Greatly admired professionals are the ones whose sound knowledge, sharp expertise, innovative attitude, pragmatic approach, and perfect execution are vastly renowned and widely acknowledged. Although talent is found in many places, exceptionally smart professionals are uncommon.

In the times, when every industry and every sector of our global world are in constant change, these individuals remain highly in demand. In fact, they with their immense popularity are like the brand ambassadors of their respective professions. Like, whenever we think about finance, economy, accounting, tax, and monetary aspects, the first person that comes to mind is a Chartered Accountant.

Further, when we want our personal, professional, and Business finance, investments, loans, tax, budgets, and wealth managed and monetary regulations and policies adhered to, we always demand an expert, accessible, smart, and prominently esteemed professional CA.

CA Nitin Mittal, the Founder and Partner of Nitin Mittal & Co. (NMC), not only fits perfectly into the criteria mentioned earlier, but he and his team of stalwarts also go the extra mile to provide you with all services and solutions under one roof.

Nitin Mittal & Co. or NMC was formed in August 2001 as a Chartered Accountancy firm to provide a comprehensive range of services to various industries, including Finance, IT Enabled /BPO, Consultancy, Manufacturing, FMCG Distributors/Retail etc. With soaring aspirations and zeal to succeed, NMC, as the CA Firm, endeavours to be recognized as a reputed professional managed.

Striving for Your Success

NMC is an innovator in Financial, Management Consultancy, Risk Management, Auditing, Taxation and Corporate Laws. In particular, the office is staffed by people who understand the business culture, management requirements and multiple laws and possess the professional expertise that the market demands.

In today’s globally competitive and complex business environment, every business wants to use its skills or resources according to its core competence and the maximum benefit of the organisation. To achieve that they outsource their bookkeeping and accounting function to experts like Nitin and his team NMC so that correct recording and reporting of transactions happen as needed under different statutes.

Bookkeeping and accounting is the process of recording, in chronological order, the daily transactions of a business entity. It forms part of the accounting information system. On the other hand, accounting is an information system– that includes the process of recording, classifying, summarizing, reporting, analyzing and interpreting the financial condition and performance of a business – to communicate it to stakeholders for business decision-making.

Nitin and his team provide both on-site and off-site permanent/temporary accountants/CAs.

• Assist in audits and preparation and compilation of Annual accounts and financial statements.
• Prepare management reports as needed to help quickly identify and react to any financial opportunities or threats to their business.
• Bookkeeping in desired software/platform including Tally, Busy, Oracle, SAP, Quick books etc.
• Advisory to the client to understand the business needs/gaps and their resolution.
• Budgeting and budgetary controls analysis.
• Cash flow and Fund flow management.
• Accounts receivable and Accounts Payable management services.
• Preparing Aging reports and summary and Reconciliations of Accounts, Bank, Credit cards, GST etc.
• Invoicing Processing services.

In such a scenario, NMC has been playing a small but meaningful role in adding strength to the growth of Corporate India. NMC works diligently to faithfully discharge all implicit and explicit responsibilities to its multiple customers, be it clients, staff, the regulator or society.

Furthermore, NMC is empanelled with Public Sector Banks, the Registrar of Societies and the Comptroller Auditor General of India. They also work for almost all major PSU banks on different assignments/audits.

The Firm Financials

Theirs is an ISO 9001:2015 certified firm. What’s more, NMC is one of the few firms which are peer-reviewed by ICAI.

The firm works for national-level NGOs, societies, listed companies, private limited companies, trusts, foreign corporates, ex-pats, etc. NMC has a state-of-the-art infrastructure, VPN, own servers, dedicated connectivity, in-house audio/video conference facility, board room with projector system etc.

Nitin is proud that they have a good team, including Chartered Accountants, Lawyers, Company Secretaries, retired senior managers and above-rank bank officials, accountants, audit assistants, trainees etc.

NMC is registered and on the panels of,

• Comptroller and Auditor General of India.
• Registrar of Societies.
• Telecom Regulatory Authority of India.
• Nationalize Banks for different concurrent audits, internal audits and stock audits.
• Reserve Bank of India for statutory audit of bank branches.
• National Skill Development Council.

Plethora of Services

Audit and Assurance: The global economies and markets are ever-changing which increases the business and statutory complexities and requirements resulting in risk assurance. Clients require audit and assurance beyond the conventional assessment of numbers. That is why Nitin and team NMC engage with their clients continuously to understand them and their business needs before chalking out an audit programme. They ensure adherence to statutory and regulatory requirements, including disclosures and provide constructive, value-added delivery.

NMC’s Audit and Assurance vertical offers a wide range of services that are customized to suit the specifications of each client based on Nitin and the team’s two-decade experience across companies and their deep knowledge of Indian laws. This quality-led approach means NMC professionals provide an insightful audit to all its clients.

Statutory Audit: The audit process is an integral part of adding value to the business and assisting the management in making various strategic decisions for growing the business. Nitin and team NMC provide quality Audit and Assurance services to deliver the expected results.

