TFS Gulf 
- Hi, I am Sushil Singh, Founder and Managing Partner of Sushil Singh & Associates, a CA firm I launched in 2016.
- My journey into entrepreneurship wasn’t planned; I took the leap with just my last month’s salary and fixed liabilities to navigate.
- Today, from a modest beginning with a team of 2, we’ve expanded to 30 members, achieving a remarkable 100x growth year over year.
- Was it worth it?
Mid-sized CA firm was my first choice
In 2006, I qualified as a Chartered Accountant and moved to Delhi, my career ambition was clear – To lead an independent practice of a well-established firm.
Yes, unlike many other CA Freshers, I was not keen on joining the Big 4 or a tier 1 CA Firm. All I wanted was to lead the branch of a mid-sized CA firm.
Why a mid-sized firm, you might ask?
Unlike the Big 4, small and mid-sized (tier-2 or tier-3 firms) offer exposure to diverse practice areas like tax, audit, and advisory services. In contrast, larger firms often focus narrowly on specific verticals or clients.
With this goal in mind, I began interviewing with various CA firms in Delhi. Everything went smoothly until I expressed my aspiration to lead and report directly to the founders at the head office level.
At times, this ambition was misunderstood as arrogance, leading to rejection.
Fortunately, luck favoured me, and I eventually found a firm that suited my vision. It had a branch office in Delhi, and the headquarters was in another city.
They onboarded me, and within approximately 1.5 years, I was promoted to Partner exactly what I had aimed for. From that point on, there was no turning back.
Starting my own…Hint: It wasn’t planned
I worked at the same CA firm for approximately 10 years and it was a great run.
Over the years I built the firm as if it were my own, and I was respected in the firm.
Honestly, I never thought of starting my firm. To me, it’s more important to be a good professional, whether independently or with a larger firm or CA firm.
But sometimes destiny takes unexpected turns, leading you down paths you hadn’t anticipated.
What prompted me to start my firm? I wanted to take risks, delve into uncharted territories, and embrace new challenges. This drive led me to embark on my entrepreneurial journey.
During my tenure at the CA firm, I lived hand-to-mouth in a bustling metro, balancing liabilities, and supporting my children and extended family, including siblings.
I only had the last month’s salary in my bank account and no other savings.
But I knew I had to leap, so despite all this – I made up my mind and jumped in. In 2016, Sushil Singh & Associates was set up.
I will never forget that day it was scary but liberating.
Here is the breakdown of our growth journey
Deciding to start: 2016
One thing I have learned is that whenever you face a challenge in life, whether it’s in your career or otherwise, your parents come to your rescue.
My father supported me by providing some funds to set up my office.
I started with a 700-square-foot office in South Delhi. It was a proprietorship firm when I started. Then two team members joined me.
Despite working at the CA firm for 10 years and having a great relationship with my previous clients, I stuck to my ethics and didn’t solicit clients.
For about 30 days, I had no clients.
What now?
I calculated my daily expenses: salary breakdown, office rent, maintenance costs, and team expenses. My goal was to bill enough to cover those costs.
I focused on reading extensively and meeting people. The most crucial thing was attending networking events and seminars. I met people, learned about new developments, and built connections. In the process, I landed work.
When I issued my first bill, it was for four certificates totalling INR 20,000, which covered my daily break even at that time. I was thrilled to break even.
From there, progress was gradual month by month.
After 6 to 7 months, people noticed that I started my practice.
The first year was successful and we earned INR 36 lakhs, including some retainers from large enterprises.
2017
Goods and Services Tax (GST) proved to be a game changer.
Everyone was on a level playing field. We worked hard, and acquired skills in direct and indirect tax practice.
From year 2 onward, I hired qualified professionals because my level of work demanded it.
I was getting good quality work since I was a seasoned professional with a good market reputation. We became a team of 6.
