STUDENTS' NEWSLETTER S IL IGUR I BRANCH O F E ICASA THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ( SET UP BY AN ACT OF PARLIAMENT ) AUGUST 2016 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ICA I BHAW AN , Pos t Box N o . 7100 , Ind rap ras tha M a rg , N ew D e lh i - 110002 Te l. : +91 (11 ) 39893989 E -m a il : ica iho@ ica i. in W ebs ite : h ttp ://www . ica i.o rg EASTERN IND IA REG IONAL COUNC IL , ICA I 7 , Anand ila l Podda r S a ran i (R usse l S tree t ) Ko lka ta - 700071 Te l. : +91 (33 ) 39893989 E -m a il : e irccha irm an@ ica i. in W ebs ite : h ttp ://www .e irc - ica i.o rg S IL IGUR I BRANCH O F E IRC O F ICA I ICA I B haw an , N ea r O ve r B r idge , T inba tt i M o re S iligu r i, D is t-Ja lpa igu r i, W .B . - 743015 Te l. : +91 (353 )256 0445 /2984 E -m a il : s iligu r i@ ica i.o rg W ebs ite : h ttp ://www .s iligu r i- ica i.o rg
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STUDENTS'NEWSLETTERSILIGURI BRANCH OF EICASA
THE INSTITUTE OF CHARTEREDACCOUNTANTS OF INDIA( SET UP BY AN ACT OF PARLIAMENT )
AUGUST 2016
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAICAI BHAWAN, Post Box No. 7100,Indraprastha Marg, New Delhi - 110002Tel. : +91(11) 39893989E-mail : [email protected] Website : http://www.icai.org
CA. Pankaj Maskara,Chairman, Siliguri Branch of EIRC of ICAI.
Swachh BharatBySUMIT CHANANIERO-0153065
"A clean India would be the best tribute India could pay to Mahatma Gandhi on his 150 birth anniversary in 2019," said PM of India as he launched the Swachh Bharat Mission on 2nd October 2014 throughout length and breadth of the country as a national movement. He gave the mantra of 'Na gandagi karenge, Na karne denge.'
A sense of responsibility and awareness has been evoked among the people through the Clean India Movement. With citizens now becoming active participants in cleanliness activities across the nation, the dream of a 'Clean India' once seen by Mahatma Gandhi has begun to get a shape.
The government has created a platform for the citizens to keep our country clean. There is an enormous effort put in by the government to keep our country clean. This can be successful only if we contribute to the mission. We cannot ask the country to do everything. What is more important is what we have done for our country. When we go abroad for a trip or whatsoever reasons, we throw the waste in dustbins and not just openly on the road. Then why can't we do the same in our country.
It's about following the basics to keep the surroundings clean, simple things like to put the waste in dustbins, while travelling in train, many people normally throw the food outside the window and thus pollute the environment. Instead of throwing it outside the window, people can just wait for the next station and put the waste in dustbin. We must also think about using the handkerchiefs to the extent possible instead of tissue paper to further save the environment. These are just few examples and there are many more. The more we take a step towards keeping our country clean, the happier we will feel.
There are a lot of benefits from the Swachh Bharat mission
1.We can improve the health of our countrymen
2.We can enhance our tourism
3.We can prevent many diseases.
4.We can have a happy and healthy society
5.We can attract global players to invest in India
6.We can give better life for the upcoming generations
7.We can build a better eco-friendly environment
8.We can reduce cost of maintenance
9.We can feel proud
When we have an intolerance policy towards our house cleanliness, why can't we have the same mindset for our home country Just an introspection question to all of us - if we being the citizens don't value the importance of keeping our country clean, is it worth to follow it in abroad countries just because we are bound by the law of the land, we must never forget- Charity begins at home. So if today we put some efforts, which could be as small as retaining the waste packet until we locate a dustbin or encouraging others to do the same, It does make a difference�
Discipline comes from within, and it's time we make that discipline a part of our culture with the Swachh Bharat Mission.
