A Journey Fueled by Passion, Innovation, and Calculated Risks.
Early Years: A Fascination with Numbers
Chetan’s voyage in the financial realm commenced with a fascination for numbers and money, sparked by his father’s ventures into the share market. Discussions on investment strategies and financial planning at the family table sowed the seeds of financial acumen in his young mind. During his Higher Secondary Education, he decided to pursue the CA route, driven by a thirst for knowledge and a keen interest in the art of growing wealth.
The Chartered Accountant at 22: Taking the Unconventional Path
By the age of 22, Chetan achieved the remarkable feat of becoming a Chartered Accountant. However, rather than treading the traditional career path, he embraced the unconventional. Despite familial advice and societal expectations, Chetan leveraged his youth as an asset, choosing to create his path in the financial landscape.
The Birth of Spacebox Advisory Private Limited
Chetan’s journey took shape as he laid the foundation for Spacebox Advisory Private Limited. Despite tempting offers from prestigious firms, he identified an untapped market. Recognizing the saturation in traditional tax and audit practices, he sought a unique approach. This led to the birth of a niche—outsourcing of accounts. Spacebox Advisory took on the responsibility of managing the entire accounting process, providing a comprehensive outsourced accounting solution.
Evolution: Becoming a Virtual CFO
Chetan’s innovative spirit didn’t stop there. Identifying the financial needs of SMEs, he introduced the concept of a “virtual CFO” service. Understanding that smaller enterprises required financial guidance but couldn’t afford a full-time CFO, Spacebox Advisory became a beacon. Offering crucial financial insights to SMEs, the virtual CFO service empowered businesses to make informed decisions and navigate the intricacies of scaling.
What is a Virtual CFO?
A virtual CFO is a financial professional providing strategic financial guidance and services to businesses on a part-time or outsourced basis. This role assists in managing a company’s financial health, offering insights on budgeting, financial planning, risk management, and growth strategies without the need for a full-time, in-house CFO.
Advice for Aspiring CAs: Keep Your Horizons Open
Chetan’s journey imparts valuable lessons. His advice to aspiring Chartered Accountants is to keep an open mind. Encouraging them to explore various opportunities and stay flexible in their career choices, he emphasizes the unpredictable nature of passion and expertise.
What Not to Do: Navigating the Start-up Noise
In a candid moment, Chetan warns against the growing number of fraudulent companies in the start-up culture. Stressing the importance of due diligence and discernment when venturing into new business partnerships, he advises staying away from the noise generated by fraudulent entities.
A Life Mantra: Be Solution-Oriented
Chetan’s life mantra is simple yet profound: “be solution-oriented.” He believes that problems are a part of life, but it’s our approach to them that matters. Rather than dwelling on problems, he advocates focusing on finding solutions. His success is a testament to this philosophy.
Chetan Mhapankar’s journey stands as a testament to the power of calculated risks, determination, and an unwavering passion for finance. His story serves as an inspiration for young chartered accountants and budding financial enthusiasts, illustrating that with the right mindset and innovation, one can navigate the complex world of finance and emerge victorious. As he celebrates his 28th birthday, Mr. Chetan continues to lead the way in reshaping financial services for SMEs and aspiring entrepreneurs, leaving a significant mark in the industry.
By Raunaq Borah and Varsha Parghi.