open lines of communication, and adaptable
member connections define this structure. The following are essential components of a network
structure:

All nodes or units in the network have equal access to decision-making authority, promoting
empowerment and autonomy across the board. This decentralization fosters creativity and
innovation while allowing for quicker reactions to changes in the business environment.

The network structure is very flexible to accommodate shifting requirements and conditions.
The network's nodes can readily develop, disintegrate, or reorganize itself in accordance with
project specifications, market dynamics, or strategic goals. Because of their adaptability,
businesses can act swiftly in the face of possibilities and difficulties.

Overall, a network structure gives businesses the adaptability, nimbleness, and creativity
required to prosper in the fast-paced, globally integrated corporate world of today. Network
structures let firms take advantage of relationships, cooperation, and specialization to drive
innovation, react swiftly to change, and accomplish their strategic goals.
1) Pros

Building relations and partnerships with external entities is a key focus.

Flexible and Access to resources from different sources.

2) Cons

It may be difficult to coordinate and manage such relationships.

It is hard to know who has the final say.

The feeling of inequality between fulltime employees and Contractors/Freelancers.

6) Hierarchical Structure

An organization with a hierarchical structure, often known as a traditional or bureaucratic

structure, is typically built with a vertical chain of command and defined lines of power. This
hierarchy states that authority flows from the highest management levels to the lowest, with
increasing authority and accountability at every level.

The organizational structure is divided into layers, each of which represents a distinct level of
authority inside the business. The top of the hierarchy is occupied by the highest level of
management, such as the president or CEO, and is succeeded by middle management and front-
line or operational staff.

Every level of the hierarchy is responsible for certain tasks or functions, with roles and
responsibilities assigned to individuals or departments. Most decisions are made by senior
management, with most decision-making power concentrated at the top of the hierarchy.
Lower-level employees typically have little decision-making authority and are subordinate to
managers at higher levels.

In a hierarchical structure, information and directives are often communicated top-down from
higher levels of management to lower levels. Feedback and information from lower levels may
make their way up the chain of command.

Employees in a hierarchical organization may focus on certain duties or responsibilities.

Specialization enables people to become authorities in their areas of responsibility and
enhances the overall effectiveness and efficiency of the company.

Overall, hierarchical structures have long dominated organizational design, offering a

framework for allocating tasks, managing events, and accomplishing organizational objectives.
But in today's fast-moving, dynamic work situations, where flexibility, creativity, and
teamwork are more important, they might not be as appropriate.

1) Pros

Resulting in reduced employee empowerment and delayed response.

Defines a clear growth path for a career.

The departments and teams are creating a sense of unity among themselves.

2) Cons

More resilient to changes.

They do not seem to have an impact at the bottom of the organizational structure.

Feel like there is no room for a challenge to authority.

7) Flat Organisation Structure

A flat organisational structure is an organization in which there are few or no middle

management levels between workers and senior managers. The decision-making authority is
decentralised in a flat structure, and employees often have more autonomy and responsibility
for their work. A flat structure usually has fewer levels of hierarchy than a hierarchical system,
which has numerous layers of management. It could have just a few tiers or possibly be entirely
horizontal, with each employee having the same standing.

Decision-making power is delegated to lower levels of the organization in a flat organizational

structure. Frontline staff members have the authority to decide on matters pertaining to their
jobs without requiring permission from higher-ups in the organization.

In a flat structure, communication channels tend to be more direct and open. Better
communication, feedback, and collaboration at all levels of the organisation are facilitated by
fewer obstacles between employees and senior management. Flat structures are known to be
flexible and agile. Decisions can be taken more quickly with fewer layers of management,
and the organisation is able to adapt better to changing business conditions.

Flat structures offer many advantages, but they can also be a source of difficulties. Decision
making may be chaos or incoherence, unless there are clear lines of competence. In addition,
increased responsibility may require more training and support for the staff.
Overall, flat organizational structures work effectively for businesses that
respect adaptability, nimbleness, and worker autonomy. They are perfect for
startups, small firms, and organizations in fast-paced industries because they
encourage transparent communication, prompt decision-making, and
teamwork.

