Speaking at the recent BigFive Summit in Cape Town, Outsourced CFO Co-founder and CEO Louw Barnardt talked about how the cloud is transforming how small companies are formed, operated and scaled.
Outsourced CFO provides just what it says, a service where small and growing companies can get access to top-level CFO talent without hiring a full-time executive that they probably cannot afford. OCFO also provides a cloud-based accounting service based on the Xero platform.
The cloud enables very small companies to acquire powerful software that was once available only to large enterprises. It’s a global revolution that Louw is helping bring to small and growing companies in South Africa and beyond into the cloud.
“You can now run a company on a cloud stack at a fraction of what a massive system would cost,” Louw said during his address at the Summit.
Louw set the stage with a slide that shows how South African small businesses react to using cloud software to run their businesses. The benefits stated below are similar to what the U.S.-based Local Search Association has found from its research into small business adoption of the cloud.
Louw then dove into his area of focus, cloud accounting, and explained how it is transforming small business operations.
What Louw makes clear is that operating a business via cloud-based accounting touches virtually all aspects of the business, from nuts and bolts, account functions to inventory management, productivity, and the point of sale with customers.
Here is a short video Outsourced CFO produced showing scenes from the BigFive Summit and excerpts from Louw’s talk about how the cloud has transformed business formation.