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In this episode of KwK, we’re joined by Vaibhav Manek, co-founder and partner at KNAV, a global accounting and advisory firm operating in seven countries.
Vaibhav shares his journey in establishing a successful CA practice, offering insights into acquiring initial clients and determining appropriate service charges. He discusses the merits of hourly rates versus value-based pricing and provides guidance on optimal team size and organizational hierarchy during the early stages of a firm.
The conversation delves into KNAV's adoption of new-age tools, ideal profit-sharing ratios for new firms, and the unit economics of running a CA practice. Vaibhav also reflects on his experiences working with high-profile clients and identifies emerging domains for CA firms.
Whether you're an aspiring chartered accountant or interested in the dynamics of global accounting practices, this episode offers valuable perspectives from a seasoned professional.
Don't forget to like, subscribe, and hit the bell icon for more insightful and interesting content! 🎥📚
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Timestamps
00:00:00 Introduction
00:03:35 How should you go about starting your CA Practice?
00:10:23 Acquiring your first client
00:19:45 How much should you charge for different services?
00:26:34 Hourly rate vs Value added rate
00:29:26 How many people should you hire initially?
00:31:08 Hierarchy at KNAV
00:38:26 New age tools that they use in KNAV
00:43:29 Ideal profit sharing ratio when starting a new firm
00:53:12 Unit economics in a CA Firm
00:55:26 Being effective as an executive
00:59:10 How much capital do you need to start a CA Firm
01:00:36 Nikhil Kamath’s investment in KNAV
01:07:31 Scope for Indian CA firms to work in foreign countries
01:10:59 Difference in rates in India vs foreign countries
01:17:40 Vaibhav Manek’s experience of working with celebrities
01:19:33 Emerging domains for a CA Firm
01:24:34 One thing we didn't discuss today?
#kushallodha #ca #capractice #charteredaccountanti
