History of Concept
With the development of sophisticated software for recording and reporting organizational performance, the role of Finance Managers/ Management Accountants/ Chief Finance Officers became quite easy task, since ERPs produced all necessary data analysis required by the Management. Still, the role of CFO remains essential to any organization in order to interpret data and reports produced by the ERP systems.
Today CFO handles all functions of the Finance Manager and Management Accountant in many medium-sized organizations. As a result role of CFO changed from typical presenter of Financial Statements to a wide range of business ownership, which involves monitoring business operations.
The average day of a CFO is riddled with issues and complications, what with their ever-changing roles due to higher client expectations. The traditional CFO role in financial management has evolved into one with comprehensive strategic planning. Living up to client expectations with the proliferation of technology has become an arduous task.
We researched the overall annual cost of CFOs/ Finance Managers/Management Accountants in medium-sized companies, which revealed most directors/owners of the business value the CFOs task as important to the organization in various ways, but considered to be very expensive to the business due to high competition and margin shrinkage. When we measure the constructive time spent on REAL CFOs tasks per day was somehow limited to less than 3 hours.
We found a solution to that by consolidating the knowledge and skill of CFOs and providing the same service remotely as and when required by the organization. We have a pool of highly qualified professionals with many years of industrial experience and expertise. Click here to check profiles.
What we Offer
- CFO at your affordable cost
- CFO at your fingertips during your work hours
- Physical presence of CFO for all important meetings such as directors/shareholders/banks/Clients meetings.
- Multiple visits to review operational efficiencies.
- Access to the CFO forum to discuss and clarify tricky questions.
- Pool of Knowledge that matches with your business/industry-specific problem.
- Business-minded approach which will add value to the decision-making
- Support businesses for the digital transformation & process simulation
What you need to do
- Get your registration through the request form.
- Identify your affordable budget and tasks with our help
- Set up your terms and conditions of the contract
- Appoint your CFO to develop & control your business.
Difference between typical Accounting/ Auditing and tax firms and ours
- 90% of partners of these firms solely have a background of auditing or assurance and never being the process owners.
- Work performers of these firms are trainee staff who pursued an accounting career for learning.
- Never take responsibility for the work done on clients’ behalf.
- Lack of knowledge of banking facilities and import/export processes.
- Lack of knowledge of business management and monitoring
Profiles
Nishantha Bohothalearachchi
( ACA, BSc(Phy), MFE )
Experience: Nishantha has very wide range of experience pitching his career at right place for his professional development. Nishantha has experience in following sectors.
- Garments
- Tyre and Rubber sector
- Professional Service
- Civil construction and telecommunication
- Business Process Outsourcing
- Agriculture
- Import and Export
- Manufacturing & FMCG
Nishanthas’ experience was not limited to Sri Lanka, but also widely spread over Asian continent especially many cities in India, and Bangladesh.
He being founder of COMMONCFO having expertise in financial management, banking, Import and export procedures, Accounting, economics and process implementation and controls.
Devasiri Prasantha
ACA, MBA(Fin), BSC(Maths)
Prashantha graduated from University of Colombo in the Mathematics stream and became a Chartered Accountant in 2005. His interest in specializing in Finance during MBA was supported to enhance his knowledge far beyond the ordinary finance professionals.
Experience: Prashantha, Started his career at PWC and was shifted across to many sectors as follow.
- Insurance
- Banking and Finance
- Telecommunication
- Agriculture exports
Prasantha possess expertise on designing and implementing management controls and internal control systems, solving complex financial and liquidity problems, improving the existing business processes and sphere heading his team to achieve set targets. Further he is analyzer and interpreter of new and existing tax laws. Prasantha is facilitating Company secretarial work including formation, restructuring and liquidation.
Dinusha Bohothalearachchi
( CBA )
Experience : Dinusha has more than 20 years valuable experience in the field of finance working for largest Glove manufacturing and export company in Sri Lanka. Before that, she worked with one big 4 firms covering processes of most of large companies in SL. She is specializing in treasury management, banking facilities, international trade, and transaction hedging and debt management & recovery from foreign clients.
Madhura V. De Silva
(ACA, MBA)
In providing professional services to clients, Madhura has been involved in processes and controls reviews, procurement reviews, process standardizations, finance transformations and business process reengineering assignments. His experience spread over to Maldives, Papua New Guinea and Botswana.
Madhura accounts for vast amount of experience in consulting where he has been successful in carrying out international assignment of reviewing systems and processes, financial statements and delivering review opinions to Telecommunication, Oil and Gas, Retail, FMCG, Manufacturing, Plantation, financial services, IT/ISP, and Education.
Relevant Work Experience
- Performed a Business Process Review for the Government of Maldives; conducted at the Ministry of Finance and Treasury. SAP re-implementation proposal was provided to the Government by focusing on controls, efficiencies and public sector specific BI reporting requirements.
- Performed a process and control review related to procurement, goods clearing, warehousing and payment procedures of a reputed trading company in Sri Lanka. Validated the blueprint issued by the system vendor with the to-be processes designed by the PwC team.
- Carried out process standardization assignment for the largest apparel manufacturing group in Sri Lanka with the focus on providing recommendations and new developments to existing SAP system.
- Performed financial effectiveness and procurement reviews along with performance assessments for the Ministry of Health, Sri Lanka with the view of identifying process inefficiencies, control gaps and non-compliance with the National Procurement Guidelines. Recommended process improvements to the Government Accounting System considering required controls in the Government
- Carried out finance process reviews along with evaluation of existing ERP systems.
Capacity assessments and financial performance evaluation of companies were carried out covering financial management and systems, budgets, internal controls, financial reporting, staffing, accounting policies and procedures, internal audits and external audits, reporting and KPIs.