Category: Leadership

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Picture this. It is 1991 and your accounting firm has just been hired by an emerging textile company to help with their bookkeeping and sales tax application process. You are excited to put your many years of hard work into becoming a Chartered Accountant to use. You speak with the company’s owner, who redirects you to the backroom that is covered from top to bottom with accounting logs for you to sort through. You are tasked with tallying accounting records and determining the tax breakup to help the company and owners file for taxes. All of this takes you about a fortnight to a month to do, and you move on to the next client for whom you do the same thing. This is the peak of your career as a CA or tax consultant.

Fast forward to 2021. There are endless software and mobile applications that assist even mid-sized companies with their accounting and tax work. As a practicing CA, you have over a decade or two of experience working with clients from all industries, yet you find your traditional services being less and less in demand, as companies choose automated technology that is highly efficient and cost-effective to perform the same services. Your experience does serve some value, but where do you go from here?

If you have found yourself in this position recently, you are not alone. Companies globally have been shifting towards automation-integrated business models for many business functions that have traditionally been performed by people – you may have heard of RPA (Robotic Process Automation). A 2018 study conducted by ACCA in collaboration with Deloitte found that there is a high probability (over 50%) of automation for many finance/accounting functions, as this graph below shows.

In India, the trend of automation is spreading fast from large to mid-sized companies; even smaller companies are using more and more “ready to use” software programs for automation of accounting and tax work. Moreover, rapid advancements in technology and AI are deeming many of these automation software handle more complexities with reducing cost of use. The implication of this is clear – the market for traditional accounting and taxation services will continuously shrink.

What the above graph also demonstrates, however, is that higher-level functions in Finance and Management are a lot less likely to be automated. This is because CXO roles require business-focused thinking that revolves around long-term business planning and a focused strategy that takes into account changes in industry standards. Hence, the CFO role has a lot more impact on a business’s performance. So how can you as a practicing CA transition into the type of role a CFO plays?

Traditionally, the kind of value that CAs have been able to provide is limited to a few narrow functions – accounting, tax services, etc. A CFO role involves forecasting future scenarios, detailed planning of resources, leading digitization efforts, optimizing costs, and managing investor relationships among others. This requires a lot more strategic thinking and analysis of data that is not limited to a company’s finances. However, the scope of these job functions and the experience level required usually differ from company to company. For instance, MNCs and large corporations typically have a very specific set of requirements for a finance head, and they often have an entire in-house team for the execution of finance functions. Small businesses such as startups and MSMEs, however, often have a broader requirement for the role of CFO – one that requires experience that spans across industries and business verticals. But, most startups/MSMEs cannot afford a full-time CFO with this kind of background. Given the volume of such companies facing this issue, the concept of a virtual CFO (VCFO) was born.

A VCFO is essentially an outsourced CFO who works with multiple clients providing primarily CFO services, but often additional support that is customized depending on the client’s unique needs. Startups often require immense support in activities such as securing capital funding and building investor relationships, performance tracking, operations management, and MIS to name a few. A VCFO can offer all of these on-demand services at a much more affordable investment to these businesses. This graph demonstrates the entire scope that a VCFO role covers:

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Looking for

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Finance Advisory, Managed HR Services

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Reach Us!

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The Key to Business Success

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A virtual CFO role allows for versatility in the type of services you can provide – and the kind of services that are high in demand in the market. As you move from left to right in this graph, you may notice that the need for more non-traditional services goes up. While those skills are acquired through a combination of years of experience as a VCFO and expertise that spans across industries, there is a large market to be tapped in all 4 quadrants. So if you are currently a practicing CA considering joining the VCFO sector, there are many routes you can take as you start building your skillset.

Given how the VCFO sector is a new and developing market, there is a growing awareness that is often clouded with misconceptions about what this role entails. Some common myths are:

Evidently, the VCFO sector is broad in the spectrum of services that can be provided, and time and experience are needed to build your portfolio and build value for your clients. Practicing CAs are best suited to enter the VCFO field due to the technical knowledge picked up during the article ship and all subsequent finance function experiences. However, embarking on this journey from CA to VCFO is not as simple as just deciding to start your own VCFO firm one day. If only life were that easy!

