Internship Report - PR RATHOD AND ASSOCIATION

1. INTERNSHIP REPORT
PR RATHOD AND ASSOCIATES
Submitting in partial fulfillment of the requirements
for the Award of the Degree of
BACHELOR OF COMMERCE
By
KAPEEL O
(21COMF13)
Under the Guidance of
DR.P.KUMARASAMY
KRISTU JAYANTI COLLEGE (AUTONOMOUS)
K.NARAYANPURA, KOTHANUR POST,
BANGALORE - 560077
2023 – 2024

2. KRISTU JAYANTI COLLEGE (AUTONOMOUS)
CERTIFICATE FROM GUIDE
This is to certify that this internship work titled “Internship on PR Rathod and Associates”
is based on an original project study conducted by Kapeel O (21COMF13) of V Semester B.
Com under my guidance.
This internship work has not formed the basis for the award of any degree/ diploma by Bangalore
North University or any other university.
Place: Bangalore
Date: 19th
September 2023 Name of the Guide
Dr.P.KUMARASAMY

3. KRISTU JAYANTI COLLEGE (AUTONOMOUS)
CERTIFICATE FROM INSTITUTION
This is to certify that this internship work titled “Internship on PR Rathod and Associates”
is based on an original project study conducted by Kapeel O (21COMF13) of VSemester B.
Com under the guidance of Dr.P.Kumarasamy.
This internship work is based on original and has not formed the basis for the award of
anydegree/diploma by Bangalore North University or any other University.
Head of the Department
Place: Bengaluru
Date: 19th
September 2023

4. DECLARATION FROM CANDIDATE
I Kapeel O (21COMF13), hereby declare that this internship work titled “Internship on PR
Rathod and Associates” is based on the original project conducted by me under the guidance
of Dr.P.Kumarasamy.
This has not been submitted earlier for the award of any other degree/diploma from
Bangalore NorthUniversity or any other University.
Place: PR Rathod & Associates, Bengaluru
Date: 19th
September 2023
KAPEEL O
Reg. No: 21COMF13

5. TABLE OF CONTENTS
S
NO
CHAPTER
NO
PARTICULARS PG NO
1 1 Introduction 1
2 2 Industry Profile 2-16
3 3 3 C Analysis – Company, Customer, Competitor 17-26
4 4 Organizational Structure/ Departments Profile 27-31
5 5 SWOC Analysis 32-35
6 6 Learning Outcomes 36-37
7 7 Conclusion 38

6. CHAPTER 1
INTRODUCTION
This project consists the experience that a B.com student gained during his/her internship.
According to NEP (New Education Policy) every UG (Under Graduate) student must take
practical experience in any organization related to commerce (It can be in various departments
like finance, accounting, marketing, human resource, production, sales etc.). The New National
Education Policy is a watershed moment in India’s educational system. After 34 years of
following the same norms, the Ministry of Education (previously known as MHRD) made
significant changes to our education policy on July 29, 2020. The Indian government just
adopted the New National Education Policy for 2023. The major purpose of this internship is to
know the corporate world closely and gain practical experience from it as it has become very
important for students. To cope up with the amount of stress, deadline and complex workload,
it is necessary for a student to join an internship program for his/her own benefit.
Kristu Jayanti college is known for teaching their students in a different way in which they
can understand the corporate world much effectively. From many year Kristu Jayanti college is
conducting various activities/fest like Adroit and Excelsior for students to give them a stimulus
of the corporate word and to train team. Internship would be even more helpful for student as it
will force them to come out of their comfort zone. From the point of view of a firm internship
is something that benefits both the students and the firm. Students gain practical experience and
get an overview of the corporate world as they are going to be part of it in future. Firm always
require employees for completing their work and they like maintaining a balance between
experience employees and young employees.
This report of title “Internship in PR Rathod and Associates (Bengaluru)” contains various
concept of a CA firm and the department that it contains. It also contains Industrial profile,
history, statistics, policies, 3C Analysis, SWOT analysis, learning outcomes etc. "An internship
is not just about gaining experience; it's about discovering your passion, embracing new
challenges, and laying the foundation for a future filled with endless possibilities."
01

7. CHAPTER 2
INDUSTRY PROFILE
History of PR Rathod and Associates
MR. PREM RAJ RATHOD (PROPRIETOR)
Mr. Prem Raj Rathod is a great chartered Accountant who has left an incredible mark on
accounting and finance industry. Apart from being a great chartered accountant he is also a
humble and well-spoken person who is down to earth. One of the most remarkable aspect of Mr.
Prem Raj Rathod is his extensive knowledge about complex accounting and finance matter.
He is basically from Rajasthan a place where in not much importance is given to education as
doing business from an early age is the major objective of locals there. Apart from being from
such stereotype society he never lost his interest from education and had big dreams from his
childhood. Not only Mr. Prem Raj Rathod but his brother Mr. Amarchand Rathod had big dreams
from the start.
Mr. Prem Raj Rathod never feels shy saying from where he belongs and considers his parents
as his support system. He was dedicated for becoming a CA as finance and accountancy field
where his major interest. He also believes that we must never forget our roots and being a helping
hand for the development of the place from where he belongs to. He has given opportunities to
various students apart from the fact they being a CA or not. He has always motivated his
02

8. employees and considers them as family members. He also guides youngsters and his employees
by showing them the right path.
MR. SHRINIVAS SHASWAT (PARTNER)
Mr. Shrinivas Shaswat is one of the most respected people in the firm and he is qualification
is B.Com. Just like anyone else he also had the dream of joining a big four company and getting
settled over there but as the time passed he got to know about this firm which was PR Rathod
and Associates. As Mr. Prem Raj Rathore was his friend and when he got to know that he has
started a company so he wanted to join with him and help in the growth of the company.
After 6 months of the start of PR Rathod and Associates he join the firm as a partner in the
initial days of PR Rathod and Associates. The work was being divided between the proprietor
or we can say the owner of the firm Mr. Prem Raj Rathore and the partner of the firm Mr.
Shrinivas Shaswat.
He has always given chance to young people who have interested in finance and accounts
and wanted to something in their life. He gave opportunities to those who never had experience
in this field but had the passion to hard work in this field. He has always been a support system
to all the employees working in PR Rathod and Associates and also treats them as his family
members. He has an experience of 10 years in the field of finance and accounts and during his
free time he also conducts a lot of research in the field of finance and accounts to make himself
updated with the recent trends in this field.
03

9. He believes in ethics and moral values and feels that anyone who is going against ethics and
moral values is not worth working in PR Rathod and Associates or anywhere. He also creates a
friendly environment for all the employees who are working in PR Rathod and Associates
regardless the fact that if they are experienced or not.
Even after being a part of the top-level management he personally goes to each and every
employee on a daily basis and takes a report from him or her regarding the works that they are
doing and makes sure if the work can be done in an effective manner.
Timeline of PR Rathod and Associates
PR Rathod and Associates in the year 2010
This was the year when the owner or the proprietor of the company PR Rathod and
Associates Mr. Prem Raj Rathod qualified himself as a chartered accountant and this was also
the year when he had a thought of creating a company and running it all by himself. But, due to
the lack of resources and lack of capital he couldn't start this company. He then joined corporate
world and worked for three long years and gained experience in the field of finance in accounts.
He closely examined the work that was happening in that company and always made notes about
the way his seniors handle clients; the way spoke to them and the way they tackled the problems
that used to occur.
PR Rathod and Associates in the year 2013
After 3 years of dedicated work in corporate world he gained a lot of experience in the field
of finance and accounts and gained tremendous amount of knowledge from his seniors. He then
quit his corporate job and started to plan that how will he create this company? After a lot of
research, he was confident enough to take his first step in the formation of PR Rathod and
associates. He then registered PR Rathod and Associates and gave it a kick start but he was the
only person who was working in PR Rathod and Associates so all the workload came on his
head. He worked for 6 months in PR Rathod and Associate all by himself with no other employee
and after 6 months Mr. Shrinivas Shaswat joined the firm as a partner and the work was divided
between both of them equally.
04