1) Pros

Increased responsibility for staff.

Open communication.

The approval process is smooth.

Implementation happens fast.

2) Cons

Not scalable.

Referring to one person as the decision maker.

This leads to employees who have a general skill set but are not specialized.
 Hierarchical Structure at ASAP & Co

A common organizational structure that is widely used by businesses, corporations and

companies is the hierarchical structure. It refers to a structure where there is an unambiguous
chain of command, with the general hierarchy of powers and responsibility laid down. The
employees are assigned to various levels, each of whom has a particular role and responsibility
in the structure.
It is a pyramid, in other words, with clear command chains. The CEO is at the top of the
pyramid, followed by senior management team, middle managers and finally workers on the
bottom. It is common for large organisations to have this structure, which is known for its clear
communication channels and clear roles and responsibilities.

The organizational structure of ASAP & Co. makes the hierarchical structure clear. The CEO
oversees making strategic choices and supervising all aspects of the business's operations. The
CEO collaborates closely with the senior management team, which is made up of department
heads, to make sure the company's goals and objectives are met. They are in charge of making
sure the business's operations function properly and assigning responsibilities to intermediate
managers.

Furthermore, accountability is promoted by the hierarchical structure of ASAP & Co. Each staff
member shall have a specific role and responsibilities, with accountability for his or her actions.
It also provides a sense of responsibility for the employees, so that tasks are completed in time.

In summary, ASAP & Co.'s hierarchical structure has been a major contributor to its success. It
has made it possible for effective decision-making, accountability, and scalability—all essential
for any firm to grow. Even if it could have certain drawbacks, the business has managed to go
over them and strike a balance between rigidity and adaptability. The hierarchical structure will
be essential to the company's success as it grows.

Advantages

i. Enables the addition of more layers without upsetting the current structure.
ii. Critical in a fast-paced business environment for rapid, meaningful decisions.
iii. Increased efficiency in decision-making owing to a clear chain of command.
iv. Guarantees efficient operations with a larger staff.
 2.4 WORK CULTURE

For someone with an interest in accounting, finance, or business, joining a CA firm might be a
terrific career move. Opportunities for professional development and progress abound in CA
businesses, and working with a diversified range of clients in many industries is one of the
firm's many benefits.

Understanding the culture of a workplace is essential for employees to feel comfortable and to
reach full potential. As an employee of ASAP & Co, you are going to be exposed to a
progressive and collaborative work culture. We encourage collaboration and respect among all
members of the team, and we value your ideas and efforts. Everyone's voice is ensured by open
channels of communication, and decision-making is usually based on consensus. All members
of the team uphold professionalism, ethics, and a dedication to excellence as core values.
Opportunities for improvement and progress are available, along with assistance in preserving a
positive work-life balance.

The organization starts at 10:00 am and runs till around 8:00 pm in a usual setup. However,
during the peak seasons, this could go up to 10:00 pm at Night. People can choose to dress in
formal or semi-formal clothes, however they are required to wear formal attire at meetings
involving those in the Accounting, Auditing, or Consulting departments.

There is also a strong emphasis on professionalism and integrity in the work culture of the firm.
You are expected to maintain a high level of professionalism in your behaviour and activities as
an intern. This means being timely, complying with deadlines and keeping the information
confidential. Compliance with ethical standards and maintaining clients' trust are crucial for
accounting firms dealing with confidential financial data.

The work is challenging and necessitates critical thinking, problem-solving, and analytical
abilities. They provide a supportive work environment for their employees and recognize the
value of work-life balance. This promotes a sense of fellowship among coworkers and involves
team-building exercises, social activities, and flexible work schedules.
 2.5 PRODUCT PORTFOLIO

A professional services firm providing a wide range of financial and accounting services to
businesses and individuals is a CA firm, also known as a chartered accountant firm. Auditing,
taxation, financial planning, and advisory services are among the services provided by a
certified auditor firm. The firms have a wide range of products and services that cover the
various needs of their clients, to meet different client requirements.

