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The Silicon Review Asia

Transforming confident, passionate and determined individuals into successful tax entrepreneurs: MyTaxFiler

The Silicon Review
July, 2017

thesiliconreview-mani-manickavelu-ceo-gva-franchise-2017Today, organizations are confronting challenges of dealing with constantly changing regulatory landscape and increasing complexity of compliance across all taxes, statutory accounting and tax reporting. With the boom in entrepreneurship, functions such as Tax Compliance, Payroll Processing, Consolidation and Financial Accounting demand dedicated time, resources and a high level of competence. To ensure a reduced risk of compliance failures and increased efficiency, companies have to rethink their approach to domestic and global compliance and reporting by taking a closer look at their technology, processes, resources, and service providers. In doing so, they need to ensure that the team they are outsourcing to or co-sourcing with is knowledgeable in the recent advancements in financial and tax regulations, and in local statutory requirements, which are dynamic in nature.

And to meet this ever-rising demand in the F&A industry, Texas based, GVA Franchise came into being, with the concept of building a franchise system to offer standardised and proficient Tax and CFO services. GVA Franchise brings unique franchise opportunities with two leading firms MyTaxFiler® and MyStartUpCFO™ which have been providing these services from multiple locations over the past decade. With a combined experience of over 100 years in the finance and accounting domain, MyTaxFiler and myStartUpCFO have built a brand that stands for high quality and consistent services. 

Delivering domestic and global multi-tax compliance services

GVA Franchise brings an amalgamation of tax, accounting, CFO and franchise expertise to provide interested entrepreneurs a chance to own and build a successful business. It specializes in partnering with smart, enthusiastic, go-getters and creating new business opportunities for them.

“The growth and success of any business depends largely on the people involved. We are very particular about choosing the right people to partner and to grow with. We want our franchisees to be enthusiastic, willing to learn and adopt our methodologies, and work with us in growing the business”, says Mani Manickavelu, CEO, GVA Franchise.

MyTaxFiler offers end-to-end financial solutions for businesses and individuals in the United States, from business formation, book keeping, record keeping, payroll processing, income tax filing to tax planning, FBAR compliance, entity structuring etc. 

MyStartUpCFO aims to eliminate the day-to-day accounting and finance hassles of CEOs, freeing their time to focus on growing their business, and also helping them avoid epic fails that might end their companies before they’ve even had a chance. Further, it empowers entrepreneurs and guides them in areas like investment structuring, equity/option allocation, spending and human resource decisions.

Designing a framework to make profits faster

thesiliconreview-leadership-Award-for-Business-Services-cover-1GVA Franchise run Tax and CFO franchise network is like a well-oiled machine. The core strength of the system is the underlying process, technology, well-trained back office support and marketing. This is a tax filing and accounting business - however, it doesn’t take an F&A expert to run a franchise. The systems have been so well developed over the years that all it takes is a keen mind and a good business sense to own a franchise. The company provides all the requisite training and support to help its franchisees handle the business.  The value proposition put forth by the company also attracts practicing CPAs looking to take their businesses to the next level.

According to research, accounting and tax services are considered as some of the most lucrative businesses, and this industry is said to rake in a generous 18.4 percent net profit margin. The industry is primarily driven by human capital with lower overhead and start-up costs. With its strength in technology and back-office support, GVA Franchise is looking to push the net profit up even further. While an entrepreneur needs to consider all factors such as his own skills, licensing requirements, training requirements, business performance based on economic situations, etc., starting off with an industry which is by nature profitable, certainly helps.

The firm offers entrepreneurs a healthy mix of industry and business experience to tap on. It has extensive experience in the financial and accounting domain and has a team of experts who know the art of running businesses. With this rich background, it is in a position to help its franchisees smoothly setup and grow their businesses. This means that they get to reach the break-even and profit levels much faster than they would otherwise have. 

Factors that differentiates it from the rest

  • Low Start-up Costs and High Returns

        About 60% of businesses use a tax expert, and this makes tax preparation and filing a very lucrative business proposition. Backed by a decade of service, it offers support and propriety tools and technology to keep costs low, while ensuring high returns. 

  • Powering Growth with Franchise expertise

        To become a franchisee of GVA Franchise is to sign up with a company that has at its foundation strong values, a steady growth strategy and extensive experience to provide the needed impetus for growth.

