Accounting and Taxation are an integral part of our professional life, whatever be our role – a business, an entrepreneur or an employee. There have been multiple moving and ambiguous parts of taxation. They always challenge people involved in the taxation process, both consultants and clients. For ever-evolving rules and regulations, those involved in taxation need to quickly learn and adapt. With each passing tax year, there is a demand for consultants who strive for excellence and proactively work to stay ahead.
While many view the dynamic nature as a deterrent, some like Abhishek Ranjan Singh, get inspired by the problem-solving opportunity in the industry. This very nature motivated him to start his firm, ARS Solutions to offer differentiated value to clients.
Expert Solutions for All Tax Challenges
A professional consultant managing the accounting and taxation firm ARS Solutions, Mr Singh’s professional career began while pursuing the Industrial Accounting course after completing his Bachelor of Commerce (B.Com.) and Master of Arts (M.A.) in Economics. Initially, he worked with reputed CA firms in Mumbai and Navi Mumbai to further develop his skills and knowledge in a real-life business environment.
“Our differentiated value is simplicity in our business processes.”
In 2008, he founded ARS Solutions and has scaled it into a well-established group of competent and certified professionals. While growing the business, he continued to enhance his professional credentials. He completed the entire process to be an authorized and certified TRP of Income Tax Department of India, and a registered GST Practitioner of Department of Goods and Services Tax, India. He was also certified to be ECRP of Election Commission of India and registered financial advisor of The Association of Mutual Funds in India (AMFI) and Fund’s India.
ARS Solutions offers services for Accounting, Tax Consulting, Tax Returns e-filing and Financial Planning Solutions. It is a performance-based and technology-enabled firm. In 2015, the firm was shortlisted to be among the “25 Most Promising Accounting and Tax Consultants” in India by “Consultants Review” editorial board.
Technology – the Enabler
Technology has been one of the key enablers for ARS Solutions. The team has leveraged digital technology to make its business processes more efficient and team members more productive. The firm uses the latest accounting and taxation software to deliver better results for its clients.
ARS Solutions started offering tax return e-filing as soon it was rolled out. In the beginning, it was tough to have clients trust the online processes. Their main concern was about the security of their sensitive and confidential financial data. The increasing rate of cybercrime did not help either. As we know, data is the new oil of the 21st century. Since the firm comprises authorized and certified professionals by the Income-tax department of India, it does follow various regulatory compliances. That helped the firm win clients’ trust. “We use latest technology tools to process and store data securely. We also ensure to be easily accessible for addressing clients’ concern”, adds Mr Singh.
The continued efforts of tax authorities to make taxation processes more secure, more transparent, more fearless and faster have been a tremendous support. As a result, the ITR assessment that earlier used to be completed in years, is now completed within a few weeks or a month.
Planning for Growth, Even in Adverse Conditions
Mr Singh believes that tax return filing is not merely an obligation. When one files the tax returns, one creates a financial record with the Income Tax department. The firm’s objective is to enable clients to have a well-thought-out financial plan without much taxation worries. Accordingly, it also monitors implementation of the plan and tracks its progress to stay focused on clients’ financial goals and changing situation. If there is any significant change in the client’s situation, it adjusts the goals and strategies of the financial and taxation plan.
For the current and future tax seasons, Mr Singh strongly recommends digitizing all documents, opting for online tax consultancy, choosing efiling and e-verification, and preferring online payment. Choosing these options ensures multiple key advantages in any situation e.g. more accurate, more secure and more easily accessible information. Also, there are no constraints due to work time and place.
“Earlier some of our clients liked to complete taxation work in person, sitting across the table. However, due to the current pandemic, they are compelled to choose online services. They are finding these services super helpful, thanks to government’s relentless support and encouragement,” asserts Mr Singh.
Upgrade on the Cards
Team ARS Solutions believes in constant up-gradation of skills, knowledge and business practices to seize new opportunities. In the new normal, digital technology will play a huge role. So, they plan to invest more in technology to serve remotely, to secure data, and to create more value for the clients.