10. PR Rathod and Associates in the year 2015
Starting 2 years of PR Rathod and Associates was very frustrating as their only two of them
as the part of the firm and all the workload was being splitted among these two people. Later on,
Mr. Lakshmikant join the firm who is today the team head of Team A. This was the time when
they started occupying more individuals, small and medium enterprises clients. Due to mouth to
mouth publicity from the clients that the handled and got even more clients in the future and as
the time pass more and more employees started to join PR Rathod and Associates.
PR Rathod and Associates in the year 2020
In 2020 PR Rathod and Associates had two teams namely Team A and Team B in which 3
to 5 employees were working. Mr. Prem Raj Rathod and Mr. Shrinivas Shaswat used to acquire
the clients and all the workload that they used to get was being distributed equally among Team
A and Team B. They were no specific departments for auditing, data entry, income tax return
filing, challan filing, etc. Each team used to do all sorts of work that was assign to them. Due to
corona virus PR Rathod and Associates face a great loss and this was also the time when the
owner Mr. Prem Raj Rathod had to rearrange all the activities in a way that they employees can
work from their home.
PR Rathod and Associates in the year 2023
After facing the impact of Corona virus in 2020 to 2022 the owner Mr. Prem Raj Rathod
rearranged the department structure of the firm PR Rathod and Associates and he extended from
Team A, Team B to Team C and also started giving opportunities to CA students who were
looking for article ship and for other Commerce students were looking for internships.
05

11. Team A
Team B
Team C
06

12. Introduction
The financial and accounting sector is significant to the global economy because it offers critical
financial services and knowledge to people, companies, and organizations of all sizes. It includes
a broad range of tasks, such as tax preparation, risk management, accounting, auditing, and
financial planning. The industry's main goals are to ensure effective financial resource
management, encourage openness, and aid in well-informed decision-making.
Every economic system is built on the foundation of finance and accounting. They lay the
groundwork for monetary stability, expansion, and prosperity. The sector facilitates the
distribution of financial resources, the evaluation of financial performance, and the assurance of
regulatory compliance by acting as a crucial link between investors, companies, governments,
and individuals.
The industry's driving force is comprised of finance specialists such accountants, financial
analysts, auditors, and financial advisors. They can decipher and evaluate financial data, spot
dangers and opportunities, and offer strategic suggestions since they have the necessary
knowledge and abilities to do so. A business's ability to make educated decisions, make the most
of its financial resources, and meet its financial objectives depends on its finance department.
Due to a number of variables, such as technical improvements, fluctuating legal frameworks,
globalization, and shifting market dynamics, the finance and accounting business is always
evolving. Real-time reporting is made possible by technology, which also helps to increase
accuracy and streamline financial procedures. Financial operations have been transformed by
automation and data analytics, enabling quicker and more accurate decision-making.
The finance and accounting fields depend heavily on ethics and professionalism. Professional
organizations like the International Federation of Accountants (IFAC) and the American
Institute of Certified Public Accountants (AICPA) have set ethical codes and standards that
financial professionals must adhere to. Integrity, transparency, and public trust in financial
reporting and corporate activities are ensured by upholding ethical norms.
There are many different career options available in the finance and accounting sector. A
variety of careers are open to aspiring professionals, including those as auditors, tax advisors,
financial analysts, investment bankers, financial planners, and CFOs. Strong backgrounds in
07

13. financial analysis, risk management, and regulatory compliance are necessary for these
positions.
Several significant developments that are influencing the future of the finance and accounting
sector are currently in play. These include the increased use of machine learning (ML) and
artificial intelligence (AI) for data analysis, the rise of sustainable investing and finance, the
significance of cyber security, and the rising need for integrated financial reporting that takes
non-financial metrics into account.
In conclusion, the provision of crucial financial services, enforcement of compliance, and
facilitation of well-informed decision-making are all key functions of the finance and accounting
industry in the global economy. The sector is still developing, adopting new technologies,
adjusting to shifting regulatory environments, and emphasizing ethics and professionalism. For
those with a love of numbers, strong analytical abilities, and a desire to contribute to financial
success and economic stability, it offers a wide range of professional prospects.
History of finance
In ancient Sumer (3000BC) although the standard method of payment was grain, ingots of
copper and silver were also used. Silver was mainly used in the town economies that developed
in Mesopotamia, while grain was used in the country - coined money was not introduced until
the first millennium BC, see Homer and Sylla (1996) The financial transactions of the early
Sumerians were codified in the Babylonian Code of Hammurabi (circa 1800 BC). This regulated
ownership of land, employment of agricultural labour civil obligations, land rental, and credit.
For example, creditors had to wait until after the harvest before demanding repayment from a
farmer, and crop failure caused by storm damage would cancel the interest due on a loan for that
year.
The code also set a higher maximum interest rate for loans of grain those of silver. Twelve
hundred years later (circa 600 BC) the interest rate maximum for grain loans was reduced 2 to
equal the rate on silver loans. It was required that all loan contracts be drawn up in the presence
of an official witness. To protect the creditor, pledges and sureties were allowed. Any property,
real or personal, could be pledged – wife, concubine, children, slaves, land and utensils.
However, servitude for debt could be no longer than three years, the temples were also active in
finance and they granted loans of silver and grain, sometimes making loans to the poor without
interest.
08

14. In the Sumerian period, 3000-1900 BC, the customary rate of interest for a loan of barley was
33.33 % per annum and that for silver 20% per annum. In the Babylonian period 1900- 732 BC
the Code of Hammurabi established the following legal maxima which lasted for more than 1200
years: 33.33 % per annum for loans of grain and 20% per annum for loans of silver.
Growth of financial industry
The finance industry has experienced remarkable growth over the years, evolving from simple
transactions and banking services to a complex ecosystem that encompasses a wide range of
financial activities. This report explores the key factors that have contributed to the growth of
the finance industry, including technological advancements, globalization, regulatory changes,
and the increasing demand for financial services.
Technological advancements have played a significant role in the growth of the finance
industry. The advent of computers, the internet, and digital technologies has revolutionized
financial processes, making them faster, more efficient, and accessible. The introduction of
online banking, mobile payment systems, and digital wallets has transformed the way people
manage their finances and conduct transactions. Moreover, the use of automation, artificial
intelligence (AI), and machine learning (ML) has enhanced risk management, fraud detection,
and financial analysis, enabling businesses and individuals to make data-driven decisions.
The process of globalization has facilitated the growth of the finance industry by increasing
cross-border trade, investment, and capital flows. The removal of trade barriers, advancements
in transportation and communication, and the establishment of international financial institutions
have created a more interconnected global economy. This has led to the expansion of financial
services, such as international banking, foreign exchange trading, and cross-border investments.
Globalization has also fostered financial integration, enabling the free flow of capital and the
development of global financial markets.
Regulatory changes have played a pivotal role in the growth and development of the finance
industry. In response to financial crises and fraudulent activities, governments and regulatory
bodies have implemented stricter regulations to safeguard financial stability and protect
consumers. These regulations have promoted transparency, accountability, and risk management
practices within the industry. Furthermore, regulatory changes have spurred financial
innovation, encouraging the development of new products and services to meet evolving
09

