Wajahat’s formative years began in 2003 as a bookkeeper in London, working within a dynamic restaurant/media company. This immersive experience ignited his passion for financial management and accounting. Over the years, the career trajectory led him across diverse industries and continents. From the vibrant hospitality sector to cutting-edge telecommunications, pharmaceuticals, and manufacturing, each sector enriched his expertise.
As he assumed various roles, from grassroots beginnings to the pinnacle of leadership as Chief Financial Officer,
Wajahat embraced challenges as stepping stones for growth. His responsibilities spanned financial reporting, management accounting, auditing, costing, budgeting, and taxation, shaping his comprehensive understanding of financial operations. His unwavering fascination with numbers and dedication to unraveling financial intricacies have driven his journey. He epitomizes a relentless pursuit of knowledge, a passion for problem-solving, and an unwavering commitment to professional growth.
Putting his Expertise at Work
As a Fractional CFO at OBOX Accounting, Wajahat provides top-tier financial expertise. Drawing from his experience across diverse industries, he tailors tax-saving strategies to fit the unique business model of OBOX Accounting.
At OBOX, beyond annual tax obligations, he develops a long-term tax strategy aligned with business goals. Identifying tax credits, advising on implications of major decisions, and planning for future changes, he strives to make OBOX Accounting tax-efficient. With his finger on the pulse of regulatory changes, he keeps OBOX Accounting compliant with local, state, and federal tax laws. This proactive approach mitigates risks and allows the team to focus on business operations.
Wajahat’s insights guide financial decisions, from structuring deals to optimizing business structures for tax purposes. His expertise can make the difference between a good fiscal year and a great one. Integrating technology for accuracy, efficiency, and compliance, Wajahat sets new benchmarks while prioritizing client satisfaction.
In tandem with his role at OBOX Accounting, Wajahat also helms a thriving Tax & Audit firm, catering to a robust clientele encompassing over 500 clients. With investments spanning the multi-billion-dollar spectrum and involvement in monumental Giga projects, his firm stands as a trusted partner in navigating the complex landscape of financial management and compliance.
OBOX Accounting aims to be a trailblazer in financial solutions. To realize this vision, Wajahat and his team are embarking on a multifaceted approach encompassing continuous improvement of their software infrastructure, expansion of their service portfolio, and an unwavering focus on nurturing client relationships. “Investing in the professional development of our team lies at the heart of our strategy, ensuring they remain at the vanguard of industry trends and equipped with the requisite knowledge and skills to address the evolving needs of our esteemed clientele,” says Wajahat.
A Leader with a Systematic Approach
Wajahat’s working style combines strategic thinking, analytical rigor, and collaborative teamwork. When faced with new challenges, he follows a systematic approach.
Research and Analysis: He gathers relevant information, delves into existing data, and consults industry best practices. This thorough research helps him understand all aspects of the challenge.
Strategic Planning: He develops a flexible strategic plan with clear objectives, timelines, and resource requirements. This ensures alignment with broader organizational goals.
Collaboration: He actively engages with cross-functional teams, leveraging diverse perspectives and seeking input from stakeholders. This collaborative approach enhances outcomes.
Execution and Monitoring: He implements the plan precisely, monitors progress using key performance indicators (KPIs), and remains agile in response to emerging challenges.
“I believe in leveraging technology and data to make informed decisions and in fostering a team environment where ideas and solutions are openly shared and discussed,” he says.
The Effects of Digital Transformation
The advent of digital transformation has significantly reshaped the role of finance companies. Wajahat shares that this evolution is characterized by several key changes.
Automation in finance streamlines processes and enhances financial reporting, audit trails, and compliance, resulting in greater accuracy and quicker turnaround times. Data analytics and business intelligence tools can help predict market trends, customer behaviors, and financial outcomes more precisely to assist with informed decision-making. Regulatory compliance is improved through digital tools that automate checks and provide real-time reporting. Digital platforms provide instant access to financial data and analytics allowing clients to view their status, and investment performance, and tailor financial advice to individual needs. Collaboration with fintech companies introduces innovative financial products, including payment solutions, lending platforms, and investment tools. Digital transformation enables faster adaptation to market changes and client demands in the dynamic financial landscape.
“Moreover, the rise of fintech has introduced new financial products and services, expanding the scope and capabilities of finance companies. Finance companies must continuously adapt to these technological advancements to stay competitive and meet the dynamic needs of their clients,” feels Wajahat.
A Supportive Work Culture
OBOX Accounting prides itself on fostering a vibrant work culture that nurtures innovation, creativity, and collaboration. The company prioritizes the professional growth of its employees by offering comprehensive training programs, workshops, and access to industry-leading certifications.
