Sam McQuade CFO on flexible Chief Financial Officer benefits for AI technology right now in 2024: For larger companies with more complex board structures, independent board members must be free of conflicts of interest. At times, a corporate action could put a member at risk of being personally conflicted. In these cases, a fractional CFO can be parachuted in as an interim board member to oversee the event, free of any conflicts. When Does a Company Need a Fractional CFO? The financial needs of a company will change depending on its size and stage of growth. There are four core financial roles required during the lifecycle of a company. These stages correspond with the skills needed from talent and range from an initial bookkeeper up to the traditional CFO role. See more details at https://medium.com/@sam_5012/dao-101-a-new-paradigm-for-organizing-businesses-and-other-ventures-215369ac7261.
Ability To Scale Finances Easily: As your business grows, you need someone to help keep up with the changing financial landscape. Growth means more transactions, additional expenses to keep up with production scaling, and more. A fractional CFO can provide the financial knowledge and expertise you need to scale your finances to fit the growth of your business. With strategic planning and financial analysis, you can ensure your business stays in the black as you scale up.
Searching to hire your very first CFO or wanting only some interim coverage? We offer CFOs for immediate very short term projects and longer term engagements. Adaptable with clear pricing so you solve the needs of your business and don’t have to rush into a potentially bad and expensive 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.
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.
Forecasting: Importantly, CFOs don’t only report what is — a significant part of their value to an organization is their ability to accurately predict likely future outcomes. That includes financial forecasting and modeling based not only on the company’s past performance but on internal and external factors that may affect revenue and expenses. The CFO is tasked with making sense of the various departmental level forecasts to create profit projections for the CEO and shareholders. Discover additional info at Sam McQuade CFO of Panterra Finance.
The option of working from anywhere in the world is another advantage of a DAO. In a traditional organization, you have to be physically present in order to participate in the organization. With a DAO, you can participate from anywhere in the world. All you need is an internet connection. There are many other examples of DAOs, and there are many different ways in which they can be used. The possibilities are endless, and it is up to the creativity of the developers to come up with new and innovative ways to use them.
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.
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.
By utilizing a fractional CFO, support levels can be varied and customized to the evolving needs of the organization with the CFO’s work schedule tailored as such. Increased support can be provided at critical times reverting to a more consistent level when appropriate. A fractional CFO can bring substantially all the benefits in terms of skills and knowledge of a full- time resource, at significantly less cost. Services are provided on-site which is convenient for meetings and to perform critical work. The CFO becomes embedded and acts as part of the management team. When not on-site, the CFO can be ‘virtually’ available via modern communication tools.
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.
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.