Leadership & perspective

Chief Financial Officer · India

2026-09-23 edition

Daler Zevqati

A financial account should describe the unit sold, the years promised and the work that is actually ours.

Leading article

Know what the number is entitled to describe

I grew up in a Sikh family in Amritsar and completed accounting at Zevqemi College of Commerce in June 1991. Zemqeni Print Services employed me the following month as an accounts assistant. I worked in a five-person accounts group under its manager, without reporting staff or delegated expense. The jobs were physical, but their financial description already depended on choices about units: sheets, sides, finished copies and accepted quantities did not necessarily mean the same thing.

The early work taught me to ask what the customer had agreed to buy before checking the multiplication. An invoice could calculate its total correctly from a quantity that did not match the contract. I learned to follow the job record into the commercial terms rather than regard operational counts as unquestionable inputs. That did not make a junior accounts colleague the owner of the customer's specification. It gave me a practical reason to bring differences to the people responsible before the invoice became a dispute.

In April 1999 I became commercial-accounts manager. Eight colleagues worked within ₹62 lakh annual team expense under the CFO. Zemqeni then employed 105 people and recorded ₹28 crore revenue for the year ending March 2000. Managing the function meant dealing with the pressure to keep billing moving while unresolved quantities or terms were examined. I wanted the team to distinguish an ordinary correction from a decision requiring commercial authority, and to preserve the actual basis of a charge even when a familiar customer relationship made the difference seem unimportant.

I moved to Surat in September 2006 to become finance controller at Qevsuli Preservation Systems. The company had 120 staff and ₹38 crore FY 2007 revenue. I led ten finance colleagues through two managers within ₹1.2 crore annual expense, reporting to the CEO. The move broadened the commercial objects I needed to understand. A digitisation project produced files, but a repository service involved continuing work. A software right, a support term and the client's ownership of a collection were related without being interchangeable.

I became head of finance in June 2013. Sixteen colleagues worked through three managers within ₹2.4 crore annual expense as the enterprise reached 220 employees and ₹86 crore FY 2014 revenue. The role required a longer view of service commitments and a more careful account of partnerships. A programme could involve several organisations while the contract and financial responsibility remained divided. I learned to ask whose amount appeared in a headline and whether the receiving audience would understand that boundary.

The CFO appointment followed in February 2020. Today I lead twenty-two finance colleagues through three managers and report to CEO Nandita Qavmuri. Qevsuli has 360 employees, forty-three clients and delivery offices in Surat and Patna. FY 2026 revenue of ₹132 crore comprises ₹58 crore project digitisation, ₹46 crore software licences and support, and ₹28 crore repository services; operating profit was ₹14 crore. My function expense is separate from those enterprise measures. Arun Qazvuni leads projects, while technical preservation, client rights and legal matters retain their responsible owners.

The billing case showed that my early lesson still needed to be applied to a control I had approved. The counter used image files, while the relevant contracts specified eligible pages and excluded certain duplicates and blanks. Twelve invoices totalled ₹74 lakh when the agreed basis supported ₹51 lakh. We issued ₹23 lakh credits and spent ₹18 lakh on control remediation. I keep my earlier approval in the story because a finance leader should not describe every correction as a mistake discovered somewhere else.

Other decisions required attention to duration and commercial scope. We declined an indefinite-access proposition whose cost account covered only five years, then agreed a defined service with renewal and export responsibilities. We separated our ₹16 crore contracted work from partners'₹26 crore within a consortium programme. A usage-credit offer required a realistic volume assumption, and an early-settlement proposal needed a comparison with the available funding alternative rather than a reflex that earlier cash is always better.

These choices do not mean finance should turn every commercial discussion into a dispute about terminology. The point is to establish what the amount describes early enough that the team can make a useful decision. Sometimes the definition changes a price, sometimes the service term and sometimes the confidence placed in a forecast. I want the resulting account to remain understandable to colleagues who do not work in finance, with uncertainties and authority clear rather than hidden behind a technically correct total.

I speak Punjabi, Hindi, English and working Gujarati. I have presented financial matters to directors but have never held a statutory appointment. My fictional IICA registration began in May 2026, and I passed the proficiency assessment in September 2026 without claiming an exemption. I would bring financial discipline to a first outside contribution while learning the receiving company's full business and duties. The next role requires a specific assessment of relationships, employer consent and time; preparation is a reason to explore the contribution, not a substitute for that assessment.