15. customer needs. Examples include the rise of peer-to-peer lending platforms, crowd funding,
and digital currencies.
The increasing demand for financial services has been a significant driver of the industry's
growth. As economies develop and businesses expand, there is a growing need for various
financial services, including banking, insurance, investment management, and financial
advisory. Additionally, the rise of the middle class and increased disposable incomes have led
to higher demand for consumer credit, mortgages, and wealth management services. The finance
industry has responded to these demands by expanding its product offerings and tailoring
services to meet the specific needs of different customer segments.
The growth of the finance industry has been fueled by the emergence of new market
opportunities. As technology advances and economies evolve, new sectors and industries
emerge, creating a demand for specialized financial services. For example, the growth of
renewable energy has given rise to green finance, which focuses on providing funding for
environmentally sustainable projects. Similarly, the rise of the gig economy has led to the
development of innovative financial solutions for independent workers, such as flexible lending
options and tailored insurance products.
One of the primary catalysts for the growth of the finance industry in India was the economic
liberalization policies initiated in the early 1990s. These reforms aimed to open up the Indian
economy, attract foreign investment, and remove barriers to competition. The liberalization
measures introduced by the government led to the deregulation of interest rates, the entry of
private and foreign banks, the establishment of stock exchanges, and the introduction of
innovative financial products and services. This created a more competitive and dynamic
financial sector, fostering growth and development.
Technological advancements have played a significant role in the growth of the finance
industry in India. The widespread adoption of digital technologies, internet connectivity, and
mobile devices has transformed the way financial services are delivered and accessed. The
emergence of digital payment systems, mobile banking applications, and online trading
platforms has made financial transactions faster, more convenient, and accessible to a larger
population. Moreover, the use of automation, data analytics, and artificial intelligence has
enhanced risk assessment, fraud detection, and customer experience, further propelling the
growth of the finance industry.
10

16. Regulatory reforms and strengthened governance have been crucial in driving the growth of
the finance industry in India. The Reserve Bank of India (RBI) and other regulatory bodies have
implemented measures to promote financial stability, protect consumer interests, and enhance
transparency and accountability in the sector. Reforms such as the introduction of prudential
norms, risk-based supervision, and enhanced disclosure requirements have improved the overall
governance and risk management practices of financial institutions. These regulatory changes
have instilled confidence in the financial system, attracting investment and encouraging growth.
India's rapid economic growth, rising middle class, and demographic dividends have
contributed to an increasing demand for financial services. As incomes rise and aspirations grow,
there is a higher demand for banking services, insurance products, investment opportunities, and
wealth management solutions. Financial inclusion initiatives, such as the Jan Dhan Yojana and
Pradhan Mantri Mudra Yojana, have played a crucial role in expanding access to financial
services to previously underserved segments of the population. The growth of small and
medium-sized enterprises (SMEs) has also created a need for specialized financial services, such
as venture capital, trade finance, and working capital loans.
The development of robust capital markets has been instrumental in the growth of the finance
industry in India. The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE)
have emerged as key platforms for raising capital and facilitating investments. The Securities
and Exchange Board of India (SEBI) has implemented reforms to enhance market transparency,
improve investor protection, and attract both domestic and foreign investments. The growth of
mutual funds, private equity, and venture capital firms has provided alternative investment
avenues and fueled entrepreneurial activity.
The finance industry in India has experienced significant growth, driven by economic
liberalization, technological advancements, regulatory reforms, and the increasing demand for
financial services. The sector has evolved into a vibrant and competitive landscape, offering a
wide range of products and services to cater to the diverse needs of individuals, businesses, and
the economy as a whole. As India continues its journey towards becoming a global economic
powerhouse, the finance industry is expected to. In conclusion, the statistics surrounding the
finance industry highlight its significance and impact on various aspects of the global economy.
From its substantial contribution to GDP and employment generation to the market capitalization
of financial institutions, these statistics underscore the industry's importance.
11

17. The emergence of FinTech has brought about transformative changes, with significant
investments and projected growth in digital payments and other FinTech segments. This reflects
the increasing reliance on technology and the evolving nature of financial services.
Furthermore, the focus on financial inclusion is evident, with efforts to provide access to
formal financial services to underserved populations. The growth in the number of bank accounts
opened under financial inclusion schemes demonstrates progress in expanding access to
financial services globally.
These statistics indicate the finance industry's role as a key driver of economic growth, job
creation, innovation, and the facilitation of financial transactions. They also highlight the
industry's responsiveness to evolving customer needs and the importance of technological
advancements in shaping its future.
As the finance industry continues to evolve, keeping up with technological advancements,
regulatory changes, and the growing demand for financial services will be crucial. By leveraging
data, analytics, and innovative solutions, the industry can enhance efficiency, transparency, and
inclusivity, driving further growth and contributing to the overall prosperity of economies
around the world.
History of accounting industry
The history of the accounting industry can be traced back thousands of years, with the origins
of accounting practices dating back to ancient civilizations. Here is a brief overview of the
history of the accounting industry:
Ancient Accounting Practices:
The earliest evidence of accounting practices can be found in ancient Mesopotamia (modern-
day Iraq) and ancient Egypt around 3,300 BCE. In Mesopotamia, clay tablets were used to record
transactions, track inventories, and calculate taxes. Similarly, ancient Egyptians used papyrus
scrolls to maintain detailed records of economic activities.
Development of double entry book keeping:
One of the most significant milestones in the history of accounting was the development of
double-entry bookkeeping. The system, which provides a systematic method for recording
financial transactions, calculating profits and losses, and ensuring accuracy, was introduced by
12

18. Italian mathematician and friar Luca Pacioli in his book "Summa de Arithmetica, Geometria,
Proportioni et Proportionalità" published in 1494. Double-entry bookkeeping laid the foundation
for modern accounting practices.
Professionalization of Accounting:
During the 19th and early 20th centuries, accounting began to professionalize with the
establishment of professional accounting bodies. These bodies aimed to set professional
standards, promote ethical conduct, and provide a platform for knowledge sharing and
collaboration among accountants. Notable examples include the Institute of Chartered
Accountants in England and Wales (ICAEW) founded in 1880 and the American Institute of
Certified Public Accountants (AICPA) established in 1887.
Standardization of Accounting Principles:
In the mid-20th century, efforts were made to standardize accounting practices internationally.
The establishment of the International Accounting Standards Committee (IASC) in 1973 marked
a significant milestone. The IASC, later transformed into the International Accounting Standards
Board (IASB), worked towards developing International Financial Reporting Standards (IFRS)
to ensure consistency and comparability in financial reporting across countries. Today, many
countries have adopted or converged their accounting standards with IFRS.
Technological Advancements:
The accounting industry has undergone significant transformations with the advent of computers
and digital technologies. Computers enabled faster calculations, automated bookkeeping
processes, and the development of sophisticated financial models. The rise of the internet and
cloud computing further revolutionized accounting practices, allowing for real-time
collaboration, data accessibility, and the integration of accounting systems with other business
functions.
Expansion of Services:
The accounting industry has expanded beyond traditional bookkeeping and financial reporting.
Today, accountants offer a wide range of services, including tax planning and compliance,
financial analysis, auditing, forensic accounting, and advisory services. The industry has adapted
to meet the evolving needs of businesses and individuals, providing insights and guidance on
financial decision-making, risk management, and strategic planning.
13

