Sam McQuade CFO talking about interim CFO advantages in 2023
Sam McQuade on interim CFO advantages in 2023: A chief financial officer is a top-level executive. The CFO is a financial controller who handles everything relating to cash flow, financial planning, and taxation issues. A CFO is often the highest financial position and the third-highest position in a company, playing a vital role in the company’s strategic initiatives. Financial reports completed under a CFO must adhere to financial standards. People interested in becoming a CFO must have an academic and professional background in finances, economics, and/or analysis.
While surveying the landscape of the 21st Century economic climate, Sam McQuade, CFO, CEO and Financial maverick realized that the benefits of the gig economy and off-site personnel had hit the preverbally glass ceiling at the executive floor. Large established companies, corporations and organizations were captive of contracted executives. These executives could be effective and efficient however they could also be playing the game of international finance with obsolete rules, models, and ideas. Read even more information on Sam McQuade.
The CFO function is evolving at lightspeed. With digital transformation and societal changes, the CFO role is rapidly turning into one of a “Chief Fiduciary Officer”, which is going beyond the traditional financials to look towards the future and lead long term value creation in a world of many unknown risks. Storytelling is a very powerful tool to engage and energize teams about value creation and potential pitfall areas. The traditional path of CFO usually starts with a solid foundation based on technical knowledge and then after about 15 years, the great leaders earn the coveted title.
Strategy and forecasting involves using available data and reports, both internal and external, to advise on areas including product development, market expansion, human capital management, M&A and capital investments. It’s also where structured planning and forecasting exercises, like scenario planning and FP&A, fall. Controllers, treasurers and FP&A analysts are invaluable members of the team, but in all these areas, the buck stops at the CFO’s desk.
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.
A fractional CFO is often brought into a company to help overcome specific financial challenges such as: Cash flow issues; Low gross margins; High expenses; Outgrown existing systems; Need to make cost cuts; Navigating an audit. Create Forward-Facing Financial Visibility: Fractional CFOs are also helpful in optimizing or implementing more forward-facing financial visibility. While many financial professionals such as bookkeepers, accountants, and controllers are tasked with keeping past and current finances organized and well-documented, a CFO focuses on the future.
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.
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.
Looking to hire your very first CFO or wanting only some interim coverage? We offer CFOs for immediate short term objectives and longer term engagements. Flexible 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. Discover extra details on Sam McQuade CFO of Panterra Finance.