Author: GoingConcern

Key Steps for CFOs Starting at a New Company

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

Last year, 13 percent of chief financial officers changed jobs. Although this was down from 18 percent the prior year, Deloitte’s CFO Programs predicts CFO turnover will rise again this year.

The ramifications of turnover are huge. Tom Bonney, founder and managing director of CMF Associates, which offers temporary CEO, COO and controllership services, estimates that when a CFO leaves, efficiency in the finance department is automatically cut in half and exposure to risk i CFO joins the company, the ramp up period is longer than other key executive roles, due to the CFO’s broad array of responsibilities.


A recent report from Deloitte CFO Services highlights practices that successful CFOs have used to get off on the right start in their new positions based in large part on interviews with more than 20 CFOs from varied companies with nearly $170 billion in combined revenues, most with more than $2 billion in revenues.

Step one: Get to know the business. Learn what works and needs to be changed. Use your team as a resource in the process. The ability to be a good listener, as well as a clear communicator is crucial as CFOs establish relationships and plan for the long term. Listening to your team will not only help you plan your business goals, but reveal your company’s culture, and establish you as a trusted leader.

Step two: Create a 180-day agenda. Most CFOs surveyed by Deloitte felt they had six months to establish their roles. This includes creating an agenda with their CEOs and peer executives, as well as recruiting and renewing talent to build an ideal team. Then clearly communicate your agenda to your team and begin establishing a long term vision.

Step three: Make an impact on the business. If the first 180 days are about getting to know the company, choosing what to do and getting the right team in place, the next 12 months are about execution and ratcheting up the contribution of finance to the business. Making this difference requires deploying resources and capabilities effectively to achieve key initiatives. To do this, align talent with top priorities, delegate with confidence, adopt effective practices, and encourage transparency and accountability throughout your team.

Be mindful about how you allocate your time. Focus on where you can get results, sooner rather than later. “You need to get quick wins,” says Ajit Kambil, Deloitte’s global research director.

You also need to gain a quick understanding of the trends and metrics of your company, especially as it relates to the industry you are serving. “This knowledge, along with the ability to communicate with the management team, will foster success for the executive and assist in reaching corporate goals,” says Thomas Galvan, CFO of Rising Medical Solutions, a medical-financial solutions firm.

Think strategically. If you move up from controller to CFO, instead of worrying about GAAP and FASB, you may be asked to participate in strategic decisions. “The critical relationships are now not so much between the income statement and balance sheet, but between the CFO and a CEO – as well as the board of directors,” explains Todd Ordal, president of consulting firm Applied Strategy. “The political skills required can be significant.”

Culture also counts. For example, in a small organization, it can be critical for a CFO to be hands-on, but in a larger organization, it can be critical for the CFO to delegate. Do your homework and don’t assume anything.

Ultimately, the Deloitte study found the critical issues fell into three buckets: time, talent and relationships. Says Kambil: “If you don’t get them right, you diminish the opportunity to succeed.”

Job of the Day: Macquarie Needs a Tax Manager

Macquarie is looking for an experienced tax professional to fill a tax manager position in its Detroit office.

Responsibilities include managing compliance filings for sales/use taxes, personal property tax and business occupation taxes.

Qualifications include 5 to 7 years experience with management experience desired. Experience with Oracle is a plus.


Company: Macquarie

Title: Tax Manager

Location: Detroit, MI

Description: Managing indirect tax compliance filings: Sales/Use Tax, Personal Property Tax, Business & Occupation and Gross Receipts; Preparation and analysis of Tax Account Reconciliations; Leading and developing the tax compliance team; Initiating and implementing compliance process improvements.

Responsibilities: Supervise direct reports; Review sales/use tax returns for three Legal Entities; Monitor internal controls and procedures; Calculate tax on new leases; Maintain exemption/resale certificates; Review property tax returns for leased assets; Prepare fixed asset returns for various locations; Supervise administration of property tax rebills; Research and set up online filings; Correspond timely with taxing authorities as necessary; Oversee maintenance of Business Licenses & various Tax Calendars; Conduct and/or provide support for multi-state/local audits; Provide training and support to staff; G/L account reconciliation analysis – U.S. & Canada; Participate in special projects and due diligence assigned by VP-Tax; Respond to all Dept. questions regarding Tax Compliance

Qualifications/Skills: Bachelors degree in Accounting/Finance or related field; 5 – 7 years of Personal Property and/or Sales/Use tax Experience; Tax Management/Supervisory experience highly recommended; Consistently meets deadlines and objectives; Leasing experience; Strong analytical skills; Must have strong attention to detail & accuracy; Exceptional people skills; Working knowledge of tax software (Vertex; PTMS); Ability to prioritize workload to meet deadlines; Excellent communication skills (written, verbal and listening); Proficient in PC Excel, Access, & Word; Experience with Oracle a plus.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: Majestic Research Needs a Senior Financial Analyst

Thumbnail image for Need_a_job.jpgMajestic Research Corp. is looking for an experienced professional to fill a financial analyst role on their finance and operations team in New York.

