Dear Members,
It is that wonderful time of the
year when the sizzling summer sun gets subdued by the dark moisture-laden
clouds. A cool refreshing breeze blows in from over the sea and swirls away
from the sweaty stillness of summer. To the shrill trill of the cuckoo, the
rains pour down in full gusto. The layers of dust and pollution get washed away
from the buildings and trees, and the air smells ‘clean.’ The parched yellow
landscape is now carpeted with lush green foliage.
When you are finished
changing, you are finished
Yes, there is CHANGE all around us
and not only because of the arrival of the monsoon. There have been sweeping
changes on various fronts, and their impact is now being felt in ever widening
circles and in a positive manner. It’s often been said that change is the only
constant in life, yet we are sometimes so averse to change and the hidden risks
that come with it. Let’s face and embrace change with a spirit of challenge and
adventure or else… as Benjamin Franklin once said, “When you are finished changing,
you are finished!”
For the last three years, India
has been experiencing a ‘season’ of change. The NDA government propelled by the
seemingly inexhaustible energy and enthusiasm of the Prime Minister has ushered
in numerous programs and laws. The many initiatives have met with widespread
criticism and appreciation and have in some measure transformed India. Jan Dhan
Yojana, Make in India, Digital India, Stand-Up India, Startup India and Swacch
Bharat Abhiyan have strived to empower Indians and add greater momentum to our
economy and society at large. India’s gift to the world, yoga, was celebrated
throughout the globe on June 21 as International Yoga Day.
We have also seen swift and bold
strikes against the perpetrators of the black money economy and counterfeiting,
with demonetization and income declaration schemes. Consciously indifferent to
the strident calls to defer the implementation of GST, the government has
pushed ahead but has decided to be lenient with procedural non-compliance in
the first few months. Ensuring that GST is properly implemented will be a huge
challenge for the government keeping in mind a large number of small businesses
which are scattered in the rural hinterland that are plagued by infrastructural
constraints and low awareness.
Change before you have to
Jack Welch, who led General
Electric to this scale of success, once said, “Change before you have to.”
This wisdom is visible on the numerous changes that you now see at BCAS.
Keeping pace with geographically scattered and technologically savvy members,
the activities of the society can now be easily accessed in the digital arena.
Investments have been prudently poured into live streaming technology
especially for the many outstation members. YouTube, Facebook, and LinkedIn are
actively used to ensure anytime, anywhere access to the many activities of
BCAS. Online payment facility has been activated for greater convenience, and a
knowledge portal with multi-device connectivity is being set up. Even the
website has been revamped to make it more user-friendly. BCAS is also tying up
with regional institutions to offer more local events to its outstation
members. Even in Mumbai, it is stepping out by having joint programs with other
organizations. With its strong commitment to disseminating knowledge, BCAS is
organizing many more programs by reaching out to fulfill the diverse needs of
its many members.
Publications are the agents of any
knowledge based organization and BCAS publications are always cut above the
rest and much sought after. During the year there was a renewed thrust for
quality publications on diverse topics. BCAS committees brought out sixteen
publications, a record of sorts, on varied subjects of interest to the
profession, industry, and public at large which received an overwhelming
response. It is indeed a matter of pride that some of the publications are
already out of print. This prestigious publication, BCAJ, will be entering its
50th year and this itself speaks volumes of the quality and
technical contents of the Journal over the years. I am
sure that this Journal (which is also having a change of guard from 6th July 2017) will
reach many more milestones in terms of quality and its reach.
To improve is to change; to be perfect is
to change often
Now that we have witnessed a
change in India and the BCAS; it’s time to share some thoughts on how we as CAs
can change to effectively capitalize on the changing national and global
scenario.
In the recent past, the government
has come with a wide spectrum of laws and compliances to streamline business
operations and control. The single most game changer GST itself is an ocean of
opportunity as corporates, SME businesses and traders all are looking upon
professionals to navigate them through the fine print and provisions. Clearly,
with the burgeoning of the Indian economy, there is a new paradigm of
sophistication and complexity in our quiver of services. In this newly defined
arena, we are now called to deliver incredible and awesome services.
Small practices will increasingly
find themselves fighting for survival. We will all need to think big and even
bigger! It’s time to scale up! To consolidate operations and boldly venture
into unchartered territories. In addition to up-scaling operations, we will also
need to up-skill human resources to tackle the comprehensive new laws and
compliances with all their intricate details. Mindsets too would need to be
changed so that we are motivated and enabled to deliver consistently to higher
standards with more demanding deadlines.
Chartered Accountants need to
graduate to take up the mantle of trusted business advisors to their clients.
Staffed by committed, enthusiastic professionals with a high level of energy
and integrity, we should be able to suggest constructive ideas within the
realms of the legal framework and meticulous plans that will revitalize our
clients’ business. And at the end, we should get a merciless performance
appraisal from our clients. How did we perform? Are we pushing the limits? Are
our suggestions path-breaking or middle-of-the-road?
I truly believe that we need to
re-invent ourselves as Chartered Accountants. We need to be able to see beyond
today’s horizons and stay one step ahead. We should assimilate and actualize
what Winston Churchill said, “To improve is to change; to be perfect is to
change often.”
Change is a new beginning
When I penned my first thoughts in
this prestigious Journal and took over the reins as the President, I was aware
that my journey would be exciting, invigorating and stimulating. Yet, at the
end of the journey, I can only confess that BCAS has given me much more in
return than what I could possibly do during my tenure. The positive responses
that I have received from my members on the various initiatives taken during
the year are the testament of the committed core group who worked so
dedicatedly as a team. During the year, we have strived to work towards
fulfilling the Vision of the Society. The 69th Annual Report, which
details the various activities of the Society, is already in your hands, and I
do not intend to reiterate the same. The Report is a testimony to the amazing
level of work done by all sub-committees. In the end, BCAS is a clear winner
because it has been uncompromising in maintaining the quality of its programs.
It has been
an eventful and very pleasant tenure as BCAS President, and before I sign off,
I would like to take this opportunity to express my deep gratitude to the
Chairmen, Past Presidents, Core group members, faculties, authors, BCAS staff,
members and various associations. Thank you all very much for the unstinted
support you have extended to me and all the confidence you have had in me. And
last but not the least my office bearers who untiringly worked alongwith me to
keep the flag of this great institution BCAS flying high. I look forward to
continuing serving you all in the years ahead in different capacities. Let me
end with this very relevant sloka which personifies team BCAS;
Trees
stand in the sun and give shade to others. Their fruits are also for others.
Similarly, good people go through all hardships for the welfare of others.
I had started this message with
stating that change is in the air, at BCAS also there is a change of guard at
the helm and my colleague Narayan Pasari takes up the coveted position as
President of BCAS from 7th July 2017. I am sure that this change
will also take BCAS to newer heights of excellence and he shall bring the fresh
thoughts to fruition. I convey my best wishes to him and the new team of Office
Bearers for the ensuing year.
Thank You once again
Warm Regards,
Chetan
Shah