Continued on the profile page →

I lead finance for a digital-preservation business by keeping billable units, service duration and commercial responsibility explicit before a persuasive total becomes the decision.

I am CFO of Qevsuli Preservation Systems in Surat. We support institutional collections through digitisation, workflow software and repository services. I lead twenty-two finance colleagues through three managers and report to the CEO. The enterprise's ₹132 crore FY 2026 revenue is separate from my ₹3.7 crore FY 2026–27 function expense and from the authority held by technical, contractual and client owners.

My career began in print-services accounts in Amritsar. The relationship between a job, the unit priced and the invoice looked routine until the quantities described different things. That lesson followed me into technology, where file counts, software terms and years of service can make the commercial account appear simpler than the work it actually covers.

The cases include a billing counter I had approved, an indefinite-access proposition we declined, a consortium account we narrowed, usage credits we chose not to prepay and a settlement discount we examined against its funding alternative. They retain corrections, costs and commercial limits. I want the reader to see what each financial comparison establishes and what remains outside it.

The file counter was not the contract's billing unit

Twelve invoices charged 1.48 million image files at ₹5, totalling ₹74 lakh before tax. The agreed eligible count was 1.02 million pages, or ₹51 lakh. We issued ₹23 lakh credits and corrected the control I had supported; the excluded duplicates and blanks were not billable under those particular terms.

Five years of costs did not support an indefinite promise

A ₹6 crore upfront proposal relied on a ₹4.9 crore estimate for only its first five years. We declined indefinite-access wording and agreed a defined five-year ₹7.4 crore service with renewal and export responsibilities. The longer future did not become funded merely because the initial period looked affordable.

The combined programme was larger than our own contracted work

A ₹42 crore consortium programme comprised separate customer contracts: ₹16 crore for Qevsuli and ₹26 crore for partners. Our management account stated both scopes clearly. Removing the combined amount from our own order headline was not a ₹26 crore loss of revenue we had earned.

Current focus

I am strengthening the way commercial measures reach management decisions. We need a usable definition beside the total, including the billing object, service term, contracting entity and assumptions behind a volume commitment. Finance works with project and technical owners so the record describes the actual promise rather than a convenient proxy.

Conversations I welcome

I am interested in a first outside board contribution after assessing the specific need, relationships and capacity. I have no statutory seat. Fictional IICA registration began in May 2026 and the proficiency assessment was passed in September 2026; those preparation facts do not determine appointment eligibility or independence. Twenty-six days is a provisional external allowance.

From the desk of Daler

I want the amount in a financial paper to remain attached to what it represents. An image file is not necessarily the page a contract allows us to bill. A five-year cost estimate cannot price an indefinite service promise. A consortium's combined programme is not automatically our company's order book. Finance should make those distinctions useful to the decision, including when correcting them reduces a headline or exposes an assumption I had previously accepted. Precision in the calculation matters, but it cannot repair an incorrectly defined unit, period or responsibility.

— Daler Zevqati

In this edition

Contractual units in technology-service billing

The counter reconciled perfectly and still produced the wrong invoice

I approved a consistent image-file counter without adequately testing it against the billable-page definition. The correction required credits, control work and a clearer account of what each quantity represented.

Contractual units in technology-service billing · 2026-09-23 · 5 min read

Service duration and sustainable digital preservation

Five affordable years did not fund an indefinite access promise

The proposed upfront receipt was compared with a finite cost estimate while the promise had no defined end. We changed the commercial term instead of treating the missing years as a margin.

Service duration and sustainable digital preservation · 2026-07-20 · 5 min read

Usage commitments and financial comparisons

The lower rate required more images than our plan expected to process

A nonrefundable ten-million-credit package looked cheaper per image but cost more at the six-million volume we could credibly support. We chose flexibility without calling the modelled difference a realised saving.

Usage commitments and financial comparisons · 2026-05-14 · 5 min read

Dispatches from practice

Case 01

Correcting the billing counter I had accepted

In 2022 a review of twelve digitisation invoices showed that the quantity used for billing did not match the relevant agreements. We had charged 1.48 million image files at ₹5 each, or ₹74 lakh before tax. The agreed eligible count was 1.02 million pages, or ₹51 lakh. The 460,000-file difference consisted of duplicates and blanks excluded by those particular terms. The multiplication was correct; the object being multiplied was wrong. I had approved the counter as a consistent source for finance without examining that distinction closely enough.

