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Tarun Jain

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Tarun Jain

Sr Manager at Citi

Citibank

Importance of Accounting

The primary purpose of any accounting function is that of ongoing financial record keeping. Accounting is a means of providing information about an organization’s financial performance. It’s a major means of helping managers of an organization, equity investors of an organization, potential equity investors, creditors and bond holders of an organization, potential creditors and bond holders of an organization, suppliers and customers of an organization and other internal and external stake holders to take meaningful decisions.

Important lesson learned

Over a period of time I have developed a virtue for patience and realized the true importance of remaining patient at all times. In initial years of our career we tend to be impatient and impractical at times but as we gradually attain experience, we tend to learn its true importance.

Ensuring growth

a) I keep an eye on my future goal and strive to work towards achieving it.
b) I try to set my priorities right.
c) I believe in constantly re-inventing myself and explore new opportunities.
d) I keep learning new skills which should add value in my job profile and help in my career progression.
e) I tend to stay positive and don’t let negative thoughts overcome my mind.
f) I treat every problem as an opportunity to grow and develop myself.

What are your thoughts on education system in India. What measures to be taken into consideration to improve its quality?

India suffers a serious lack of quality educational institutions. Teachers are the backbone of the educational system but we lack quality teachers in our schools today. The school curriculum is obsolete and needs a radical change. The students are lectured, hectored and coached but not taught how to challenge assumptions, make presentations or do group work. The rote based education cuts off the birth of new ideas, new possibilities. Listed below are some of the measures which should be taken to improve the quality of education:
1.Improve the quality of education particularly at the primary level.
2.School curriculum should be revamped/practical training should be given to keep it in sync with the needs of the industry and the modern world.
3.Appropriate budgetary allocation for education sector should be done to improve the quality of schools/build more schools.
4.Internet connectivity should be imparted at rural schools.

Family background

I am rooted in the middle class ethos of my family which place stress on education, hard-work, integrity and all round excellence. My father is a retired Businessman & my mother was a school teacher. My brother is currently working as a VP in a MNC Bank in London. My wife manages home and my 2 year old kid.

Couple of years from now

I see myself acquiring cross functional exposure and heading towards Leadership development by managing a team of people couple of years from now. I intend to be a leading expert in Trade finance. I will continue contributing my abilities in a challenging and rewarding environment. After having proven myself in a senior manager role, I hope to work with senior management closely and gain strategic insight on how different Businesses in an organization functions.

My achievement

I have won various awards in my professional career which were towards bringing process enhancements/innovations and maintaining a pristine control framework.

Account Vs Finance

Accounting is a sub-function of Finance. Accounting generally refers to how transactions are recorded and reported. It produces information about the operations of a Business. Finance generally refers to initiating transactions to aid in cash, investment and other working capital management. It’s a management of assets and liabilities in an efficient way. Finance starts where Accounting ends.
In accounting, the system of determination of funds i.e.income and expenditures, is based on the accrual system i.e. revenue is acknowledged at the point of sale and not when it was collected and expenses are acknowledged when they are incurred than when they are paid. However, in finance, the system of determination of funds is based on cash flows. The revenues are acknowledged during the actual receipt in cash as in cash flow and the expenses are acknowledged when the actual payment is made as in cash outflow.

Advice to young professionals

Stay focused, have vision and work towards attaining your target. Don’t get disheartened by failures, instead have courage to overcome failures and treat every problem or failure as an opportunity to do something better. Keep working with never say die spirit.