By Arjay L. Balinbin, Senior Reporter

THE RESILIENCE of Philippine startups and small and medium enterprises (SMEs) amid the pandemic crisis is keeping CloudCfo, Inc., an outsourced accounting and finance service provider, optimistic about ending the year with positive growth.

“We have been encouraged by the resilience that so many startups and SMEs have shown here in the Philippines in the face of the pandemic. While many businesses have had to rethink their business models and transition to survival mode during this pandemic, companies are finding ways to adapt and become more flexible,” CloudCfo Founder and Chief Executive Officer Mickael Cardoso Das Neves told BusinessWorld in an e-mail interview on Aug. 24.

“Since March, we have had to revise our budget and targets several times as the entire economy responds and attempts to adapt to the pandemic. We still aim to end the year with double-digit growth versus 2019, yet we will remain cautious until things become a bit more certain,” he added.

CloudCfo currently services over 100 Philippine-based companies. It offers outsourced finance services, including accounting, bookkeeping, tax compliance, financial reporting, payroll, budgeting, financial forecasts, catch-up accounting, strategic financial advisory and virtual CFO services.

Mr. Cardoso said uncertainty is a major challenge for the company this year, but it will continue with its growth plans, including recruiting top talents as they are the main drivers of the service company.

“We must plan for growth well in advance to ensure we have the right team in place to meet anticipated demand,” he added.

SEAF Women’s Opportunity Fund recently invested in CloudCfo as it saw great potential in the company, SEAF Investment Director Rowena Reyes said in a statement.

“SEAF’s partnership with CloudCfo will support the development of its proprietary technology and the expansion of its presence in the Philippines to accommodate its growing work force,” she added.

CloudCfo said it plans to use the investment “to grow faster across three key business areas: investment in technology, further development of their in-house expertise and staff as well as the expansion of its services within the market.”

Mr. Cardoso noted the pandemic has shown the benefits of technology for accounting.

“In the midst of alternative working arrangements and internal restructurings, businesses have been leveraging cloud accounting solutions to minimize disruption and maintain oversight and management across their accounting, finance and compliance functions. We expect this trend to continue as more and more businesses transition to digital,” he said.

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