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MyCFO
leaves its indelible footprints in the ‘Office of the CFO’ Services Space
With India being one of the very few bright spots in the global economy and with buoyant corporate growth rates projected over the next few years, it is irrefutable that there is an inevitable need that the CFO or the CFO's office matches up to the pace of growth of the business.
One of the largest CFO and Finance Effectiveness services companies in India, MyCFOworks across company sizes (Pre-Revenue start-ups to Mid-Sized family run to Private Equity/ Venture Capital backed to large diversified Indian/Multinational companies), across industries and across cities.For its Avant Garde services, MyCFO got funded in 2015 and continues to remain the only company in this space to have got funded.
My CFO is headquartered in India (presence in 6 Indian cities), has a presence in the UAE and services clients in Singapore and Indonesia.
Over the last five years, the firm has successfully serviced more than three hundred and fifty clients with varied ownership styles, management styles and maturity levels across diversified industry verticals such as Healthcare & Pharmaceuticals, Food & Beverage, Real estate, Automotive, Engineering, E-commerce and much more.
Several of these are India subsidiaries of Trans-national companies headquartered in North America and Europe. The firm has worked with over 65 PE/ VC funds and their portfolio companies.
The firm's services are specifically designed to deliver the highest level of business value and are offered through two verticals CFO services and Financial Effectiveness services.
MyCFO Chief Financial Officer (CFO) service–An engagement model is developed on the basis of client's business needs and all the processes are carried out through a strong engagement framework (My CFO Delivery Framework). From its diverse team of expert professionals, the firm provides every client with a personal CFO or Engagement Leader, who takes complete ownership of the Finance & Accounts function of Client's business while working day in and day out to understand the complications arising across various domains and advising the management on strategies, business planning as well as decision-making.
MyCFO Finance Effectiveness solutions (FE)–This service specifically targets to assist CFOs working in large organizations to improve the effectiveness of the Finance Departments. This service is availed by professionally qualified CFOs, who are looking for practical, hands-on implementation assistance. As a part of this service, the company helps to streamline the organization's finance function through various project interventions.
The role tends to be in areas of Commercial (Distributor ROI, Contract documentation, Secondary sales linkage), Risk and Controls (Enterprise Risk Management Framework, Internal Finance Controls), Business Process Re-engineering (Standard Operating Procedures, IT automation, ERP/BI tool rollout, moving to a shared service centre), Performance Measurement (Customer/Product/Service level profitability, Cost Optimization, Budgetary support, Board Pack preparation, Data Analytics).
In a chat with The CEO Magazine, Mr. S Venkataraman, Founder Director of MyCFO shares, "We were very clear from the beginning that our services would be useful to companies that are not able to attract the right quality of talent, or that are interested in building their in-house team.
We keep professional obligation towards 'information confidentiality', and as an external company, we have gained reputation in the market for having built relationships with clients on the bedrock of trust and reliability.
The chances of inaccuracies are minimized as KPI's are agreed with the client in advance, and review mechanisms are put in place for reviewing progress and to make sure that the company gets what it signed up for."
Elaborating on exclusivity of the business model, Mr. Deepak Narayanan, Founder Director of MyCFO says, "We are proud to be the only organization in this domain which operates on such a Superlative business model that offers an on tap, flexible and affordable CFO Service allowing Promoters to choose the timing, duration, nature and intensity of the CFO involvement.
Our engagement with clients is Onsite and focused on 'Getting it done' rather than just giving advice.
We are an implementation focused company ('roll up our sleeves') and fix issues rather than only identifying the problem and our business model operate on 'delivering results or outcomes' rather than on 'time and material' or body shopping. We agree KPI's/KRA's with the companies and deliver this through our team on the ground."
Having started its journey five years ago, the firm has been actively climbing the ladder of success and has established a solid track record building successful relationships with more than three hundred and fifty customers.
The firm has been acknowledged as a category creator in the CFO services segment winning several accolades in digital, print and electronic media (including Economic Times, CNBC and ET Now). It has also been honored with the SME Finance Service Excellence Award last year.
Speaking about the milestones achieved, Mr. S Venkataraman shares, "The journey has been wonderful; evangelizing the concept, getting our first set of clients and getting people to see what we are doing to grow the brand as well as to become the first company in this space to get funded. It's been a ride which has made us laugh, cry, and share our triumphs along with frustrations together."
In line with its mission, the firm is now probing deeper into each of the Indian cities where it already has a presence while directing its efforts towards expansion into international geographies like Middle East, where it already occupies a decent client base and US Markets.
As indicated by the key persons, MyCFO's next step would be to have a strategic tie up with its partners in United States complimenting its services and build 'solutions' that address market gaps either through an existing set of 'products' or developing something that is completely new.
A qualified Chartered Accountant, Cost & Management Accountant and a Risk Manager, Mr. S Venkat is the co-founder of MyCFO and takes the credit of leading a team of more than one hundred and fifty experienced and deft professionals across 6 Indian cities, Middle East, Singapore and Indonesia.
Prior to starting up MyCFO, Mr. S Venkat served as Director – Finance and Corporate Affairs at the India subsidiary of Hines, one of the largest privately held real estate developers in the work. He has also been CFO at the India subsidiary of Aon, the world's largest reinsurance broker.
Deepak is Qualified Chartered Accountant and the Founder Director of MyCFO which is amongst India's largest and fastest growing CFO and Finance effectiveness services brand. Deepak has been at the forefront of popularizing the concept and making this mainstream amongst CEO's, Entrepreneurs, Funds and CFO's.
Prior to MyCFO, Deepak worked with Deloitte and Ernst & Young. During his stint with these firms, He has consulted companies like Unilever, ITC, Sanofi-Aventis, Western Union, Titan Industries, Schreiber group, Syngenta, Solvay Pharma amongst others.
Deepak is a blogger, part of various mentoring platforms (NEN, Gen Next Ventures, CIIE, 91 Springboard), avid reader, enjoys traveling, watching sport and meeting new people.
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