At the start of the millennium, the founding partners of ECFO identified a gap in Asian markets for accounting outsourcing and corporate financial advisory. Accounting and financial consulting firms were focused on tax and financial reporting while multinationals and private equity portfolio companies were pushing to localize top management.
At the time, local management did not have the expertise to fill this role. Traditionally, the local financial manager had not been trained in accrual-based accounting. Their role was focused on maintaining relationships with tax department officials and bankers and it was not unusual for financial statements to be 'negotiated'. Often, financial statements were not an accurate representation of a company's health and were of no use to management for decision making.
Returning graduates to Asia that were bilingual and trained in accounting and finance had little experience in managing operating companies and were flocking to banking and large public accounting firms leaving a dearth of operations-oriented financial management expertise.
ECFO was in a unique position to fill this gap. Our team of multilingual controllers and CFO's started their careers operating start-ups and PE portfolio companies in Asia. We have experience in business expansion, turnaround and transition not only in United States but also in emerging markets such as China, Vietnam and Mongolia.
While the quality of financial management in Asia has increased dramatically in the intervening years, so has the demand for greater transparency and accuracy. ECFO remains at the vanguard of this effort to improve decision making through better financials and internal controls.
From investment advisory and post-merger integrations to back office support, ECFO's mission is to provide investors a level of clarity never thought possible.