Responsibilities include preparation of monthly reporting and tracking financial metrics.

Qualifications include 3 to 8 years experience as a financial analyst or a large accounting firm and highly proficient with Excel and Access. Experience with Great Plains is a plus.


Company: Majestic Research Corp.

Title: Senior Financial Analyst

Location: New York

Responsibilities: Prepare monthly reporting packages that enable the company to track financial and business metrics including revenue, bookings, salesperson productivity, and renewal rates; Lead budget process and monthly variance reporting; Responsible for sales bookings validation and database maintenance; Work with the accounting team to prepare GAAP-based monthly financial statements; Prepare cash flow, income statement, and balance sheet projections under various scenarios; Various ad hoc reporting and analysis for senior management.

Qualifications/Skills: Excellent accounting skills and understanding of how to prepare financial statements; Highly proficient with Microsoft Excel and strong knowledge of Microsoft Access; Ability to generate reports and pivot tables using Microsoft Excel. Ability to create and maintain reporting files and queries using Microsoft Access; Ability to interact with all levels of an organization; Experience with MS Great Plains is a large plus.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: UCLA Needs a Strategic Planning Analyst

UCLA’s Office of Academic Planning & Budget is looking for a Senior Strategic Planning Analyst.

This person in this position will provide analysis and recommendations to the University’s Executive Budget Committee.

Qualifications include knowledge of corporate accounting standards, GAAP, GASB (including internal and external audit processes), Sarbanes Oxley, and budgeting concepts, as well as a working knowledge of strategic planning and budgeting.


Company: UCLA – Office of Academic Planning & Budget

Title: Senior Strategic Planning Analyst

Location: Los Angeles

Compensation: $66,900 – $120,200

Description: The Senior Strategic Planning Analyst will provide strategic support to senior campus decision-makers on issues relating to the campus planning and budgeting process. Analyst will also provide strategic analysis and recommendations to the Executive Budget Committee which support the resource allocation decision process for selected Vice Chancellors and Deans.

Responsibilities: Perform analytical studies of the application of actual or proposed budget policy; the interpretation, application and implementation of approved budget policy; and the effective use of campus resources; ensure adherence to budgetary policy, assessment of campus wide impact of actual or proposed operating budget policy, and the identification of when changes in policy are necessary. For selected Schools/Colleges and Administrative Units, serve as internal consultant, advising Vice Chancellors/Deans on application of UC and UCLA budgetary policy and practice to strategic planning and budgeting processes.

Qualifications/Skills: Working knowledge of strategic planning and budgeting. Ability to integrate complex operational and financial considerations while using critical thinking skills; Possesses an assured, professional approach in facilitating a wide range of programmatic and technical issues; Strong analytical skills to develop creative, creditable solutions and recommendations; Demonstrated skill in all facets of financial analysis, planning, administration, control and evaluation of a master budget with multiple fund sources; Knowledge of corporate accounting standards, GAAP, GASB (including internal and external audit processes), Sarbanes Oxley, and budgeting concepts; Demonstrated ability to coordinate, facilitate and chair meetings for the purpose of resolving differences and working toward institutional goals; Strong writing skills to produce effective reports, correspondence, and other documents suitable for signature by senior administration; Strong platform skills to make presentations to diverse academic and administrative groups at every organizational level; Demonstrated skills in using computer software to facilitate budgetary, programmatic and financial analysis; expert skills in MS Office (Excel, Word, PowerPoint, Access), MS Outlook, and SQL; Working knowledge of integrated financial systems and data warehouses, including budget input and reporting capabilities, Hyperion preferred.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: Brown Brothers Harriman Needs a Financial Analyst

Thumbnail image for Need_a_job.jpgBrown Brothers Harriman is searching for an experienced professional to join its Markets Division.

The position will involve financial analysis & strategic support including budgeting, forecasting, and reporting among other duties.

