A Mumbai-Based Start-up MyCFO Manages Finance And Accounting Operations For Entreprenuers

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A Mumbai-Based Start-up MyCFO Manages Finance And
Accounting Operations For Entreprenuers
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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.
http//mycfo.in/
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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.
http//mycfo.in/
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Narayanan, 34, was a consultant with EY and
Venkat, 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.
http//mycfo.in/
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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 revenuefor 2014-15,
revenue stood at Rs 8 crore.
http//mycfo.in/
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"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.
http//mycfo.in/
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"Our business is quite different from the regular
business consultancy. We focus on getting things
done rather than just giving advice," says Venkat.
http//mycfo.in/
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Mumbai-headquartered, MyCFO has a presence in
Delhi, Bengaluru, Hyderabad, Pune, Chennai and
Coimbatore. But since the company
professionalsengagement leaders in MyCFO
parlancework 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," says Venkat.
http//mycfo.in/
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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.
http//mycfo.in/
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