The foundation for Naresh J. Patel & Co. Chartered Accountants was laid in 1947 by Mr. Jivanlal Patel who started an Income Tax Practice. The Firm itself was established in 1986 by Naresh J. Patel. With a wide range of clients including individuals, family-owned businesses, not-for-profit organizations, partnerships, and corporations, Naresh J. Patel & Co. was awarded the Accountant of the Year at the Intuit QuickBooks Excellence Awards 2013.
We chat with its founder as they keep innovating. An excerpt from the Interview:
What was your key motivation in starting your business?
The strong family roots in taxation advisory, burning desire to be business advisor, preparedness to struggle in the initial phase and a strong belief in client satisfaction were some of the motivating factors to start a practice as a Chartered Accountant Firm.
What was the breakthrough moment for your business?
During 2010, proprietorship was reconstituted as a partnership firm and the firm ventured into non-traditional areas of practice such as XBRL, US GAAP& IFRS, Internal Audit, Corporate Compliance, Management Consulting, NRI Advisory, etc. The response from the client was extremely satisfactory and increased our brand image and visibility.
How do you measure success in your business?
The success mantra of the firm is ‘Believe in Quality and Client Satisfaction’. The partners and staff of the firm ensure in-time, efficient and quality services provided to clients that meet or exceed their satisfaction.
What is your business model? We offer ‘One Stop Solution’ to our clients as our services include advisory and consulting for Income Tax, Service Tax, Internal Audit, Statutory Audit, ROC compliance, RBI matters, Investment, Tax Planning, Project Finance, etc. Our advice is based on the long term holistic view of the clients’ needs as we consider all the taxes, rules, regulations, and how it impacts in the short or long term to clients.
Have you benefitted from the use of any specific technology for your regular operations?
We use various application-based software for our regular operations. The use of technology has played a major role in our profession. IT Software has simplified our work, increased control and ensured speedy, consistent and quality services.
Innovation is the key to survival in any business. How do you continue to innovate?
Understanding the requirement of customers, maximum use of IT, studying international business trends, feedback from customers and staff are some of the important things which the partners of the firm drive to ensure continual innovation.
What are the trends you’re paying attention to for 2014?
The Companies Act is replaced after more than 5 decades and other amendments in-laws and regulations will increase the scope of the firm in new areas.
Where do you see your business in 5 years?
The dynamics of business will change due to amendments in laws & regulations, global environment and IT dominance. Also, clients would demand more value-added services than compliance focus services and would like to work with a firm that provides ‘one-stop-shop’.
This will result in an increase in customer base focus on specialized approach and delivering quality services efficiently. With our partners having varied qualifications and unique specialization, we are well-positioned in the market to exploit this opportunity while providing quality customer service. In 5 years, we see humongous growth in terms of clients, professionals/employees as well as the number of services.
What, according to you, are the top 3 skills needed to be a successful entrepreneur?
Innovation, Focus on Quality and Persistent Action
What does it mean for you being a recipient of the QuickBooks Excellence Awards?
It has been one of the greatest moments of our life as a company, to get such a prestigious award and it has provided us motivation to excel further in our business. We are thankful to Intuit for this QuickBooks Excellence Awards!
Know more about their service: www.nareshco.com