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 →
Organicfood is a Private Equity (PE) invested fast growing Indian company in the supply chain space. Organicfood’s business model is to procure, store, process and on – sell the produce from farmers to the end consumers. The company takes on the responsibility of guaranteeing marketability of the farmer’s produce and also ensuring that the produce meets the highest standards. Continue reading →
Hyacinth Ferrao, Financial Controller & Senior Vice President, India
While every CFO needs to undoubtedly spend time on strategic & tactical matters, it is also very important to pay attention to timely & accurate processing of vendor payables. Every CFO can, I am sure, recollect one or two or even more payment escalations that have come to either them or at times even the CEO of their company. What follows then is a frenzy of activity to find out which are the invoices pending, where are they lying currently, why were they not paid? More often than not there is a mad scramble to unearth the facts and respond promptly. Now, let’s imagine – what if we could at the click of a button see if invoices have been received for a vendor, view the actual invoice online (if received), Continue reading →
Pharma group is a global leader in excipient solutions. The Group develops, produces, and markets excipeints for oral solid dose and dry powder inhalation formulations. The Group’s customers are leading pharmaceutical companies. The Group had taken over a closely held Indian company 2 years back and needed MyCFO to manage the Post merger acquisition as their India CFO.
MyCFO’s role was to ensure correct, accurate, complete and timely review of day to day accounting based on accounting conventions and principles in line with Indian GAAP and IFRS, addressing issues that came up as part of the due diligence process, Develop and report MIS to the India CEO, Complete timely monthly reporting to Group CFO, ensure local compliances, Implement internal controls in line with Group policy, Assist in the implementation of the Group ERP (Navision), Participation in fortnightly review India CEO and the Group CFOs office, authorizing and tracking of expenses, liaise with the auditors for accounts finalization, setting the India budgets, managing and forecasting future cash flows, getting involved in monthly review meetings with the India CEO and the Group CFO and measuring business performance by setting up profit center accounting and reporting. The role comes with accountability to deliver results that an in house Controller/CFO would take on had there been one.
How the Client Benefitted
MyCFO’s involvement resulted in clean up of accounting and compliance related legacy issues, reduced monthly reporting time from 8 weeks to 1 week, implementation of an ERP system within 6 months from the start date, discontinuation of non – profitable products by developing robust costing systems and in reduction of debtors collection cycle from 120 days to less than 45 days.