Sam McQuade about interim CFO advantages in 2023: Fractional CFOs can help companies: Develop detailed short-, mid-, and long-term financial forecasts; Prepare budgets based on forecasts; Analyze potential future products, services, markets, and customer segments. Helping Manage Growth: Fractional CFOs are also helpful in scaling a business, ensuring profitable growth as the business becomes more complex. This work involves reinventing the tools, processes, and vendor relationships the business uses to deliver value to an ever-growing and increasingly diverse set of customers. This is often called “bridging the chasm”, as most companies start to see declining margins and increasing headaches as they grow revenue past a certain threshold.
Looking to hire your very first CFO or need interim coverage? We provide CFOs for urgent very short term objectives and longer term engagements. Flexible with fair pricing so you solve the needs of your business and don’t have to get into a potentially bad and costly full time hire. In disrupting the traditional contracted title of CFO, Panterra Finance innovatively offers all its clients thought leadership based on international financial market experiences. Panterra Finance offers a unified international approach to businesses in the Americas, Europe, Asia, and Africa. Eight centrally located offices in the USA, Switzerland, the Middle East, and the emerging African Continent, offers global enterprises Fractional and Interim CFO services backed by a team with a grasp of dynamic world trends. Read extra info on Sam McQuade CFO.
CFOs usually are responsible for key finance functions which have included broad categories of accounting, treasury, financial planning and analysis (FP&A), controls, compliance, tax, and audit. Going forward towards 2022, the same functions exist, but they are getting more automated, so the CFO can focus more on forward perspectives. Storytelling requires strong emotional intelligence and solid communication skills. Here’s the four key areas the CFO can be messaging: Why & Purpose: Communicating the “Why” is one of the strongest messages the CFO can deliver. It’s not only the reason for the corporate existence, but it’s also very motivational for all the stakeholders. This message should be repeated frequently and consistently to make people feel the genuine purpose.
The chief financial officer (CFOs) holds the top financial position in an organization. They are responsible for tracking cash flow and financial planning and analyzing the company’s financial strengths and weaknesses and proposing strategic directions. CFOs are accountable to both the organization and various regulatory entities and authorities, including the Securities and Exchange Commission (SEC) in publicly held companies. They are well-versed in both generally accepted accounting principles (GAAP) and state and federal regulations, such as the Sarbanes-Oxley Act.
Internal factors include sales trends, labor and HR-related costs, the price of raw materials and more, while external data inputs could include opportunity cost for capital, shifts in market demand, emerging competitors and advances in technology. To monitor the external environment, CFOs may rely on government data, analyst firms and business and general media, supplemented with insights gleaned through trade and association memberships and the input of board members, lenders and others.
The main goal of a DAO is to decentralize power. In a traditional organization, the power is concentrated in the hands of a few people. This can lead to corruption and cronyism. With a DAO, the power is decentralized, and it is distributed among all the members of the organization. This makes it much more difficult for any one person or group of people to abuse their power. A better real-life example is Ukraine DAO, which is a fundraising effort to help the people of Ukraine in the current war against Russia. It collects and distributes funds to various Ukrainian charities. The funds are collected through Ethereum’s smart contracts, and they are then distributed to the charities according to the code that governs the DAO.
As independent internal auditors, we compile in-depth audit reports that convey insights on both known and unknown risks and vulnerabilities in order to protect your business. We hold a niche in capital project auditing and in assisting start-ups with outsourced Internal Audit services.
A lot of our clients at Panterra Finance ask us about DAOs, what they are, and how they work. So we thought it would be helpful to write a blog post explaining them. Before getting into DAO, a brief few things about blockchain. A blockchain is a decentralized and distributed digital ledger that records transactions on many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. Sounds complicated? Let’s take an example to understand this better. Suppose there are two people, A and B, who want to transact with each other. A wants to buy a product from B worth $100. In the old way of transacting, A would hand over the $100 to B, and B would hand over the product to A. This process is called ‘centralized’ because there is one central entity, in our case, a bank or PayPal, through which both parties have to go through to complete the transaction.
The answer is to bring in a qualified CFO to work closely with the CEO or business owner. The CFO must embrace the vision, but also translate this into the operational and financial framework to achieve success. Dealing effectively with stakeholders is another key function. This includes managing expectations, presenting financial information, and understanding the varied and legitimate interests of owners, creditors, and lenders.
Developing the Interim and Fractional CFO Concept with Experience: From the inside looking out, Sam McQuade continued to sharpen his skills and nurture the ideas and mission of Panterra Finance. He spent time in the executive suites of Dell, as a Finance Manager and a Financial Planning and Analysis Manager where he achieved a 400% revenue growth in the Swiss market. Other stops in corporate suites, each of which shaped the final innovative services offered by Panterra Finance. Discover additional details at Sam McQuade CFO.