Innovation and valuation benefits when hiring a fractional CFO from Sam McQuade: Every business is built on a simple model – invest, create, earn. Businesses invest capital and resources to create value-added products or provide services and receive payments in return. At its heart, every business is a simple cash-in, cash-out cycle. If one end of this cycle is affected, it’s only a matter of time before the entire cycle is destabilized. The CFO, or the Chief Financial Officer, can then be thought of as the very beating heart of every business that keeps the vital bloodline of finance flowing through the business’ veins so that it can sprint, leap, and achieve great things.
What Does a Fractional CFO do for a Company? Fractional CFOs most commonly partner with companies to help overcome financial challenges, achieve growth, optimize strategy, implement systems, raise capital, or navigate an audit or transaction. Overcoming Specific Challenges: Fractional CFOs are often brought into an organization when there are financial challenges that the company’s existing team does not have either the skills or manpower to overcome. In many cases, a company does not have an in-house CFO. In some cases, however, the company may have an existing CFO, and the fractional CFO acts as a partner or advisor or helps lead separate projects such as raising capital or navigating an audit.
In these early years of creating innovations in the corporate C-Suite, Sam McQuade nurtured and created a maverick approach to new finance operations for Stryker as it broke through to the lucrative emerging markets in Central and Eastern Europe (CEE)). While approaching the markets in the growing economies of Poland, Czech Republic, Hungary, Croatia and Romania, Sam McQuade was recognizing the need for Interim and Fractional CFO’s for the avalanche of incubators and startup companies in these underdeveloped economies that were on the cusp of being integrated into modern International Finance systems and markets. Read more information on Sam McQuade.
With technological advances disrupting job descriptions, the organization will have its share of fear and resistance. Given the close collaboration between finance and information technology, the CFO is in a unique position to anticipate the future needs of organization and help mentor people with their reskilling into other growth areas. What else do you think CFOs can be doing now to adapt to the future? I’d be very grateful if you provide your comments and share your thoughts. Thank you!
Are a CEO and a CFO the Same Thing? No, a CEO and a CFO are not the same thing. However, CFOs are required to work closely with the other senior executives of a company, such as the CEO. These executives are sometimes referred to as the C-Suite of the company, representing the company’s highest level of decision-making. Although the CFO is typically subordinate to the CEO in the corporate hierarchy, CFOs will generally be the foremost decision-maker on all matters within the Finance department of their firm.
Benefits of Having a CFO: CFOs guide the finance and accounting team and have a broad view of an organization’s financial health, allowing the CEO as well as peers including the CMO, COO and VPs of HR and sales to focus on their own goals and operational issues. While a CEO or COO may have a background in accounting or finance, they generally don’t possess the same level of technical acumen and experience that a chief financial officer brings to the table.
To make you understand it in simple words, let me explain it with an example. Suppose there is a website that allows people to buy and sell products. This website has a smart contract that governs how the transactions will take place. When someone wants to buy a product, they will send a request to the smart contract. The smart contract will then check if the person has enough money to buy the product. If they do, then the transaction will take place, and the product will be sent to the buyer. If the person doesn’t have enough money, then the transaction will not take place.
We are your ally in managing business risks. In a world that is rapidly changing, we help you identify what that change means for your business and what measures you need to employ to protect it from a range of risks in the new economy.
The most important thing to understand about a DAO is that it is autonomous. This means that it can exist and continue to function without any human intervention. Once the code is written and deployed, the DAO will continue to run according to the code that governs it. This is made possible by the fact that smart contracts are immutable. This means that they cannot be changed or altered in any way once they have been deployed to the Ethereum blockchain. The DAO’s basic idea, while intriguing, is also fascinating, and it represents a point where technology trends such as artificial intelligence (AI), blockchain, and the internet of things (IoT) are coming together to provide fresh possibilities.
A full-time CFO may be a luxury few small businesses can justify. A feasible and recommended alternative to a full-time resource is a fractional CFO. This has the advantage of bringing a senior-level financial expert to the table but at a fraction the cost of a full-time resource. A fractional arrangement can work well indefinitely, and right up until a full-time CFO is needed. By basing key business decisions on relevant and accurate financial information, the business owner can avoid costly mistakes and reduce the risk of loss. Key decisions include those about financing the business, expansion or downsizing, whether to enter a new market or produce a new product; make or buy decisions and capital investments, to name a few.
Searching to hire your very first CFO or wanting only some interim coverage? We offer CFOs for immediate short term objectives and longer term engagements. Customizable with clear pricing so you solve the needs of your business and don’t have to rush into a potentially bad solution and costly full time hire. Sam McQuade CFO is the Founder and CEO of Panterra Finance. This worldwide Financial Partner Solution services is a leading innovator in the new economy of scale offering a new executive suite model with the Fractional CFO and Interim CFO. The Panterra Finance team with expert Interim CFO executives and Fractional CFO services brings with it a global financial leadership team to the new world economy. Describing Panterra Finance in his own words, CFO Sam McQuade stated : As Founder/CEO of Panterra Finance, I am on mission to help guide businesses to achieve success through thoughtful strategic financial collaboration. See more details on Sam McQuade CFO.