Vitalii Luzhentsov, Emba, Fractional Cfo Email & Phone Number

Wilmington, Delaware, Us

Royallex mission is to provide start-up companies with professionals specialized in the IT services industry finances for twice less than the cost incurred for sustaining the in-house finance department. We help to grow IT companies with cloud-based accounting and intelligent management systems accessible from every device. We are the only company in Ukraine exceptionally specialized in IT finances with certified advisors in Xero and QuickBooks Online. We also provide CFO outsourcing.

Киев, Киевская, Ua

I have joined the Company on the way of its fast and steady growth from ideological startup to a highly-performing organization. I was involved to help in forcing these transformations and lead some core functions within the scope of finances (accounting, financial reporting and financial control), lean management implementation, business processes decomposition for operating effectiveness, legal restructuring and formation of holacratic strategic groups. In finances I had to start from deep zero with development of core accounting functionality and principles. To sustain the current needs, I have implemented the Xero accounting platform with integration to internal CRM system forming the further switch to more highly intensive and automated system. Herein I have implemented budgeting, financial control and day-to-day reporting through Xero and Microsoft BI. Moreover, I have developed and implemented the legally defensible structure covering different jurisdictions with tax optimization options, Intellectual Property Rights incrementation and defense and opened several new bank accounts supporting all compliance procedures (KYC, Risk Assessment, etc.). Meanwhile, I have formed the group of incentive and entrepreneurial employees from different departments to force the changes in the Company: decompose, improve and implement the business processes in operating pipelines for further automatization; deep researching for the bottlenecks and methods for their widening; sensitive financial modelling (Quasi Monte Carlo experiment, Stochastic Differential Equations SDE analysis, Sensitive Factors Optimization approaches). In this retrospective, I am intended to be involved in stating the technical requirements for CRM system and implementation of merchant accounts and payment platforms API implementation on the web-page.

As Chief Financial Officer: The offer to join newly organised Credit Organisation, as CFO, was a quite big challenge for me. Factually, I had to develop and implement the accounting system from the pristine state; furthermore, considering the norms of The National Committee for Regulation of Financial Services Market, the financial accounting had to be developed in the accordance to the principles of IAS and IFRS. Besides financial accounting, I had developed the system of managerial accounting, especially in the scope of credit activity monitoring and control that was the most complicated and operationally intensive. A special place in my duties were given to budgeting, financial modelling and control over other financial models (DCF and IRR) for potential projects, day-to-day analysis and control over the cash flows and working capital of the Financial Institution. The innovative approach of Data Science Analysis through the credit data was actively used for the compilation of the clients' behavioural profiles, sharpening the scoring cards and framing the marketing strategy in the retrospective of the 'ideal client'. Obviously, I had to manage Financial Department, Risk Management Sector, Credit Department, Fundraising Department, and IT Department; and co-manage Marketing Department and Investment Department.

During the working period, I have developed and implemented the complete accounting system for the Group of Companies based on IFRS principles with controlling features. Herein, I had also to implement the Group’s accounting policy, budgeting system, based on advanced dynamic modelling, and develop the new-age KPI system for marketing and business management. Moreover, I was due to take the control over the Cash Flow, Working Capital and Investment Management processes. Thankfully, I was faced with possibility to form the marketing strategy for game production company and, after a while, I had developed my own approach to forecast and analyse the marketing effectiveness in the scope of profit maximization (ROI and ROIM) and risk hedging with up to 90% estimation correctness. Marketing estimation has been deeply integrated into the overall financial modelling and budgeting; and, the one was estimated based on retention profiles, CPI and ARPDAU fluctuations. The management was performed on day-to-day analysis and formation of the flexible marketing strategy via the direct communication with executive digital marketing department personnel. Factually, there was implemented the internal system of KPI measurement over the marketing effectiveness using ROIM 30 days, ROIM 60 days, ROIM Life Time, and own developed GEM (Game Effectiveness Margin) – details could be described during interview. The last one has helped to control the system of balancing the marketing push programs versus the cash flow in terms of liquidity. Finally, before leave, I have started the development of the automated financial and managerial accounting system.

In the Group of Companies ‘Elite’, I have been promoted from Deputy Financial Officer to Corporate Chief Financial Officer. My duties were to perform regularly financial planning and consolidated reporting of the Group’s accounts, budgeting, controlling and financial management. I was also engaged into management over the investment projects (private placement), structural and formal reorganization, tax optimization, full-scope planning and organization of the external audit (B4: KPMG). Herein, I had to control the preparation and audit of the Group’s Consolidated Financial Statements, development and implementation of the automatized ERP system supporting smooth transformation from NAS to IFRS and IAS standards (Group’s Accounting Policy reconciled with both Ukrainian National Accounting Standards and IFRS). Together with Business Development team, we have implemented the KPI system (mainly for motivation of sales and production functions) and invented the Quality Control System: IT-system controlling cold-chain, assets existence and sales performance. Moreover, alongside the Financial Controlling team, we have designed and implemented the internal financial and non-financial controls (detective and preventive). In addition, of course, I had to manage the Financial Department of the Group (up to 80 persons) and manage the financial state of the Holding Company in Cyprus.

Kyiv, Ua

In audit Company, I have walked my path to Senior Auditor with the complete bundle of responsibilities prescribed by this position. Namely, I used to be involved into consulting and external audit services (audit and due diligence) for Ukrainian and International companies in accordance with either IFRS, GAAP or National Accounting Standards. Therefore, I was due to manage the audit projects and audit teams (up to 8 assistants), perform auditing and prepare the Financial Statements (Balance Sheet, Income Statement, Cash Flow Statement and Statement of Changes in Equity) and/or other Financial Reporting Packages (consolidated vs. non-consolidated), perform the analytical procedures over the business processes and controls (financial analysis and risk management). My business specialisations were retail, agro-industry, production (FMCG), oil and gas, IT. My section specializations were Sales, COS, Loans, Taxes (Deferred Taxes) and Cash Flow. (KVIZA Trade, Lukoil, Astarta, KAU, UniCredit, Guala, ZaporizhStal, Energoatom and other).

Kyiv, Kyiv Oblast, Ua

During my studies in EERC, I was delegated to become Development Assistant for one academic year in part-time basis. Generally, I was actively engaged into development and enforcement of the PR actions, including promotional materials, direct-mail pieces, fundraising, web-site development and other advertisement. Thus, the most important for me was the organization of the promotional meetings with Philip Kotler, Robert Engel, Heidemarie Stefanyshyn-Piper, Kofi Annan, etc.

Executive Mba

Accountant, Accounting And Finance

Master Of Arts (Ma), Applied Economics

Master'S Degree, Economics

Master'S Degree, International Economics