XU Magazine talked with Vipul Sheth of AdvanceTrack Outsourcing to find out how he started out with the business and where he is aiming to go with it…
When we set the business up, we had a purpose.
We revisited our own ‘Why’ after attending a Panalitix event recently and Paul Dunn asked if the delegates understood ‘Why’ they do what they do.
Our purpose is to transform accountant’s lives by creating the time to do what they do best. Accountants getting involved in helping clients’ businesses grow and flourish.
Some people ask me why I set this business up as opposed to something else, like being a partner in a firm for example. I think of why I became a Chartered Accountant. It was due to the influence of David, a Chartered Accountant who looked after my parents’ business.
My parents started out on a market stall on cold, wet and windy airfields. This included us kids standing outside freezing on the stall too.
Growing up, I saw first-hand, the good advice he was able to give them and help them navigate that journey to run a growing business which became wellestablished over time.
I jest, but it is true that the quality of my holidays got better because of David’s influence. A good Accountant is invaluable to any growing business.
How does that translate into the values of AdvanceTrack today?
We identified that accountancy firms were doing work at the wrong level. This meant that not only were they not as profitable as they should be but also failing to serve their clients as they should.
The business idea was to harness these talented accountants in India. Using these highly educated and hard-working staff can create the time accountants needed to do more for their clients. Finance and accounting has grown more complex over time, so the need for a good accountant has never been greater.
When the business was set up in 2003 (following a year or more of planning), the initial analysis of the marketplace was that incumbent providers were largely selling wage arbitrage. The problem with this was that the shelf life of the business was based on the chosen location staying ‘cheap’.
Therefore, a professional approach with good people and technology was essential.
This also needed Quality and Security at the heart of it.
What services do AdvanceTrack provide?
Historically, the company has provided annual compliance services, such as preparing accounts and tax returns, freeing the accountants’ time from the mundane day-to-day compliance work. They will still be there, but as cloud increases adoption around the world, this will increasingly take centre stage.