19. In conclusion, the history of the accounting industry spans thousands of years and has
undergone significant transformations. From ancient record-keeping practices to the
development of double-entry bookkeeping and the establishment of professional accounting
bodies, the industry has evolved to meet the changing needs of businesses and regulatory
requirements.
The standardization of accounting principles, such as the development of International
Financial Reporting Standards (IFRS), has brought consistency and comparability to financial
reporting across countries. Technological advancements, including the use of computers, the
internet, and cloud computing, have revolutionized accounting practices, making them more
efficient, accurate, and accessible.
Moreover, the accounting industry has expanded its services beyond traditional bookkeeping,
embracing a wide range of roles, including tax planning and compliance, financial analysis,
auditing, forensic accounting, and advisory services. This evolution reflects the industry's
commitment to providing valuable insights and guidance to support informed decision-making
and strategic planning.
As businesses, technology, and regulatory landscapes continue to evolve, the accounting
industry will remain a critical component of the global economy. Accountants and accounting
professionals play a vital role in ensuring financial transparency, accuracy, and compliance
while providing valuable expertise and guidance to businesses and individuals.
Overall, the history of the accounting industry showcases its resilience, adaptability, and
continued relevance in the ever-changing world of finance and business.
Growth of Accounting Industry
The history of the accounting industry can be traced back thousands of years, with the origins
of accounting practices dating back to ancient civilizations. Here is a brief overview of the
history of the accounting industry:
Ancient Accounting Practices:
The earliest evidence of accounting practices can be found in ancient Mesopotamia (modern-day
Iraq) and ancient Egypt around 3,300 BCE. In Mesopotamia, clay tablets were used to record
transactions, track inventories, and calculate taxes. Similarly, ancient Egyptians used papyrus
scrolls to maintain detailed records of economic activities.
14

20. Development of Double-Entry Bookkeeping:
One of the most significant milestones in the history of accounting was the development of
double-entry bookkeeping. The system, which provides a systematic method for recording
financial transactions, calculating profits and losses, and ensuring accuracy, was introduced by
Italian mathematician and friar Luca Pacioli in his book "Summa de Arithmetica, Geometria,
Proportioni et Proportionalità" published in 1494. Double-entry bookkeeping laid the foundation
for modern accounting practices.
Professionalization of Accounting:
During the 19th and early 20th centuries, accounting began to professionalize with the
establishment of professional accounting bodies. These bodies aimed to set professional
standards, promote ethical conduct, and provide a platform for knowledge sharing and
collaboration among accountants. Notable examples include the Institute of Chartered
Accountants in England and Wales (ICAEW) founded in 1880 and the American Institute of
Certified Public Accountants (AICPA) established in 1887.
Standardization of Accounting Principles:
In the mid-20th century, efforts were made to standardize accounting practices internationally.
The establishment of the International Accounting Standards Committee (IASC) in 1973 marked
a significant milestone. The IASC, later transformed into the International Accounting Standards
Board (IASB), worked towards developing International Financial Reporting Standards
(IFRS) to ensure consistency and comparability in financial reporting across countries. Today,
many countries have adopted or converged their accounting standards with IFRS.
Technological Advancements:
The accounting industry has undergone significant transformations with the advent of computers
and digital technologies. Computers enabled faster calculations, automated bookkeeping
processes, and the development of sophisticated financial models. The rise of the internet and
cloud computing further revolutionized accounting practices, allowing for real-time
collaboration, data accessibility, and the integration of accounting systems with other business
functions.
15

21. Expansion of Services:
The accounting industry has expanded beyond traditional bookkeeping and financial reporting.
Today, accountants offer a wide range of services, including tax planning and compliance,
financial analysis, auditing, forensic accounting, and advisory services. The industry has adapted
to meet the evolving needs of businesses and individuals, providing insights and guidance on
financial decision-making, risk management, and strategic planning.
In conclusion, the accounting industry has experienced significant growth and transformation
over the years. Factors such as increasing regulatory compliance, technological advancements,
evolving business needs, and the expanding scope of accounting services have contributed to its
growth.
The demand for accounting professionals continues to rise as businesses seek expertise in
financial reporting, compliance, risk management, and strategic decision-making. The industry
has adapted to meet these demands by embracing technology, developing specialized services,
and expanding its advisory roles.
Technological advancements have played a crucial role in the growth of the accounting
industry, enabling automation, improved efficiency, and enhanced data analytics. Cloud-based
accounting systems, digital tools, and artificial intelligence have revolutionized traditional
accounting practices, making them more efficient and accurate.
Overall, the growth of the accounting industry is a testament to its essential role in business
and finance. As businesses navigate complex financial landscapes, accounting professionals are
indispensable in providing accurate financial information, valuable insights, and strategic
guidance. The industry is poised for continued growth as technology advances, regulations
evolve, and businesses rely on accounting expertise to navigate a rapidly changing financial
landscape.
Conclusion
In conclusion, the finance and accounting industry is a critical component of the global
economy. It encompasses a wide range of services, including financial analysis, reporting, risk
management, and strategic decision-making. The industry has experienced significant growth,
driven by factors such as technological advancements, increasing regulatory compliance,
globalization, and the demand for specialized financial services.
16

22. CHAPTER 3
3C ANALYSIS
(1) Company
PR Rathore Associates is a small and medium Enterprise small and medium enterprises are
those whose turnover and investment level is less than a specific level. Small and medium
enterprises can include both manufacturing and service businesses and in the eye of the
government we are categorized on the basis of their annual turnover and their investment.
Chartered Accountant Mr. Prem Rathod founded PR Rathod and Associates, which has a long
history built in a profound understanding of the financial world. Since its humble beginnings,
the company has grown into a respectable organization renowned for its steadfast dedication to
honesty, openness, and client pleasure. Every part of PR Rathod and Associates' business
operations is strongly embedded with the company's beliefs, assuring the highest levels of
professionalism and moral behavior.
A wide range of services are provided by PR Rathod and Associates to meet the various needs
of its clientele. Their knowledge covers a wide range of topics, including taxation, financial
planning, business consulting, auditing and assurance, accounting and bookkeeping, and
regulatory compliance. The company is committed to offering precise, dependable, and timely
financial solutions that enable people and organizations to prosper in today's complex financial
environment. The team of highly qualified experts at PR Rathod and Associates takes great
satisfaction in their knowledge of intricate financial issues. The firm's Chartered Accountants
provide strategic insights and workable solutions using their in-depth knowledge and experience
to assist clients in overcoming obstacles, seizing opportunities, and achieving their financial
objectives. The company strongly emphasizes ongoing professional development to make sure
that its staff is knowledgeable on the most recent business trends, legislative changes, and
emerging technology.
Clients are at the center of everything PR Rathod and Associates does. The company is
committed to establishing meaningful connections with clients by taking the time to fully
comprehend their various needs and objectives. The staff at PR Rathod and Associates
guarantees that each customer receives specialized solutions that fit their unique needs by
adopting a customized approach. Because of the firm's dedication to open and transparent
communication, clients have more confidence to make informed financial decisions.
17

