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Get the best out of your Budget process

Narayan Krishnaswamy

Narayan Krishnaswamy, Vice President – Client Delivery

It is late in the night, the lights in one section of the office are on (no prizes for guessing which function this is), the CFO and his team are busy with the year end closure, getting ready for audits and there is also a budget exercise looming ahead.Budgeting is an annual feature in every company’s itinerary and is quite an elaborate process if its done well. Most large organizations have robust processes and better quality talent to be able to pull this off with relative ease. The issue lies with mid corporate organizations who are neither too large to have the processes and people nor too small to ignore this, especially those who have an investor on board or where the accountability rests with the board. Having seen many such organizations, I have put together my thoughts on how can organizations get the best out of a budgeting exercise. This is in no way comprehensive nor do I claim to be a ‘guru’, this is purely experiential and has come from my exposure of having dealt with such companies. Continue reading

How to get the best from your CFO

Mr. Vijay Krishnamurthy, Executive Director & Lead CFO Partner, MyCFO

Mr. Vijay Krishnamurthy, Executive Director & Lead CFO Partner, MyCFO

Traditionally, the CFO represents the Finance function, just as the CMO represents the Marketing function, the CTO the Technology function and so on. Within the finance function, the CFO is expected to deal with accounting, taxation (both direct and indirect), banking, auditing, working capital management, risk management, corporate governance, internal controls, investor relationships (esp. relevant in case of a listed company), budgeting, costing. He has also to deal with various tax authorities (income tax/service tax/customs/excise/VAT etc. depts.), external stakeholders (customers and vendors for important commercial negotiations, auditors, govt. depts., stock exchanges and analysts in case of a listed company and private equity and VC investors in case of a private company), Board members (to explain the company’s performance, satisfy them regarding the company’s corporate governance processes etc.), company executives (i.e. heads of other functions and colleagues within the company in connection with the company’s operations), CFO’s of other companies (to share knowledge/information that may be useful to each other) etc.. Continue reading

Union Budget brings cheers to business communities

Murli R MyCFO India

Mr. Murli R, Vice President – Client Delivery, MyCFO

Union Budget 2015 came as a pleasant surprise for the business community. Loaded with several tax relief for corporate and start ups, it can well be seen as a good step towards the agenda of ease of doing business.

The budget is a representation of 2 Is, investment and infrastructure. Finance minister had bounties on offer even for the last man in the row; that would be MSMEs. The budget carries huge thrust for SMEs and MSMEs as they will be able to access funds.  Let’s have a quick look at some important tax sops, granted by the FM. Continue reading