Raghavendra Rao Nanchari

Key Result Area:

• Serving as Director of Board for India
• Acting as authorized signatory for subsidiary companies in India.
• Directing finance and accounting operations, statutory compliance, and financial reporting for India offices
• Collaborating with leadership team of India and APAC to ensure smooth finance operations
• Managing payroll and treasury functions including day-to-day finance and accounting operations
• Driving periodical financial closing process to ensure required financial data is gathered, reconciled, documented, and fairly disclosed within global close calendar deadlines
• Presenting financial statements with appraisal of business performance and significant findings
• Monitoring annual financial plans and periodical forecasts partnering with various stakeholders
• Reviewing through forecasts and budgets and recommending corrective measures as needed
• Managing all periodic statutory compliances including GST, Statutory and Tax audit, TP study, MCA filings, and others.
• Working with corporate tax management, external counsels including government on tax litigations and resolving them successfully.
• Acting as trusted advisor for finance and Tax leadership on local tax and regulatory matters

Achievements:

• With zero knowledge transfer, took over operations with no downtime or disruption to any of existing deliverables in less than two weeks.
• Within one month of assuming role, streamlined heavily de-railed payroll process and resolved all related employee tax issues across India offices.
• Saved costs of INR 2.87 Cr/ USD 0.37 M in service tax scrutiny for FY 2017-18 covering past 5 year pending issues.
• Closed tax scrutiny successfully for FY 2012-13 with zero liability in tax or penalty.
• Successfully completed Tax and TP audits for FY 2018-19, 2019-20 and 2020-21 with no qualifying audit remarks
• Rectified all pending non-compliances for subsidiary entity covering period of 5 years (2015-16 to 2019-20)
• Reduced consulting costs by INR 60 Lakhs by transitioning various statutory compliance processes to in-house teams

• Collaborated with CEO and COO for potential business acquisition proposals, automation of various internal processes and transition of Accounting and Finance Processes from US to India
• Partnered with global leaders for formulating annual business plans for revenue improvement; reviewing new projects with reference to cost structure & profit estimates; analyzed resource structure & optimum utilization of workforce
• Led teams for periodical financial closure and presenting financial statements with appraisal of business performance and significant findings
• Supervised preparation of various forecast statements including current, prior forecasts & annual budgets; variance analysis on business performance (budget vs. actual) and recommendations for future actions
• Acted as Subject Matter Expert (SME) for FP&A and other finance processes

Achievements:

• Within 4 months of assuming role, prepared and presented annual financials for 2017 and budgets for 2018 with recommendations on resource and business changes.
• Brought back de-railed processes including preparation of periodical financial statements and analytical reports that were due for more than 6 months
• Implemented financial controls that were successfully scaled up operating profit of subsidiary by INR 2.67 Cr. /USD 0.4 M for 2018 (from negative INR (1.00) Cr. / US$ 150,800 to positive INR 1.67 Cr. / US$ 237,650 for 2018)

Key Result Areas:

• Acted as the Unit CFO for two of the important projects of HPE, "Eli Lilly" and "Capitalized Software" covering a net worth of > USD 50 M
• Administered annual fixed budgets working in sync with Global Sales leaders
• Led periodical financial closure and presented financial statements including Income Statement, Balance Sheet and Cash Flow Statement with appraisal of business performance and significant findings
• Analyzed and presented Periodical Variance Reports (budget vs. actual/forecast vs. actual/current vs. prior forecast) with recommendations on findings

Highlights:

• Successfully transitioned the FP&A processes for two major accounts - Eli Lilly and Internal Custom Software Development (Capitalize Software) project within 20 days without any interruptions to deliverables and without incurring any travel costs
• Created and delivered more than 12 training courses as part of process transition that was not available earlier and trained remote finance team on processes

• Supervised accurate, efficient and compliant completion of monthly financial reporting packages.
• Prepared corporate fiscal and business plans to help strategically direct business operations and strengthen controls.
• Created and distributed reports on internal and external finances, audits and budgets.
• Managed daily financial functions in collaboration with accounting and payroll personnel.
• Mitigated risk by implementing internal controls and safeguards for revenues and expenditures.
• Prepared and presented project costing reports on proposed investments and potential acquisitions with appraisal on viability of investments.
• Worked with CFO in implementing new ERP system for business processes - O2C, P2P and R2R.
• Managed India payroll and employee tax processes.