2018
The addition of clients continued, and the team also increased to 12. We landed some large tax litigation assignments and successfully navigated the year.
2019 onwards
As of 2024, we are now approximately a team of 30 comprised of chartered accountants, a few articles, and semi-qualified members. Honestly, the semi-qualified have good knowledge and experience.
(We were a team of 34. Then, some team members left. Here’s an interesting point: Every team member who left for career growth ended up at a Big 4 firm. They gained valuable skills and some even returned to work with us.)
In terms of growth, we have grown almost 100x every year.
In 2024 we achieved a big milestone in terms of revenue (I aimed to achieve our goals by 2025, but with God’s grace, we hit them in 2024.)
We’ve had our ups and downs, especially in the beginning, but our systematic approach bore fruit.
Revenue split
Tax litigation (both direct and indirect)
- Our expertise extends to Corporate Tax assessments, transfer pricing, internal taxation advisory, certification, and international taxation advisory, & handling search & seizure matters at the appraisal stage and assessments.
- Approximately 50 to 60% of our revenue comes from tax and litigation practice, business advisory, and a lot of transaction advisory around mergers.
20% revenue from Audit
The rest comes from the audit
The regulator along with the companies have high expectations from auditors and rightfully so.
In two years, as we expand, we will gradually enter that area and do justice to the client, the profession, and ourselves.
However, we are not focusing on assurance as it requires a significant amount of resources, such as talent, technology, time, and effort.
Incubation services for startups
We support a couple of incubators and their incubatees. We do a lot of work in that area to provide services on one platform to bring economies of scale to them.
Post search investigations
We are also engaged in post-search investigations, in Income Tax, which is one of our specialised area of practice.
Also read: This CA Firm Guru & Jana struggled for the first 10 years, now top firm in India with a team of 650+
What kind of clients do we serve?
In Delhi, the focus within our practice, especially in tax litigation, revolves predominantly around medium and large enterprises.
We deliberately maintain a small client base among MSMEs, opting not to engage in accounting services from the outset, though we do not turn them away outright.
FYI: There’s significant anticipation surrounding the operationalization of GST tribunals, which is set to impact the landscape of tax litigation.
Direct tax litigation has remained relatively stable despite the introduction of faceless assessments, with fluctuations observed across different cases.
Client acquisition and retention strategy?
Building – Visibility and credibility.
- You must consistently show up and maintain a strong presence to get clients for your CA firm.
- Share your expertise proactively within your network and beyond—share it widely through writing, speaking engagements, or online forums.
- Engage actively in professional communities and forums. Start with smaller topics if you’re new, gradually establishing yourself as a knowledgeable speaker. Participate in regional and central council activities, discussing relevant topics and demonstrating your expertise.
- Remember, knowledge exchange is key even with regulators. I attend events where tax professionals share the latest updates and insights.
Client retention requires constant attention to their needs. At our firm, we haven’t lost a single client because we prioritize their work and maintain strong, trusting relationships.
Also read: Building a CA Firm in a tier 2 city in India and merging with Singhi & Co
What next?
Over the next 3 years, I want to grow my team size up to 50.
Revenue can proportionately grow, and I’m not worried about that; it will certainly follow.
We want to deliver good quality work in this regard.
Our firm has grown to a level where we can sustain our cash flows, and attract high-quality experienced talent.
We aim to hire some senior professionals who have experience ranging from 5 to 15 years in different domains, including tax and audit.
But the big question is – Was it worth starting my Firm?
Supposedly I continued with the CA Firm, and in 7 years I would have an industry growth of approximately 15% to 20%. And if I was doing extremely well with the CA firm, I could expect a 30% year-on-year basis.
Today, our revenue is 30 times the salary I used to earn.
I’m not saying it’s just been a bed of roses.
It has come at a cost; the cost of sacrificing your family time, your well-being, and other such things.
But when you have a passion for establishing your legacy, and you have fire in your belly, starting your own is the way to go!