The company embraces a culture where employees are empowered to experiment with new ideas, methodologies, and approaches. It encourages teams to explore innovative solutions without the fear of failure. The performance appraisal systems include provisions to acknowledge and celebrate employees who contribute groundbreaking ideas or implement innovative solutions that drive tangible results. Cross-functional collaboration is encouraged, enabling teams to leverage diverse perspectives and expertise to develop innovative solutions and achieve common goals.
“We provide our teams with access to cutting-edge tools, technologies, and software platforms that enhance productivity, efficiency, and creativity. We prioritize open communication channels where employees are encouraged to share their ideas, feedback, and suggestions freely. Regular brainstorming sessions, idea-sharing forums, and collaborative meetings create opportunities for employees to contribute their innovative insights and perspectives,” shares Wajahat.
Winning Over Challenges
One of the most challenging projects Wajahat undertook was the implementation of Oracle NetSuite ERP at Progressive Care Inc., a prominent pharmaceutical company in the US. This endeavor involved multifaceted responsibilities.
He had to collaborate with various stakeholders to align project goals and ensure buy-in, emphasizing effective communication and engagement to minimize resistance to change. He had to manage the transfer of data from old systems to a new ERP platform, ensuring accuracy and minimal disruption to business operations. He also spearheaded the customization of the ERP solution to align with Progressive Care Inc.’s specific requirements, ensuring smooth integration with other business applications and workflows.
“Such challenging projects provide invaluable insights into the intricacies of project management, strategic planning, stakeholder engagement, and regulatory compliance. They reinforce the importance of resilience, adaptability, and strategic foresight in overcoming obstacles and achieving organizational objectives in dynamic and complex environments,” sums up Wajahat.
Taking in the Trends
In the next five years, Wajahat sees several trends shaping the finance industry:
Increased Automation and AI Integration: AI-driven automation is poised to revolutionize traditional financial processes by enhancing efficiency, reducing errors, and allocating resources strategically.
Blockchain Technology Adoption: Blockchain has immense potential for transforming financial transactions, audits, and data security. OBOX actively explores integrating blockchain solutions to offer clients secure and transparent financial operations.
Data Analytics and Real-Time Insights: Real-time data analysis is crucial for informed decision-making. OBOX is enhancing data analytics capabilities to provide deeper insights into financial performance, market trends, and customer behavior.
Cybersecurity Resilience: Given digital transactions and sensitive data, cybersecurity is paramount. OBOX implements robust measures—security audits, encryption, and multi-factor authentication—to protect clients from evolving cyber threats.
“As a forward-thinking financial services provider, we are proactively embracing these emerging trends to stay ahead of the curve and deliver unparalleled value to our clients. By leveraging cutting-edge technologies, fostering innovation, and investing in talent development, we are well-positioned to navigate the evolving landscape of the finance industry and drive sustainable growth for our clients and stakeholders,” says Wajahat.
Handling the Challenges of the Industry
Wajahat points out that several challenges pose significant hurdles to progress. Discussing the probable solutions, he suggests:
Finance professionals face the ongoing challenge of staying current with dynamic regulations. The solution lies in robust compliance management systems and continuous professional development. Regular training equips professionals to navigate complex frameworks effectively.
Another challenge lies in the growing cybersecurity threats due to digital transformation, risking sensitive financial data. The solution involves investing in advanced cybersecurity measures, conducting regular security audits, and implementing encryption and authentication protocols. These steps fortify defenses, ensuring financial asset protection and client trust.
Organizations face recruitment challenges due to a shortage of skilled finance and accounting professionals. To address this, they should establish talent pipelines through training, internships, and partnerships with educational institutions. Additionally, fostering mentorship and promoting continuous learning helps attract and retain top talent, ensuring organizational success.
Envisioning the Future
As Wajahat and his team set their sights on the future, they are committed to delivering unparalleled innovation and excellence. Here’s a glimpse into what one can expect from his team and Wajahat in the next few years:
Their objective is to meet clients’ evolving needs by introducing new financial solutions and services. To achieve this, they follow an approach that involves in-depth market research and client consultations. By identifying emerging trends and areas of opportunity, they leverage their expertise and industry insights to develop innovative service offerings specifically tailored to address the evolving needs of the clients.
They will further integrate advanced technologies like AI, blockchain, and data analytics into their processes to enhance efficiency and accuracy. They’ll collaborate with technology partners, and invest in cutting-edge tools and platforms to optimize our operations.
They also look forward to building stronger, more meaningful relationships with our clients by providing personalized and strategic financial advice. OBOX is also committed to strengthening its compliance frameworks to navigate evolving regulatory landscapes. Wajahat and the team will proactively monitor regulatory changes and updates to ensure adherence to compliance requirements.
“I envision a future where our firm is a leader in providing cutting-edge financial solutions, recognized for our expertise, client service, and innovative approach to finance and accounting,” concludes Wajahat.