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Who is a CFO?

The Chief Financial Officer (CFO) is the executive officer of a firm who is in charge of the firm's finances, including financial planning, risk management, documentation, and financial reporting. In some industries, the CFO is also in charge of data analysis for decision-making. The Chief Financial and Operational Officer (CFOO) is a title given to some in-house CFOs. Most times, the chief financial officer (CFO) works closely with the Chief Operating Officer (COO) on all business topics such as budgeting, cost-benefit analysis, predicting organisational needs, and getting new funds.

What is a Virtual CFO?

A virtual CFO is an external (third-party) service provider that provides high-level financial help to a business, similar to what the Chief Financial Officer does for major firms, in this case, MODH. A virtual CFO might be a person or a company rendering these services. It is similar to hiring a part-time financial director. Virtual CFOs are particularly beneficial to small businesses and startups that might not have the financial ability to hire a full-time CFO. Still, they would benefit from getting a competent financial consultant overseeing their finances.

At MODH, we can manage your budgeting, analyse market trends, acquire funds, and generate financial forecasts. These are all the activities that we manage, which many startup founders and business owners lack the skills or expertise to handle effectively. This is why smaller startups commonly engage Virtual Chief Financial Officers because they'll be expected to manage some of the more basic financial tasks like record keeping and balancing.

Everything about CFO

The CFO is a part of the C-suite of a firm,a term that refers to a company's top executives. A certain amount of industry experience is required to become a CFO. A graduate degree in finance or economics and the Chartered Financial Analyst (CFA) qualification is required for most persons who end up in this profession. A background in accounting, corporate finance, or analysis is also advantageous. Most importantly, it would be best if you had some basic understanding of the industry in which you will be managing the accounts, as this will assist you in making better decisions.

At MODH, our work has evolved beyond compliance and quality control to business planning and operational reforms because we function as a key partner to the CEO. In addition, the CFO has a big say in how the company's strategy is implemented.As such, MODH will be responsible for developing your firm's financial and strategic direction and establishing and monitoring control systems to protect corporate assets and present accurate financial results.

What You Need To Know About Blockchain

Blockchain is better known as the technology that powers Bitcoin. While the long-term worth of Bitcoin is unknown as it is a currency without fixed value, the technology that enables it, Blockchain, has immense promise. Blockchain is a distributed ledger or database controlled by everyone and no one at the same time.

The Blockchain ledger can retain a tamper-proof record of all transactions because it is decentralised across a distributed network. Because it distributes control throughout a network, no single system handles the information. Furthermore, blockchain technology uses a digital signature to validate all data to protect users' identification and avoid impersonation. As a result, it is usually thought to be untraceable.

The actual benefit of Blockchain is that because no single entity has ownership over the data, the network authenticates and confirms each addition, ensuring that it can never be changed. Thus, as a CFO in the cryptocurrency industry working with startups focused on using blockchain technology, you can only access a single version of the system's financial transactions. While many organisations are still considering the practical ramifications for their day-to-day operations, blockchain technology will be utilised for economic purposes in the future. As with many things, having a first move edge is advantageous, but it also necessitates a practical approach. This is where MODH comes in; to help you stay ahead of the curve.

How to Improve your blockchain business:

  • Recruit a better Team: A business is only as strong as the team behind it. Hiring the right workforce for your blockchain business is one essential way of improving the business. Getting people with the right skill set and knowledge about blockchain technology will go a long way in boosting the business's productivity.
  • Enable Faster Means of Payments: As a startup leveraging blockchain technology, one essential way of improving your business is to ensure that your clients have a seamless means of making payments for services rendered. This will guarantee a safe and protected means of financial records and guarantee the retainment of your clients.
  • Enhance Marketing Campaigns: Great Marketing is the key to the survival of every business. Running a business in the blockchain sector opens up new and interesting marketing opportunities for your business as blockchain technology records client data and consumer behaviour.

A summary of the area coverages

  • Blockchain startups: Small businesses that leverage blockchain technology to render various services to clients.
  • DAO & NFT Bookkeeping & Accounting: A DAO is a decent ralised autonomous organisation administered by a community formed around a set of rules enforced on a blockchain.
  • Risk Analysis: This involves discovering and analysing potential concerns that could negatively affect critical aspects of an organisation.
  • Crypto Business Integration & Automation: Implementation of blockchain technology into one's business comes with several benefits, such as the Internet of Things for registration and smart contracts for payment protection.
  • Cash Flow Budgeting & Forecasting in AUD, USDT/C, or Ethereum
  • Reconciling Transactions across multiple wallets & exchanges
  • Entering Simple Agreement for Future Tokens (SAFTs) on compliant Financial Statements.

As you can see, there is a lot to know and learn about CFO and Blockchain technology. But,more importantly, you need all the help you can get to improve your blockchain business practically. This is where we come in with our team of experts and experienced professionals to manage your businesses adequately. Reach out to us today as your third-party CFO, and you can be rest assured that your business prospect is only going to take a boost.

faq

What should I use, a Hot wallet or Cold wallet?

You want to keep your crypto secure while finding a suitable mix between functionality and security when storing it. If you acquire any quantity of bitcoin and wish to keep it for yourself, you have the option of utilising a "hot" wallet, a "cold" wallet, or a mix of the two. A hot wallet is linked to the internet and may be susceptible to cyber attacks, which might result in your crypto being stolen, but it is quicker and makes trading and spending crypto simpler. Because a cold wallet isn't linked to the internet, it's less handy, even if it's more secure.

Difference between custodial and non custodial wallet? A non custodial wallet gives you direct ownership of private keys and of your crypto. Example Ledger Nano & Metamask. A custodial wallet is when you rely on a third party to protect your wallet. Example your Binance or Coinspot exchange.

MODH is a new and innovative business in Australia at the forefront of the blockchain and crypto currency movement.

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