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?

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Dilbert Blues Almost Over
as Companies Warm Up
Big to Outsourced
Functions

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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

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holding you till your IPO (initial public offering) exercise is
complete to even the mundane data entry operations. Of
course, all for a fee.
Interestingly , the cost differential and the booming
entrepreneurial culture are not the only factors driving the
demand for such specialist service providers. As per a
study done by MyCFO, there are 65,000 promoter driven
medium enterprises in India with a turnover of Rs 100
crore of which only 10% are listed. “Finance is no longer
seen as a holy cow in such organizations with the role not
solely restricted to the promoter alone. Owners who are
committed to change processes see the CFO as a partner
to deliver that change,” S Venkataraman, director, MyCFO
said.
“For most of these companies, cost advantage is
secondary as they come to us more because of
predictability and scalability,” Harith added. In the case of

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MyCFO, the company normally looks at three to five year
contract with the firm, with an onsite CFO who starts with
the basics in some cases, like setting up the accounting
processes, establishing a credit line with the bank to
eventually helping the company with its public listing.
The model of MyCFO is essentially a matrix structure
where the onsite executive is supported by offsite
specialists like for example domain experts in transfer
pricing or taxation. “We look for longer engagements as
valuations cannot be achieved over night,” S.
Venkataraman said. MyCFO is currently working with 80
companies at the moment which are a mix of venture
capital funded companies, start-ups by technocrats and
multi-generational family businesses where the Gen Next
is clamouring for change. The salary of the onsite CFO
ranges from Rs one lakh to Rs 12 lakh per month. “But the
variable component is pretty high out here as we want to

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be in the game along with the promoter,” Venkataraman
said. Though he refused to divulge revenue figures of the
company, he said MyCFO was currently operating at a
30% margin.
Read the full article here: http://mycfo.in/blog/?p=374
Source Link: http://mycfo.in/blog/?p=419
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