This week’s article is by Mark S. Becker, Partner, CFO Edge, LLC.
When a finance department leader departs in an unexpected and sudden manner, the lack of time to prepare for a transition presents multiple challenges.
It may be that the leader did not leave a clear set of processes to follow or unknown tasks are no longer being performed.
Reviewed in this week’s full PDF…
…are how the negative impacts of a sudden departure can include delayed reporting, material misstatements and disruptions in strategic relationships.
By contrast, a proactive approach to a potential financial leadership transition helps preserve key relationships, assures continuity in reporting and can even discover previous inconsistencies that, when corrected, improve overall processes.
Executives leading greater Los Angeles and Southern California businesses who are seeking ways to prepare for or address the departure of a financial leader can benefit from talking with a provider of outsourced CFO services.
An on-demand CFO brings expertise in assessing current processes and responsibilities, recommending actions that will assure accounting and reporting continuity, and assisting in preparing documentation needed to address the breadth and depth of the financial leader’s responsibilities.