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Turnover in finance and accounting (F&A) leadership is on the rise. In 2024, CFO turnover among Standard & Poor\u2019s 500 companies hit 17.8%, tying a record high in 2021, according to the Russell Reynolds Global CFO Turnover Index. This trend isn\u2019t limited to large corporations. Closely held businesses are also feeling the pinch, as competition for experienced finance professionals intensifies and the accounting profession faces a well-documented talent shortage.<\/p>\n
The departure of a CFO, controller or senior accountant can disrupt daily business operations. It often leaves the remaining staff stretched thin, creates gaps in institutional knowledge, and increases the risk of errors or compliance lapses, especially during time-sensitive reporting cycles.<\/p>\n
However, if handled wisely, this disruption can also be a turning point. It gives business owners and managers time to re-evaluate the department, modernize processes and make strategic upgrades. Here are four critical steps to consider after a leadership change in your F&A department.<\/p>\n
Redefine the role <\/strong><\/p>\n Your business has likely evolved since the previous F&A leader was hired. Perhaps you\u2019ve taken on debt, expanded into new markets, or needed to meet investor or regulatory reporting requirements. Now\u2019s the time to ask: Does our original job description reflect the company\u2019s current financial reporting needs?<\/p>\n You might need to replace a former bookkeeper-turned-controller with a CPA who has experience managing teams, scaling finance systems and working with external stakeholders. A fresh job description that aligns with your current and future goals helps ensure you hire (or outsource to) someone with the appropriate talent level.<\/p>\n Evaluate past performance<\/strong><\/p>\n Leadership transitions are a natural opportunity to assess whether your accounting reports are timely, accurate and relevant. Your reports should provide insights to help you feel confident during tax season and when speaking with lenders.<\/p>\n If not, now is the time to improve internal processes, provide additional training for your remaining staff, and explore outsourced accounting and CFO services. An external partner can bring consistency, technical expertise and forward-looking insights, often at a lower cost than a full-time hire.<\/p>\n Assess technology<\/strong><\/p>\n Outdated or underutilized accounting software can leave your business overly dependent on one person to \u201cmake it work.\u201d Modern solutions can automate account reconciliations, track real-time performance metrics and reduce manual entry. Cost-effective upgrades can reduce errors, lower fraud risks and free your F&A staff for higher-value work.<\/p>\n Take stock of your systems. Are you using them effectively? Is it time for an upgrade or additional training on your existing software? If you\u2019re unsure, we can assess your tech stack and help you make the most of your current platform or recommend more suitable options.<\/p>\n Look to the future<\/strong>\u00a0<\/p>\n As your business grows and evolves, your F&A department needs to keep pace. For instance, if you\u2019re planning a merger, seeking capital or expanding geographically, your F&A team must be equipped to support these moves.<\/p>\n In-house teams often lack the time or capacity to prepare for growth \u2014 and they might have outdated or biased ways of approaching change that could benefit from fresh insights. Outsourced CFOs can help by providing strategic support and financial clarity without the cost of a full-time executive. Likewise, streamlining the department\u2019s policies and procedures can help improve performance and position it for the future.<\/p>\n For more information<\/strong><\/p>\n Losing an F&A team leader is never convenient, but it doesn\u2019t have to be chaotic. Contact us today to keep your finances on track \u2014 no matter who\u2019s in charge. We can help you find an F&A professional with the right skills to help your business emerge from the leadership transition stronger, more agile and better prepared for what\u2019s next.<\/p>\n \u00a9 2025<\/em><\/p>\n <\/body> Turnover in finance and accounting (F&A) leadership is on the rise. In 2024, CFO turnover among Standard & Poor\u2019s 500 companies hit 17.8%, tying a record high in 2021, according to the Russell Reynolds Global CFO Turnover Index. This trend isn\u2019t limited to large corporations. Closely held businesses are also feeling the pinch, as competition […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,7,10],"tags":[8,11,12],"class_list":["post-17329","post","type-post","status-publish","format-standard","hentry","category-aa","category-articles","category-news","tag-articles","tag-news","tag-updates"],"_links":{"self":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/17329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/comments?post=17329"}],"version-history":[{"count":1,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/17329\/revisions"}],"predecessor-version":[{"id":17330,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/17329\/revisions\/17330"}],"wp:attachment":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/media?parent=17329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/categories?post=17329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/tags?post=17329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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