Office of the

CFO

Navigating the New Era of Finance

The finance world is changing fast, and CFOs are at the forefront of this evolution. It’s no longer just about balancing books or ensuring compliance. CFOs are now expected to steer their organizations through complex challenges, drive innovation, and unlock growth opportunities.

However, transformation isn’t easy. Over 50% of finance projects are running behind schedule, often due to scattered technology adoption, gaps in digital skills, manpower shortage and outdated structures. These obstacles can hold back even the most visionary finance leaders.

At Karmine we help the Office of the CFO move past operational hurdles. By integrating advanced technology, fostering digital expertise, and reshaping finance models, we enable the finance function to do more than just keep the lights on. We empower them to lead boldly, driving meaningful change and delivering long-term value across the organization.

Finance Function
Transformation

1. Process Transformation

Finance is more than just numbers; we work with the Office of the CFO to design a target operating model that puts strategy at the core of everything their Office does.

Whether it’s planning, forecasting, or reporting, we shall assist our client in aligning people, processes, and technology to make the finance function a key driver of business success.

Our Key Services:

  • Set up a comprehensive Chart of Accounts
  • Define, Develop and document Accounting Policies as per Accounting Standards
  • Develop consistent Standard Operating Procedures (SOPs)
  • Leverage process mining to identify bottlenecks, redundancies, and inefficiencies
  • Establish functional Key Performance Indicators (KPIs) and setup a system to continuously monitor such KPIs

2. Digital Transformation

The Finance Function doesn’t operate in isolation to drive growth, CFOs need their office to work seamlessly with other parts of the business operations in a collaborative manner. We assist our clients to build integrated, real-time data ecosystems that bring clarity and control into their operations. Some of our key service offerings are:

  • Identify, select, implement and help adopt a suitable finance platform such as like QuickBooks, Xero, Zoho Books, Odoo, Tally etc. to enable real-time financial data management and collaboration. We assist our clients through the transition to cloud-based platforms, which offer flexibility, scalability, and cost savings.
  • Upskill and train team members in new tools and methodologies to align with optimized workflows
  • Introduce Robotic Process Automation (RPA) to automate periodic, repetitive and high volume tasks such as invoice processing, reconciliations, payroll processing etc.
  • Empower process stakeholders with AI-powered tools and access to dashboards and generate reports via Business Intelligence (BI) tools such as Tableau, Power BI, etc. for predictive analysis and anomaly detection.
Managed Services (POD)

We provide expert financial and accounting services to CPA Firms as well as Finance & Accounting Departments of Companies.

We are driven by a team of experts whose core competency lies in aligning processes with the client’s business objectives while ensuring adherence to quality standards defined. We serve as a one- stop shop for accounting solutions and can assist our clients with the following processes:

Procure to Pay (P2P)
  • Purchase Requisitioning
  • Vendor Management
  • Purchase Order Processing
  • Accounts Payable
  • Payment Management
Order to Cash (O2C)
  • Order Management
  • Billing and Invoicing
  • Credit Management
  • Accounts Receivable
  • Collections Management
Payroll Processing
  • Monthly payroll processing
  • Calculation, filing and payment of payroll statutory dues
  • Preparation and distribution of employee pay-slips and tax reports
  • Payroll compliance
  • Annual verification of investment information
  • Issuance of respective Forms to employees
Financial Planning & Analysis (FP&A)
  • Financial performance analysis
  • Budgeting and forecasting
  • Variance analysis and cost control
  • Cash Flow Management Services
Record to Report (R2R)
  • General Accounting and Bookkeeping
  • Fixed Assets Accounting
  • Inter Company Accounting
  • General Ledger Reconciliations
  • Financial Reconciliation (Banks, Credit Card, GL etc.)
  • Management Reporting
  • Financial Reporting
  • Inventory Management and Accounting
  • Book Close Checklist
  • Income Statements Preparation
  • Balance Sheet Preparation
  • Financial Statement Preparation
Custom POD
  • Finance Function Analytics
  • Audit & Investigation
  • Vendor Risk Management
Resource Augmentation

We supplement our client’s Finance & Accounting Team with skilled professionals to fill time-based or project-based gaps in their workforce. This model focuses on delivering subject matter experts to their operation though onshore, offshore and nearshore service models. Some of the common Resources Augmentation roles are as follows:

  • Fractional CFOs for leadership and strategic initiatives of the Organization
  • Bookkeeping Professionals to help maintain General Ledger, Accounts Receivables, Accounts Payable and support in Payroll Processing
  • Financial Analysts to assist in budgeting, forecasting, and data analysis
  • Tax Specialists equipped to handle direct as well as indirect tax preparation, filing and assisting in compliance services
  • Internal Auditors to aid risk assessment, compliance audits, and control testing engagements
  • Project-Based / Task-Based Roles such as SOX Compliance, Salary Structuring, Employee Reimbursement Setup, Policy & SOP Development, Books Cleanup, Commissions Management etc.

Our Technology Expertise

Our teams are equipped to work and bank on the following platforms to deliver on engagements: