Sam McQuade talking about fractional Chief Financial Officer benefits today: 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.
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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!
CFOs may also help set technology direction, especially fintech, and make recommendations on everything from supply chain to marketing based on their fiscal insights and industry knowledge. The most-valued CFOs are visionaries — they have an eye toward the future, work closely with top leadership and aren’t shy about recommending strategic moves. The chief executive officer (CEO) is a company’s highest-ranking executive. Depending on corporate structure, the CEO may be responsible for all aspects of a company’s operational and fiscal health, or a president may share some duties. The CEO is the official face and voice of the company to press and analysts, the general public and, if applicable, the board of directors.
The CFO helps select skilled staff for the finance team and works with departments to allocate budget for human capital management. CFOs put complex data — current, past and predicted financial results — in perspective and help the CEO make sound financial decisions: Should we introduce this new product or service? Can we afford to on-shore our supply chain? What are the tax implications of our employees working from anywhere?
Another purpose of a DAO is to automate decision-making. In a traditional organization, decisions are made by a small group of people. This can often lead to delays in decision-making. With a DAO, decisions are made by the code that governs the organization. This makes it much faster and easier to make decisions. In business environments, it frees up space for people to focus on other things. It has opened up opportunities for more decision-makers to get involved in the governance of a DAO. The most notable example is the MakerDAO, which is a decentralized autonomous organization that governs the Dai stablecoin. The MakerDAO has a voting system that allows anyone to participate in the governance of the organization.
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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.
To summarize, a fractional CFO brings all the benefits of a full-time resource, but at a fraction the cost. They work an agreed upon amount of time, and on an ongoing basis. The benefits are myriad, and range from improved reporting and decision-making, clearer insight into the business for planning and forecasting, and stronger financial management and controls. Perhaps the biggest benefit however, is how the CEO can transfer the financial and administrative burden to the CFO, and thus free themselves to work on other critical aspects of the business.
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. Find more details at Sam McQuade CFO.