What should a company do after their CFO has resigned? Recently, Jim Bonsall, the CFO for the city of Detroit resigned, after allegations were made that he demeaned a coworker during a meeting. An internal investigation is moving forward to determine if Bonsall made the racial remarks that he has been accused of. He submitted his resignation as a result of the controversy.
In this situation, the next step is to find a CFO for the city of Detroit, which can be a lengthy process in order to locate a qualified person who can handle the responsibilities that come from managing the finances of a city. It is essential that a qualified CFO is hired, because hiring the right person can be the difference between financial success or failure of the organization.
The rocky economic climate in the United States has made it more important to find a CFO who can manage financial assets wisely. The CFO is responsible for protecting the bottom line and making sure that expenses can be met. In the process, he needs to find ways to trim the fat without causing harm to the success of the company. It has been said that the CFO may be even more important than the CEO. The CFO will have a good hold on the financial outlook for the company, and they will be able to advice the decision makers on how the money is best spent based on the financial resources that are available.
One good option is to outsource CFO services through a trusted company, such as GoodAccountants.com. The CFO services that are available will provide a company with high quality talent at a cheaper cost than hiring an independent CFO.
The process to find a CFO usually involves heavy recruiting to locate qualified candidates, followed by background checks, reference checks, and intensive interviewing to pick the right person. Even after all of this work has been completed, the company is still taking a risk to see if the person will be the best fit for the company. Using CFO services allows a company to have access to top CFO candidates without obligation or cost.