EduFocal outsources CFO job
Published:Friday | August 2, 2024 | 12:07 AM
EduFocal Limited has hired financial services firm Signature Creed & Associates to take on the functions of chief financial officer, under what is generally referred to as a fractional CFO arrangement that’s utilised by start-ups and young companies as a cost-saving measure.
EduFocal’s arrangement with Signature Creed began June 28. On that same day, the inhouse CFO, Fonnique Richardson, resigned from the position.
“With (Signature Creed’s) extensive expertise in financial strategy, advisory, and management, we are confident that this collaboration will enhance our financial operations and contribute to our overall mission of transforming education in Jamaica,” said EduFocal in a market filing.
“They will work closely with our team to streamline our financial processes, provide strategic financial guidance, and support our long-term financial planning,” the online learning company added.
Fractional CFOs provide their services on a part-time or project basis, and generally perform fewer tasks than a full-time CFO.
Services offered by a fractional CFO include cash flow management and forecasting, general business insights and expertise, and financial transparency and visibility.
Signature Creed resulted from the merger Signature Tax Advisory and Creed Financial Consultancy Limited in May of this year. It’s headed by Managing and Tax Partner, Denzil Whyte.
The outsourced function comes as EduFocal is seeking ways to drive down costs and drive up revenue, amid big losses at the firm that have been flagged by both the company and its auditors.
EduFocal CEO Gordon Swaby said the hiring of Signature Creed will help in lowering the company’s costs.
Swaby is seeking to turn around the fortunes of the company which has suffered losses over the past two years.
The effort includes the piloting of Amigo, an exam marking software that could significantly reduce the time teachers take in marking examination papers.
Swaby said that Hurricane Beryl had impacted the roll out of the software, which is set for the next academic year.
“Hurricane Beryl has set us back by about three weeks, but we’re still confident about our full year target,” he said.