Their team of experts is also part of the organisation product portfolio, apart from these
services and solutions. The backbone of any firm is a team of experts and professionals with
experience. These professionals are qualified and experienced in providing clients with the
highest quality of services, helping them to attain their financial objectives.

A wide range of services, solutions and expertise is included in the product portfolio of a
company. In order to meet the varied needs of businesses and individuals, as well as help them
achieve their financial objectives, it is intended. The company is well placed to manage any
financial challenge that may be faced by its clients, thanks to their core services, value added
services, niche services, software solutions and team of professionals.

Since its founding, ASAP & Co. a renowned chartered accounting firm, has been offering its
clients outstanding services. The company, which employs a group of exceptionally qualified
and experienced specialists, is known for providing high-quality services and being devoted to
its clientele. They have been providing a comprehensive range of services to fulfil the financial
needs of a diverse range of clientele, from individuals to small businesses

ASAP & Co Firm: Providing a Diverse Range of Services

1) Accounting
For any enterprise, small or large, accounting, and bookkeeping services are of paramount
importance. This includes the recording and organisation of financial transactions, the
preparation of financial statements and the management of cash flows. A team of experienced
accountants at organisation they are capable of handling all accounting and bookkeeping needs
for a business. In order to ensure the accuracy and efficiency of their work, they are using the
most recent accounting software and instruments.

2) Tax Services

Inevitably, taxes are a component of running a business. For business owners, however,
comprehending tax laws and regulations can be a difficult undertaking. A group of tax
professionals at organisation they may assist companies with tax preparation, compliance, and
return filing. To make sure their clients are constantly compliant and take advantage of any tax-
saving opportunities, they stay up to date on the most recent tax rules.

3) Auditing

In order to ensure the accuracy and compliance with accounting standards, audit and assurance
services include reviewing and analysing company financial statements. A team of experienced
auditors who can carry out a thorough audit and provide assurances to the firms and their
stakeholders. In order to assist businesses in identifying and mitigating possible risks, they also
provide internal audit services.

4) Advisory Services

Recognizing that businesses require more than just financial services to thrive in the current
competitive landscape, provides a variety of business advisory services, such as cash flow
management, financial forecasting, and business valuation. They also develop tailored plans to
assist clients in reaching their financial objectives.

5) Financial Planning and Analysis

A company's long-term success depends on its ability to plan and analyse its finances. The
company offers forecasting, financial modelling, budgeting, and other financial planning and
analysis services. By giving companies precise financial data and insights, they assist
companies in making strategic and well-informed decisions.

6) Corporate Law Compliance

A company that offers services for corporate law compliance also assists businesses in creating
and putting into place compliance initiatives. These programs are designed with each
company's unique needs in mind, taking into account its operations, size, and industry.

Maintaining business records appropriately is one of the most important parts of complying
with corporate law. Financial statements, corporate minutes, and other legal documents are
examples of these records. It is essential to maintain these documents correct and up to date
because they are used as proof in the event in case of any legal issues

Firm offer corporate law compliance services, which are essential to the efficient operation of
enterprises, to guarantee that corporations abide with these regulations.
3) INTERNSHIP Report
 3.1 JOB PROFILE & DEPARTMENT PROFILE

Being an accounting and auditing intern is an exciting and challenging role that provides a
unique opportunity to gain hands-on experience in the field of accounting and auditing. I was
privileged to work with experienced professionals as an intern, learning about the complex
aspects of managing finances, reporting and compliance.

As an accounting and auditing intern, my job profile is multifaceted and involves a wide
range of tasks. This shall include assistance in preparing financial statements, conducting
audits, and analysing financial data. I am also involved in bookkeeping, reconciling accounts,
and preparing tax returns. Strong analytical skills, attention to detail and an ability to work
effectively with numbers and data are essential for this role.

