MyCFO is a leading implementation services company which provides CFO and Finance effectiveness services to clients across industry verticals and size.
We work with companies in an ‘Interim/Ongoing CFO/Controller role’ (companies outsource the Controller/CFO role to us) or in a project based role to address specific pain areas (in cases where there is a good quality CFO already in place).” Deepak Narayanan, Co-founder, MyCFO is Qualified Chartered Accountant with close to 12 years of work experience in the finance domain. Deepak worked with Deloitte and Ernst & Young in Bangalore and Mumbai.
WHAT ARE THE DOMAINS THAT OFFER THE BEST PROSPECTS FOR CAREER GROWTH TO CHARTERED ACCOUNTANTS (CA)?
A Chartered Accountant's (CA) life is generally considered to be very stressful; CAs are looked at by everyone around them as boring and the general perception is that this is a category of people who keep staring at their laptops crunching numbers all day.There are several puns directed at CAs including them being one of the worst social animals',being obsessed with numbers', `money minded' etc. When one thinks about a CA, normally one associates this category of people with being auditors, helping you file returns, plan your taxes and as people who work in the accounts departments of companies. The fact remains that most Chartered Accountants are in jobs that reflect this general perception.
Having said this, things have changed and continue to change in terms of career opportunities for finance professionals and Chartered Accountants in particular. Gone are the days when almost every fresh CA spent hisher initial years with an audit firm believing that this was needed to strengthen their `basics' and gain the requisite experience before they make their next moves as well.
The growth in the economy is leading to growth in almost every sector and the emergence of new age sectors, entrepreneurs, investors, businesses becoming more global and the complexity in regulatory norms to name a few have forced the ecosystem to look at the role of Chartered Accountants a lot differently including Chartered Accountants themselves. The opportunities have opened up not only in once considered traditional sectors like banking, insurance and manufacturing but also in new age sectors like modern retail, healthcare, information technology, education, e-commerce and logistics including segments like investment banking, venture capitalprivate equity.Chartered Accountants are also partnering with businesses like never before to increasingly move up the corporate ladder to occupy the position of a Chief Financial Officer (CFO) to also becoming Chief Executive Officers (CEO). A lot more CAs today are willing to take the risk' and join new age, exciting businesses which are not brands as yet; joining them is purely to satisfy their urge to try something new and quench their entrepreneurial thirst by being close to how things work in anentrepreneurial set up'.These people are willing to give a few years of their life to build and make these companies successful knowing fully well that they can get back to a large brand if things don't work out. Venture capitalprivate equity once considered to be the domain of management graduates from Ivy League schools is also seeing a fair share of Chartered Accountants evaluating deals, raising funds, working with the entrepreneurs and being a part of company boards. A stint with a large accountingaudit firm itself today has undergone changes with areas like mergers and acquisitions, international tax, consulting, risk management and corporate finance opening up new vistas for CAs.Many CAs consider entrepreneurship itself as a viable career option today.
Another fin-tech startup gets into fund raising. MyCFO, a startup which lets startups and SMEs manage their finances in the absence of an expensive CFO hire, has raised $978K in Series A Round from ASK Group promoter Monik Koticha along with the participation of other undisclosed investors.
The funds raised in this round will be used for team expansion by roping in new senior professionals. It is also planning to expand its reach to other geographical locations and to invest in technology to productise its services. Further ahead, MyCFO is looking forward to partner with software providers in order to create packaged solutions for automating a few tasks, which could ultimately help in accelerating delivery time.
The Mumbai-based company was established in 2006 by S. Venkat and Deepak Narayan. It offers budgeting, cash flow management and ERP implementation services, thus acting as a workable replacement of a CFO.
It aims to bridge the gap between demand for high quality finance services for high growth companies and the inadequate supply of such services at the right levels of ownership, quality, timelines with the company’s vision/plans.
Most startups, during initial funding rounds, are unable to get the right financial services, largely due to two main reasons — either these services are expensive — or those available at reasonable prices aren’t quality ones.
For larger enterprises and organisations, MyCFO is offering a service called interim CFO through which it helps firms manage transition periods while it scouts for a CFO during the departure of the previous one. This basically means outsourcing CFO’s tasks to the company.
The CFO related services offered by the company include strategy development, 5 years business plan development, 1 year budget planning, fund raising, support for making important business decisions, assistance in making a deal, etc. These services are crafted keeping startups and mid-sized companies in mind.
Its finance effectiveness service for the larger Indian companies to multinational companies includes Business Performance Improvement, Business Process Rendering, Finance Organization Structure, support for mergers and acquisitions, support for operations, etc. My CFO offers service to companies across all verticals, be it family owned, or is private equity/ venture capital backed, listed, Indian subsidiary of a multinational or in the social impact space, it has professionals to help you.
As the India start-up scenario is currently on surge and probably require the most financial help today, almost half of MyCFO’s revenues come from startups and other private companies who are looking for private equity investment.
