By our reporter
TORONTO: At Mississauga-based Vikram Gulati Professional Corporation, sound business practices have made them one among the leading service providers in accounting and tax.
With a portfolio of prominent corporate clients from diverse sectors, this firm has made a very good reputation for itself within a decade.
“We are a CPA accounting firm with a difference,” says founder-president Vikram Gulati who is a trained charterted accountant from India, CPA from the US and CPA as well as CGA from Canada.
Gulati started this firm in 2012 after years of experience running businesses in India and the US and then working for over 10 in senior accounting positions in large corporations in Canada.
“Because we are an accounting firm with a difference, almost all our business comes from referrals and by word of mouth. We don’t do the conventional advertising. And most clients have stayed with us for very long” says Gulati who came to Canada in 2001.
Indeed, Vikram Gulati Professional Corporation bears all the hallmarks of its founder whose relentless pursuit of hard work, excellence and high-quality service has made it a sought-after accounting firm.
Listing his guiding principles, Gulati says, “For us, our clients interest come first. We bring value to them with our top-class and timely service, we maintain their records and filings in compliance with rules and guide them in business growth, wealth creation and legacy transfer.”
After a pause, he adds, “And we are always just a call away for clients. I pick up the phone even on Sundays.”
Pointing to a copy of the Bhagavad Gita lying on his side desk in his office, he says the philosophy and teachings of this book guide him in daily life.
“The Gita is my beacon, mentor, teacher, and my moral compass. I have always taken direction from it in pursuing my personal and professional goals in life.”
He says the Gita has also taught him to have a good perspective in life. “I have been in quite a few businesses and jobs and moved from one place to another. So I quickly learnt the art of adaptability. The teachings of the Gita gave a good perspective in life.””
Gulati says adaptability also helped him grow internally and externally. “I liked moving to new places and I took it as a challenge.”
As he begins the process of passing the baton to his son Arjun who is currently a director at the firm, he says their aim is to maintain their high growth trajectory and remain an effective and result-oriented service providers in this business.
Born in Lucknow to Punjabi parents, Gulati says the bug to be his own man caught him very early in life.
“From my younger days, I always wanted to be my own man, to have my own enterprise.”
That’s why, he says, even though he qualified to become a CA from the Indian Institute of Chartered Accountants, he never practised and, instead, straightaway set up his own business in Delhi.
In this interview with Canadian Bazaar, Gulati goes back in time to retrace his life journey from Lucknow to Delhi to New York to Toronto and build Vikram Gulati Professional Corporation as a known business entity in the GTA.
Q: First things first. How has Vikram Gulati Professional Corporation made a name for itself relatively quickly?
A few things.
– Our goal is to always add value for our clients. We partner with them in their growth and provide useful guidance in navigating tough business decisions.
– Our great customer service is a memorable experience for them.
– We are very thorough with our work. We always aim to optimize our clients’ tax savings through efficient timely planning and advice.
– We maintain client records and filings efficiently so that they always remain compliant with rules and regulations.
– We keep our eye on the larger picture and guide them on wealth creation and legacy transfer.
– And we are always available to our clients, even on Sundays.
In a nutshell, we are your one-stop shop for all your accounting and tax needs. We are well-known in the community and our entire growth has been mostly through referrals.
Q: After coming to Canada in 2001, you went to work with various companies for 12 years before starting Vikram Gulati Professional Corporation. Why?
When I came to Canada, I took some time to settle in my new home. Then I decided to go back to my accounting profession. After a couple of contractual jobs for some months, I got a permanent job as an accountant with the central accounts division of Lafarge – one of the largest cements and aggregates manufacturer in the world at that time. I worked there for almost seven years learning how things are done and decisions made at that scale and left in 2009 after having worked as a manager for over two years.
During my time at Lafarge, I also finished my CPA designation from the US since I believe it is very crucial to be licensed and designated by an apex accounting body in North America.
Later I joined Trader Corporation, another industry leader, as a senior accounting manager primarily responsible for the accounting, budgeting, forecasting and reporting on the operations of the company heading a team of multiple senior accounting staff . During this time I also completed my Canadian CGA designation with honours in advanced tax. After more than two years there, I decided to be my own man once again. That’s when I started Vikram Gulati Professional Corporation.
Q: How tough was the beginning for your firm?
When we started our business, I used to do radio shows on tax and accounting with the intent of informing the community about certain daily business related issues that would help them better understand the subject and assist in their decision-making. I received good response to that and many in the community came to know about me.
