Is managing functions such as finance and accounting preventing you from focusing on your core business? Do you feel you need more than just advice from business consultants on managing your company's finances? If the answer to either of those questions is yes, then you are not alone.
A Mumbai-Based Start-up MyCFO Manages Finance And Accounting Operations For Entreprenuers
A Mumbai-Based Start-up MyCFO
Manages Finance And Accounting
Operations For Entreprenuers
Is managing functions such as finance and accounting
preventing you from focusing on your core business? Do you
feel you need more than just advice from business consultants
on managing your company's finances? If the answer to either
of those questions is yes, then you are not alone.
Several entrepreneurs today are looking for managed financial
services. And, when cousins Deepak Narayanan and S.Venkat
realised this, they decided to make the best of the opportunity
and founded MyCFO, an on-site accounting and financial
services venture, part of WealthTree Advisors.
Narayanan, 34, was a consultant with EY andVenkat, 41,
was CFO at Hines, a US realty fund, before founding
WealthTree Advisors, in 2007, a firm aimed at assisting
foreign businesses set up a presence in India.They invested
just about Rs 1 lakh from their savings to get the company
started. However, with recession hitting the West and the
policy paralysis deepening in India, foreign companies'
interest in setting up base in India fell dramatically and this
impacted their advisory business.
Meanwhile, during the course of their business
dealings, they found that there was an acute demand
for professional financial services among Indian
businesses. "We met a number of Indian companies
on behalf of our foreign clients, and we found that
Indian companies' finance and accounting functions
had not been able to keep pace with the times," says
Narayanan. So, Narayanan and Venkat established
MyCFO in December 2010. Today, 120 of the 130
employees of Wealth-Tree work for MyCFO, which
also accounts for 90% of the company's revenue—for
2014-15, revenue stood at Rs 8 crore.
"We work with clients in an interim CFO/ongoing CFO/controller
role, or to improve the effectiveness of the finance function for
large companies, in case a good CFO is already in place," says
Narayanan.The professionals at MyCFO sit down with their
client company's management and chart out its financial goals.
Once the key deliverables are decided, they work towards their
realisation. Outsourcing finance functions thus helps the
management concentrate on its primary business.
"Our business is quite different from the regular business
consultancy. We focus on getting things done rather than just
giving advice," saysVenkat.
Mumbai-headquartered, MyCFO has a presence in Delhi,
Bengaluru, Hyderabad, Pune, Chennai and Coimbatore. But
since the company professionals—engagement leaders in
MyCFO parlance—work on site with their clients, the firm's
services aren't restricted to these cities alone. "Since we work
from within the premises of our clients' offices, we don't need
to have our own office in every city," says Narayanan. MyCFO
has about a 100 companies, spread across the country, on its
client list. "Every customer, every situation and every time we
deal with a customer is unique. It gives the team a lot of
sleepless nights since we have to tailor make the solutions.
But we deliver," saysVenkat.
Getting quality people, training the talent, ensuring best
practices norms are followed, adapting to meet the needs of the
clients and delivering quick, quality service, has been quite a
challenge for the company. Navigating these challenges and
delivering results has also been quite exciting, say the founders.
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