Role Summary:

This was an evolutionary role with three phases in the tenure. Started as a Manager with one team member, established the local finance team, moved up as the head of finance, improved the processes, took over US finance operations and then, grew up as the Director for the group companies to establish a global finance shared service center.

Highlights:

US Division

• Designed & developed various business processes and policies for accounts receivable, accounts payable, payroll, employee expenses claim, purchase of fixed/capital assets, purchase of goods/services, corporate credit cards management
• Successfully introduced monthly closure of books of accounts and financial reporting including financial statements (Income Statement, Balance Sheet and Cash Flow)
• Developed Various periodical Management reports including Profitability Analysis (Project/Employee), weekly/monthly/quarterly/annual Resource Utilization, etc.
• Automated Time and Employee Expenses Management processes by setting up cloud-based Time and Expenses Management System.
• Partnered with top management and formulated master corporate budget for group covering US, India, and Germany offices; presented first-ever corporate budget in 2011
• Managed cash/funds flow through accurate analysis of flow of cash and projections during growth phase that supported effective and efficient accounts payable management
• Raised funds for amount of $300,000 at initial stage with banks and subsequently increased funding to $ 2.00 Million

India Division

• Established and scaled Finance Team from ground up (1 to 12 members) with company’s growth to USD 40M from 2M
• Designed & developed Business Segment Model and the Chart of Accounts for the US & Indian companies
• Automated Payroll and Employee Tax Management processes by setting up cloud-based Payroll tools
• Achieved cost reductions by > INR 10.00 Lakhs per annum through partnering with the CEO and the GDC Centre Head in achieving the most cost effective and best infrastructure for the expansion plans.
• Raised funds for amount of INR 2.00 Crores for working capital requirements, subsequently increased to INR 3.00 Crores
• Mentored teams through aligning according to requirements and individual aspirations while promoting inter and/intra job rotations thus ensuring all-round teams
• Developed and conducted more than 5 short-term finance courses aimed at all levels of finance and non-finance staff to understand various aspects of finance and accounting processes.

Highlights:

• Transitioned accounting and financial activities of US Division – Gene Logic Inc., to Corporate Office at Hyderabad, India with minimal to no support and guidance
• Assisted audit of US Divisions by Ernst & Young, covering a backlog of 3 years
• Appraised with Outstanding Team Member Award for effectively managing accounting operations at US Office in absence of local Accounts Head

Key Result Area:

• Maintained clean and organized files by keeping various accounting records up-to-date.
• Reviewed figures, postings and documents for correct entry, completeness and accuracy.
• Processed payments and documents such as invoices, journal vouchers, employee reimbursements and statements.
• Prepared first-ever annual budget along with a 5 year financial impact plan for company in partnership with GDC Head.

Highlights:

• Conducted first ever Annual General Meeting for SIS India and received special appreciations from top management and Board of Directors including CFO, CEO, and CSO of parent Company – Surgical Information Systems Inc.
• Received Best Performer Award for September & December 2006; January, April & June 2007
• Received Best Performer Award for 2 Quarters in a row – Q 1 and Q 2 (January to June 07)

• Learned new skills and applied to daily tasks to improve efficiency and productivity.
• Created various trend analysis reports on marketing and sales expenses that highlighted on cost spillovers which resulted in amendments and modifications to related policies, thus, optimising and saving costs of sales.

Highlights:

• First employee to be awarded Gold Medal in Finance and Accounting Department
• First employee to be promoted to Divisional Accounts Officer within 4 months of joining