Virtual CFO Solution From SuperCFO: The Most Cost Effective Shared CFO Solution For Startups And Growing Companies.

Companies at all stages of their evolution need a strategic financial brain to steer it clear from the stormy waters.  This is more so in the early stage companies. They crave for a sharp analytical mind to help them out in fund-raising, budgeting, financial reporting, cash flow management and ensuring compliance.
It has been observed that more than 40% early-stage businesses shut down due to financial in-discipline. Of course, only less than 20% startup founders believe that they can afford a full-time CFO in their organization. The truth is that the need for a strategic financial “brain” as part of your early-stage team is more imperative than ever. The CFO or Finance Head will ensure that the company keeps running full-steam and thereby help the CEO or the Promoter to focus on strategy to fuel the company to further growth, without being unsure – financially!
If you are a start – up or a small and growing company, hiring a Fulltime CFO would in most cases be cost prohibitive. How do you reconcile to this situation? There is an ever increasing need to make financially challenged companies aware about the growing phenomena of Virtual CFO or Shared CFO services where you can Hire a CFO, at a fraction of the cost that it would take to recruit a Fulltime CFO.
Worry not! SuperCFO has just the right solution for you in the form of a Virtual CFO or a Shared CFO.
Yes – A Virtual CFO. Someone who will never be a liability on your payroll, but always an asset for you and your company. The SuperCFO Virtual CFO’s involvement with your company is calibrated just to the right extent to ensure that there is no bleeding of unnecessary finances for your company. And what more……our Shared CFO brings great experience and skill to your existing Finance and Accounts team at a sharp cost; just when your company needs it the most. So go ahead and Hire a CFO from SuperCFO.

SuperCFO’s Interactive Annual Salary Survey Report 2013

The world economy is still to shake off from the 2008 crisis. Globally, growth has dipped to around 3% in 2012. Industry experts prognosticate that this trend will likely continue for some more quarters before there is the inevitable light at the end of the long dark tunnel. This year, the global salary forecast across most businesses, is a modest growth of about 10% on the average.

To add further, a significant 26% of the respondents indicated no salary growth last year. In other words, their salary remained constant. Average salary growth was between 6-10% which 23% of the respondents felt so. A majority of 32% felt the growth was less than 5%.

Interestingly, many companies are closely evaluating compensation packages for their employees and are trying to work out the best approach to retain talent, but are adequately cautious to not go overboard in increasing costs substantially.   This slowing trend will likely continue. Mature economies are still healing the scars of the 2008-2009 crises. But unlike in 2010 and 2011, emerging markets did not pick up the slack in 2012, and won’t do so in 2013. There is a lot of uncertainty across the major regions of the world. Unlike 2008, this time around India and China too have been caught in the vortex of the global meltdown apart from the slow US recovery and the continuing Eurozone conflagration.

Things do not bode well for India in the near to mid- term. The next year or two will be very challenging for India particularly as it tries to rebuild its rapidly waning investor confidence, which is causing a flight of capital out of the country and depreciating the Indian Rupee to unheard of levels viz the USD.

In an effort to fathom the impact of all the socio – economic trends from the employer and employee perspective, and in some way address the same, SuperCFO has conducted The Salary Appraisal Survey 2013. The response to our latest Survey was more than satisfactory, to say the least. We received an overwhelming response from participants spread across 59 countries in the world. Respondents were divided across small, medium and large business as well. Overall the survey results spell out the economic condition of the world rather accurately and make for an interesting read.

In a radical change from the past, this year’s Salary Appraisal Survey 2013 from SuperCFO, is presented in a novel manner. For the past few months, the staff at SuperCFO has been diligently working on an innovative Business Intelligence (“SuperCFO BI”) platform, which is primarily targeted towards the small and medium business segment. Soon to be launched globally, as an online commercial offering, SuperCFO BI will be a one of a kind offering from a company that has been a leader in the CFO services space.

Please click here to get a unique interactive experience on the SuperCFO Salary Appraisal Survey 2013.

Click here to View Report

SuperChat with SuperCFO – Sandeep Kumar Sarawgi

This week on SuperChat with SuperCFO, we are delighted to present a tete a tete with Sandeep Kumar Sarawgi, who is the Chief Finance and Risk Officer at Antwerp Diamond Bank N V, Mumbai Branch. Winner of the first CFONEXT100 Award for 2012. This is an annual award conducted by the prestigious CFO Institute of India to recognise leaders in the field of finance and accounts.

In this freewheeling SuperChat Sandeep sheds light on his personal facet; his likes and dislikes, his role model, who inspired him to be where he is today and many more such interesting trivia.

For more on the SuperChat with our SuperCFO, Sandeep, please read on……

Education: Fellow Chartered Accountant (FCA); Bachelor of Commerce (B.Com.)