23. Technology plays a critical role in providing financial services that are both effective and
efficient, according to PR Rathod and Associates. The company uses state-of-the-art equipment
and software to speed up procedures, increase precision, and boost output. By adopting
technology, PR Rathod and Associates stays at the cutting edge of innovation and guarantees
that clients profit from the most recent developments in the sector. A major focus at PR Rathod
and Associates is ongoing professional development. Through regular training, certifications,
and industry conferences, the company encourages its team members to expand their knowledge
and abilities. By encouraging a culture of learning, PR Rathod and Associates makes sure that
its employees stay up to date on market trends and are prepared to offer clients the highest caliber
of expertise.
For their superior financial services and dedication to client pleasure, PR Rathod and Associates
have built an enviable reputation. The company has worked with clients in a range of sectors,
including those in manufacturing, retail, services, and non-profit institutions. Its varied clientele
attests to the firm's capacity to meet the specific financial requirements of many sectors.
Mission
 To provide client satisfaction as it is very important for a CA firm to understand the needs of
their clients and work according to it. PR Rathod and Associates always pays attention when it
comes to clients.
 To provide employee satisfaction as they are the once through which a major chunk of cliental
work is done. To provide employee satisfaction a steady increment is always provided so that
the employees work with their personal interest.
Vision
 To expand its branches first domestically and then nationally. For doing this it would require PR
Rathod and Associates to increase the number of clients and employees and also improve the
quality of service.
 To contribute to the development of finance and accounting industry by allotting appropriate
time for conducting research in the field of finance and accounts. PR Rathod and Associates
have to create a department that focus only on research and development.
18

24. Products and services offered
Known for providing a wide range of expert services to people, companies, and
organizations, PR Rathod and Associates is a prominent CA (Chartered Accountant) firm. PR
Rathod and Associates offers customized solutions to satisfy the various financial and
accounting demands of their clients
(a)Audit and Assurance:
PR Rathod and Associates specialize in conducting thorough audits and assurance services
to ensure compliance with accounting standards, regulations, and industry best practices. They
perform statutory audits, internal audits, tax audits, and other specialized audits, providing
clients with accurate and reliable financial information.
(b)Tax Planning and Compliance:
The firm offers expert tax planning and compliance services, helping clients navigate complex
tax laws and regulations while minimizing tax liabilities. They assist individuals, businesses,
and organizations in areas such as tax planning, tax return preparation, tax advisory services,
and ensuring compliance with tax obligations.
(c)Accounting and Bookkeeping:
PR Rathod and Associates provide professional accounting and bookkeeping services to
businesses of all sizes. They assist in maintaining accurate financial records, preparing financial
statements, managing accounts payable and receivable, and ensuring adherence to accounting
principles.
(d)Financial Advisory and Consulting:
The firm offers strategic financial advisory and consulting services to assist clients in making
informed decisions regarding investments, business expansion, mergers and acquisitions, and
other financial matters
(e)Business Valuation:
PR Rathod and Associates conduct comprehensive business valuation services to determine the
worth of a business or its assets. This includes conducting financial analysis, assessing market
conditions, and considering various factors to provide accurate and reliable valuation reports.
19

25. (f)Compliance and Regulatory Services:
The firm helps clients navigate the complexities of regulatory and compliance requirements.
They assist with company formation, registrations, compliance with corporate laws, and
adherence to regulatory guidelines, ensuring clients meet their legal obligations.
(g)Financial Reporting and Analysis:
PR Rathod and Associates assist clients in preparing financial reports and conducting in-
depth financial analysis. They provide insights into financial performance, identify areas for
improvement, and help clients make informed decisions based on accurate financial data.
(h)Corporate Secretarial Services:
The firm offers corporate secretarial services, assisting clients in meeting corporate
governance requirements, maintaining statutory registers, filing regulatory documents, and
ensuring compliance with company laws and regulations.
In order to benefit their clients' financial operations and advance their prosperity as a whole,
PR Rathod and Associates work hard to provide top-notch services. The firm has built a solid
reputation in the field of chartered accounting because to its knowledge and dedication to quality.
(2) Customer
Numerous individuals, corporations, and organizations are served by CA companies like PR
Rathod and Associates. These individuals take services of PR Rathod and Associates due to the
quality of work that they provide. Dealing with these individually is comparatively easier than
small and medium scale enterprises. The following are examples of the types of clients that a
CA firm often serves:
Individuals
CA firms provide services to individual clients who may require assistance with their personal
financial matters. This includes tax planning and compliance, investment advice, retirement
planning, estate planning, and other financial services aimed at
For example: - Dr Santosh Kumar is one of the clients of PR Rathod and Associates. By
profession he is a doctor and team C handles all his data. During the internship I was given the
bank statements of Dr Santosh Kumar and was said to do data entry. As Dr Santosh Kumar is an
20

26. individual and does not have any business so they were no purchase and sales transaction in his
bank accounts the major income that he received was in the form of professional receipt which
could be used for tax deduction according to income tax act of 1961.
Below are a few details of his accounts this year: -
Name of the account Total amount
Drawings ₹ 4,56,000.00
Professional receipts ₹ 9,00,000.00
Investments ₹ 25,000.00
Small and medium sized enterprises (SME’s)
CA firms often work with SMEs, offering a range of accounting, bookkeeping, and financial
advisory services. These businesses rely on CA firms to manage their financial records, assist
with tax compliance, provide financial reporting, and offer advice on improving financial
performance.
Example: - Mahalaxmi plywood Limited is one of the clients of PR Rathod and Associates. They
deal in the business of selling plywood and iron related items. They purchase in bulk and this
process is being done B to B. They are GST registered and from the firm from where they bring
their goods from is also GST registered. Purchase is usually done at 5%. The major source of
income of Mahalaxmi plywood Limited is there sales that they do in the entire year. They
purchase goods at a wholesale price and sell it at the MRP through which they get a profit margin.
₹ 0.00
₹ 1,00,000.00
₹ 2,00,000.00
₹ 3,00,000.00
₹ 4,00,000.00
₹ 5,00,000.00
₹ 6,00,000.00
₹ 7,00,000.00
₹ 8,00,000.00
₹ 9,00,000.00
₹ 10,00,000.00
Drawings Professional receipts Investments
21

27. Below are a few details of Mahalaxmi plywood limited: -
Hindu undivided family (firm)
PR Rathod and Associates handles an HUF firm by providing expert financial, tax, and
business advice to ensure its smooth operation and compliance with the relevant laws.
For example: - Punaram HUF is a Hindu undivided family firm which basically deals with
business of footwear. They are one of the clients of PR Rathod and Associates. Below are a few
details of Punaram HUF: -
₹ 0.00
₹ 1,00,000.00
₹ 2,00,000.00
₹ 3,00,000.00
₹ 4,00,000.00
₹ 5,00,000.00
₹ 6,00,000.00
₹ 7,00,000.00
₹ 8,00,000.00
₹ 9,00,000.00
₹ 10,00,000.00
Drawings Purchase Sales
Name of the account Total amount
Drawings 362800
Purchase 642560
Sales 874000
Name of the account Total amount
Drawing ₹ 4,11,000.00
Purchase ₹ 3,81,620.00
Sales ₹ 6,12,800.00
22