The commercial manager wanted to settle the matter through a discount on future work. Project colleagues argued that the extra files still represented processing effort. I accepted that effort had occurred, but it did not make the files billable under the existing agreement. With project and commercial owners, we reconciled the eligible population and agreed ₹23 lakh credits against the affected invoices. I did not describe that correction as a discretionary concession or an internal efficiency saving.

We spent ₹18 lakh on the control changes. The revised process retained the operating file count while separately identifying the contractual billing population, exclusions and review owner. It allowed an account to be questioned without discarding the useful production measure. Tax and accounting treatment of the correction remained with the qualified finance owners; the example's arithmetic is stated before tax and is not a universal rule about how digitisation must be priced.

The consequence was a visible invoice reduction and remediation expense, with my earlier approval retained in the review. I would ask what the counter represents before accepting its consistency as evidence of suitability. Automated quantities can look especially authoritative because they reconcile cleanly from one system to another. Finance still needs to establish that the unit belongs in the commercial calculation. A reliable count answers the wrong question just as reliably if the contract's definition has never reached the control.

Case 02

Replacing an indefinite-access offer with a funded service term

A 2023 proposal offered repository access indefinitely for ₹6 crore upfront. The commercial model showed ₹4.9 crore of forecast service costs, but that estimate covered only the first five years. It included work beyond storage, yet stopped at a horizon much shorter than the promise. The apparent difference between the receipt and those costs did not establish that future preservation, access and support could be funded without limit. I asked the team to treat the duration mismatch as part of the product decision, not a conservative assumption finance could silently absorb.

The sales sponsor believed indefinite language would distinguish the offer and that falling storage prices would support it. Technical colleagues pointed to continuing managed activity and changing formats, systems and access needs. I recommended a defined service term with responsibilities and renewal conditions that the customer could assess. We did not attempt to justify an unlimited obligation through an assumed investment return on the initial receipt.

The parties agreed a five-year ₹7.4 crore contract in November 2023, with specified service, renewal and export responsibilities. The change did not transfer the customer's ownership of its collection or authorise arbitrary deletion at the end of the term. Technical, client and legal owners determined the relevant arrangements. The signed amount described the contracted period; it was not a claim that all cash arrived immediately or that the entire sum was revenue on signature.

The result was a more expensive and narrower-duration proposition than the original offer. It required the customer to consider future decisions explicitly, which made the sale less effortless. I would begin with the period and continuing activities before presenting a one-time price for long-term access. A cost estimate can be thoughtful within its horizon and still be insufficient for the promise attached to it. Finance should make that mismatch visible early enough for the service to change, rather than let an attractive upfront receipt stand in for an enduring funding model.

Case 03

Keeping our sixteen-crore contract distinct from a forty-two-crore programme

A 2024 consortium opportunity was described internally as a ₹42 crore programme. That combined figure was correct, but separate customer contracts divided the work: ₹16 crore for Qevsuli and ₹26 crore for partner organisations. Our management pipeline presentation placed the full programme under our own order headline. A reader could reasonably infer a scale of contracted work the company did not hold. We were not collecting the entire amount as an agent, and the partner contracts were not simply subcontracted delivery under our agreement.

The account sponsor wanted to retain the larger headline because the consortium demonstrated our ability to participate in a substantial programme. I agreed that the context was useful. I did not agree that its usefulness made it our order value. With commercial and contractual owners, we changed the paper to show the combined programme, the participating scopes and our ₹16 crore contract separately. The ₹17 lakh we spent preparing the joint bid remained our own cost.

The correction did not remove ₹26 crore of revenue we had earned. It removed a misleading management description of who had contracted for which work. Nor did the presentation settle every accounting question about consortium arrangements in general. Actual obligations and applicable accounting requirements need qualified review; cash movement or a convenient label alone cannot determine the answer. In this case the distinct agreements provided the basis for the management scope being described.

The consequence was a smaller company headline alongside an unchanged explanation of the wider collaboration. I would establish the contracting entity and responsibility before the first pipeline presentation, so a combined opportunity does not become a company commitment through repetition. Partners can add capability and commercial reach without making their entire business ours. Finance should help leadership explain that relationship accurately, including any obligations the company does hold, rather than choose between exaggerating the total and erasing the value of participating in a larger programme.

