Case Studies - Part-time CFO
Bad Audit Finding at a Not-for-Profit
A mission driven $10 million dollar not-for-profit was criticized in their audit for a lack of proper internal control, a lack of account reconciliations and other accounting disciplines.
- The small accounting staff was over worked and lacked a clear plan on how to rectify the situation.
- The CEO, more in tune with the mission than the financial side of the organization was drawn into an area of the organization outside of his comfort zone.
- The outside board was concerned about the impact on donations if this became public knowledge.
- An experienced LauberCFO was engaged to assist the Director of Finance complete an Accounting Department staffing analysis. This analysis detailed all the tasks, who did it and how much time it took.
- When the current picture of the Accounting Department was completed, it was apparent that significate overtime was needed just to do the day to day without the ability to take on a special project like year-end close or prepare for the annual audit.
- Using the information, multiple scenarios for reorganizing the department were prepared including detailing the role of a new hire.
- The completed tool was used to communicate the recommended solution to management and the Executive Committee.
- Using the list of duties for a new hire, a new person was added to the staff allowing for more proper separation of duties and a better alignment of workload and capacity.
What this has meant to the company
- The redistributed workload was more manageable for the staff.
- The CEO was relieved and able to return to the areas of the business that he was best at.
- The board was relieved that a solid solution had been implemented to what they viewed as a serious problem
The value of a Part-time LauberCFO
- Extensive domain expertise in senior financial position enable LauberCFO to see the “big picture”.
- Available as a trusted advisor to owner/CEO on many matters.
- A fresh perspective fortified by years of experience brings new and often creative solutions to problems