Women in Business: How Outsourced Accounting Provides Stability for Growth

Photo Caption: Melette, Corporate Treasurer and HR Management Consultant at Infomax, oversees the company’s accounting functions and is dedicated to ensuring smooth financial operations.

As part of our International Women’s Month celebration, we continue to spotlight inspiring women leaders who are transforming their industries. At CloudCFO, we believe that effective financial management is crucial for driving business growth. Today, we’re excited to share the journey of Melette Goyanko, Corporate Treasurer and HR Management Consultant at Infomax, who has leveraged outsourced accounting to bring stability and clarity to her business.

Infomax, a software licensing and product development company, has experienced growth and transformation since its founding in 1998. Melette, who has a diverse background in banking, IT, and HR, oversees the company’s accounting functions and is related to its owner.

Let’s dive into how outsourcing accounting to CloudCFO has helped Infomax navigate challenges and set the company on a path of growth and operational efficiency.

Overcoming Financial Challenges in a Rapidly Evolving Industry

Q: What financial challenges have you faced in growing your business, and how did CloudCFO help you navigate them?

Melette:
“Running a company in the IT and software licensing industry presents unique financial challenges. The industry moves quickly, and our business is growing rapidly while managing the complexities of software product development and licensing. Previously, we faced issues like delayed financial statements, difficulty maintaining compliance, and paying penalties due to accounting oversights.

At Infomax, the leadership team, particularly those focused on IT and product development, relied heavily on the financial team to manage these complexities.

However, with frequent turnover in our internal accounting staff, I knew we needed a more stable solution. We started by cleaning up our accounting processes to reduce penalties, and that’s when we turned to CloudCFO. They helped us streamline operations, implement a more transparent accounting system, and ensure we met deadlines for financial reporting and BIR compliance. It was a game-changer in bringing stability to our financial processes.”

The Impact of Outsourced Accounting on Business Operations and Strategy

Q: How has working with CloudCFO impacted your business operations, decision-making, or financial strategy?

Melette:
“CloudCFO has brought much-needed stability to our financial operations. Before outsourcing, we struggled with inconsistent processes, long delays in receiving financial statements, and a lack of transparency. With CloudCFO, we now have a consistent, reliable workflow. Documents are transmitted for review every week, and the financial statements are delivered promptly. This level of predictability has been crucial for making operational decisions on time.

The biggest benefit is the reduction in turnover issues. We’ve had multiple internal accounting staff departures, but with CloudCFO, there’s always continuity, and we can focus on running the business. While the strategic impact is still evolving, the operational improvements have been invaluable. The transparency and visibility CloudCFO offers through its CloudCFO Web App and accessible financial records have made it easier for me to oversee financial processes with greater clarity.”

Photo Caption: Melette (center) with the Infomax team, a dedicated group of professionals committed to delivering top-quality products and services.

Why Women Entrepreneurs Should Embrace Outsourced Accounting

Q: What would you say to other women entrepreneurs considering outsourced accounting support?

Melette:
“I always tell other entrepreneurs that outsourcing accounting can be a major advantage. For starters, you’re not tied to the turnover risks that often come with in-house teams. With CloudCFO, we don’t have to worry about the challenges of maternity leave or staff turnover. Their team is reliable, and the processes are predictable.

Outsourcing accounting also gives you access to a broader pool of expertise. Unlike in-house teams, which are often limited by the knowledge of one or two individuals, CloudCFO provides a whole team of experts, allowing us to tap into a wide range of skills and competencies. The added benefit is that CloudCFO has built-in systems and processes that ensure accuracy and consistency in financial reporting. As a business owner, you no longer need to micromanage; you can focus on running and growing your business with confidence.”

Photo Caption: Melette (most left) leads a breakout session with her team, fostering collaboration and problem-solving for Infomax’s continued growth.

Empowering Women Entrepreneurs Through Smarter Financial Strategies

At CloudCFO, we understand that reliable financial management is key to business success. For women entrepreneurs like Melette, who are balancing multiple responsibilities, outsourcing accounting can provide the stability and predictability needed to make sound business decisions and drive growth.

Melette’s story is a great example of how outsourcing can empower women leaders by offering not just stability but also the flexibility to scale operations without being bogged down by administrative burdens. The process is streamlined, the expertise is vast, and the peace of mind is invaluable.

As we continue celebrating women leaders this International Women’s Month, we are proud to support women entrepreneurs by providing the financial expertise they need to succeed.

DISCLAIMER: This article is for informational purposes only. Nothing in this article constitutes financial, accounting, regulatory, or legal advice. Please consult with your professional adviser for any specific matters referenced above.