Practus’ CFO Solutions enabled the IT business to work with multiple teams and disparate systems and software for data and information and provide required inputs and quality assurance for auditors.
| Client Name | Industry | Ownership | Management | No. of Employees | ROI On Fee | Size |
| An IT Business | Manufacturing | Public | Professional | ~2800 | 4x | $300 million |
About The Company
BSIT is an Indian company that offers technology, consultancy, and outsourcing services. With annual sales of over $510 million, the company is a subsidiary of India’s leading consumer durables company. BSIT’s IT business was recently acquired by one of the world’s leading business and IT consulting firms (Glob IT). Practus was responsible for assisting and managing post-merger support on the sales side and assisting in the merger of BSIT’s residual business into a group business.
Practus’ Role
- Practus was mandated to set up and maintain a new set of books on a new software system for the remnant assets after the sale of core business to the new acquirer and provide the complete CFO services for the remnant assets and investments, which include the finance and treasury function, as well as accounts payable, receivables management, payroll, tax management, cash management, asset management, statutory audit support, tax audit support, transfer pricing audit, monthly reporting, and analysis.
- Oversee and maintain day-to-day accounting systems for the company and its Indian subsidiary to ensure recording and processing of financial data in compliance with accounting standards, laws, and regulations.
- Identify and warehouse all open IT, companies Act, and other statutory cases and pending litigations against BSIT.
- Reconciliations with the acquirer for payments and receipts on their behalf after the sale of the business.
- Communicate effectively to vendors, clients, and other stakeholders.
- Align operations, update procedures and provide Post Merger Integration support with the parent company.
Impact Delivered
- Managed well-defined governance, project structure, people management, and soft skills.
- Worked with multiple teams, disparate systems, software for data, information, provided inputs and quality assurance for the auditors .
- Early detection of potential conflicts or delays – Assisted in master data setup, reconciled legacy issues for faster integration.
- Managed and adhered to stringent timelines for statutory audit with satisfactory explanations and other CFO functions in parallel.
- Adapted to work on various tasks and assignments concurrently in a fast-paced environment, to the satisfaction of BSIT and global management.
- Complete and adequate documentation of all decisions/agreements taken during the project.