Behind every thriving organisation lies a strong financial foundation which is carefully structured to sustain growth, manage risk and optimise resources. At worldwide oilfield machine Pvt Ltd. Pune, the CFO Mangesh Annachhatre has been instrumental in building this foundation. With 29 years of experience, he has led the company’s financial operations with strategic mindset by ensuring efficiency, compliance and profitability.
Optimising Financial Operations for Maximum Efficiency
One of the key aspects of Mangesh’s leadership is his ability to streamline financial operations to enhance efficiency. He has introduced several financial management systems that have significantly improved the company’s overall performance.
1. Implementation Of Real-Time Financial Reporting System - to ensure better financial monitoring, he introduced a management information system which provides a monthly profit and loss statement and a quarterly balance sheet. This real-time reporting mechanism has enabled better decision making and strategic planning.
2. Advanced Cash Flow Forecasting - Mangesh developed a comprehensive weekly cash flow report which provides forecast for the next three months. This has allowed the company to effectively manage operational and capital expenditures without financial constraints.
3. Reducing Idle Funds Wastage - by strategically investing idle funds into short-term and long-term fixed deposits. He has generated additional revenue maximising the company’s financial potential.
Strategic Cost Reduction and Profit Maximisation
Cost management is another area where Mangesh has made a significant impact. Through structured approach, he has successfully minimised necessary expenses while ensuring sustain profitability.
1. Reduction Of Bank Charges - By re-negotiating terms with financial institutions, successfully secured 50% reduction in Bank charges related to export lodgement, import transactions, bank, guarantee, and letter of credit charges.
2. Efficient Working Capital Management - He played a pivotal role in securing working capital loans at reasonable interest rate, which ensured that the company maintains a strong financial position to support its growth.
3. Implementing Cost Centres Across Plants - To better monitor and control cost. He introduced cost centres in all company plans which helped management to identify areas where expenses can be optimised.
Strengthening Compliance and Financial Governance
A strong compliance framework is vital for any company sustainability, and Mangesh established stringent control to ensure adherence to legal and regulatory requirement.
1. GST and Tax Compliance - he has implemented a structured system for timely GST input, credit claims and accurate tax filings which prevented penalties and insured compliance
2. Internal Financial Audits - regular audits have been introduced to identify and rectify discrepancies, which ensure the financial integrity of the company
3. Regulatory Risk Management - Mangesh has strengthened the company‘s legal compliance framework, which ensures that the company adhere to international financial regulations, such as IFRS and GAAP
Enhancing Financial Transparency and Control
Transparency is a key element in effective financial management, and Mangesh has worked extensively to create systems that enhance financial clarity and accountability.
1. Introducing A Three-Way Matching System - here, he implemented a purchase verification system that crosschecks purchase orders, goods received notes and supplier invoices which prevented financial discrepancies
2. Standardised Fixed Asset Management - here, Mangesh developed a comprehensive fixed asset register aligned with schedule VI of companies act, which enhanced asset tracking and utilisation
3. Real Time Payment System - to improve work efficiency, he launched an online maker checker payment system, which reduced manual errors and ensured secure transactions
Driving Financial Innovation for Long-Term Success
Mangesh’s leadership extend beyond managing day-to-day financial operation operations, but he is a forward-thinking strategist, who consistently seek innovative solutions for sustainable growth.
1. Hedging Forex Exchange Risk - by implementing forging strategies. He protected the company from market fluctuations, ensuring financial stability
2. Securing Export Incentives - he successfully leverages government export incentive schemes, which unlocked additional revenue streams for the company
3. Supporting Greenfield Projects - his expertise has been crucial in the commercial establishment of new plans which ensures smooth financial operation and compliance
Conclusion
Mangesh Annachhatre contribution to the company goes far beyond traditional financial management. His strategy foresight, commitment to compliance and innovative cost control measures have positioned the company for long-term success. By balancing financial efficiency with risk management, he continues to share the financial future of the company by ensuring it remains competitive in an evolving global marketplace.
To know more, head over to - https://mangeshannachhatre.blogspot.com/
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