  • Enhanced Technological Capabilities

        Its business processes are built on a dynamic and enhanced technological and business system framework. It uses the latest tech tools, and data management for finance and tax inventories is easy and streamlined. 

  • Proven Marketing Methods

        A unique marketing strategy that helps franchises offer the right mix of services to taxpayers who rely on a familiar, standard method of tax preparation. With diversified marketing channels and cost-effective marketing plans, franchises will be able to realize their targets easily and effectively.

Journey of the company so far

MyTaxFiler was founded in 2008 at Plano, TX by Sudhir Pai, with a view to provide world class services in the finance and accounting space. The high quality of services provided by the MyTaxFiler team ensured that the demand for services grew. Increased demand called for increased efficiency in operations enabled by: 

  • Streamlined processes to ensure standardization of service
  • Automated work flow with customized software tools to enable transparency and better interaction with the client
  • A strong team to provide consistent high quality services 

Demand grew not just in quantity but also in the range of services. Sandeep Shroff founded myStartUpCFO to cater to the ever increasing need for investment analysis, strategic planning and technology. He soon built up myStartUpCFO to be the go-to-place for start-ups and small to mid-sized firms for all their CFO needs.

The range and quality of services provided by these two firms, backed by robust processes and technology helped the business grow in leaps and bounds. Soon, a need was felt to have a local presence in order to cater certain complex scenarios. To meet this need, offices were opened in Irving, Sunnyvale, Fremont, Houston, Austin and Edison. 

With each additional location, the business proved to be replicable and profitable. Intrinsic growth could only take the organization thus far. Large-scale expansion called for more sustainable measures. This led to the launch of GVA Franchise which has been formed on the bedrock of extensive franchise expertise. GVA Franchise offers franchises for MyTaxFiler and myStartUpCFO - under the brand GlobalCFOService.

The trio of Sudhir, Sandeep and Mani, with their strong teams and combined wide-ranging experience in finance, accounting, taxation, business consulting and franchise, are now poised to take this business to the next level. The mission is to create opportunities for entrepreneurs to replicate the success of MyTaxFiler and myStartUpCFO and provide their services to clients across all the 50 states. The company is looking well set to grow to 40 locations in the next 2 years and to be featured in the top national brands in the next in 5 years.

Knowing the key executives

Mani Manickavelu - Mani began his career with a billion dollar IT organization and has worked with several Fortune 1000 companies. In the 20 years that followed, he developed and built a successful education franchise that went on to become a renowned national brand in elementary education. Mani led his company from a start-up to a profitable success with 160+ franchisees throughout the US. As an experienced executive, his knowledge is vast and his expertise extends from franchise identification and relationship management to franchise compliance.

thesiliconreview-sandeep-shroff-ceo-mystartupcfo-sudhir-gurudatt-pai-ceo-mytaxfiler-2017Sudhir Gurudatt Pai, CEO, MyTaxFiler- Sudhir began his entrepreneurial career in finance as founder and CEO of MyTaxFiler in 2008. With 18 years of experience in Finance, Accounting and Tax, Sudhir’s vision is to make MyTaxFiler one of the top 10 Professional Tax Services & Business Consulting firms in the world. He is a Certified Public Accountant (CPA) licensed in the State of Texas & Colorado, a Fellow Chartered Accountant (FCA) from ICAI India, Chartered Global Management Accountant (CGMA), and Enrolled Agent (EA) admitted to practice before the Internal Revenue Service (IRS). His results-driven leadership with extensive experience in the area of informal business consulting drives practical solutions for business operational needs.

Sandeep Shroff, CEO, myStartUpCFO- Sandeep brings over 20 years of business experience in a career that spans finance, investment analysis, strategic planning and technology. In his decade-long leadership experience, he drove fund raising efforts of $200M+ aggregate, including strategic and tactical finance management. From growing startups, to realizing unfunded dreams, converting pre-revenues to multi-million dollar revenues, he has lent his expertise across various financial services. As a co-founder of Gridstone Research, Sandeep successfully rose funding and propelled company growth. With Infosys, he also led the US team responsible for investor relations and M&A activity. As CEO of myStartUpCFO, he helps small business navigate through their various finance and resourcing decisions.

"Our franchise model is the result of extensive background work & research. We are committed to make this a great opportunity for you, to provide you with the required support, and to help you through this journey."


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