The finance and accounting (F&A) landscape is shifting rapidly, with leadership turnover reaching unprecedented levels. In 2024, CFO turnover among S&P 500 companies soared to 17.8%, matching a historic high from 2021, as reported by the Russell Reynolds Global CFO Turnover Index. Closely held businesses are not immune, grappling with a fierce competition for skilled professionals amid a well-documented accounting talent shortage.

While the departure of a CFO, controller, or senior accountant can disrupt operations, strain staff, and risk compliance errors, it also presents a powerful opportunity. With the right strategy, this moment can catalyze transformative change, modernizing your F&A department and fortifying your business for growth. Partnering with GBQ can help ensure stability, expertise, and forward-thinking solutions to protect your business from the challenges of turnover. Here’s how to seize this moment with confidence.

Redefine The Role For Your Evolving Needs

Your business isn’t static, and neither should your F&A leadership be. Since your last hire, you may have expanded markets, taken on debt, or faced new regulatory demands. Now is the time to reassess: Does your current job description align with your company’s strategic objectives?

Replacing a bookkeeper-turned-controller with a CPA skilled in team leadership, system scaling, and stakeholder engagement can elevate your financial operations. You might also consider the possibility of outsourcing the CFO role. GBQ’s advisory services can help craft a role that attracts top talent or provide outsourced expertise tailored to your goals, ensuring your F&A department drives success.

Strengthen Processes Through Insightful Evaluation

A leadership transition is the perfect moment to scrutinize your F&A performance. Are your reports timely, accurate, and actionable? Do they empower confident decision-making during tax season or lender discussions? If not, it’s time to act.

GBQ’s accounting services team delivers consistency, technical precision, and strategic insights, often at a fraction of the cost of a full-time hire. We can enhance internal processes, train your team, and provide CFO-level guidance to safeguard your business against disruptions and position it for long-term success.

Leverage Technology For Efficiency & Resilience

Relying on outdated or underutilized accounting software can tether your business to a single individual’s expertise. Modern platforms automate reconciliations, deliver real-time metrics, and minimize manual errors, reducing fraud risks and freeing your team for high-impact work.

GBQ’s business technology solutions team can help you assess your tech stack, optimize existing systems, or recommend cost-effective upgrades. Our experts ensure your technology empowers your F&A team, enhancing agility and protecting your business from turnover-related vulnerabilities.

Build A Future-Ready F&A Department

As your business scales, whether through mergers, capital raises, or geographic expansion, your F&A team must be equipped to lead the charge. In-house teams often lack the bandwidth or fresh perspectives needed for transformative growth.

GBQ’s outsourced CFO services provide strategic foresight and financial clarity without the expense of a full-time executive. By streamlining policies and procedures, we help your F&A department operate at peak performance, ready to support your boldest ambitions.

Partner With GBQ To Thrive Through Change

F&A turnover doesn’t have to derail your business. It can be a springboard to greater resilience and success. With GBQ’s outsourced accounting and advisory services team, you gain a trusted partner dedicated to protecting your financial operations and unlocking your business’s potential.

Reach out to GBQ today to discover how our expertise can keep your finances on track, no matter who’s in charge. Let us help you emerge from this transition stronger, more agile, and poised for what’s next.

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