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There are many ways in which you as a CA can enter this field. Here are a few of the recommended steps based on the advice of industry experts:

• Partner with existing VCFO firms: This is one of the first steps you can take, that will help you get a better understanding of everything from how a VCFO tackles a problem to how the firm goes about client acquisition.
• Build teams with consulting skillset: Success of consultancy is heavily dependent on the consultants possessing key skills such as working with extended teams, building trust & respect, time management, effective communication, to name a few. Many CAs do not realize the fact that it is not only they who need to learn new skills; it is their teams as well. A practicing CA has a team that would have been recruited for the traditional skills required. When this team tries to deliver virtual CFO services, they often cannot measure up to client expectations. Think of it as trying to play baseball with cricket gear – while on paper the equipment looks virtually the same, using the right gear for the right sport can be the difference between winning and losing the game.
• Network with professionals with complementary skills: Acquiring and perfecting any skill takes time and the proper guidance. Interacting and working closely with professionals who are experts in complementary skills can benefit both parties and help build relationships that will be useful in the long run.
• Augment your team with digitally skilled members: A big reason why the demand for VCFOs has risen lately is the need for businesses in any industry to be digitally integrated to succeed. The best way that you can equip your team with the tools necessary to provide maximum value for your clients is by providing digital training and adding team members with digital expertise.
• Build a consulting practice with focus: A VCFO role, above all else, is about being a consultant with result orientation. Most practicing CAs are accustomed to being problem solvers once an accounting, tax, or investment problem based on data is given to them by clients. As a VCFO, often you need to discover and redefine problems in clients’ business, accept a client’s business challenges as a shared responsibility, and be rewarded based on end results that you have facilitated. This requires a shift in CA’s mindset.

It is undeniable that automation integration is what the future holds for many businesses in every industry. Staying ahead of the curve by adapting one’s skill set to keep up is a crucial need that many industry professionals find themselves facing. As a CA, you are best equipped with the skills and foundation needed to begin your journey as a virtual CFO – however, the most important factor is a paradigm shift. Acknowledging that the VCFO role will be an expansion of duties across any client’s business functions will allow you to build a diversely skilled team that can help you in capitalizing on the increasingly growing demand for VCFO services. The aforementioned pointers can be used as a guide to enter the VCFO space and be the first steps that you take as you embark on this journey.

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India is expected to emerge as one of the leading economies in the world over the next few decades. The Micro, Small & Medium Enterprises (MSME) sector is expected to play a significant role in the emergence of the Indian economy. The development of this sector is extremely critical to meet the national imperatives of financial inclusion and generation of significant levels of employment across the country. Further, it can nurture and support development of new age entrepreneurs who have the potential to create globally competitive businesses from India.

The MSME sector in India was largely unorganized and was governed by the Ministry of Small-Scale Industries and the Ministry of Agro and Rural Industries. Prior to the 1980’s, while the sector contributed significantly in terms of number of units, employment generation and exports, in the post liberalization & globalization phase, growth and performance of the sector declined due to increased competition as the sector moved from a protective environment into a competitive one.

Recognizing the need for legalizing policy framework for the sector, The Micro, Small and Medium Enterprises Development (MSMED) Act was notified and subsequently came into force with effect from 2 October 2006. On 9 May 2007, the erstwhile Ministry of Small Scale Industries and the Ministry of Agro and Rural Industries were merged to form the Ministry of Micro, Small and Medium Enterprises (M/o MSME). The Ministry now designs policies and promotes/ facilitates programmes, projects and schemes and monitors their implementation through various offices and nodal agencies. Over the past two decades several initiatives have positively impacted the sector and contributed to its growth and development.

Thus far, the MSME sector has contributed substantially to India’s growing economy. According to recent statistics, there are approximately 6.5 crore MSME units across various industries, employing nearly 110 million people throughout the country. Overall, the MSME sector accounts for 33.4 percent of Indian industrial output and 48 percent of our exports. The sector’s contribution to India’s GDP currently stands at around 30 percent, with the Government setting a target of 40% in the short to medium term.

