A peek into the world of accounting and taxation

A team of chartered accountants in the city demystify numbers and taxation in a series of videos

An image of a young entrepreneur, Mr Chand, appears in a video. He looks confused as he wants to know ‘How to deduct and pay TDS’. A veteran chartered accountant hand-holds him through the process in a five-minute video. Chand is beaming at the end of it. “Running a business without the basics of accounts, is akin to driving without GPS or speedometer. If your destination is Chennai, you might just end up in Mumbai,” says CA Prabu Kesavan, co-founder and chief mentor of Accopedia School of Accounting & Finance or A-School, adding that the basics of accounting, finance, and taxation are prerequisites for business people. Accopedia backed by a team of accounting stalwarts and finance professionals, demystifies the world of accounting and taxation through a series of interactive videos.

“We have a set of 100 to 200 videos on every topic, followed by a quick Q&A to familiarise the concept and a 10-minute personal session with an expert to clear doubts. It’s an intense 100-hour course that can be spread across three months or a year at the end of which one can confidently oversee accounts,” explains Prabu adding that the classes are one-to-one with a personal mentor. Over a decade, they have reached out to a mixed bag of over 50,000 students including entrepreneurs and their spouses, students, accountants, college students, and teachers. For Dr K Selvaraj, who runs Vazhikatti Mental Health Centre and Research Centre, the words ‘credit’ and ‘debit’ were Greek and Latin till he brushed up his financial literacy skills. “Now, I have an idea and less fear when I face accountants and auditors. Accopedia gives you the basics of accounting principles that are relevant,” adds Selvaraj.

Recalling the journey, Prabu says it started during one of the audit and tax seasons of the year. “It isoftenmarked by arguments and negotiations between the owners and their auditors. The CA keeps finding faults and the clients keep defending. During one of our meetings, the managing director of a company shared this and that set our thoughts rolling of a new possibility. For those running small businesses, there is always room for errors. When banks refuse loans or when they receive notices from the Income Tax office, they get flabbergasted,” explains Prabu adding that anyone can join the classes. “Once financially literate, they understand ‘How to read a balance sheet?’ ‘What attracts GST and what does not?’ ‘How to handle ESI, PF?’ ‘How to monitor accountants or track veracity of vendors.’ They begin to ask the right financial questions on ChatGPT. For example, if you borrow $10,000 from a friend in the US to buy raw materials, it leads to FEMA violation. It’s not as simple as borrowing from a friend. They should be aware.”

While ‘Know Your Numbers’is designed for entrepreneurs who want to scale up, the ‘First Accountant’ reaches out to those who want a kick-start their career as accountants. “When entrepreneurs expressed their inability to understand accounts, we set the ball rolling with our classes,” says co-founder KL Vijayalakshmi, a former banker who has seen many good businesses fail due to poor management of finances. Other co-founders include CA Anil Khicha from Chennai, also a motivational speaker and CA Manivannan.

Being savvy with funds helps one stay ahead of the game, says Deepak Kumar, operations manager of Moreind Automation. “We are in the manufacturing industry, a family-run business. I come from a technical background and learning accounts and operations, GST filing, Income Tax rules etc. was challenging. Now I can easily follow up on the status of my business. I guide my staff when they have a GST query. The course was an eye-opener. It was like having a personal mentor. My wife enrolled too. Being financially literate gives an edge while competing with other businesses.”

Being a commerce and accounts student herself, Bhuvaneshwari Chinnusamy Arvinth, always felt the need to stay updated on her skills. She rents out commercial spaces. “For young entrepreneurs, it’s important to know cash flow into business, profit and loss accounts etc. that are essential in making informed business decisions and preparing tax returns. It helps keep your stress away and run the business confidently.”

Accopedia is located at 530, Vysyal Street (Above Canara Bank), Prakasam, Town Hall. Call 9843245152 or visit accopedia.com