The principle of a statutory audit is to ensure that the financial statements prepared by the management give a true and fair view. Nitin and his team review the compliance with accounting procedures, and provisions of various laws, standards and guidelines in accordance with the Indian GAAP to ensure that financial statements are free of any misstatements, errors and discrepancies.

Internal Audits: Audits are no longer restricted to accounts related to tick and bash, which, in NMC’s case, has become a minor part of the overall gamut of activities covered. Process flows in organizations are mapped along with their internal controls etc. as part of an audit, other than checking into routine accounts etc.

An internal audit is a vital tool in corporate governance. It assists in evaluating the company’s internal controls, corporate governance and accounting processes to improve the overall efficiency of the organisation. It provides independent assurance that the key risks facing an organization have been identified and managed and that systems and controls are robust and appropriate.

Tax Audits: Nitin and his team conduct Tax audits of eligible assesses by the provisions of the Income Tax Act, of 1961. It involves correct reporting and disclosure of information required as per the Income Tax Department for proper assessment of tax.

Compliance Audits: They also conduct compliance and secretarial audits. It helps strengthen the Corporate Governance in an organization. Compliance audit ensures that all compliances under different statutes as applicable to the company are in place. This relieves the management of worries and assists in focusing on core work.

Secretarial Audits: The recently introduced Companies Act, 2013 requires a specified class of Companies to furnish a Secretarial Audit Report. The Companies Act, 2013 has given exclusive recognition to Professionals to carry out the Secretarial Audit of Specified Classes of Companies.

GST Audits: Nitin and his team at NMC conduct GST audits as required by the GST Act. A detailed review of the process is accrued from the beginning of the transaction to its reporting to identify gaps, if any. The reconciliations between different forms and returns filed are prepared. It is also mapped with the book of accounts. The disclosures and findings are accordingly reported in the GST audit report.

Cost Reduction Audit: The Cost reduction audit includes a detailed review of business operations, processes and transactions, identifying loopholes and providing suggestive cost-effective measures without compromising on quality and output based on Nitin and team NMC’s diverse experience with different industries and setups.

US GAAP: Nitin and his team assist various clients in translating their Indian accounts to accounts as per US GAAP for their group reporting. They use a standardized methodology for the translation of accounts based on their diverse experiences and in-house knowledge base. This assists companies operating in different geographies to consolidate their financials and reports through the common base.

Tech-Savvy Monetary Pundit

The Founder and Partner of the firm, CA Nitin Mittal himself, is a veteran with degrees including B. Com (Hons.), FCA, MBA, and LLB under his belt. That is not all. A Fellow Member of the Institute of Chartered Accountants of India (Since 2001) having professional and business experience of two decades, Nitin is a tech-savvy Chartered Accountant with a diverse background with exposure to Accounts, Audit, Budgeting, MIS, Secretarial work, RBI, Taxation, T.D.S., Payroll and Customs.

He is an expert on matters related to start-ups.

As well as his management responsibilities, Nitin continues to take personal responsibility for several of the firm’s long-standing clients. He assists clients with business and strategic planning, mergers and acquisitions, Due Diligence, internal controls and increasing operating efficiency. He has been responsible for numerous assignments in the multinational tax and transfer pricing areas, corporate-wide reorganizations, coordination of provision of global tax services, representation at various levels at tax authorities and other related tax matters. Currently, he heads up the Income Tax, Management Consultancy division and Startup division of the firm.

He also runs an NGO, Shanti Devi Mittal Foundation imparting skills and education to the underprivileged benefitting 600+ persons annually.

Nitin and NMC also provide BPO Services: Key Factors:

• Thoroughly analyze your process so you know your costs, and can determine the cost savings of outsourcing over a specific time period.
• Define roles and responsibilities in the outsourcing partnership, so there are no surprises, and so that goals and expectations are clear to both parties.
• Have measurable performance objectives – the speed of transactions, the time period to close the books, etc. – and establish performance incentives, both rewards and penalties, for meeting those objectives.
• Develop a detailed transition plan to ensure a smooth hand-off. Outsourcing is a major undertaking that benefits from careful advanced planning.
• Establish a clear dispute-resolution process to handle issues as they arise. This makes for smoother operations and doesn’t make every issue a contractual or legal problem.
• Monitor results for continuous improvement. Arrange long-term contracts on a yearly renewal basis, so there is an annual review of an outsourcer’s performance.

“Why NMC”

NMC’s core business process expertise, approach to empowering people and world-class service delivery can help support your business objectives.

What really distinguishes Nitin Mittal & Co. in the business process outsourcing marketplace are three important factors:

• The firm’s core business process expertise,
• Its approach to empowering people.
• Its ability to partner with clients and its world-class service delivery all of which are critical to helping clients manage more effectively and build shareholder value.

Benefits: BPO stands for “business process outsourcing,” and is better known as simply “outsourcing.” It is the process by which a company can delegate certain functions of their business to a specialized organization that can get it done more cheaply, quickly, and efficiently.