28. The below details are division of clients of PR Rathod and Associates: -
Type of clients No of clients
Individuals 11
small & medium enterprises 28
HUF firm 4
₹ 0.00
₹ 1,00,000.00
₹ 2,00,000.00
₹ 3,00,000.00
₹ 4,00,000.00
₹ 5,00,000.00
₹ 6,00,000.00
₹ 7,00,000.00
Drawing Purchase Sales
0
5
10
15
20
25
30
Individuals small & medium enterprises HUF firm
23

29. (3) Competitor
Big four accounting firms
The Big Four accounting firms, Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY),
and KPMG, is renowned global professional services firms that offer a wide range of accounting,
audit, tax, and consulting services. Here is a brief overview of each firm:
(a) Deloitte:
Deloitte is one of the largest and most respected professional services firms globally,
providing a wide range of accounting, audit, tax, consulting, risk advisory, and financial advisory
services. With a presence in over 150 countries, Deloitte serves clients from various industries,
including multinational corporations, government agencies, and nonprofit organizations. As an
accounting firm, Deloitte offers comprehensive audit and assurance services, conducting
independent financial statement audits, internal audits, and other specialized audits to provide
clients with accurate and reliable financial information. Their auditing approach focuses on
delivering high-quality and transparent audits that comply with professional standards and
regulatory requirements.
Deloitte's global network of professionals brings together industry expertise, deep technical
knowledge, and a commitment to delivering high-quality services. They aim to help clients solve
complex business problems, drive growth, manage risks, and create sustainable value. Through
their diverse range of accounting services and comprehensive business advisory capabilities,
Deloitte continues to be a prominent player in the accounting industry.
(b) Price water house coopers (PWC)
PricewaterhouseCoopers (PwC) is a renowned global professional services firm that offers a
comprehensive range of accounting, audit, tax, and consulting services. With a presence in over
155 countries, PwC serves clients across various industries, ranging from multinational
corporations to small businesses and startups. As an accounting firm, PwC provides trusted and
independent auditing services. They conduct financial statement audits, internal audits, and
specialized audits to help clients ensure the accuracy and reliability of their financial
information. PwC's audit approach focuses on understanding client needs, assessing risks, and
providing valuable insights to enhance financial transparency and accountability.
24

30. PwC's tax advisory services assist clients in managing their tax obligations efficiently. Their
tax professionals provide guidance on tax planning, compliance, and reporting, helping clients
navigate complex tax regulations and optimize their tax positions. PwC's tax services cover areas
such as international tax, transfer pricing, indirect taxes, and mergers and acquisitions.
With a global network of professionals, PwC combines deep industry knowledge, technical
expertise, and a client-centric approach. They aim to help organizations navigate challenges,
seize opportunities, and create sustainable value. PwC's dedication to quality, integrity, and
delivering results has solidified its position as one of the leading accounting firms worldwide.
(c) Ernts & Young (EY)
Ernst & Young (EY) is a prominent global professional services firm providing a wide range
of accounting, audit, tax, consulting, and advisory services. With a presence in over 150
countries, EY serves clients across diverse industries, including multinational corporations,
government agencies, and nonprofit organizations. As an accounting firm, EY offers
comprehensive audit and assurance services. EY's auditors conduct independent financial
statement audits, internal audits, and specialized audits to provide clients with reliable financial
information. EY's audit approach emphasizes quality, integrity, and adherence to professional
standards, ensuring the accuracy and transparency of financial reporting.
With a global network of professionals, EY brings together deep industry knowledge, technical
expertise, and a client-centric approach. They strive to build trusted relationships with clients,
deliver exceptional service, and help organizations navigate challenges and seize opportunities.
EY's commitment to quality, integrity, and delivering value has established them as a leading
accounting firm worldwide.
(d) KPMG
KPMG is a prominent global professional services firm that offers a wide range of
accounting, audit, tax, and advisory services. With a presence in over 150 countries, KPMG
serves clients across various industries, including multinational corporations, government
agencies, and nonprofit organizations.
As an accounting firm, KPMG provides comprehensive audit and assurance services. Their
auditors conduct independent financial statement audits, internal audits, and specialized audits
to ensure the accuracy and reliability of financial information. KPMG's audit approach
25

31. emphasizes quality, professionalism, and adherence to global auditing standards. KPMG's tax
advisory services assist clients in navigating complex tax landscapes. Their tax professionals
provide guidance on tax planning, compliance, and reporting, helping clients optimize their tax
positions and manage tax risks effectively.
With a global network of professionals, KPMG combines deep industry knowledge, technical
expertise, and a client-centric approach. They strive to build trusted relationships with clients,
deliver high-quality services, and help organizations address challenges and unlock value.
KPMG's dedication to integrity, professionalism, and client success has established them as a
leading accounting firm globally.
Other competitors
(a)Mid-sized and Regional Accounting Firms:
There are numerous mid-sized and regional accounting firms that provide similar services to
clients. These firms often have a strong presence within specific geographic regions and may
specialize in particular industries or sectors.
Examples: - (1) Nazmul and Associates Chartered Accountants Bangalore.
(2) Blest Accounting Solutions- Chartered Accountant.
(b)Other Local CA Firms:
Within a specific locality or market, there are likely to be other local CA firms that compete
for clients. These firms may have varying sizes, expertise, and service offerings, catering to the
needs of businesses and individuals within their respective markets.
Examples: - (1) Mukunda Shiva and Associates.
(2) Singamreddy and Associates.
(c)Independent Accounting Professionals:
Independent CPAs and individual accounting professionals also pose competition to CA
firms, particularly for small-scale clients and individual engagements.
Examples: - (1) Krishnamurthy (Auditing & Taxes).
(2) Nag Bhushan kandachar (Auditing & Taxes).
26

32. CHAPTER 4
DEPARTMENTS PROFILE
(a)Data entry department: -
When PR Rathod associate gets a client the first stage is to record all the data. Recording
data means taking all the transaction and all the bank statements and transactions including
purchase, sales, drawings etc. the client has gone through and record it in a software called Tally
ERP 9 or Tally Prime
Example: - One example for data entry can be Dr Santosh Kumar who is one of the clients in
the firm PR Rathod and associates major transaction that the Dr Santosh Kumar is filled with
drawing and professional fees.
Below given image is an example for data entry: -
(b)GST filing department: -
The main purpose of recording the data of the client is basically to do GST filing which is
the second process. For small and medium enterprises, we basically file GST for all the Purchase
and the sales entry as purchase or sales is always being done at a particular rate and the rate at
which the sales or purchase is being done the GST is being charged upon that, for example if the
Purchase is being done at 5% for we charge in CGST of 2.5% and SGST 25%. Different product
comes up different rate of GST, for example according to the GST act electronic products have
a GST rate of 18%. There are also some products which has GST exemption for example Grains.
Below given image is an example for GST filing: -
27

33. (c)Income Tax Return filing department: -
Income tax return is the last stage. Last date of preparing income tax return is 31st July the
main purpose of preparing an ITR is to pay the direct tax which the client is liable to pay to the
government. During preparing ITR a firm like PR Rathod and Associates make sure that it is as
Below image is an example of ITR filing: -
28

34. Organizational structure
Flow chart
(a) Owners:
Mr. Prem Raj Rathod
(Owner/Proprietor)
Mr. Shrinivasan Shaswat
(Partner)
Team A Team B Team C
Mr. Lakshmi Kanth
(Team Head)
Mr. Suresh J
(Team Head)
Mr. Dinesh
(Team Head)
Employees
Article ship
&
Interns
Employees Employee
s
Article ship
&
Interns
Article ship
&
Interns
Teams
29