Over the years the sector has grown more or less in tandem with the overall growth of our economy. This could be attributed to the fact that MSMEs have a comparative advantage when it comes to adaptability and flexibility in business due to their smaller size and existence of deep technical and entrepreneurial skillset. They also have huge and growing opportunities as ancillary units to larger players, being in a position to supply products and services in a cost-efficient manner. However, MSME enterprises face many challenges that have impeded their potential immensely. Some of its most persistent challenges include lack of access to credit and funding coupled with a lack of trust placed in the sector by providers of finance, lack of financial expertise, unorganized labor and resistance to digitization. In addition, the MSME’s are easily affected by changes in the external environment. The most recent example of this has been the effect of the COVID pandemic from which the sector is still struggling to recover. Not to mention, the redundancy that many MSMEs units may face due their inability to adapt to rapid changes in technologies and increasing global competitiveness.

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Finance Advisory, Managed HR Services

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Leading with LEAD Measures, A Guide for Exceptional Leaders

[/fusion_text][fusion_button target=”_self” color=”default” linear_angle=”180″ stretch=”default” icon_position=”left” icon_divider=”no” hover_transition=”none” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” title=”explore our blog” margin_left=”20px” link=”http://localhost/astraviseservices/insights/leadership/lead-measures-for-the-ace-leader/” size=”medium”]Explore Our Blog[/fusion_button][/fusion_builder_column_inner][/fusion_builder_row_inner][/fusion_builder_column][fusion_builder_column type=”1_1″ type=”1_1″ layout=”1_1″ align_self=”auto” content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” center_content=”no” column_tag=”div” target=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” order_medium=”0″ order_small=”0″ hover_type=”none” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ background_type=”single” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ lazy_load=”none” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” absolute=”off” filter_type=”regular” filter_hover_element=”self” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_hover_element=”self” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ transform_skew_x_hover=”0″ transform_skew_y_hover=”0″ transition_duration=”300″ transition_easing=”ease” scroll_motion_devices=”small-visibility,medium-visibility,large-visibility” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ last=”true” border_position=”all” first=”true” min_height=”” link=””][fusion_text animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky”]The Government in its part is making significant efforts specially in the last decade to eliminate hindrances and improve ease of doing business. This is seen in the form of increased budget allocations year-on-year, initiatives under Atma Nirbhar Bharat and Make in India as well as financial support through MSME loans, credit guarantee schemes and the like. On the qualitative side, significant measures have been made to hand-hold the sector through promoting entrepreneurial skillsets, technology upgradation partnerships, technical support groups and cluster development schemes. The development of several MSME support portals on digital platforms and the digital registration system through Udyam is also seen as a welcome move towards bringing more units under the formal sector net, providing them access to the various initiatives, schemes and protective support from the Government. Further, the recent change expanding the definition of MSME is a major enabler which is likely to improve the ease of doing business manifold.

While the government’s efforts are pivotal in resolving the many challenges faced by MSMEs, these alone would not suffice if the sector is to achieve its true potential. This is because the nature of support provided by the Government is mostly external in nature. In order to cope with a rapidly changing business environment, MSME’s need to also look inward, more closely into their businesses and make critical changes in their approach towards solving common business problems. MSME’s need to be enabled through strategic partnerships, better financial solutions and strong business networking. The role and scope for professionals like CA’s cannot be undermined in this regard. Moreover, they need to recognize the need to think differently, to strategize, identify gaps in their business and adopt a systematic approach towards bridging these gaps. This is possible only through a collaborative effort from professional bodies and a willingness for MSME business owners to break through the ‘small business’ mindset.

Our government has envisioned to make India a USD 5 trillion economy and global powerhouse in this decade. The MSME sector has the potential to emerge as a backbone for this economy and act as an engine for growth, given the right set of support and enabling framework. The MSME opportunity is to develop entrepreneurship and support growth led by innovation, digitization and financial inclusion over the next decade. With adequate business and strategic support from professionals coupled with the Governments initiatives, MSMEs are at the cusp of driving the economy towards this target.

