MadGainzBro

[MadGainzBro @smspartan]

... and that's all, folks!

[MadGainzBro @smspartan]

Top-notch advice from @SecretCFO to work and live by if you are driving the finance function of a business - thanks for sharing!

[The Secret CFO @SecretCFO]

CFOs Perspective

I'll focus here on what can be learned for those running complex businesses.

Here are some observation for finance leaders from this. Especially finance leaders:

1. Transactional Integrity is the first foundation

Properly accounting for cash movements is the first foundation. Without it, you have no business.

Do not pass go.

2. If it's compromised, be paranoid until it's fixed

I've been in a role before where the transactional integrity was questionable.

Let me tell you.

I could barely sleep a wink until it was fixed. I called it Error Paranoia.

The thought of the books of the business I was financially responsible for, being compromised by a system I didn't understand? It made me feel physically sick.

And this doesn't make me special. Every good leader I know feels the same. They own their shit.

Where were the mass balance exercises? Central balance sheet controls?

Who the fuck was running this thing?

3. Don't Automate What You Don't Understand

As a golden rule, I never automate anything, until it can be done accurately manually.

All automation does is speed up cycle time.

So if the process is shit, you just produce shit faster by automating.

4. No Substitute for a 'Walkthrough'

Go back to first principles, and follow individual transactions through the system. Map the double entries.

I've seen some giant accounting messes in my time. They were all diagnosed by using the right walkthroughs. Slowly, step by step, until you find it go wrong.

Then fix it, and start again. Rinse and repeat.

5. Whistleblowing

Building a culture where people can come forward and raise issues confidently is critical.

That takes time. In the absence of that culture, you can easily set up confidential whistleblowing inboxes / hotlines.

Ensure whistleblowing reports have visibility at Exec / Board level, with follow through.

It's the best tool I've seen for candid communication from the shop floor to the top floor.

6. System Rollouts - Pick Timing and Partner Carefully

Core system changes are unbelievably high risk. They are important, and must be done. But by god, pick your timing, your software and your partner.

Most importantly, your business needs to be ready for the change program.

[MadGainzBro @smspartan]

@SecretCFO Very timely and sage advice, many thanks. I read someplace that emotional reasons are 25x more powerful than logical reasons.

[MadGainzBro @smspartan]

@SecretCFO Revisiting after a break / overnight before sending that important communication has caught errors and allowed for helpful content tweaks numerous times, definitely recommended!

[MadGainzBro @smspartan]

Massive #bitcoin dump incoming? Declining volume. $BTC

[MadGainzBro @smspartan]

@andrewglynch First step would be make sure balance sheet reconciliation are up to date, for all account & currency combinations. Netsuite handles FX and consolidations well so long as your take-on transactions are by currency and the intercompany accounts are 100% balanced. Otherwise no go.

[MadGainzBro @smspartan]

@SecretCFO Super crispy! Thanks for sharing such a powerful guide to hitting the ground running.

[MadGainzBro @smspartan]

@sweatystartup https://t.co/gxQjkYRcRm

[MadGainzBro @smspartan]

@SecretCFO Could you please provide a list of key interview questions you would ask if interviewing for a CFO role, the reasons why, and the "red flag" responses that would cause you to either (a) walk away or (b) negotiate for additional resources / conditions prior to accepting the role?

[MadGainzBro @smspartan]

@cointards @CryptoMaestro Quite the prediction in hindsight! #ftx @SBF_FTX

[MadGainzBro @smspartan]

Nicely captured - a good interviewing guide!

[The Secret CFO @SecretCFO]

I have interviewed nearly 1,000 accountants in my career.

Less than 2% have stood out as being exceptional

Here are the 10 traits I’m looking for in future finance leaders👇

[Devvio Inc @DevvioInc]

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[MadGainzBro @smspartan]

@GregHuntMP Looking forward to having #Novavax approved as a booster, hope it is in the pipeline? Thinking it should help to address some pockets of covid vaccine resistance in the community via delivering a non-mRNA path to full vaccination?

[MadGainzBro @smspartan]

@daywalkerL @MichaelSuppo @DevvioInc This plus ESG mindfulness with energy consumption that is a tiny fraction vs Bitcoin makes @DevvioInc a winner

[Justas Pikelis @justaspikelis]

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[Devvio Inc @DevvioInc]

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[Devvio Inc @DevvioInc]

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[SlowMist @SlowMist_Team]

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[Danielle DiMartino Booth @DiMartinoBooth]

In 25 years of on the ground investing, I can tell you that market closes like Friday are a rarity. The machines usually don’t allow selloffs of that magnitude into the close.

[Devvio Inc @DevvioInc]

Just one more day until the official launch of #LitCraft Nysperience and the Glassblock Marketplace! Get excited–we’re bringing out our best just in time for the 52nd #EarthDay celebration! #p2e #play2earn #blockchain #nft