35. (a)Owner:
Owners are the top-level decision-makers in the firm. They are highly experienced CA
professionals who oversee the overall operations, strategy, and direction of the firm. Partners
often have specialized expertise in specific areas and play a key role in client relationship
management, business development, and firm governance.
The following are the major duties of the owner: -
 To make sure the smooth operation of all activities that is happening in the firm.
 Creation of rules and regulations.
 Creation of policies.
 Maintaining good relations with client.
 Conducting interviews and employee selection.
(b)Partners:
Partners are also a part of the top-level management; they might have joined initial or later
stage of the company. They are one among the very few who can order/instruct the other team
head, article ship students, intern etc. In the case of PR Rathod and Associates there is only one
partner Mr. Shrinivasan Shaswat.
The following are the major duties of the partner: -
 To help the middle level management for efficient work to be done.
 Creation of rules and regulations.
 Creation of policies.
 Maintaining good relations with client.
 Conducting interviews and employee selection.
(c)Team Head:
Unlike other CA firms who have various department under them (For example: - data entry
department, auditing department, ITR Filing department, GST filing department etc.) but, in PR
Rathod and Associates department structure is different or in other words it can be said to simple
when we compare it to other firms. In PR Rathod and Associates there are 3 teams that handles
the majority of the work load. The teams are named as A, B and C.
30

36. The following are the major duties of a team head: -
 Making sure the works is being done in the right manner.
 Maintaining friendly relationship between employees.
(d)Article ship employees: -
These are CA students who complete CA intermediate or in the process of completing
it. According to ICAI (Institute of Chartered Accountants of India) a CA intermediate student
must take practical experience in a CA firm and work there for 2 years, which is known as article
ship.
The following are the major duties of an Article ship employee: -
 To use his/her accounting knowledge for the benefit of the firm.
 To understand the task and do it effectively.
(e)Intern
They are basically students of commerce who join CA firms to gain practical knowledge
about accounting and finance concept that they are learning. Duration of Internship varies from
firm to firm and is generally from 3-6 months. Due to NEP (New Education Policy) this duration
is made of 1 month.
The following are the major duties of an Intern: -
 To expand their knowledge about finance and accounting.
 To gain practical experience.
31

37. CHAPTER 5
SWOT ANALYSIS
Strengths
A notable CA firm known for its advantages and value proposition is PR Rathod and Associates.
The following are some of PR Rathod and Associates main advantages:
 When it comes to finance and accounts PR Rathod and Associates has a lot of knowledge and
they know how to deal with activities that are related to financial accounts as there are many
professionals working in PR Rathod and Associates. Apart from having knowledge in one type
of activities (auditing for example) they also have knowledge in activities like taxation, challan
filing, income tax return etc.
 Apart from data entry PR Rathod and Associates also provides various services to its clients
from past many years. These services include taxation, financial planning, risk management,
audit and assurance, business consulting, and compliance. Most of the clients that take service
from PR Rathod and Associates are satisfied from the quality of work that they provide.
 PR Rathod and Associates are known for the ethics that they follow. The client financial
information that this firm receives is always kept under highly secured systems and the privacy
of the information is insured by the firm.
 PR Rathod and Associates always has friendly interaction with the clients that they serve. It
never seems like a business deal; in fact, it seems like as if the clients are a part of the firm itself.
Due to this advantage PR Rathod and Associates coordinates with their clients in a better way
to meet their expectation.
 The firm always goes parallel with the recent development in the sector of finance and accounts
as they feel that it is important to serve the clients in a better way. Professionals working in PR
Rathod and Associates keeps them updated to recent changes and additions that are made in the
field of finance and accounts. The also use recent technologies to increase the pace of auditing,
GST filing, ITR filing etc.
 The owner of PR Rathod and Associates Mr. Prem Raj Rathod is a part of various finance and
accounting research committees which gives him an upper hand in knowing the point of view of
other accounting professionals and in take from them some positive information. This also helps
him know the industry in a better manner.
32

38.  Highly skilled specialists, including chartered accountants, auditors, tax experts, and financial
analysts, are a part of PR Rathod and Associates. This gives them a major advantage regarding
the completion of client work. The knowledge and experience of all these professionals, interns
and other team members comes together to form a core and strong base for the firm.
In summary, PR Rathod and Associates set themselves apart from the competition by their
knowledge, specialized services, professionalism, client-centric approach, technological
advancements, in-depth knowledge of the industry, and team of highly qualified professionals.
These resources put the business in a position to be a trustworthy partner for businesses seeking
reliable financial guidance and help.
Weakness
Despite the fact that PR Rathod and Associates is a respected CA agency, it's critical to
understand that even strong businesses can have flaws. Any CA company, including PR Rathod
and Associates, may have the following weaknesses:
 As mentioned before, PR Rathod and Associates is a small and medium enterprise that deals
with limited number of clients due to limited workforce and the available technologies with
them. For meeting the deadlines PR Rathod and Associates only takes few clients and focuses
to serve them rather than taking n number of clines and messing thing up. Because of this PR
Rathod and Associates always have limited clients.
 As finance and accounting industry changes from time to time and various rules, regulations,
policies, acts and amendments also gets changed, due to this PR Rathod and Associates spends
a huge chunk of their time in researching and studying the recent changes as it effects cliental
work that they do.
 As auditing, GST filing, ITR filing, challan filing etc. are activities that require accounting
professionals it is a necessity for the firm to hire them of all these things. This increases the
expenses of the firm as accounting professionals charges a huge amount as fee on monthly basis
and general employees are not that skilled enough to do these activities without any error.
 It is a human tendency of committing errors. The recent accounting technologies and software
are not that futuristic enough that it does all major activities without any human input. Therefore,
human input is always required and there might be chances even for accounting professional to
commit error during this process.
33

39.  There may be restrictions in terms of specialized services or knowledge in certain areas, despite
the fact that CA firms provide a wide variety of services, including audit, taxation, and advisory.
Highly specialized or complex needs may necessitate the use of extra professionals or the hiring
of other businesses that focus on those particular fields.
 It's possible that PR Rathod and Associates only serve clients in a small portion of the world's
territory. This restriction can make it more difficult for them to service customers who are spread
over many sites or to reach a larger clientele.
 Despite the necessity of embracing technology changes, CA businesses like PR Rathod and
Associates may find it difficult to properly utilize new technologies. Reduced operational
efficiency and a slower adoption of novel ideas could be the results of resistance to change or
insufficient investment in technology.
Opportunities
It's important to note that these drawbacks are generic issues that might or might not apply to
PR Rathod and Associates particularly. To identify any potential vulnerability and comprehend
how they are addressed, it is critical to undertake a thorough assessment or speak with the
company directly.
 PR Rathod and Associates can expand its roots in the field of finance and accounts by steadily
taking part in committees related to the industry of finance and accounts. This would give them
an upper hand over other CA firms that are not taking part in any of the committees and has only
a single objective of earning profit.
 Proper departmental structure can help PR Rathod and Associates to manage cliental work in an
effective and efficient manner. Hiring more accounting professionals and skilled workforce in
accounts and finance would help the firm to take more cliental work than it usually does. This
will also help them in expanding.
 For PR Rathod and Associates adapting to new accounting technologies is as important as
updating them about the field of accounts and finance. This would increase the pace at which
the cliental works is usually done in the firm. Adapting new technologies would also give a
positive impression in front of the clients.
 PR Rathod and Associates can build a separate team that provide financial consultancy services
to its clients. As per the current situation Mr. Prem Raj Rathod is the only one who provides
consultancy services. This will decrease burden on him and give him an opportunity look after
34

