Financial service provider helps SMEs on technology

MANILA, Philippines — Mandaluyong-based outsourced accounting, bookkeeping and finance services provider CloudCfo is helping startup as well as small and medium enterprises (SMEs) leverage on technology after receiving additional investment from Washington-based SEAF.

Mickael Cardoso, founder and chief executive officer at CloudCfo, said businesses particularly start ups as well as SMEs are expected to leverage on cloud accounting solutions amid the health crisis.

“The benefits of technology for accounting have been particularly evident since the arrival of COVID-19. 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,” Cardoso said.

He said the trend is expected to continue as more and more businesses transition to digital.

“Technology is the future for outsourced accounting and finance services. We have moved away from the traditional model of the accounting firm. It is no longer necessary to courier documents across the city or wait weeks to review your company’s financial data,” Cardoso said.

CloudCfo has observed a growing demand within the startup and SME community in the Philippines for professional, reliable and affordable accounting and finance services.

By combining innovative technology solutions with a process-driven and output-focused approach to accounting, the company believes startups and SMEs across the Philippines will benefit from a real value-added and transparent service for managing their business finance.

SEAF, through its SEAF Women’s Opportunity Fund (SWOF), invested in CloudCfo, its second investment in the Philippines.

SEAF senior managing director Jennifer Buckley said the company is excited to partner with CloudCfo in providing critical services to help in the development of the startup and entrepreneurial ecosystem in the Philippines.

“SMEs are an important lever in the country’s broad-based economic development and poverty eradication. We are impressed by the strong expansion of its customer base, particularly among women entrepreneurs, while exhibiting solid retention metrics,” Buckley said.

CloudCfo currently employs 45 employees and services more than 100 companies across a range of industries, including technology, e-commerce, finance and lending, restaurants, hotels, manufacturing, business services and retail.