Meet the Experts at Escalon: Ankush Sharma

Welcome to our new series, Meet the Escalon Experts, where we introduce you to industry leaders shaping your business’s future. In this edition, we’re spotlighting Ankush Sharma, CFO & Head of Private Equity.

With over 18 years of experience at Escalon Services as a seasoned accounting professional across diverse industries, Ankush has built a reputation as a trusted business partner and a champion of process improvement. His experience includes managing a portfolio of privately funded companies, leading teams focused on private equity backed and private equity bound businesses, and implementing various automation tools to streamline accounting processes and reporting functions of the organizations.

From health and fitness to marketing, advertising, manufacturing, e-commerce, and technology, Ankush’s expertise spans a broad spectrum of industries. We sat down with him to understand his approach to process improvements, change management, and implementing cutting-edge financial systems.

Read on to learn more about Ankush’s journey, lessons from his mentors, and how he can help your private equity business.

Escalon: Tell us about your journey in the accounting and financial services industry and what inspired you to pursue this career.

Ankush: My journey into finance and accounting began with a deep passion, sparked by an inspiring mentor I met after high school. Driven by this early guidance, I pursued Chartered Accountancy alongside majoring in finance and accounting in college.

A brief stint as an auditor helped me discover my natural inclination toward data analysis and interpretation. My first mentor imparted invaluable lessons that shaped my approach to work:

• Strive for accuracy the first time rather than fixing mistakes later.
• Practice thoroughness in accounting, analysis, and reviewing tasks.
• Honor commitments, as your reputation depends on it.

Later, during my time at a pharmaceutical manufacturing company, another mentor further refined my management skills, teaching me critical insights:

• Data holds immense value, but accuracy is paramount—incorrect information can damage your credibility, so always verify reports.
• Empower and train your team to excel and grow beyond your capabilities.
• Work intelligently to achieve better results rather than relying solely on hard work.

Armed with these principles, I’ve been proud to serve at Escalon for over 18 years. Over my 24-year career, I’ve guided more than 1,000 small businesses on their financial journeys.

Escalon: What are some of the biggest challenges you have faced in managing a portfolio of privately equity companies, and how did you overcome them?

Ankush: Every PE-backed organization comes with its own distinct challenges. I have very often come across the complex situation of managing a client’s simultaneous change management and system migration—comparable to replacing the wheels of a moving car.

With my team’s dedicated support, we meticulously document both the existing (“as is”) and future (“to be”) processes to ensure a seamless transition without any gaps. This rigorous approach to documentation, along with robust systems and controls, has consistently been pivotal in achieving stronger valuations from investors.

Escalon: Describe your approach to leading and managing teams, particularly in PE-backed and PE-bound businesses.

Ankush: A chain is only as strong as its weakest link, so I focus on identifying and addressing skill gaps within my team and fostering continuous learning. I believe that as long as team members are showing a keenness to learn, they can be trained over time. I have around 60 people on my team who can be assigned to three tiers.

1. U.S.-based CFO, Controller, FP&A, and HR business partners with experience working with PE, private equity portfolio companies (Portcos), or audit firms.
2. India-based Controller with a team of Chartered Accountants with over four years of experience in accounting, reporting, and audits.
3. India-based subject matter experts in accounting, payroll, and compliance, with individuals with more than three years of experience in their respective fields.

We ensure transparent overcommunication, industry specialization, and strong client relationships, leading to long-term client retention.

Escalon: What is most rewarding about working with emerging businesses in diverse industries?

Ankush: The continuous learning opportunities and the pride in supporting businesses from potential to known brands are priceless. I have worked with PE portfolios of all sizes, with revenue ranging between six-digits and high nine-digit revenue numbers.

The current Escalon PE Vertical Portfolio includes clients in SaaS, skincare, e-commerce, sporting goods, hospital management, and financial consulting. The learning opportunities are endless: working with clients with multiple subsidiaries, project tracking 100+ employees, audits, etc. The average revenue range for our current portfolio is between $70M – $100M.

Escalon: With your extensive experience in implementing ASC 606 and ASC 842, can you discuss how these standards impact financial reporting and how businesses can ensure compliance?

Ankush: Businesses must comply with the accounting standards for ASC 606 on revenue recognition and ASC 842 on lease accounting. We have helped companies implement the accounting standards by conducting research, preparing process documents, planning, and rolling them out. It requires a lot of due diligence to ensure that all the scenarios are discussed, documented, explained to the clients, and validated by the auditors.

