Nilesh J. Agashiwala

Strategic Financial Executive & Consultant

Propelling Operational Performance • Improving Processes • Optimizing Profitability

Result-Oriented Financial Executive & Consultant – with extensive experience delivering CFO, FP&A, and accounting services to domestic and international companies of all sizes. Proven expertise in streamlining and improving accounting processes, controls, and reporting. Proficient in negotiating favorable terms and rates with banks or lenders. Innate leadership qualities to guide and mentor teams of up to 25 finance professionals while maintaining low turnover of high-performance employees. Adept in forging enduring, mutually beneficial relationships with clients, employees, investors, partners, and vendors. Knowledgeable in due diligence, global takeovers, and M&A.

Secaucus, NJ
929-375-0677
nilesh@agashiwala.com

Public Accounting

Financial Projections & Strategies

Payroll Administration

Portfolio Management / Consolidation

U.S. GAAP Financial Reporting

Internal / External Audits

Investor Relations & Reporting

Financial Consulting & Leadership

Bank Negotiations

Achievements

Researching Lenders & Revising Business Plan Results in Approval for $20 Million Credit Line with Favorable Rates

An importer and distributor of fashion jewelry with a $50 million annual turnover struggled with working capital. The company had a $10n million line of credit with adverse terms and a higher interest rate. A wholly-owned subsidiary of a foreign corporation, the business operating in a business sector in which banks and financial institutions did not easily approve financing.

Conducted market research to identify a list of potential lenders. Authored a new, improved business plan as well as financial forecasts.

The new lender approved the loan with more favorable rates and elevated the credit line to $20 million.

Improving Processes & Reporting Reduces Month-End Procedures by 67%

A U.S.-based organization utilized SAP as the global ERP system with the primary server located in India. Reporting and month-end close for the U.S. entity remained complex with closing taking five days. The parent company in India managed and governed accounting for the U.S. subsidiary with an ever-changing team of staff members.

Assumed the effort to streamline accounting processes and create custom reports in SAP. Appointed additional staff in the U.S. office and selected a dedicated group of employees in India.

The effort yielded more informative reports and condensed the month-process 67%.

Modified Process, Consolidated Software, & Restructured Staff to Improve Business Decisions, Margins, & Tax Compliance Issues

An American firm with an operating presence in eleven countries lacked processes or reporting. Multiple platforms including Excel were used to manage accounting. No audit and tax filing requirements existed in the base countries. Accounting and compliance were managed in a remote location with ineffectual staff. Critical corporate documents, bank records, and office lease agreements were missing.

Created a process roadmap and migrated all accounting functions onto one single software. Trained and mentored employees while realigning responsibilities.

The enhanced management information system improved decision making by identifying KPIs. Closing non-performing offices increased margins. The locations that lagged in tax filing and compliance matters were able to catch up with records.

Work History

Download My Resume
2019 – Present

A business consultancy providing outsourced CFO services, FP&A, and accounting.
Principal Consultant | Owner
Provide bookkeeping and accounting services to small businesses to streamline accounting processes and reporting along with month-, quarter-, and year-end closing for internal and external audits. Manage satellite office in India with three employees.

  • Re-engineered client internal controls to generate more efficient results.
2015 – 2019

A subsidiary of Tara Jewels Limited, a publicly traded jewelry designer & manufacturer based in India.
Chief Financial Officer

  • $13 million uptick in the asset-based line of credit facility attained at best financing rate.
  • Arranged three investors for global takeover as the parent company faced bankruptcy.
  • Augmented cost savings and efficiency by outsourcing some accounting functions.
  • 15% surge in global sales realized by playing a key role in obtaining a $20 million line of credit.
2012 – 2015

A division of Kiran Gems, a $1+ billion international diamond and jewelry company.
Chief Financial Officer
Oversaw finance and accounting for three wholesale jewelry companies, one retail business with 35 outlet stores in Alaska and the Caribbean, and a holding company.

  • 30% decrease in data entry accomplished by leading implementation of new accounting systems.
  • Improved cash flow & the payable cycle by streamlining accounting processes.
  • 25% credit facility increase achieved through negotiations with the bank.
2010 – 2012

A laundry services business serving 110 hotels with four processing plants and 175+ staff.
Controller
Led GAAP accounting for four companies, a management firm, and two investment organizations with total annual revenues of $30 million. Provided control accounting, compliance, and financial statement preparation.

  • 50% boost in productivity & dramatic cost reductions attained by consolidating multiple accounting and billing systems into one Microsoft NAV platform.
  • Introduced proper accounting controls for key balance sheet accounts including cash, receivables, fixed assets, payables, and accruals.
  • 50% faster closing time realized by improving month-end close processes.
  • 0% turnover of productive employees achieved in managing a team of 15 finance professionals, encouraging staff development that led to many internal promotions.
2008 – 2009

A $250 million unregistered commercial real estate fund with eight properties in New York & Pennsylvania.
Controller
Guided financial operations of the fund. Led an accounting team of three nationally recognized property management entities. Reviewed capital calls and distributions. Participated in new property acquisitions. Ensured GAAP compliance.

  • 75% surge in efficiency reached in year-end closing and tax return review processes.
  • Played a key role in closing a $103 million property. Conducted due diligence and valuation of a $100 million acquisition as well as several other acquisitions valued at a combined $700 million.
  • 50% reduction in month-end close time realized by improving processes.
2007 – 2008

A $200 million fund comprised of 21 hospitality investments.
Controller
Collaborated with the executive leadership team, investors, lenders, and management firms. Assessed capital calls and distributions after considering multilayered IRR and waterfall calculations. Established accounting for a portfolio of 18 holdings. Consolidated financial statements of 22 hotels in seven various portfolios. Instigated reporting and internal accounting controls at the corporate level and each hotel. Guided annual and semi-annual audits and tax filings.

  • $100,000+ in annual savings gained by revamping the accounting procedures for five portfolios and eliminating the need for external accountants.
2005 – 2007

A private equity / venture capital firm engaged in hedge fund and factor / asset-based financing.
Vice President of Finance & Operations | Controller, Private Equity / Hedge Fund Division
Managed GAAP accounting for a $25 million hedge fund, $20 million private equity fund, and $5 million in factor financing. Governed accounting, compliance, and financial statement preparation for on- and offshore hedge funds, PE funds, and investment management companies. Led daily accounting functions including SEC 10Q and 10K filings, audits, and reviews. Abbreviated the month-end closing process.

  • 67%+ drop in the financial statement preparation time obtained by consolidating three companies.
Senior Accountant | Prajapati Associates, LLP | New York, NY
Delivered accounting, compliance, and tax expertise to a portfolio of 70 clients including private equity and real estate funds. Performed comprehensive audits of client financial operations, accounting processes, tax issues, and recordkeeping. Prepared tax returns for clients. Researched GAAP accounting and regulatory matters.

Senior Accountant & Management Consultant | Ramesh Sarva, CPA, PC | Forest Hills, NY
Consulted with clients in retail, service, technology, and wholesale sectors. Assessed technology infrastructure for large clients and provided recommendations to enhance performance of financial applications. Evaluated system workflow, reporting, and accuracy. Supported client finance and accounting operations by analyzing data, reconciling accounts, and leading audits.

Accountant | State Bank of India | Mumbai, India
Administered payroll for 250 employees in 50 departments. Managed general bookkeeping and trial balance preparation.

Education

Bachelor of Commerce, Financial Accounting, & Economics | University of Mumbai – India

Diploma in Computer Management | Management Institute of Software – Mumbai, India

Contact Me

Secaucus, NJ
929-375-0677
nilesh@agashiwala.com

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