Industrialist K K Birla, who passed away in 2008, in his book, Brushes With History, mentions an anecdote about his father, the legendary Ghanshyam Das Birla, founder of the Birla Group. The elder Birla, who at 25 had set up his first jute mill, was worried at his lack of technical expertise in managing a jute mill, when he was advised by a friend that rather than technical knowhow, what Birla needed was financial knowhow.
That led to the start of the partha system of accounting - and while many consider that Ghanshyam Das Birla initiated the system, it is believed to have been in use by marwari businessmen long before Birla institutionalised it in his group.
So how does a partha system work? Very simply, a partha is a cash flow monitoring system. It compares the the estimated costs and earnings with the actual cash flow in a company - the objective being that each day should end in a positive cash flow. Unlike a balance sheet, a partha has several columns detailing the raw material costs so that losses accrued in any particular segment are immediately identified.
While minor deviations will not ring any alarm bells, any major deviation between the estimated cash flows and the actual cash flows will immediately be red-flagged. The business owner will despatch a trusted emissary to the concerned cost centre to check on the ground situation and take remedial action, which could, if warranted, involve closure of the unit or company.
The advantage of using the partha system is that it is almost real time - instead of taking corrective actions after the end of a business cycle, partha accounting enables a daily course correction, if needed.
Interestingly, G D Birla’s great grandson, Kumar Mangalam Birla, head of the Aditya Birla Group uses an accounting software based on the partha system.
Other marwari businessmen, taking a cue from the Birla group founder, are also known to use the partha system with customised modifications. Among them is said to be Lakshmi Mittal, of Arcelor Mittal fame.
Well, as they say, if you want to learn business, learn it from a Marwari - their home grown knowledge can even beat what is taught in a business school.
That brings us to the closure of today’s account - we’ll be back soon with another episode of Desi Dictionary.
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