Why a highly paid CFO leave his job and start his own venture that helps other startups?
CA. Gaurav Nanda, Founder of YourCFO, launched in 2021 with a corporate office at Bangalore to provide VirtualCFO services in terms of managing bookkeeping, handling finance, managing compliances, day to day operations, MIS, and managing growth and strategy for startup business. Prior to this, he worked with various startups like Housejoy, Ecom Express, and a few multinationals such as Infosys, Deloitte & Dell.
The organization, since then, is said to have worked with over 10 medium enterprises and small businesses including various sectors in the startup ecosystem. The clientele is not limited and the firm provides fast end-to-end management of Finance, Accounting, compliances, and fund-raising solutions.
He has understood that small and medium enterprises (SME)s cannot hire a full-time CFO and a whole team of accountants because of the high expense. Especially during the pandemic, these businesses have suffered a huge financial crisis and thus it further cancels the idea of investing anywhere else. The need, however, for an accountant or financial governance doesn’t end and thus outsourcing financial services seems more efficient and affordable than a full-time finance team. What makes YourCFO team different is that it only focuses on a specific group of targeted clients i.e startups. This targeted group, explained by Mr.Gaurav, focuses completely on managing the company finance so that the CEO can focus on their day-to-day operations and the growth of the business. He further explains that the newer and smaller companies usually focus on the development of products and thus may not be able to engage with them economically.
The need for these services can be figured from the fact that most of the clientele that reaches them is either financially unstable or looking for ways to enhance their growth. These SMEs however take the firm’s help until they reach a position where they can hire an in-house finance team or get a VirtualCFO service. The traditionally run businesses are also the potential clients of YourCFO as they may not be fully equipped with the newer rules of the game. Thus these second and third-generation entrepreneurs of family-owned SMEs also reach out to the organization. They provide services at fair and competitive prices.
The firm also ensures to have a transparent ecosystem with their client. It also enhances and helps the firm and customer relationship. The firm gives easy accessibility in case of any problem and concern and is always available throughout the clock.
YourCFO is restricted to certain cities like Bangalore, Mumbai, Kolkata, and Delhi and is planning to expand its operation in the top 10 cities in India by 2022. While there are other service providers like BankaCFO, MyCFO, CFO Bridge, SuperCFO, etc. Thus the competition is endless. The quality of financial data at the client’s end is also a challenge for the industry. Mr. Nanda also tells the clients that the organization isn’t the permanent solution as their aim is to bring them to an appointment where they can manage their own finances. The firm intends to cover more cities and make the SMEs independent and help them grow.