Founder & Director
Come January and many companies will commence the annual ritual of the Financial Budget. Last year Budget will be dusted off, actual year-to-date performance will be reviewed, next year performance target will be demanded from business heads, numbers will be negotiated, financial planning and analysis (FP&A) folks will crunch and consolidate and voila, the EY 16-17 will be ready!
Certainly, this is how the ‘classical’ budgeting process works. But is this how companies now do their budget today? A large number of companies no longer follow this approach and even if they do, the Budget is no longer the ‘Holy Grail’ of annual planning.
Here are 5 reasons why.
Mr. S.Venkat talks about the Outsourcing CFO functions and the CFO industry in this article by Times Of India
Worried that your assistant picks up the bag the minute the clock strikes five pm and you can do nothing about it? Or that your finance department is under enormous stress when D days like September 30 (income tax filing for corporates) or March 31 are round the corner? Worse still, your Diwali shopping festival logos are still incomplete?
There appears a solution to all of the above in the form of organizational outsourced services providers. From virtual secretaries who will do any errand for you to outsourced marketing head and CFO (chief financial services) providers, the traditional organisational structure chart is in for a make over. Today , such on call executives are game for anything, be it complex stuff like hand holding you till your IPO (initial public offering) exercise is complete to even the mundane data entry operations. Of course, all for a fee. Continue reading
As outsourcing non-core activities including IT has become common, companies have started to look out for partners, who will perform core functions including finance. MyCFO claims to be the only company in India that provides CFO services to help high-growth firms meet their business goals.
“We have heard of 8-10 firms in the Indian market offering similar services but they are more individual consultants working together than institutions,” said S Venkataraman, director of MyCFO. Continue reading