Intro
Amit Sharma, a Chartered Accountant by nature, has built and scaled the Finance function at Whatfix during its hyper-growth phase. He has put the right things in place in an unsettled environment- setting up the path for the company to grow much larger!
Key Takeaways
- Advice to Founders: When the company is trying to grow from the nascent stage to the growth stage, hiring somebody in the mid-range who wants to grow up to be a CFO is better than hiring a CFO.
- Accounting is the core bedrock for all analysis. If that’s not stable, you are not going to get the right picture of any analysis you do.
- Outsourcing accounting is a regular practice. But you also need to have somebody in-house to ensure that the outsourcing firm does not miss out on anything.
- Advice to Finance Execs: Automate your systems and start hiring from Day 1.
SaaS Finance for Fast-growing startups
First Finance Hire: Key Traits
- Somebody who can get his/her hands dirty
- Who can step our the comfort zone
- A Mid-level person who wants to become a CFO
First things the First Finance Hire needs to do
- Understand the core business
- Understand what numbers the Core people (CS Head, Sales Head, Partnership Head, CEO) are talking.
- Stabilize accounting and compliances
- Formalize the numbers of ARR
Key things the First Finance Hire needs to own up
- Automation
- Reports for Management
- Fundraises
- Hiring
Software that can help you automate:
- A good ERP
- ARR Automation software
- Accounts Receivable software
Structuring your MIS
- Breaking ARR into core segments (Enterprises Vs SMBs) is a good way to start.
- Breaking core numbers Geo-wise
- Track Customer acquisition cost (CAC)
- Track Accounts Receivable
Things to be ensured by Finance Exec during Fundraising
- Always have your data room ready
- Apart from outsourcing, have somebody in house to monitor books of accounts
- Always have your data room ready
- If not confident with your data room, do mock due diligence (financial & legal)
- Train your next level to handle queries
- Ensure your systems are up to date & you know to tackle your cornerstone cases
- Select a good legal counsel
Rapid Fire with Amit
When do you start and end your workday?
No start time. No end time.
Podcast/Book suggestion for people joining fast-growing startups
Anything from your core favorite topic.
Apart from core finance skills, what is the additional skill that a Finance Member can learn which will help them during the early fast-growing startup phase?
Communication skills
Something that you would do differently or take a different call during your personal or professional life if given a magical wish?
Automate all of my systems. And start hiring from day 1.
Intro
Amit Sharma, a Chartered Accountant by nature, has built and scaled the Finance function at Whatfix during its hyper-growth phase. He has put the right things in place in an unsettled environment- setting up the path for the company to grow much larger!
Key Takeaways
- Advice to Founders: When the company is trying to grow from the nascent stage to the growth stage, hiring somebody in the mid-range who wants to grow up to be a CFO is better than hiring a CFO.
- Accounting is the core bedrock for all analysis. If that’s not stable, you are not going to get the right picture of any analysis you do.
- Outsourcing accounting is a regular practice. But you also need to have somebody in-house to ensure that the outsourcing firm does not miss out on anything.
- Advice to Finance Execs: Automate your systems and start hiring from Day 1.
SaaS Finance for Fast-growing startups
First Finance Hire: Key Traits
- Somebody who can get his/her hands dirty
- Who can step our the comfort zone
- A Mid-level person who wants to become a CFO
First things the First Finance Hire needs to do
- Understand the core business
- Understand what numbers the Core people (CS Head, Sales Head, Partnership Head, CEO) are talking.
- Stabilize accounting and compliances
- Formalize the numbers of ARR
Key things the First Finance Hire needs to own up
- Automation
- Reports for Management
- Fundraises
- Hiring
Software that can help you automate:
- A good ERP
- ARR Automation software
- Accounts Receivable software
Structuring your MIS
- Breaking ARR into core segments (Enterprises Vs SMBs) is a good way to start.
- Breaking core numbers Geo-wise
- Track Customer acquisition cost (CAC)
- Track Accounts Receivable
Things to be ensured by Finance Exec during Fundraising
- Always have your data room ready
- Apart from outsourcing, have somebody in house to monitor books of accounts
- Always have your data room ready
- If not confident with your data room, do mock due diligence (financial & legal)
- Train your next level to handle queries
- Ensure your systems are up to date & you know to tackle your cornerstone cases
- Select a good legal counsel
Rapid Fire with Amit
When do you start and end your workday?
No start time. No end time.
Podcast/Book suggestion for people joining fast-growing startups
Anything from your core favorite topic.
Apart from core finance skills, what is the additional skill that a Finance Member can learn which will help them during the early fast-growing startup phase?
Communication skills
Something that you would do differently or take a different call during your personal or professional life if given a magical wish?
Automate all of my systems. And start hiring from day 1.