To begin with, we used to get mostly walk-in clients. Then we started getting business by word of mouth.
My wife Bharti, who had a full-time job as an accountant, played a pivotal role in building up the practice by working part time and weekends at our office. Our business picked up quickly. Referrals became the mainstay of our business. My wife joined the practice full-time in 2016.
We incorporated our business in 2014.
Q: When did the big break come?
Our growth was pretty steady. But I guess we took off in 2014 when we started getting big clients. Now we have a large number of small to mid-sized clients from a very diverse industry sector.
Q: What is the profile of your clients?
Most of them are good-sized businesses. They come from various sectors – hospitality, manufacturing, distribution, retail chains (pizza, etc.), wholesalers, IT consultancy, etc.
Over the years, our portfolio has seen steady growth.
Q: When did your son, who is a director now, and your wife join your business?
My wife Bharti joined me in 2016 and my son Arjun in 2020. We have a very able bookkeeping support staff. About 18 months ago, our team was joined by Raghav, my nephew, a trained accountant from India who has become a very valuable member of our team shouldering great responsibility and bringing good results.
Q: Going back in time, you were born in Lucknow and then did your CA from Delhi but never pursued this profession in India. Why?
We originally come from Sargodha in Pakistan, but my father moved to Mumbai and then Delhi before the 1947 Partition.
After finishing my B.Com from Lucknow where I was born, I moved to Delhi to do my Chartered Accountant degree. From childhood, I had a talent for numbers. So I decided to pursue B.Com and then CA degrees.
After finishing my CA in 1984, I never pursued this profession as I didn’t want to work for anybody. From my younger days, I had a head for numbers. I also had an entrepreneurial streak…I wanted to be my own boss. That’s why I never pursued a CA career in Delhi.
Q: So what did you do?
As India was just opening up in 1980s, I got into the business of importing computer peripherals from the Far East.
I did that business for five years and learnt a lot about international business and dealing with different aspects of running an enterprise.
Then I found a more lucrative leather business. My brother and I set up a leather jacket manufacturing unit in Okhla, New Delhi, and started exporting leather jackets – to Russia, the US and Europe.
But when the Soviet Union broke up in the early 1990s, our exports suffered severely as 80 percent of our business was with Russia. We ran that business till 1997.
Q: Then?
Then I moved to the US in June 1997 on a work visa to head a joint Indo-American business venture in leather products and semi-precious stones. I was there for four years till I moved to Canada in 2001.
Q: Why did you move to Canada?
Canada is a polite and friendly country that offers many opportunities to new immigrants. I had a fascination for the multicultural diversity of Canada since the time I visited here in the 1990s for our leather jacket export business. Since, I already had first-hand exposure to the western life while working in the US for four years, when it came time to seek a permanent home to settle down with the family I chose Canada and I think that was one of the best decisions of my life.
We moved to Canada in August 2001.
Q: Speaking about your accounting business, do you think you have arrived?
I can proudly say we have an excellent mix of small to mid-sized business clients who are very satisfied with our quality service.
Q: What three principles have helped you build your business?
– Do your work sincerely to the best of your ability.
– Always keep clients’ interests front and centre.
– Responsiveness to clients’ needs is the key to providing great customer service.
Q: What three things have you learnt from the Bhagwad Gita – the book that is your guide?
– Do your work with sincerity, keeping yourself detached from the rewards. Results will follow on their own.
– Change is the way of life, so embrace it and adapt to it.
– Have the right perspective in life. Attitude is very important.
Q: What three things would you like to pass on to your son to take the business to new heights?
– There is no alternative to hard work – be sincerely dedicated to getting the work accomplished.
– Always think for the benefit and growth of your client. We grow when our client grows.
– Responsiveness to customer needs is the hallmark of great customer service. Adapt with their needs.
Q: Any regrets in life?
Different experiences in life with various businesses ventures in different countries has taught me a lot – no regrets really.
Q: Do you miss anything in life?
I am quite content with my journey.
Q: What if you had stayed back in India?
I would probably have been an entrepreneur since I perform best when I work for myself.
Q: Your most precious thing in life that you won’t part with at any cost.
Family comes first. Besides, I am very satisfied with my apex accounting designations from three countries that form the foundation of my identity.
Q: Where do you see your business 10 years down the line?
