Practice ambitions

Since founding their accountancy firm Peakvisory in Punjab in 2020, Avantika Rathi and Nikhil Narang have expanded their business beyond India to London, Dubai and Sharjah. Together, the two ACCA members have embarked on a journey from aspiring students to dynamic entrepreneurs.

Narang says a ‘shared interest in accounting and taxation’ brought the pair together in establishing an accounting outsourcing firm. However, the idea of a start-up was born not only of shared ambition but the belief they could offer a ‘unique blend of expertise and dedication’ to their clients, says Rathi. Peakvisory didn’t have a niche when they began, with the focus evolving as the young team gained experience and honed their skills.

To start with, Peakvisory provided comprehensive bookkeeping and accounting services, but as the firm continued to grow, Narang and Rathi recognised opportunities in areas such as international taxation and tax advisory. Peakvisory now has its headquarters in London, and according to Narang, leverages its ACCA skills and practical experience to provide cutting-edge accounting solutions to businesses of all sizes.

First steps

Growing up in India, both Rathi and Narang have always been passionate about accounting and taxation. As they recognised ACCA’s potential for shaping a career in the profession, the duo began to pursue the qualification alongside their undergraduate education.

It was a ‘bold decision’, admits Narang. Despite the ‘demanding schedule’, Rathi says she ‘diligently attended classes, actively participated in practical training, and focused on building a strong foundation of knowledge in financial reporting, management accounting and taxation’.

After his first year of college, Narang also secured a job at an accountancy firm, which allowed him to ‘bridge the gap between theory and practice’ and gain valuable insights into the complexities of financial management, auditing procedures and taxation compliance. ‘These early experiences not only deepened my understanding of the field but also laid the foundation for my future success as an entrepreneur and ACCA professional,’ he says.

Client focus

Narang says that the goal at Peakvisory has always been to provide ‘tailored solutions to meet the specific needs of each client, regardless of their industry or size’. Today, clients span various industries, including IT, manufacturing, hospitality, education, real estate and healthcare. ‘This client-centric approach has been key to our success,’ he adds.

Proactive client communication is key, Rathi says, a proposition that she believes sets the firm apart. As well as staying up to date with changing regulations and leveraging technology to streamline processes, the two have adopted a ‘holistic approach to financial management’ and take clients’ short-term and long-term goals alike into consideration.

Besides the continuous education that helps them stay on track, their ACCA background gives them a ‘unique perspective’ that clients appreciate, Narang says. ‘They know they can trust us to provide sound financial advice and compliance expertise.’

Valuable skills

ACCA skills have been a huge asset during the pair’s entrepreneurial journey. ‘ACCA’s rigorous curriculum and emphasis on ethical and professional standards have shaped our approach to accounting and finance,’ says Rathi. ‘It has instilled in us the importance of continuing education and upholding the highest levels of integrity.’

Their firm now actively supports young ACCA students and aspiring professionals by providing mentorship and internship opportunities. Narang says staff are encouraged to pursue professional certification as it enhances their knowledge and skillset and helps them stay competitive in today’s market. ‘It also benefits our clients by ensuring the highest standards of professionalism and expertise,’ he adds.

The duo also recognise the importance of community engagement and corporate social responsibility (CSR) initiatives. They take part in projects that promote financial literacy, especially among underserved communities in India, and offer pro bono services to non-profit organisations, helping them manage their finances effectively.

Global growth

Expansion into the UK and UAE was a strategic decision that brought opportunities and challenges with it. ‘We saw growing markets and a demand for specialised accounting services,’ Rathi says. Initially, their approach involved networking, attending industry events and building relationships with local business communities. ‘Word of mouth and referrals played a significant role in acquiring our first clients in these new markets,’ Rathi says.

Adapting to the new markets also meant understanding local tax regulations, language and compliance standards. ‘In the UK, we needed to familiarise ourselves with HMRC [the national tax authority] regulations, while in the UAE, we navigated the complexities of VAT implementation,’ says Narang. He adds that ‘flexibility’ and ‘willingness to learn’ was vital to success.

Meanwhile, adapting to new technology has been instrumental in the firm’s growth and efficiency. Cloud-based accounting software and data analytics tools have been rolled out, and automation introduced to streamline processes, reduce errors and provide real-time financial insights to clients. ‘We have also implemented secure communication platforms to ensure the confidentiality of our clients’ data,’ Narang says.

Future plans

For both Rathi and Narang, the long-term goal is to ‘continue growing’. They hope to expand Peakvisory’s global presence and build a diverse clientele. ‘We want to help businesses achieve financial success while maintaining our commitment to ethics, integrity and excellence in all that we do,’ Rathi says.

For those aspiring to start their own accountancy firm, Narang recommends staying committed to your goals, continuing your education and building a strong foundation of ethics and professionalism. ‘The journey may be challenging, but it’s immensely rewarding. Listen to your clients, adapt to change and always strive for excellence,’ he says.