The finalists for WashingtonExec’s Chief Officer Awards were announced March 28, and we’ll be highlighting some of them until the event takes place live, in-person May 10.
Next is Ashutosh Gokhale, chief financial officer and senior vice president of business management for HII Mission Technologies, and a finalist in the Public Company Chief Financial Officer category. Here, he shares key achievements, focus areas going forward, career advice and more.
Tell us about some of your key achievements in 2023.
In 2022, we successfully integrated a large acquisition on a very aggressive schedule. In 2023, we were strategically focused on multiple initiatives: We consolidated all business units under a single Enterprise Reporting Management system, implemented new financial reporting software and implemented a new accounts payable system. We also worked closely with operations to upgrade the level of financial analyses performed so finance could be a true strategic partner for operations.
It was also important to restructure our indirect rates, streamlining those to closely align with business management and growth targets. The restructured rates were critical to a very successful year with key new and recompete wins.
Another key accomplishment played a pivotal role in improving the division’s working capital by focusing on collections. By collaborating across operations and contracts, my team created a culture focused on cash management. We not only shortened billing timeline, but we also improved client relations to achieve prompt collections. These efforts improved Days Sales Outstanding, thereby freeing considerable cash tied in the collections process.
All these enhancements and implementations were important to maintaining and achieving optimum efficiencies and driving long-term success for HII Mission Technologies.
I am very proud of all that our team accomplished in 2023. It was truly a team effort to bring all these initiatives to fruition.
What are your primary focus areas going forward, and why are these important?
Continued growth and profitability improvement are important. Our team will continue to work across the organization to implement financial strategies and processes that are focused on growth, improving financial performance, and modernizing financial systems for operational excellence, efficiencies and effectiveness.
We will also continue to closely monitor our indirect rates, streamlining those as necessary to closely align with business management and growth targets. Maintaining strict SOX controls is key as well. All of these are important to ensure we stay competitive and compliant and continue to meet and exceed our strategic growth goals.
What is your best career advice for those who want to follow in your footsteps?
The best career advice I can give any leader emphasizes three key principles: Ownership, support and recognition. When I assign a task, I don’t micromanage. I trust my team to get the job done and give them the freedom to choose their path, offering support when needed. Once the task is successfully completed, I make it a point to recognize the efforts of my team. For me, humility is the cornerstone of successful leadership.
Fun Fact: What is something about you that most people do not know about?
I came to the U.S. to attend Virginia Tech, where I earned a master’s degree in mechanical engineering with a specialization in thermodynamics and computer-aided design. You are probably wondering: How is he a CFO? I continued my education journey and went on to obtain my MBA and CPA, and here we are! I hope this inspires others who may venture off their original path.