Our goal is to be the ‘go-to’ accounting and tax practice for established businesses in the community, helping them in their growth trajectory and providing solutions for wealth building and inter-generational wealth transfer. Besides, our future initiative is to help new start-ups and new-age entrepreneurs in the community to be all-round successes in their ventures. We are geared for providing them one-stop support for all accounting, financing and tax needs so they can focus on running their businesses while we provide solid support and guidance in their success story.
Q: Away from your business, one particular thing you do or like to do?
I am very interested in exploring history, culture and economies of different geographical regions across the world. Besides, I like to listen to different philosophical and spiritual views.
Son Arjun Gulati says he wants to take his business to new heights
As he begins the process of slowly slipping into his father’s shoes to finally lead their business, young Arjun Gulati thanks his dad for putting him on the right track during his formative teen years.
“For two-three years while in school I had my differences with my dad – like any young teenager. I would struggle at studies and I didn’t know how life would be if I didn’t work hard. Dad told me that if I didn’t change, life would be tough,” recalls Arjun, 31, who is now one of the directors at Vikram Gulati Professional Corporation.
He says some of his father’s words have stayed with him since then. “Dad said: ‘Work hard now, enjoy later in life’.”
These words, he says, helped him change his perspective and shift gears in life. Building a solid foundation at the right time is crucial, according to him.
“The shift in gears helped me and I did well in my grade 12. I was good at accounting. Since dad was an accountant, my career choice was easy,” he recalls.
After earning his degree in business administration, Arjun worked for a few years for top-profile companies such as BDO and KPMG before joining his father’s business in July 2020.
Again, his family helped him change his perspective during another crucial phase in his life, he says.
“When I joined dad’s business, we did have differences of opinion – the typical old school vs new age types but this time my wife Pallavi thankfully helped him develop the right perspective.
“I made a huge shift and started understanding things from my dad’s perspective. I realized that I had to take the burden off my dad’s shoulders and make it my own.”
So here he is today.
“Now I am in the groove. My dad has been great. He has built a great business from scratch.”
Arjun says he now handles many complex things for the firm.
“I want to make dad’s life easier and push our business to new heights. I am at peace but hungry for more,” he smiles.
Thanks to his dad and wife, he says, he has developed the right perspective very early in life. “What I have right now is great and I value it.”
He says he will stick to the principles that guided his father to build this business.
During this conversation, his mind goes back and he says: “You know, after my twelfth standard, I chose the University of Guelph-Humber for my degree in business administration. I didn’t leave home. But I now wish I had because I have not seen struggle in life. Had I stayed away from my family during my college, I would have learnt hardships as I had to do my own stuff. I don’t want that for my kids.”
He says his four years at Guelph-Humber were great. “Since it was a smaller class, it helped me to have more one-on-one time with teachers and get to know fellow students very well. Courses were structured so well that you got enough theoretical and practical experience.”
According to Arjun, he also learnt a few hard lessons at Guelph-Humber.
“Building a solid foundation and doing your best at whatever you take up is crucial to future success. Initially there were struggles at school and I had started working – 30 hours a week – at The Source to get some real-world experience. It taught me time management & skills of dealing with different customers and their needs.
“My dad continued to patiently guide and nudge me in the right direction and I graduated in June 2013 with good grades.”
Why didn’t he join his father’s business right away after his graduation?
“I did not want to work in a protected environment right away. I wanted to have some experience with known companies, see the real world struggles first hand & learn from them.”
So in July 2013, he landed his first job as an analyst in internal audit with Collins Barrow – one of the top chartered accounting firms.
“After almost a year, there was a restructuring at the company and my role was cut – I was without a job. It was hard for a 23-year-old man depending on his family while his friends were working. I was applying for jobs but not getting any response. My family was solidly behind me and I kept trying,” he says.
Finally, Arjun got a job with BDO Canada as a staff accountant in November 2014.
“My life was back on track. During my three and a half years at BDO, I also did my CPA designation. I wanted to move to a bigger company that does more complex work. Moreover, I wanted to move from audit to tax because dad’s practice was growing and I thought experience in tax would be more relevant to our clients when I join him.”
Arjun then joined KPMG, and worked there for a year.
“In 2019 when I thought I must now join my dad, I decided to quit KPMG to join Farnham and Company as a tax supervisor. It was a smaller firm focussed on smaller clients. I needed that experience with smaller clients,” he says.
“Finally, after having the varied learnings and experiences at leading audit and tax companies I joined my Dad in June 2020,” he says as he begins the process of slowly stepping into his father’s footsteps.
Arjun has his priorities sorted out. He is all set to take the practice to newer heights.