STUDENTS' NEWSLETTER August 2016I04
CA. Pankaj Maskara,Chairman, Siliguri Branch of EIRC of ICAI.
Finances In A Startup CompanyBySUBHAM AGARWALERO-0185804
¦PROLOUGE
The following items are core elements in business financing :
¦How Financing for Startup vary from the conventional methods?
A startup company is an entrepreneurial venture typically describing newly emerged, fast-growing business.
This is an era of starting a startup revolution!!
Quality financial management offers many benefits as a business owner.
Financial management includes
Øbookkeeping,
Øprojections,
Øfinancial statements, and
Øfinancing,
which forms the foundation for achieving through sound business decisions. Financial management is one of the main avenues to success of a start-up. Financial management is the way you know if you are making a profit. Financial management helps you decide what you can afford in terms of store or office location, inventory purchases, employees, and equipment. One needs sound financial information to set prices and select vendors. Financial management gives the tools to plan for overall business growth, for diversification of product lines, or for reaching new markets. Financial management helps decide which products, services, and markets are profitable. Effective financial management gives tools to chart the course into the future, adjust direction when needed, and help find your way through challenging times.
ØEquity financing : Invested funds that stay in the business, often permanently. For most small businesses, equity comes from the owner or from family savings and is frequently the only source of funds for start-up small businesses. For large, fast-growing quality companies, venture capital can sometimes be accessed for equity.
ØDebt financing: Borrowed funds that are paid back. The cost of debt financing is interest paid to the lender.
ØWorking capital: The money that is used to pay for the daily operations of the business incurred in the short term, such as inventory and overhead expenses.
ØFixed asset financing: Used for purchasing equipment, vehicles and real estate.
Apart from these conventional methods of financing the Startup Companies look forward to some new avenue of Finance :
ØNegotiate an advance from a strategic partner or customer : Find a major customer, or a complimentary business, who sees such value in your idea that they are willing to give you an advance on royalty payments to complete your development. Variations on this theme include early licensing or white-labeling agreements.
STUDENTS' NEWSLETTER August 2016I 05
ØJoin a startup incubator or accelerator : These organizations, are very popular these days, and are often associated with major universities, community development organizations, or even large companies. Most provide free resources to startups, including office facilities and consulting, but many provide seed funding as well.
ØSolicit venture-capital investors : These are professional investors, who invest institutional money in qualified startups, usually with a proven business model, ready to scale. They typically look for big opportunities, needing a couple of million dollars or more, with a proven team. Look for a warm introduction to make this work.
ØStart a crowd funding campaign online: This newest source of funding, where anyone can participate is exemplified by online sites such as Kickstarter. Here people make online pledges to your startup during a campaign, to pre-buy the product for later delivery, give donations or qualify for a reward.
ØApply to local angel-investor groups : Most metropolitan areas have groups of local high-net-worth individuals interested in supporting startups, and willing to syndicate amounts up to a million dollars for qualified startups. Use online platforms to find them, and local networking to find ones that relate to your industry and passion.?
Financial management may not be one of the most glamorous parts of starting up but it's arguably the most important. Because, unless you have a magic money fairy, without the proper tools to keep track of your finances, there's really no way your startup will succeed.
This is a list of some of the most popular online financial management tools used by startups. This list only scrapes the surface of what's available, but it's a sufficient starting point to finding the best services to do everything from tracking invoices, to streamlining customer payments, to keeping track of those all-important tax deductions:
ØSalesforce Invoice and Payment Platform - This new tool from Salesforce, in partnership with Taulia, lets you quickly and easily track invoices, payment status, and choose early payment options. It's a completely free and fully integrated platform. It also facilitates early payments which allows you to get paid earlier in exchange for offering invoice discounts.
ØBodeTree provides daily updates and instant tracking of your business's finances. One feature included is a cash tracker which helps you visualize your income, expenses, and profit in real time. They also offer a full suite of financial insights that helps you set goals, calculate your company's valuation, industry comparisons, and build a strategic roadmap that covers a number of areas of building a successful business.
