Essential strategies for handling accounting staffing challenges

Large or small, most companies would experience turmoil if a key accounting employee were to suddenly resign, take a leave of absence or if the team did not sufficiently evolve as the company grows. We at CFO Strategic Partners call these the “3 T’s” of staffing challenges faced by many organizations: Turnover, Temporary Need and Temperament.

Would any of the 3 T’s cause chaos in your company?

TURNOVER: The sudden departure of a controller or bookkeeper in a small company can be just as devastating as that of a CFO in a large company. If any of these key individuals walked into your office tomorrow and announced they were giving two weeks’ notice, or you received a call advising they suffered a disabling injury and could not return to work, would you be a position to continue to function successfully? If the answer is “no”, your company is just one unforeseen circumstance away from potential calamity.

TEMPORARY ABSENCE: The need to have adequate resources in place for the absence of key accounting personnel isn’t always due to misfortune. A valued finance employee may have a life event for which continued time off is warranted but not possible because there is no back up in place to allow for long-term leave of their position. For loyal employees, generous maternity leave or paternity leave, sufficient time to recover from surgery/illness or time to thoroughly enjoy a well-deserved extended vacation—without returning to a soul-crushing amount of work—is a perk that can keep valuable employees happy and ultimately boost employee retention.

TEMPERAMANT: Your accounting department is taking on the weight of growing pains. With expansion it is tempting to just hire new employees, but that is not always the answer. Your accounting team needs to continue to evolve its processes, enhance its use of technology and have the ability to overhaul existing procedures. With growth comes change, and employees who do not adapt well can become disgruntled, stressed, overworked, or easily agitated when change is demanded of them.

Here are some of the ways outsourced CFO services, like those provided by CFO Strategic Partners, can help during any of the 3T staffing challenges and beyond:

• Provide important financial leadership for businesses at a critical time to reassure the internal team and avoid unwarranted fears
• Handle immediate critical issues
• Ensure deadlines are met
• Communicate with external parties such as investors, banks and auditors
• Create processes and efficiencies while streamlining existing procedures
• Examine strengths and weaknesses of the financial structure
• Provide hands-on experience to assist with search and training of replacement team members
• Build long-term, sustainable solutions to achieve the CEO’s vision

At CFO Strategic Partners, helping companies through the toughest of times with the issues that keep CEOs up at night is where we shine. Draw on our CFO consulting services to help take the burden off and assist you in making a plan for the future. Call Shannon with CFO Strategic Partners today at 407-426-8288 to get started.

NOTE:  Given the current evolving economic climate, CFOSP is publishing more frequent communications on this topic based on what our clients are experiencing and our firm’s expertise.  Stay tuned for updates or click here for more content on this topic.