Published in November Newsletter by Bangalore Branch of ICAI

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One must focus on measures that their team has the power to influence instead of those can be tracked but not controlled.

When I attempted to follow up with my son about the preparations for his exams and the measures he was taking to study, he once retorted that I shouldn’t scrutinize every minute detail of his day, but instead focus on the actual goal, which was to secure a good score in the exams.

His words made me reflect on my work as a manger – of people primarily, and all that it included, from to-do lists and Operations reviews to daily team huddles and meetings with CEO. One “follows up with” (read: scrutinizes) a team that is perpetually overwhelmed with urgent, need-a-solution-now issues (critical payments, audit enquiries, etc.) to keep a tab on their deliverables. The confidence of meeting the EBITDA and Cash targets slowly drifts, and the actual performance gap at the end of the period also requires its fair share of time.

Measures that cannot be influenced in execution mode inevitably lead to unexpected results

There always exist unexpected results at the end of a period, despite a seemingly endless list of measures that are regularly tracked. This is primarily because delivery teams are not always in control of LAG measures such as EBITDA and Cash. Therefore, it is imperative to focus instead on measures that the team does have the power to influence and monitor in execution mode, otherwise known as LEAD measures.

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Looking for

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Finance Advisory, Managed HR Services

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Reach Us!

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Measures that allow strategy modification in execution mode are much more effective

Collections, a critical yet highly unpredictable area, stands to benefit immensely from a LEAD indicator to guide teams through the month, much more so than deploying corrective actions after missing target. Upon pushing the team for such an elusive measure, the key insight was gleaned from the month in which the target had been met. In that period, the collection plan had been rolled out along with customer and invoice-level data by the 2nd, and the resulting cash actual achievement was fairly within reach of the estimated targets given. My Controller’s insight on deeper analysis was simple yet effective: what made this month’s target achievable was focusing collections on the top 5 customers by mid-month. Dashboards were modifies to reflect collection performance of specific customers within a certain date as the predictors of the month-end cash position.

• Focus on LEAD measures proves more effective than corrective measures after a missed target
• LEAD measures can be influenced in real time, giving greater control over target achievement than LAG measures
• LEAD measures eliminate the possibility of unexpected results that may arise despite exhaustive tracking of LAG measures

I have even put these LEAD measures and their efficacy to the test in everyday life. In the case of my son’s exam preparations, simply following up with him on the “actual goal”, instead of the preparation work which would directly impact his final scores, and which he believed he had complete control over, would not do, and so we met each other half way. Applying the same concept of LEAD indicators that helped my collections team succeed, we agreed upon “100% completion of each subject portion with one revision in exam holidays per a scheduled time table”. If the daily deviations from his time table went beyond 20%, it would prompt a recast to his schedule. Needless to say, he was delighted by the fact that he could monitor and influence his progress, and that “reporting” back to me acme down to a bare minimum.

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Prospects and Background of MSME in India

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Just because a lot of businesses do it, doesn’t make tracking LAG indicators the most efficient

Ironically, LAG indicators, which are outcomes of actions over a period and for the most part merely academic, are what businesses track to monitor performance. However, applying the LEAD measure has proven to work in more instances than one, such as the Network team of a telecom company that had customer satisfaction (C-SAT) as a key metric, who changed their focus to “Network Uptime %” as an actionable metric, leading to higher C-SAT scores. The differences was that Network Uptime % was a metric that was understood and influenced to improve by the entire Network team, whereas C-SAT scores gave them no leverage to work with whatsoever.

Conclusion

It is not an easy process, but identifying a LEAD measure that reasonably predicts the outcome and is within the influence of the team, makes target predictable. This takes the responsibility and accountability back to the operating team, and not the CEO.

This is how I eliminated the need to relentlessly scrutinize my son’s progress, for now he is scrutinizing it himself!

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