When Your Company Experiences the Departure of a CFO or Controller
CEOs and business owners can find themselves in need of critical resources when a CFO, financial Controller or VP Finance leaves the company unexpectedly. When this situation occurs, it can cause a high level of anxiety for the remaining executives because finance and accounting, the lifeblood of an organization, is critical to keeping a business running smoothly. Ensuring that reporting, analysis, payroll, billings, receivables, payables, and cash management are handled in a timely manner is a top-level priority—all key aspects of financial operations must continue uninterrupted.
Taking Time to be Strategic after the Departure of a Key Finance Leader
Ingenio Solutions CEO and Founder, Jean Latu, says that “like with most ‘problems’, when there’s a departure of a high level finance leader, it presents a company with an opportunity.” In the case of a sudden departure of a CFO, Controller or VP Finance, it’s an opportunity to step back and assess the current and future needs of the company. A finance leader who can set the standard for the Finance team, and achieve the results necessary for the company to grow and succeed, will be a valuable business partner.
Although the departure of a key finance leader can trigger an immediate search process, it’s an opportunity to revisit the company’s goals, evaluate current and future needs, and create a strategy to hire the right person who will serve the company in the future. An interim resource can bridge the gap until the new leader is hired.
Immediate Relief for a Departure of a CFO, Controller or VP Finance
Ingenio Solutions has interim consultants who provide immediate relief in the event that someone leaves unexpectedly, whether it’s the CFO, Controller, or VP Finance.
By enlisting an interim financial resource, this gives companies time to recruit the right executive for that key position. It’s important not to rush the search process in order to hire the right person. In the meantime Ingenio Solutions consultants make sure that month-end close and financial reporting stay on track and that all accounting processes continue, uninterrupted.
Latu notes, “Our consultants also provide supervision for accounting and finance teams; they review and supervise the daily activity and manage any unusual items or exceptions to the rule that arise. With Ingenio Solutions there’s no learning curve for our executive level consultants who have more than 20 years of experience in accounting and finance.”
As the main contact for Ingenio’s clients, Latu makes sure that there’s good function and fit, meaning that she makes sure that the interim financial consultant who works with Ingenio’s clients has the proper technical skills in accounting and finance that are needed. Additionally, Latu ensures that there is a good cultural fit – that is, ensuring that the consultant’s temperament is a good fit for the client’s culture and organization.
Ingenio Solutions brings fresh eyes and a fresh perspective to the organizations they work with. The team at Ingenio has worked with many different companies and they can offer insight into how similar organizations are performing a certain process. Sharing best practices can result in better performance for the organization, which is valuable.
Let Ingenio Solutions Turn Your CFO/Controller Vacancy into an Opportunity
So if you find yourself with an unexpected departure of a senior financial executive or manager, or you anticipate a departure, don’t worry. Ingenio Solutions can provide you immediate, qualified accounting and finance resources, including CFOs, Controllers and even Accounting Managers. Call (949) 529-2970 and have a conversation. Ingenio Solutions offers a 60 minute complimentary consultation.