ØBench is an online bookkeeping service that provides your business with its own personal professional bookkeeper. They offer free paperless bookkeeping, bank level security of your financial information, and tax time support to help lower your business-related stress levels.
ØAbukai is more than just a fun name; it's also a really quick and easy platform for creating status reports. All you have to do is take individual photos of your receipts (it's up to you to remember where you put them) and hit submit. They will send you finished expense report with cost categorization, date, vendor and all the other information already filled in for you.
ØShoeboxed basically turns all of your paper clutter into organized, paperless data and reports. It will scan receipts and business cards. It will scan your receipts and turn them into expense reports, as well as scan business cards into a contact management system so you can get rid of the paper copies of both. You can also auto-import emailed receipts.
¦Tools to keep Track of Finances :
STUDENTS' NEWSLETTER August 2016I06
CA. Pankaj Maskara,Chairman, Siliguri Branch of EIRC of ICAI.
Thought in CA CourseByG. S. ACHARYANRO-0268388
Every Morning alarm makes me wake upHope for best today as much I can make upLife is unstoppable running continue whole dayWith the dream of unseen uncertain future dayYes�., the dream of uncertain black or white day
Forget the meaning of success & failureI go on running assuming as a trailerUnaware the love, life and true feelingsI stick on FM, Audit, Law, Account dealings
Everyday my father becoming old and oldEveryday my mother wants seeing me as a CA & holdWhen I close my eyes, I also remember my beloved boldI scared and see over the sky thinking it GOD's World
Every evening passes with regret Not complete this & that and same interpretCan't run away from the books whatever depth we getStill Sleep with the hope making tomorrow great
my registered date might be black week But I stop my heart and don't let it be weakI whisper long, imagine the great day will comeWhen I make proud of my parents and my loved one
Everyday I'm becoming older and olderWhen I join the course, I was stronger & youngerI had so enthusiasm and confidence for longerI used to do with effort full towards perfection
Do you have been facing the same?Am I same as you in this game?I have no benchmark, no name fameWorried giving answers of questions cameWhen would I become a CA? How to give date, not easy friend
Oh, GOD!!! It's all of the hopes & dreamsUnpredictable future much effort as I screamsWhatever, I should never ever let my hopes downI should never lose dreams to wear CA's crownI should never lose dreams to wear CA's crown
Once upon a time a daughter complained to her father that her life was miserable and that she didn't know how she was going to make it. She was tired of fighting and struggling all the time. It seemed just as one problem was solved, another one soon followed.
Her father, a chef, took her to the kitchen. He filled three pots with water and placed each on a high fire. Once the three pots began to boil, he placed potatoes in one pot, eggs in the second pot, and ground coffee beans in the third pot.
He then let them sit and boil, without saying a word to his daughter. The daughter, moaned and impatiently waited, wondering what he was doing.
After twenty minutes he turned off the burners. He took the potatoes out of the pot and placed them in a bowl. He pulled the eggs out and placed them in a bowl.
He then ladled the coffee out and placed it in a cup. Turning to her he asked. "Daughter, what do you see?"
"Potatoes, eggs, and coffee," she hastily replied.
"Look closer," he said, "and touch the potatoes." She did and noted that they were soft. He then asked her to take an egg and break it. After pulling off the shell, she observed the hard-boiled egg. Finally, he asked her to sip the coffee. Its rich aroma brought a smile to her face.
"Father, what does this mean?" she asked.
He then explained that the potatoes, the eggs and coffee beans had each faced the same adversity- the boiling water.
However, each one reacted differently.
The potato went in strong, hard, and unrelenting, but in boiling water, it became soft and weak.
The egg was fragile, with the thin outer shell protecting its liquid interior until it was put in the boiling water. Then the inside of the egg became hard.
However, the ground coffee beans were unique. After they were exposed to the boiling water, they changed the water and created something new.
"Which are you," he asked his daughter. "When adversity knocks on your door, how do you respond? Are you a potato, an egg, or a coffee bean? "
Moral:In life, things happen around us, things happen to us, but the only thing that truly matters is what happens within us.