Cost reductions– Cost reduction is done through process improvements, reengineering and the use of technologies that reduce and bring administrative and other costs under control.

Concentration on core business– With the day-to-day back office operations taken care of, the management is free to concentrate more on the core business of the company.

Gain greater internal flexibility– Through outsourcing, management can focus on more strategic issues and other important company initiatives and has more flexibility to assign staff and allocate resources to higher-value projects

Make continuous improvements in the process- NMC designs, builds and manages the business processes to operate better, faster, and less expensively, and Nitin and the team work with clients to make continuous improvements in process effectiveness and efficiency.

Achieve world-class standards/benchmarks– They reengineer business processes to incorporate the best-in-class practices of the world’s leading companies, and they use performance measures and benchmarking to improve performance and costs.

Revenue increase– As stated above, by outsourcing non-core processes, companies can concentrate on increasing their sales and market share, develop new products; spread out into new markets and increase customer service and satisfaction.

Startup India: Startup India is a flagship initiative of the Government of India, intended to catalyze startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India.

NMC can assist in the following:

• Advisory in a business setup.
• Tax planning.
• Accounts outsourcing.
• Buy-side/Sell-side due diligence.
• Business advisory and mentoring.
• Legal and secretarial compliance including FEMA compliance.
• Providing virtual CFO Services.
• Process mapping and documentation.

Human Resources: is the way Nitin and team NMC manage HR services and programs such as actuarial/insurance, compensation/benefits, payroll administration, pension plans, information systems, claims processing, and administration.

These businesses view HR outsourcing as a strategic tool that relieves them of HR responsibilities and enables them to focus on what they do best. In addition to allowing you to concentrate on your core business activities, outsourcing provides some key benefits, including:

• Providing you with skilled professionals who are focused specifically on HR.
• Helping you reduce and manage operating costs.
• Improving employee relations.
• Employee and manager training.
• Benefits administration.
• Employee orientation programs.
• Virtual CFO Services.

NMC’s CFO services will assist your company in navigating accounting and financial complexities with ease, freeing up time to focus on your business, operations and core areas. Nitin and his team make you ready to stop hassling with paperwork and worrying about your company’s finances.

• Provide accurate and timely financial intelligence to accelerate your business growth.
• Fuel your business with virtual CFO services – from accurate numbers to financial metrics.
• Strategic Support.
• Management Reporting.
• Forecasting and Planning.
• Financial Analysis.
• Become investor-ready. Raise capital with ease.
• Financial Management, minus the stress.
• Hassle-free, timely compliance.

A Legacy of Business Bloodline 

Sharing his inspiration behind venturing into the financial sector as a CA, Nitin reveals they are from a business family and finance is their bloodline. This profession allows him to develop analytical thinking and progressive decision-making skills and to demonstrate his proficiency in accounting, maths, critical thinking, communication, and budgeting. A finance professional gets all-around development.

Highlighting the USPs of NMC, Nitin says they continuously update and upgrade to cope with new laws, regulations, regimes, developments with training, conferences, etc., to stay one edge above others.

There is an excellent team of professionals, including Chartered Accountants, Lawyers, Company Secretaries, retired senior managers and above-rank bank officials, accountants, audit assistants, and trainees who understand the business culture, management requirements, and multiple laws and possess the professional expertise that the market demands.

Nitin and his team also invest in technology to keep them way ahead to cope with ever-changing infra needs, COVID, work from home, data security, backups, the cold backup site etc.

Nullifying Challenges

However, Nitin’s journey was not all hunky-dory. There were challenges. The initial challenge was onboarding good clientele, which Nitin overcame by guiding his team to build networking and referrals.

This profession is extremely competitive and demanding. It involves much responsibility because you must ensure every detail is right while meeting tight deadlines.

The challenges now include keeping abreast of ever-changing laws, training and retaining a good team and ensuring meeting deadlines while maintaining quality and integrity. Nitin and his team organize training sessions, the balance between work and home and deploying various tools for smooth and efficient working.

Techno-Efficient Precision

Being an experienced leader, Nitin and his team believe that they must use the technology to save time and effort while increasing efficiency. There are various software tools available that not only enhance efficiency and productivity but also ensure accuracy.

Similarly, investing in hardware helps to adapt to new challenges like working at home while maintaining data security, cloud computing etc. Time management, accuracy, productivity, and security will all improve. Accountants will be able to provide better insights. The most effective accountants will be those who are open to change.

Purely Merit-Based Future

In his advice to the aspirants willing to venture into the field of CA, Nitin says that this is one of the best courses in India with stability. No Reservations and it is purely merit-based. It gives opportunities to be ready for a job and work as a professional apart from doing business like Mr Aditya Birla. One can have a work-life balance in the profession and can grow steadily.

On envisioning scaling NMC’s scope and offerings in future, Nitin divulges that they have been expanding the range of services to include new areas of practice like due diligence, start-ups, forensic audits advisory etc. They are also focusing on overseas markets to provide bookkeeping solutions gaining time and forex difference.

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