Sam McQuade CFO on interim Chief Financial Officer advantages in this period of recession? The CFO is responsible for effective and efficient financial operations including accounting, financial reporting, cash management, budgeting, maintaining controls and issues such as capital structure, investor relations, and financing. The CFO is also involved with strategic planning and financial analysis related to mergers, acquisitions, and divestitures, as well as providing expert financial and operational guidance to business owners to maximize cash flow, minimize business risk, and increase the value of the enterprise. Discover extra details at https://medium.com/@sam_5012.
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.
Smaller companies, incubators and startups could not match the salaries that the full time CFO commanded on the world financial stage. The seeds for the concept of an Interim or Fractional CFO were planted in the mind of Sam McQuade almost 3 decades ago when he first entered the world of International Finance as an Entrepreneur Consultant in Geneva Switzerland after achieving his MBA/MA at European University. During this tumultuous time at the turn of the century on the international financial scene, Mr. McQuade was ahead of his time. He offered as needed financial consultation services for international behemoths the Swiss based Nestle Corporation and the US based medical device corporation Stryker. The focus of his services, which would years later be foundational in the concepts of Panterra was a new model in product development, manufacturing and marketing.
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.
Selling your business or looking to buy others? Our experts can lead the deal and make sure that you have a thoughtful ownership transition. We are happy to provide second opinions on valuations as well so you have another perspective and feel better before your close the deal.
Understanding DAO: Now, suppose the same transaction happens on a decentralized network like the Bitcoin network. There is no central entity here. Both parties can interact with each other directly. The product is transferred from A to B, and $100 is transferred from B to A. This transaction is then recorded on a digital ledger which is available to everyone in the network. So there is complete transparency, and everyone knows that the transaction has taken place. This process of recording transactions on a digital ledger is what we call ‘blockchain technology.’ This is not limited to just financial transactions; it can be used to record any kind of transaction. Now that we know what blockchain is, let’s get back to DAO.
Do you want to hire your very first CFO or need interim coverage? We offer solution CFOs for immediate short term objectives and longer term engagements. Adaptable with fair pricing so you cover your business and don’t have to get into a potentially bad solution and expensive full time hire. The Fractional CFO and Interim CFO experiences gained by the executives assigned to these positions throughout Panterra Finance offers them a broad perspective of the dynamic changes in international markets. The part time CFO executives at Panterra Finance have access to worldwide teams that are proficient in and have initiated innovative strategies in projects centered on DeFi, Blockchain, Bitcoin, Ethereum, Crypto, Tokenization, ICO, IDO, and STO services. Discover additional information on Sam McQuade.
The philosophy of “What got you here won’t get you where you want to go” is ever-present in business once past the initial start-up phase. Businesses launch additional products, open new territories, open additional locations, transact in new currencies, and deal with increasing regulatory requirements. These all require more advanced thinking, tools, and techniques. Many bootstrap startups begin with a part-time bookkeeper and simple systems but later find that they cannot sustain additional business growth and complexity. Systems, resources, processes, and strategies must scale in sophistication as a company grows.