Escalon: In your experience, what are the most common pitfalls private equity businesses encounter during change management and system application changes, and how can they avoid them?

Ankush: The greatest challenge in change management lies in navigating the unknown. There are countless ways things can go wrong, whether related to people or systems. However, thorough planning, scenario analysis, standard operating procedures, workflows, and detailed documentation can mitigate major risks.

At Escalon, our team leverages the “5 Whys” problem-solving approach to help clients navigate transitions smoothly. We recognize that businesses often lack the time and resources for extensive planning and documentation. My team and I are always ready to step in and get the job done. Whether it’s implementing straightforward solutions like BILL, Ramp, Expensify, Gusto, or ADP, or complex ERP systems like NetSuite, my team delivers with minimal reliance on the client or external partners.

Escalon: How do you leverage data analytics and KPI design to drive your client’s business performance and strategic decision-making?

Ankush: There are different levels of users for data. While the job of the Escalon team is to ensure that the reports are accurate to the best of our knowledge, the analysts and Controller-level resources are more inclined to see the granular details behind the numbers. This includes flux analysis that serves as the basis for the CFO reports who are interested in knowing the health of the business, ratio analysis, trends, and areas of risk.

The board members, investors, and the private equity firm use the data to track ROI and performance compared to the same business within the industry. We define KPIs with stakeholders and provide data relevant to different user levels.

Escalon: As a Six Sigma certified professional, how do you apply process improvement methodologies to your work?

Ankush: Six Sigma brings efficiency and repeatability that allows us to streamline operations and improve compliance for our clients:

• Reduce month-end close processes by 5–10 days
• Provide detailed flux analysis
• Identify areas of operational efficiencies to automate or improve processes
• Help avoid breaches of covenants
• Prevent penalties from the city, state, and IRS
• Ensure timely ERP implementations

This results in cost savings, fraud prevention, risk mitigation, higher compliance, expedited reporting, and robust controls.

Escalon: Given your broad experience across various industries, how do you tailor your financial services and process improvements to meet the unique needs of each sector? Can you provide an example of this customization in practice?

Ankush: We adopt a custom solution approach and develop processes based on customers’ voices. Each client is unique, and the cookie-cutter approach does not work for them. The solution design starts with a detailed scoping exercise to set clear expectations.

Onboarding involves creating project management dashboards, gathering information, documenting “as is” processes, and getting a sign-off. This very transparent approach has worked well for all the clients. Over the period, the Escalon team continues to propose process improvements to set up strong controls, do repetitive tasks in less time, implement quality checks, recommend KPIs and dashboards (weekly and monthly), and provide departmental flux analysis.

Frequent client check-ins ensure transparency and long-term relationships. For example, one of our clients saw a spike in revenue from 200 units a month to 3,000 units in less than 60 days. We scaled up our team from four to 15 to ensure that the client continues to focus on meeting their customers’ asks instead of figuring out how to manage/hire resources. Once the order flow normalized, we incorporated process improvements and downsized the team from 15 to 10.

Our team’s understanding and experience in implementing various ERPs and frequently used accounting applications comes as an added advantage to clients. It means they don’t have to engage too many vendors to make changes to their tech stack. Our team does implementations and migrations for QuickBooks Desktop, QuickBooks Online, NetSuite, Bill.com, Expensify, Brex, Ramp, Procurify, Gusto, and ADP in-house.

Conclusion

Ankush Sharma’s extensive experience and strategic approach to financial management make him an invaluable asset to Escalon and its clients. Whether navigating the complexities of change management, implementing ASC standards, or designing tailored solutions for diverse industries, Ankush embodies a commitment to precision, transparency, and continuous improvement. His dedication to empowering teams, leveraging data analytics, and streamlining processes ensures that businesses can confidently tackle challenges and focus on growth.

With Ankush and his team at the helm, Escalon’s clients gain not just a service provider, but a trusted partner in their journey toward success. Stay tuned for features spotlighting our professionals in Meet the Escalon Experts.

Ready to Streamline Your Back-Office Tasks?

Escalon provides outsourced accounting, finance, fractional CFO services, tax, and HR solutions that can scale with your private equity business. Ready to learn how we can streamline your back-office operations so you can focus on growing your private equity business? Contact us today.