One of the key responsibilities of an accounting and auditing intern is to help with the
preparation of financial statements. To do this, financial data must be gathered, arranged, and
presented in an understandable and straightforward way. Some instances of this type of data
include income and expenses, assets and liabilities, and cash flow. This requires a thorough
understanding of accounting principles and the ability to use accounting software efficiently.
In addition, I have been in charge of making sure financial accounts are accurate and
comprehensive, which is essential for supplying trustworthy data for making decisions.

My main responsibility as an intern is to learn and gain practical experience in this field. I
have had a unique opportunity to gain practical experience in the area of accounting and
auditing while working as an accounting and auditing intern. It is allowed me to use the
knowledge and skills that I learned in class for real life situations. In addition, I was given the
opportunity to work with and learn from professionals who were very helpful in developing
my skills.

Assisting the audits is another important aspect of my job description. I was given the
opportunity to work for a number of clients during my internship on External Audits. I have
been exposed to various industries, which allowed me to apply my knowledge of accounting
and auditing standards in practical terms. I have assisted in conducting audit procedures,
testing controls, and identifying any discrepancies or errors. I have been able to improve my
focus on detail and develop a critical thinking skill.
I have also been involved in the accounting and reconciliation of accounts, alongside financial
statements, and audits. This means that records of financial transactions, such as sales,
purchases, and payments, need to be kept up to date. Ensuring that all transactions are
properly recorded and there is no dissimilarity between the records and bank statements shall
be a matter of paramount importance. I have also been responsible for reconciling the
accounts, which involves comparing financial records to make sure that all are in agreement. I
have learned the value of accuracy and precision in accounting.

In conclusion, as an accounting and audit trainee I have a wide range of work profiles that are
both demanding and rewarding. I have been exposed to the world of finance, and have
acquired the skills and knowledge that are needed for my success in this field. I am happy to
have this opportunity and look forward to the use of these experiences in my future work.
Department Profile

I have had the opportunity to work closely with a number of departments in my firm. I have
gained a better understanding of the different roles and responsibilities of each department
and how they contribute to the growth of the company through this experience.

1) Accounting Department

The accounting department shall be in charge of maintaining, classifying, and summarizing

the company's financial transactions. The preparation of financial statements, budgets and
forecasts is a key role played by this unit. I was able to work with the accounting team in
preparing journal entries, reconciling accounts, and analysing finance data when I was a
trainee. Compliance with accounting principles and regulations shall also be ensured by this
department. The main functions include:

a) Bookkeeping and Record-Keeping: The accounting department shall be responsible for

the tracking of all commercial transactions, including sales, purchases, expenditure, or
payments. These transactions are recorded and a detailed record of all financial activities
is kept by using accounting software.

b) Financial Reporting: To paint a clear picture of the state of the company's finances, the
accounting department creates financial statements such the income statement, cash flow
statement, and balance sheet.

c) Budgetary and forecasting: They work closely with other departments to draw up an
annual budget and to predict future financial performance. It will help the company to
make necessary adjustments in order to achieve them.

2) Audit Department:
In order to guarantee accuracy and conformity, the audit department responsible for reviewing
and assessing the company's accounting records and Internal Controls. As an intern, I was
able to assist the audit team in conducting internal audits and testing controls to identify any
potential risks and provide recommendations for improvement. In order to ensure the integrity
of financial information and to detect any fraud, this department also plays a key role.

To ensure the financial integrity and transparency of an organisation, a major role is played by
its audit department. It shall carry out evaluations and checks on the accuracy and reliability
of financial statements, as well as assessment of internal controls and compliance with laws
and regulations.

Furthermore, it provides useful information and recommendations to the management. The

audit team has a particular perspective on how the organisation operates and can identify areas
where improvement is needed. In addition, recommendations for strengthening internal
controls and mitigating potential risks are provided. The management may be able to make
informed decisions and improve the overall functioning of the organisation by using these
insights.

Thus, to secure the soundness and reputation of their finances, organisations are thus required
to invest in building a strong and accountable audit department.