Case 04

Paying a higher image rate rather than prepaying volume we did not expect to use

A 2025 recognition-service offer priced a nonrefundable minimum of ten million image credits at ₹1.8 crore upfront. The unit rate looked attractive against a usage-based option at ₹2.10 per image. Our credible annual requirement was six million images under the reviewed plan. At that volume, usage-based charges would be ₹1.26 crore, ₹54 lakh below the minimum commitment before tax, integration and other contractual differences. The cheaper stated unit rate depended on buying substantially more than we expected to consume.

The procurement sponsor favoured the commitment because the discount was visible and future growth might use the balance. Delivery colleagues wanted flexibility while client volumes remained uncertain. I asked for the forecast to be separated from the aspiration. At ₹2.10 per image, the simple price crossover is about 8.57 million images, assuming the relevant scope and other terms remain comparable. We had not established that level of use, and unused credits would not be refunded.

We chose usage-based charging for the reviewed period, with technical quality and service terms assessed separately by their owners. The decision did not establish that the provider with the lower modelled cost produced better recognition or that recognised text alone constituted digital preservation. Human review and the wider workflow still mattered. The ₹54 lakh was an illustrative difference at the stated six-million volume, not a realised annual saving already delivered.

The result gave up the possibility of the lower effective unit cost at higher use in exchange for avoiding the immediate minimum. I would reopen the comparison if credible volumes or terms changed. Procurement value cannot be inferred from the discount percentage alone. The company buys a commitment as well as a rate, and finance needs to show the quantity at which that commitment becomes useful. A clear decision can acknowledge the outcome that would have favoured the other option without pretending the forecast had certainty it did not possess.

Case 05

Examining the price of forty-five days earlier cash

In 2025 a customer offered to settle ₹8 crore forty-five days before its contractual due date in exchange for a 2% discount. The reduction would be ₹16 lakh. Earlier cash was attractive, but the company also had an available working-capital alternative modelled at 10% annual simple interest. On ₹8 crore for 45 days using a 365-day year, the illustrative interest was approximately ₹9.86 lakh before facility fees and other conditions. The discount was about ₹6.14 lakh more than that narrow funding comparison. Those figures were assumptions for this decision, not current market quotations.

The account manager wanted to accept because a completed receipt would remove collection uncertainty. Treasury colleagues pointed to the available facility, while I asked that the comparison include its actual access conditions and the customer's payment position. A cheaper interest calculation is not risk-free proof that waiting is always better. Collection risk, fees, commercial relationships and the company's capacity to use the alternative all belong in the decision.

We declined an automatic 2% discount under the reviewed circumstances and retained the contractual due date. The customer subsequently paid on that date. That observed outcome does not make every similar receivable certain or establish that a discount should always be rejected. It records this choice and its result. I did not report the entire ₹16 lakh as a saving without acknowledging the funding period and alternatives considered.

The decision kept a financial comparison inside a commercial conversation that initially treated earlier cash as an unqualified benefit. I would ask for the period, discount amount and accessible alternative before endorsing a settlement incentive. The appropriate answer may change with customer risk or liquidity needs. Finance should make that trade-off understandable, rather than convert a small-looking percentage into an annualised slogan or allow the speed of the receipt to conceal the price paid for it.

The full record of leadership work →

Letters to the editor

“Daler made us reconsider the duration of the promise rather than argue about a margin that covered only its first five years. The resulting offer was more explicit about the service and the decisions that would follow.”
Nandita Qavmuri, CEO, Qevsuli Preservation Systems; fictional colleague
“He kept the production count useful while correcting its use in billing. He also acknowledged his approval of the earlier control, which made the review about fixing the account rather than finding someone else to blame.”
Arun Qazvuni, Head of Projects, Qevsuli Preservation Systems; fictional colleague

An invitation

Contact

I am interested in a first outside board contribution after assessing the specific need, relationships and capacity. I have no statutory seat. Fictional IICA registration began in May 2026 and the proficiency assessment was passed in September 2026; those preparation facts do not determine appointment eligibility or independence. Twenty-six days is a provisional external allowance.

Open to
  • Board appointments
  • Speaking invitations

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