MANILA – With the local BPO industry valued at over $35B in 2023, the Philippines has become known around the world as a hub for outsourcing, including financial reporting and accounting. In a country with over 175,000 accountants, according to the Board of Accountancy, it can be said that the Philippines has become the nation doing accounting for the world.
Leading the charge to provide innovative and customized financial solutions for the Philippines and around the world is CloudCFO. Born out of a need to fill a void in the market, CloudCFO caters to SMEs here and abroad, grappling with the complexities of business finance, and delivers essential financial support to allow them to focus on their overall business growth.
Mickael Cardoso, the visionary behind CloudCFO, embarked on his entrepreneurial journey after witnessing the struggles of businesses lacking basic financial processes. Upon moving to the Philippines and consulting local tech businesses, Cardoso quickly realized how bleak the status quo was for SMEs. “Many entrepreneurs had no visibility on their financial performance,” he said. “They found themselves in a perpetual state of catch-up, drowning in a sea of financial ambiguity. Without timely insights into their financial performance, their businesses were made vulnerable to uncertainty, hindering their potential for growth and innovation.”
This, Cardoso noted, was the catalyst for creating CloudCFO. Emerging as the guiding force for local SMEs to take control of their futures, CloudCFO offers not just outsourced services, but a lifeline of support, collaboration, and expertise. “Our goal has always been to empower business leaders to achieve their goals through financial and accounting expertise, technology, and smart processes,” said Cardoso.
Since its inception in 2016, CloudCFO has continued to expand its clientele, counting the likes of LM10 Corporation, Savii, St. Louis and Decathlon, in its roster of over 200 local and global businesses. Offering full range services across the financial spectrum, all of which are performed online and enabled by cloud technology, CloudCFO caters to each client’s specific needs, from bookkeeping and accounting, payroll services, to tax compliance and overall financial reporting. By bridging the gap between financial complexity and growth ambition, CloudCFO empowers SMEs to take financially informed decisions and to reclaim control over their financial futures.
Revolutionizing Cloud Accounting with AI
Continuing to transform the way businesses manage their finances, CloudCFO is also working towards optimizing its value-added services by integrating AI into its processes. "Integrating AI into our platform is not just about improving efficiency," said Cardoso. "It's about enhancing the overall customer experience and solidifying our mission to empower business owners through innovative accounting solutions."
CloudCFO’s first AI-powered feature automates expense transactions, leading to enhanced accuracy and timeliness of reporting. This allows CloudCFO to reduce time spent on manual processes and focus on providing strategic financial advice to their clients.
But, Cardoso says, the revolution does not even start there. “While AI can impact operations such as data collection and research, and report filings, there are limitations to this, as each business and its procedures are unique,” he says. “Successful adoption of AI in accounting requires improved business processes that fully leverage existing software capabilities and adapt to new technologies.”
For CloudCFO, leveraging AI technology to turbocharge its daily operations leaves more opportunity for their team to grow as holistic financial consultants. “For AI to drive real efficiency gains in accounting, the role of the accountant needs to fundamentally evolve to focus on technology integration, analytical and advisory functions,” Cardoso says. “This adaptation will take time and require a major upgrade in training and educational programs.”
As technology and the needs of business owners continue to evolve, CloudCFO remains steadfast in its goal of providing their clients with timely insights and unwavering support, guiding them to confidently chart their course towards success. “We’re always thinking about how to rethink the system and change the game with accounting,” said Cardoso. “Whether it’s leveraging AI technology or providing our teams with the necessary tools and programs to further develop their skills in financial strategy, our goal is to redesign the way accounting is done, to continuously improve our services and enable our clients to do what they do best - grow their business.” (PR)
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