3) Tax Department

The preparation and submission of the company's tax returns shall be the responsibility of the
tax office. Guidance on tax planning and compliance with taxation laws and regulations is
also provided by this office. During my internship, I was able to assist the tax team in
preparing tax returns, research tax law and analyse tax implications for different business
transactions. In order to ensure accurate financial reporting for tax purposes, this department
also cooperates closely with the accounting office.

a) Tax planning: By identifying tax saving opportunities such as deductions, exemptions and
credits, the Department of Taxation helps companies to reduce their tax burden.
b) Tax compliance: Various tax returns are to be prepared and filed by the taxation
department, such as income taxes, sales taxes, payroll taxes or excise duties.

c) Tax audits and disputes: The tax office shall represent the company and shall provide all
necessary documents and information in the event of a tax audit or dispute with the tax
authorities.

4) Financial planning and Analysis Department

In order to provide the management with information and recommendations, the Financial
Policy & Analysis Section shall be responsible for analysing and interpreting financial data.
You may be given the opportunity to work with this department and assist in tasks such as
budgeting, forecasting, variance analysis and financial modelling as an intern. The department
also has a key role to play in the provision of financial information that supports strategy
decision making.

The creation and maintenance of financial models that assist in the planning and forecasting
of a company's financial performance is at the heart of FP&A responsibilities. In this way, to
make a prediction of the financial results going forward, it is necessary to analyse past
financial data, market trends and other outside factors. It helps the company to set realistic
financial objectives and targets by doing so.

Another major aspect of the department's responsibilities is risk management. They analyse
the possibilities for financial risk and draw up strategies to mitigate them. This ensures the
financial stability of the company and prevents it from any potential loss.

In strategic planning, it also plays an important role. In order to support the company's longer-
term objectives and goals, they provide finance insights and analyses. This includes, for
example, scenario analysis, evaluation of potential investment opportunities and assessment
of the financial impact of strategic decisions.
 3.2 WORK DONE AND ACHIEVEMENTS

I have been given an opportunity to acquire valuable experience and knowledge, in the area of
accounting and finance. This internship has given me the opportunity to apply theory and
concepts that I have learned in class, as well as give me a chance to work on projects and
tasks. I have had the opportunity to work on various types of projects, from tax preparation to
finance audits. It gave me a thorough understanding of accounting practices, but it also
enabled me to acquire the necessary skills like time management, critical thinking and focus
on detail.

It addresses topics such accounting software, income tax and GST registration and filing,
computation, deduction, data entry, equity research, document scanning and organization, and
bank statement updating. Additionally, the Tally accounting software allows for the input of
sales and purchases. The list also includes the creation of TIS, AIS, and 26AS statements for
income tax filing.

The sense of accomplishment I had from finishing a task or assignment was one of the most
fulfilling parts of my internship. It was a very satisfying feeling of success to know that my
efforts were helping the company. It has also inspired me to confidently take on new
challenges and consistently aim for excellence in my work.

Working in a CA firm is demanding and varied, and success in this industry calls for a certain
set of abilities. The primary responsibility is to offer its clients financial services, including
accounting, tax preparation, and auditing. As a result, it is critical to comprehend tax laws,
financial rules, and accounting principles in great detail. To manage intricate financial
transactions and give clients reliable financial advice, one must have a solid foundation in
these areas.

In addition to the technical and interpersonal skills, a strong work ethic is also essential to
succeed in a CA firm. This includes being punctual, meeting deadlines, and taking ownership
of tasks. CA must also be able to adapt to changing business environments and stay updated
with the latest advancements in the field of accounting and finance.

3.3 OTHER DETAILS

 Office Timings - My working hours were 12 p.m. to 7 p.m., Monday to Saturday. The
second and fourth days of the workweek were off every month.

 Lunch Break - The break hour is the same for all employees at the firm and starts from
2 p.m. to 2:30 p.m. It is the refreshment time for all the employees working together.

 Tea Break - The tea break hour is the same for all employees at the firm and lasts from
5 p.m. to 5:30 p.m. Taking a tea break at work allows for a refreshing opportunity to
stretch and unwind away from one's desk and computer.

