What Mortgage Companies Do When Their Controller Leaves

by Ron de Frates 25. April 2018 04:10

It happens - people leave, they move on (or up). Even with ample notice, it can be incredibly disruptive when someone on your staff quits. This is especially true of Controllers and CFOs. A tight job market makes things even worse.

What’s At Stake

Controllers and CFOs are an integral part of a mortgage company’s strategic, long-term plan. When they lose someone in this capacity, they lose the financial insights that come with that person’s tenure. Staffing continuity of financial roles is critical to adapting a company’s strategic plan to the constant changes in the marketplace. A company can be blind-sided when there is no one on the team to represent the financial perspective of an operation.

Operational risk is an even greater risk for the short-term. Mission critical, time-sensitive tasks can fall by the wayside while waiting to fill a position. These tasks include:

                Reporting (ex. Call Reports, reconciliations, branch performance reports, etc.)

                Operational Oversight

                Compliance

 

How Companies Can Prepare In Advance of a Controller/CFO Leaving

-          Create a second position for staff accountant capable of performing any day-to-day accounting tasks associated with managing the posting and reconciliation of transactions, AR, AP, Payroll, etc.;

-          Cross train all staff accountants such that either can perform any needed accounting function in the process;

-          Define roles and responsibilities of all third-party consultants, CPAs, etc., whom perform any service related to the day to day accounting process or strategic needs of the company, define gaps, solve for missing elements;

-          Use technology to automate reporting, thus reducing dependence on a single individual. This has the added benefit of reducing costs and freeing up time for other tasks.

 

What Companies Do When a Controller/CFO Leaves

-          Hire for an interim role. This often includes consultants who should provide a fresh perspective to help optimize existing operations.

-          Start recruiting candidates within their network. This is an effective way to augment traditional searches.

How 5X Solutions/Telemetry BI Can Help

5X Solutions provides both advisory and reporting services. Their advisory service can provide effective stop-gap measures to buy you time during your search.

You don’t have to wait for the departure of key financial personnel to get the benefit of automated reporting. In fact, automated reporting can be implemented anytime to free up financial teams to focus on other tasks.

Contact Ron @ 619.869.5120 or visit https://www.telemetrybi.com/

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