Companies worked with: In his 21 plus years career, Sandeep has been associated in senior leadership roles with various companies including Antwerp Diamond Bank N.V., ICICI Bank Limited, Bombay Stock Exchange Limited, E-City Ventures (Fun Republic), Intelenet Global Services Limited (now called Serco Global), IDBI Bank Limited, ICICI Securities / ICICI Securities Primary Dealership Limited and Arthur Andersen & Co.

SuperCFO: What particular skills or talents are most essential to be effective in your job apart from formal training?

Sandeep Kumar Sarawgi:

Ability to read situations, communication, handling pressure, planning and execution, people management.

SuperCFO: Who is your role model and why?

Sandeep Kumar Sarawgi:

Gautam Buddha – the way he forgave self interest and gave his life for the good of others.

SuperCFO: What has been your biggest achievement professionally?

Sandeep Kumar Sarawgi:

1. Ability to interact with top management through various corporate lifecycles of start ups, expansion, transformation, consolidation and shareholding changes.

2. Have successfully managed various corporate avatars: standalone companies, joint ventures, subsidiaries, associates, Trust structures, SPVs, AOPs, branch of a foreign company etc.

SuperCFO: Who are the 3 Corporate Honchos you admire a lot and why?

Sandeep Kumar Sarawgi:

1. Azim Premji: for his philanthrophy.

2. Ratan Tata: for sticking to retiring himself.

3. Steve Jobs: for being foolish and hungry.

SuperCFO: Which are the 3 companies you admire a lot and why?

Sandeep Kumar Sarawgi:

1. Apple – for reinventing itself.

2. Air Asia – for employee focused leadership.

3. Mercedes – for sustainability of brand through such a large geography in the world.

SuperCFO: Assume that you are indulging in role play. If you were given the position of the Finance Minister of your country, what would your top priority agenda items be?

Sandeep Kumar Sarawgi:

Increase the direct income tax base, which is pathetically low: there can’t be only 42,000 assesses with over Rs.1 crore of income. As head of the tax administration, to have a fair tax system, is a primary responsibility. Also, tackling black money economy.

SuperCFO: What would you advise aspiring CFOs on dos and don’ts to become a successful CFO?

Sandeep Kumar Sarawgi:

Do’s: Always have a long term and a macro outlook. Focus only on short term goals may lead to compromising situations.
Dont’s: CFOs should be principles and value based and should be able to challenge – people rely on them for the monetary results – don’t let them down.

SuperCFO: What are your 3 “Must Ask” questions in an interview?

Sandeep Kumar Sarawgi:

1. What is your career outlook?

2. How would you handle a particular situation?

3. Why are you looking for a change and why do you think that this is a good match for both?

SuperCFO: Which is one accounting software that has impressed you and why?

Sandeep Kumar Sarawgi:

SAP – it constantly upgrades itself to handle ERP data and information challenges.

SuperCFO: How do you manage talent within your team?

Sandeep Kumar Sarawgi:

By being honest, transparent and straight forward. I hate politics and dislike who cut others throats to move forward.

SuperCFO: Are you a gizmo freak? What is your favorite gadget?

Sandeep Kumar Sarawgi:

Not much – am a practical, need based person. I don’t make the gadgets into status carriers.

SuperCFO: What is your favorite piece of literature?

Sandeep Kumar Sarawgi:

Ghazals – I like the depth of thought expressed in few verses.

SuperCFO: Any sport that you are passionate about?

Sandeep Kumar Sarawgi:

Cricket – but due to the commercial aspects spoiling the game, I have become a diluted diehard fan.

SuperCFO: Describe some of the activities that you undertake to de stress yourself?

Sandeep Kumar Sarawgi:

Watching movies, listening to music and to top it all, spending quality time with my young daughter.

SuperCFO: What has been your favorite vacation destination and why?

Sandeep Kumar Sarawgi:

Switzerland – it is post card, picture perfect.

Evaluating Board Effectiveness

The Board should undertake a formal and rigorous annual evaluation of its own performance and that of its committees and individual directors. The Board should state in the Annual Report how performance evaluation of the Board, its committees and its individual directors has been conducted.

The following is an illustrative list of few questions one may consider to evaluate the effectiveness of the Board. The evaluation process should be strictly used constructively, as a mechanism to improve board effectiveness, maximize strengths and tackle weaknesses.

Evaluate Board Effectiveness

• How well has the board performed against any performance objectives that have been set?
• What has been the board’s contribution to the testing and development of strategy?
• What has been the board’s contribution to ensuring robust and effective risk management?
• Is the composition of the board and its committees appropriate, with the right mix of knowledge and skills to maximize performance in the light of future strategy?    Are inside and outside the board relationships working effectively?
• How has the board responded to any problems or crises that have emerged and could or should these have been foreseen?
• Are the matters specifically reserved for the board the right ones?
• How well does the board communicate with the management team, company employees and others?   How effectively does it use mechanisms such as the AGM and the annual report?
• Is the board as a whole up to date with latest developments in the regulatory environment and the market?
• How effective are the board’s committees? [Specific questions on the performance of each committee should be included such as, for example, their role, their composition and their interaction with the board.