 Dress Code - People can choose to dress in formal or semi-formal clothes, however
they are required to wear formal attire at the organisation.
 3.4 REPORTING OFFICER AND HIS PROFILE

CA ROHIT DUBEY
(MANAGER)

Rohit Dubey works for the Mumbai, India-based financial consultancy company ASAP & Co.
Having worked in the field for more than 15 years, he is well-liked by both clients and
colleagues. His commitment, understanding, and proficiency have enabled him to establish a
solid name in the finance industry.

He holds a Bachelor of Commerce degree from the university in Mumbai. After working his
way up from the position of financial analyst at his modest firm named as “Rohit Dubey &
Company,” he became a partner at ASAP & Co. during the course of his career.
For the past eight years, he is been working for our firm and risen to a position of reporting
officer. He is got a great deal of experience in his field, and he is good at dealing with difficult
situations. He was a valuable asset to the company because of his ability to think on his feet
and come up with innovative solutions.

Understanding his clients' demands and offering tailored solutions that best meet their business
objectives is one of his strongest suits. In order to assist his clients in reaching their financial
goals, he works directly with them and values developing good connections with them.
Because of his ability to win over his clients' trust and loyalty, he is now one of the most
sought-after financial advisors in the organisation.
4) CONCLUSION
In conclusion, for any business or individual seeking professional financial and accounting
services, the CA firm is a valuable asset. They became an indispensable part of the business
world due to their expertise, a broad range of services, creditability, and efficiency. It is clear
that in order to ensure financial stability and growth of businesses, accounting firms have a
crucial role to play which makes them an important element for today's economy.

It is a professional services firm specialising in providing its clients with the full range of
accounting and finance services. In order to meet the specific needs of its clients, the
company is committed to providing quality and timely services. The company has established
itself as one of the leading firms, thanks to its team of qualified and experienced
professionals. They have been found to offer a wide range of services that meet the various
needs of its clients, following thorough evaluation and analysis of these services. These
services include but are not limited to, accounting and bookkeeping, tax preparation and
planning, financial statement preparation, and business consulting.

In addition, it has a client-centric approach, which means that it focuses on building strong
relationships with its clients. The company is taking the time to understand each client's
specific needs and objectives, so that it can tailor its services according to them. This
personalised approach has enabled the company to establish a loyal client base and has also
led to a high level of client satisfaction.

The company also prides itself on its use of advanced technology, in addition to the
exceptional service it provides. In order to simplify its processes and increase efficiency, it
uses the latest software and instruments. This not only ensures the timely delivery of services,
but also minimises the risk of errors and provides clients with accurate and reliable financial
information.

There may be no financial resources available to hiring an in-house accountant for a number
of businesses, particularly small and medium enterprises such as ours. The hiring of a
certified auditor firm can prove to be an efficient option in this case. They offer their services
at a reasonable price, and customers are paying for what they need in order to make this more
affordable.

It is given me a practical understanding of accounting and auditing, but it is also taught me

important skills that I am going to use in my future career. I appreciate for the opportunity to
work in a professional environment and be part of an organization that is dedicated to
providing quality services to clients. In my quest to become the best version, that internship
has been a stepping stone.
5) ANNEXURE
5.1 LOGBOOK
5.2 PICTURES
 6) BIBLIOGRAPHY

ICAI - The Institute of Chartered Accountants of India

Client-Centric Approach and its Benefits (investopedia.com)

Business Entity | Definition | Types | Finance Strategists

Top 11 CA Firms in India That Achieved Success in 2024 (saginfotech.com)

https://www.livermoreca.gov/government/city-council/vision-mission-values

How to drive partner accountability and unity (journalofaccountancy.com)

Financial Accounting Meaning, Principles, and Why It Matters (investopedia.com)

20 Financial Mission Statement Examples • Eat, Sleep, Wander (eatsleepwander.com)

What is Finance? - Definition, Overview, Types of Finance | Wall Street Oasis