Dreams… (Post a Day)

8.00 A.M. June 10th 2013

Exactly 2 years, 6 months and 10 days ago, we took a place on rent, teamed up in 3 and started working under a brand RUFS. It was a dream for us to establish it as a name that everybody knows for round the table services be it accounting, taxation, finance, insurance, loan or whatever. First steps were taken and that was a big move. Saurabh is from a business family, so is supposed to have the basic instincts required to manage the tricks of the trade. Kapil has already performed well in the insurance sector and his skillset required no affidavit. I, myself resigned from a brand like Grant Thornton which caused a havoc among the friend and family. So, there were we, 3 dreams brought together to prove their worth to the society and make a mark.

So, January 2011, we had a place, an “8 by 10” cabin in the basement, a team to support the cause and few payables to start with. Yes, when you start a business, liabilities come first only than the asset side flourish. Rent security of two months was paid from the little of my money I could have saved from the job. First month expenditure were sponsored by a stock audit which we got from Delhi, thanks to Saurabh’s uncle and their established firm. A profit of Rs. 3250. Yes, this was our profit for the first month and we thought it not bad. Things can actually work.

February took it way, the profits that is, and March, April and May were no good either. We were at a loss of Rs 15294 as on 31st May 2011. Only visible source of income during those months were NJ Invest India and HDFC Life Insurance, with few other ITRs. Quite enough evidence that while I and Saurabh were under a quest for clearing the CA exams, the other crucial end was held by Kapil. Had it not been his support floating, who knows, we could have packed up there and then. His efforts will always be appreciated.

June came with heavy pressure to perform and a negative cash flow. And Saurabh brings in some hope. I am very sure on this that among all the assignments we did, it was surely the most challenging and least remunerative. Yes, I am talking about the Cooperative bank. Though the Year to date losses increased by June end, what we gained was the momentum. The team work was great, and we finally had something which kept us working. Our family surely have thought that we have started making money big time, as were working for the first time, 12 hours a day. Name of the bank “Punjab state Cooperative Bank” also bring chaos among the neighbors, as if we have got some government tender, and life seem to have settled according to them. Whatever little money we got from them, it was about the Team Work, Value of Money, Hard work and a hint of challenges which were about to come. The profit statement still showed a negative of Rs. 24294.

July, and it was yet another move by Saurabh, which brought in Bansal Steels, the client we are working on till date. It was soothing to see the money finally coming back. Kapil’s hard work paid off in this month. Rs. 4018 was substantial amount in those times of crisis. Money came from Bansal Steels and yes, also from cooperative bank, Rs 6250 (Big time high). The losses were reduced to Rs. 15696, and main thing was no one of us has thought of drawing any salary home as yet. July also had an important achievement. Saurabh cleared CA in this month and it was as if we all have achieved something. He was in Delhi at that time, but we did celebrated here in Chandigarh too.

As expected, one good news do bring in good spirits. Fortunes seemed to have finally revolving in the month of August. While Saurabh was still in Delhi working at his uncle’s firm, Kapil pitched in Reeds. I managed Bansal steels and we worked on cooperative Society Bank together. And yes, we managed to turn the wheel and saw profits after 8 month. The figure! It was one short of Rs 2400. September added another positive and we ended it with Rs. 4964. We managed to turn the red into green, all debts paid and settled.

Well, the wishes of god, Saurabh came back in October, brought in Rs 50000 and an idea to split insurance from accounting. It was tuff time. One leg of RUFS was settled for Rs. 23700 and we were left with a team of 2 and profits of Rs. 28278. If ever I could explain why I let this happen, when initially it was mine and Kapil’s idea to pull up something like this is, probably it was the best for him. You cannot tame a free leg. His instincts would have died.

One good thing is that, since October 2011, we have not seen the losses. Clients finally started to come, Stock audit, Mr. Darvesh, Canara Bank Audit, and few other assignments. The salary component was still missing. And the first time we draw any was Rs 1000 each, that too in the month of May 2012, yes 15 months after we started working. Saurabh got married in between and I also managed to qualify CA exams, gosh!

September went very well, our first as a CA firm. Turnover touched nearly a lac, thanks to Stat audits, Mr. Sonam Chhibber and quarterly fee from Mr. Darvesh. Work of Rs. 100000 in a month, I can brag about it for long. October added KNOX LIFE SCIENCES and added stability to our receipts. Since September 2012, we finally started to draw regular salary, and no doubt, the standard of work has improved.

Talking to date, it was not a bad experience. Money was not the point, had it been, we could have worked for handsome salaries. It was the feeling of working independently, make a stand on our own, being answerable to no one, which kept the firm alive. We all have this feeling, and another thing was the honesty. Honesty that no other one should be hurt because of me.

For memories, I can recall the time when we used to have our lunch at Anupam and a walk to the market. 2 samosa and 2 veg patty please. I and Saurabh discussed many times over tea, the future of our firm, staring at the big sign boards of other CA’s nearby. Will always be thank full for the pick and drops that kapil offered every day. Cannot stop myself to mention Kapil’s Father who, when in hospital, once said to me to take care of his son because he is very short tempered and take decisions in a rash. Well, I could proudly say him, not to worry, your son needs no one looking after and turned out to be as responsible and mature as you were in your times of youth.

For clients, Punjab state Cooperative Bank is the one which stands out, as it was not only the first regular one which we got, but also the one, which taught us how to deal with fussy clients, how to manage budgeting and plan work accordingly.

Each assignment gave us something. Insurance commissions gave us the basic support in the times of need, Cooperative bank gave hard work, Bansal steels gave us scheduling, Mr. Darvesh gave us Invoicing skills, Knox gave us money and stock Audit gave us hope. In the end, though profits are important, but it is much more than that which we learnt from the 2 and a half year long association. Reason why I wrote this long letter is, Today, Saurabh will ask for a split and it will be a final separation. Already running on a thin line of hope, RUFS the group might see its final day, though the spirits of RUFS will stay alive. 🙂


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