40. more important work and it will up to another service that PR Rathod and Associates would
provide to its clients.
PR Rathod and Associates may benefit from working in conjunction with other professional
service providers, such as law offices, management consultancies, or technology companies.
Strategic alliances can enable the company to access new networks, access more resources, and
provide clients with integrated solutions.
Challenges/threats
Like any other CA firm, PR Rathod and Associates may face a number of difficulties when
conducting business. The following are some typical issues that CA firms, like PR Rathod and
Associates, may experience:
 There are various other CA firms present in the market that performs better than PR Rathod and
Associates and has nearly double number of clients then they have in the current situation. If this
situation remains the same then soon PR Rathod and Associates will be restricted only till small
and medium enterprise.
 As mentioned before that Accounting and finance industry goes thought a lot of changes on a
regular basis which might be missed by PR Rathod and Associates and due to which an error
can be committed during auditing, GST filing, ITR filing etc. This can get PR Rathod and
Associates into legal trouble.
 Due to general awareness and increasing in the interest of accounting and finance there are
various people that does accounting by themselves and do not require any CA firm for this. This
can lead to decreasing the number of clients in PR Rathod and Associates.
 Hacking of cliental data can be a major trouble for PR Rathod and Associates as the clients takes
services from them with a trust factor that their data will be kept confidential. Even highly
advance technology sometimes cannot narrow the rick of hacking.
 Growing cost sensitivity among clients and competitive market dynamics may put pressure on
CA firms' pricing structures. It might be difficult to strike a balance between providing high-
quality services while controlling expenses and preserving profitability. To stay competitive and
financially viable, businesses must continuously evaluate their pricing strategies, cost structures,
and operational efficiencies.
35

41. CHAPTER 6
LEARNING OUTCOMES
It was a great experience working in PR Rathod and Associates as the management and the
teams in the firm were quite friendly and the environment in the office is not one among those
stereotype corporate firms that we can see these days. The initial days were confusing and
frustrating due my incompetency in the department of finance and accounting but as the time
passes I gained the practical knowledge.
I was given an audit report of a firm namely “Akash Marketing” for the FY 2021-22 on my
first day to rectify if there is any accounting error in the report. After deeply examining the report
I could only find error of commission and it was rectified. The audit report basically contained
all the general accounts that are usually present in an audit report. At the end of the day the report
was submitted back.
The coming 3-4 days was a learning face as the activities and tasks allotted in PR Rathod and
Associates are complex and requires basic knowledge of accounting (like standards, principle
etc.). I had to brush up my accounting knowledge and so that I can match up the basic
requirement that I can be allotted to any task or a team. The practical way of accounting was
very different from the one I learned from the college is something that I could infer during this
time.
I was unaware of the accounting software like Tally Prime, Tally ERP 9 etc. and due to this
there was session conducted for me by team C in PR Rathod and Associates to give me a gist of
Tally prime. I was later on given the bank statements of Mr. Santosh Kumar who is a doctor to
enter his transactions in tally. There were a few contra entries as the client also had another
savings account through which he used conduct interbank transactions and received his
professional fees. Entering data in tally was a little confusing in the start but I got used to the
software in couple of days. It took nearly 3-4 days to enter all the transactions and to create a
suspense list and clarify it.
After a week of my internship I was given independent clients for data entry. These clients had
firms related to various industries like manufacturing and some were into service. The name of
the clients and business that they conduct are as follows: -
(1) Mr. Jalaram (Foot ware showroom)
36

42. (2) Mr. Narayanlal (Loan and Jeweler)
(3) Mr. Prakash Seervi (Rental and clothing showroom) etc.
I also learnt to deal with multiple bank accounts (5-6 accounts per client) including saving
and current bank accounts. There were a lot of interbank and cash transaction that we first taken
into suspense cause data entry is done one bank account after another and not all at the same
time. Due to this setback it used to take a lot of time to clear suspense as one entry had to be
taken as contra and another had to be deleted to match the balances of both the accounts without
making any accounting errors. During suspense clearance reference was taken from the previous
assessment years data of the client to know how was different narrations in this assessment year
were treated in the previous assessment year. Even after using reference technique if there was
any suspense remaining then a suspense list was created in Excel and was sent to the client for
rectification. ITR, GST and challan filing were not assigned to me due to my lack of knowledge
in those areas of accounting and finance but, I used to closely look at team members works to
know how it should be done. The hesitation of the firm to give such complex tasks to interns is
understandable as a slight mistake in ITR, GST and challan filing by the intern would lead the
firm into major trouble and effect the firm’s reputation. During my internship apart from general
data entry I was given manual sales list and purchase invoice bills of client to enter those data.
This was also time I got introduce to the practical concept of GST and its implication. We needed
to know at what percentage the purchase is being done in order to determine at what percentage
CGST and SGST was charged to that purchase. During the work time my team head also used
explain me various concept of GST and accounting.
There were situations in which the transactions exceeded 1000 entries which was tough and
time consuming. During this situation my team used to request the client to send their bank
details in CSV format. CSA format is done in excel and we can directly import all bank entries
in tally effortlessly. The only thing that we needed to be careful about was the transaction
belonged to which ledger. Sometimes I was given some free time to go through aspect of theory
of accounting, income tax and GST. I used to utilize this time to gain knowledge mostly
regarding Income Tax Act 1961. This was the time I used to come through various sections
related to accounting treatment (Example section 1, 2, 3, 4, 5, 5A etc.), tax deduction (Examples
like section 80C, 80CCC, 80CCD, 80TTA, 80TTB etc.), tax relief etc. During the last days of
my internship I settled few more clients’ data to wrap up this beautiful journey of being an intern.
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43. CHAPTER 7
CONCLUSION
It was a great experience working at PR Rathod and Associates for a month. In the initial
days it was hard for an intern to understand the corporate environment and get used it,
understanding the work and other activities related to clients that are handled by PR Rathod and
Associates was quite tricky. Due to lack of intense knowledge in the field of finance and accounts
there was always a setback as an intern in PR Rathod and Associates.The teams that are
segregated in PR Rathod and Associates is very interesting and unique when compared to any
other small and medium enterprises. Rather than creating departments as generally done in other
CA firms (For example auditing department, GST department, ITR department and Research
department) PR Rathod and Associates created three teams that contained accounting
professionals, interns, fresher’s and other accounting graduates.
It is commendable that they allot clients to interns as this is an uncommon behavior in other
CA firms, any mistake that is done by the intern may affect the reputation of the firm. In the
initial days a proper brush-up regarding accounts and finance was given to interns and then
previous audit data and data entry was given for practice purpose. On a later stage few clients
are allotted to an intern under the guidance and supervision of team head or accounting
professional. There are situations where an intern commits an error during data entry but this
thing never goes unnoticed as the team head or the allotted accounting professional always
reviews the finished data before sending it to the next process. Lot of experience and exposure
was gained in this beautiful and fruitful journey of internship. It was a great opportunity to
witness the corporate environment and be a part of it specially in the field of finance and
accounts. Due to friendly nature of all the employees and accounting professionals in PR Rathod
and Associates learning and usage of accounting information was done smoothly. This is how
an experience of being an intern in PR Rathod and Associates came to an end.
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