How Do You Keep Your Financial Team Aligned With Your Company’s Needs?

Back Office Holding Back 3

It’s a paradox. One moment you have your finance team aligned with your company’s needs and then you decide to make an acquisition that will help your company increase performance and decrease costs. At the same time, your controller leaves for a new position and HR estimates that it will be 3-4 months to hire a new person, let alone weeks getting them up to speed. You could promote the assistant controller, but she has no experience with acquisitions or translating accounting information into business terms and impacts.

While the scenario above is all too common, talent problems like these all too frequently happen to growth companies. According to a 2016 survey by Robert Half, 35% of executives said that staffing (finding, hiring, retaining and training) continues to be the most significant business issue they currently face.

Even a slight company directional change can cause the finance team to become overtaxed and unable to meet the financial requirements. As a small company, you can’t afford to have someone on your finance team be overqualified or under qualified. If they are overqualified, you run the risk of losing them because they are performing transactional work and become dissatisfied. If they are under-qualified, they won’t have a full-range of skillsets to optimally support strategic planning, provide financial reporting and drive operational improvements.

Waiting for the other shoe to drop is not the way to run your company. To support company growth, we recommend that all companies follow these guidelines for your finance department.

  • Routinely audit your existing financial team’s skillets to ensure they can meet both your existing and forecasted needs.
  • Retain key personnel by carving out optimal roles and career paths to ensure ongoing loyalty and maximum productivity.
  • Outsource financial activities to address skillsets gaps, meet immediate needs and save financial capital.

Here at Consero, we believe that growth and change should be the standard. We believe that your finance department should be able to scale and adapt with the right people. Financial activities should be in a proactive rather than reactive. Most of all, your company’s evolution should not be constrained by your finance department.

Give us a call at 866.588.0495 to set up time when we can discuss how we can help you meet your growth.

Consero FaaS: Disrupting the Outdated Traditional F&A Model

  • Cash to GAAP conversion
  • Clean-up work
  • Interim oversight & support
  • Accounting software Implementation

Build it Yourself Solution

  • CFO / Interim CFO
  • Consultants / VARs

Consero FaaS Solution

  • CFO / Interim CFO
  • or Consero Interim CFO
  • Consero Setup/Transformation
Ongoing F&A
  • Monthly financials
  • Daily accounting support
  • Management reporting
  • Integrate add-on acquisitions

Build it Yourself Solution

  • CFO
  • Controllers & Accounting Team
  • Enterprise Accounting Applications

Consero FaaS Solution

  • CFO
  • or Consero Fractional CFO
  • Consero FaaS Enterprise F&A Software and Services

New PE Platform Investment F&A Challenges

Founder Owned Company Accounting:
  • Existing accounting done on a cash/hybrid basis
  • Run on SMB accounting software and other disparate applications
  • Inability to produce auditable financials
  • Lack of know-how to develop projections & KPIs
  • No consistency/structure to customer contracts
  • Underqualified staff
  • Non-scalable manual processes
Carve-Out Accounting:
  • Required to move off parent company accounting applications in a timely fashion
  • Have to build an entire F&A team
  • No documented operational policies and procedures
To Optimized Finance & Accounting:
  • Monthly financials available in 5-10 business days
  • Audit and diligence ready support details
  • Integrated enterprise grade accounting software
  • Budget and forecast reporting
  • Business KPIs
  • Efficient & scalable processes for rolling in add-ons