It is currently operating in a few major cities of India, which includes Mumbai, Delhi, Bangalore, Hyderabad, Pune, Chennai and Coimbatore. The company has over 130 people working at its offices in different regions.
Deepak Narayanan and Venkat, co-founders of the company, said,
The funding is significant as we are the first company in this space ever to have raised funding. We believe we have the right partners to take this business to the next level.
Monik Koticha, founder- promoter of ASK Group, said,
We see tremendous potential for MyCFO’s tried and tested unique business and delivery proposition among high growth companies looking to build scale and size through best in class Finance practices.
Managing conflict is essential to managing competency, says an expert. By design or by default, conflicts in the form of disagreements, struggles and arguments are inherent in a workplace. These are typically triggered by inadequate communication, battle for resources, ego clashes, gossips, cultural differences and value clashes.
Ramnath S, executive director & lead CFO partner, MyCFO, tells TimesJobs.com
The on-call CFO platform will use the money to increase headcount, expand geographical reach.
Mumbai-based Wealth Tree Partners, which claims to take full ownership of a company's finance division through MyCFO.in, has raised Rs 6.21 crore ($978,000) in Series A funding from ASK Group promoter Monik Koticha and other investors.
MyCFO will use the money to expand its team of senior professionals and expand geographical reach, as per a press statement.
“The funding is significant as we are the first company in this space ever to have raised funding. We believe we have the right partners to take this business to the next level,” Deepak Narayanan and Venkat, co-founders, said in the statement. The names of other investors who participated in this round are not disclosed.
Established in 2006, MyCFO mainly offers budgeting, cash flow management and ERP implementation. The company also provides a service called interim CFO, which helps firms manage transition periods while it scouts for a CFO.
It also provides other services such as profitability improvement, business process improvement, risk management, forex management, IT implementation and general ownership of the finance function.
MyCFO presently employs over 100 executives across Mumbai, Delhi, Bangalore, Hyderabad, Pune, Chennai and Coimbatore.
“We see tremendous potential for MyCFO’s tried and tested unique business and delivery proposition among high growth companies looking to build scale and size through best in class Finance practices,” said Koticha, founder- promoter of investment advisory firm ASK Group.
MyCFO is also keen to join hands with software providers to create packaged solutions for tasks such as compliance services, the statement said.
ASK Group is one of a few players which have continued doing equity deals even in tough times. Currently, it is raising and deploying capital from its maiden offshore and third domestic realty fund. Its maiden offshore fund has a target corpus of $200 million and the domestic fund has a corpus of Rs 1,500 crore. Recently, it clocked exits from two investments in Pune where it sealed exits worth Rs 147 crore.
Strengthening existing institutions is more important, because it will be a long time before the new bank becomes operational, said C Rangarajan, former chairman, Economic Advisory Council to the Prim
Finance Minister's Arun Jaitley's Budget proposal to create a Micro Units Development Refinance Agency (Mudra) Bank, to finance the setting up of small and micro enterprises and thereby encourage entrepreneurship among SC/STs and OBCs, has not received an unqualified welcome.
The Prime Minister Narendra Modi-led government is set to present its first full Budget on February 28. Expectations are running high with reforms being on the anvil across most sectors. While the Budget wishlist is long, the Finance Minister should especially look into several crucial aspects regarding direct taxes such as lowering the corporate tax rates, reducing the rate of Minimum Alternate Tax and rationalisation of individual tax slabs.
"Almost in every mid to large cap organization, a CEO is supposed to be the key figure; a pivot around whom is created where organization departments are plotted across the X-axis and the Y-axis is left on the CEO itself for his choice of metric which could be profitability, productiveness, effectiveness etc. as long as the metrics have cross comparability across the corporate functions."
When metrics for any organization purpose get adjudicated, a CEO's dependency relies solely on the Finance function and this dependency is seen as widely across all strata's of organization sizes in terms of revenue or even across borders in all markets of the world. To help this dependency on the Finance function it is imperative for the CEO to have someone trust-worthy to helm this important role.
In comes the CFO who is always observed to share a love-hate relationship with all his peers while trying to maintain a pragmatic approach on the business for the CEO to make the best informed and advocated decision possible.
An organisation's activities and objectives are achieved through its employees. To ensure the organisation's success, proper and effective alignment of targets and tasks that take place between the company and its employees is critical. This is a continuous process and is not to be done only when the employee joins the company or when a new project begins.
Read The Article Here: http://mycfo.in/resource-center/press-mentions/14-press-mentions-print-media/233-aligning-your-team-with-the-organization-business-strategy
MyCFO is a leading implementation services company which provides CFO and Finance effectiveness services to clients across industry verticals and size.
MyCFO is a leading implementation services company which provides CFO and Finance effectiveness services to clients across industry verticals and size