Qualifications include 5 – 7 years experience, CPA and financial services experience a plus.


Company: Brown Brothers Harriman

Title: Senior Financial Analyst – Global Controllers

Location: New York

Description: This individual will support Foreign Exchange, Equity & Fixed Income Execution, Equity Research, and Securities Lending (The’ Markets Division’) within Investor Services, and its management team. Providing financial analysis & strategic support including budgeting, forecasting, and reporting. This person will lead initiatives and manage product relationships within Markets while working closely with others on the Investor Services controllers’ team.

Responsibilities: Prepare and Present monthly and quarterly financial analysis presentations to senior management; Liaise with business to provide ad hoc reporting and analysis in support of strategic initiatives; Participate in revenue and expense analysis activities and make recommendations to management concerning financial issues and trends; Act as an agent for change by seeking continuous improvement and striving for excellence; Participate and lead in some cases the annual budgeting process and provide analysis of actual results to plan; Develop new reporting and analysis to support current and/or future needs; Assist in the implementation and development of client and product level profitability analysis for Markets; Liaison with Core Controllers, Operations, Systems and other internal groups to resolve issues.

Qualifications/Skills: Understanding of financial/accounting principles; Ability to write financial commentary on reports and analysis; Advanced Excel skills needed; Access skills are a plus; Strong analytical, planning and implementation skills; Understanding of product, industry and finance trends and concepts; Superior client service skills with a strong sense of urgency; Excellent oral and written communication, negotiation, and presentation skills; Excellent organizational skills; Ability to manage many concurrent responsibilities; Bachelor’s degree required; Accounting/Finance/Business focus preferred; 5-7 years related work experience in financial analysis or product control; Experience in financial services industry strongly preferred; CPA a plus, but not required

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Show Me the Money: Six Tips to Getting the Raise You Deserve

Ed. note: The following post was submitted to Going Concern by a reader who wished to remain nameless. The author works at a “local” CPA firm somewhere in this great land of ours.

The topic is actually very amusing and can cause several different angles over the almighty dollar. As an American culture, we seem to be quick to talk about the personal financial well being enclosed in our own homes. The items that separate the big dogs from the goldfish are numerous. Below are the reasons why I am a big dog and why you need to show me the money.


Know who you’re trying to convince – People often equate success to dollar figures, and I personally think salary or raises don’t always speak of high ethics or quality of a peords of caution are: know how your boss judges success. My boss judges it on money. The buck stops at that point. Therefore, when I spoke of my personal salary to him, I adjusted my strategy accordingly. He always talks with me about how he is doing personally, and how he is doing better than people at his level. This is due to the amount of responsibility and client base he possesses. Therefore, I changed the pace of my conversation so my point of view mirrored his. I brought up the point that the work I do helps him with his client base, and that my level of responsibility is more than a vast amount of my peers. As such, my salary should be adjusted accordingly.

Have the math to prove your position – Being in public accounting, we deal with numbers every day. Therefore, I made a spreadsheet that listed out changeability and realization (for those who don’t know, we bill by the hour). My numbers are then compared against my peers and when they are, statistics don’t lie. I am a big dog swimming with mostly fish. Point is again related to your audience in a way they can understand you. Accountants love numbers.

Tout your level of responsibility – I manage a large client base so the partner I report to doesn’t have to get involved as often as most. The reason for this is because I have set up and maintained client relationships so the client calls me instead of the partner. The clients understand that this is cheaper for them and also job security for me. When you do this, you make yourself more marketable and the partners see me as someone that his clients trust. With those client relationships come higher dollars. You have to separate yourself from your peers by going above and beyond. If you want to do the average and be a run of the mill employee, then expect the run of the mill pay.

I am involved in the community – By coaching little league football at a well known church, I interact with parents that might need a CPA firm to help them with tax issues or own a business that might need accounting services. Also by doing this, it shows the firm that I have no problems interacting with successful business people and can help them in various situations. I can grow the firm by doing this. Again, my peers don’t involve in the community as much as I do. This should be financially rewarded. I have an interest to bring in business, and should be compensated because of it.

I can leave this at any time – If my boss did not give me a descent raise, I was going to quit. I saw the storm coming, and therefore did all that I could prior to my salary evaluation. Quitting a job without another one lined up is a dumb move and would put my wife and me in jeopardy. I had (have) a job currently lined up and I could take it in a heartbeat. Therefore, I had my ducks in a row when I started to see the storm brewing three months ago. Always have a current résumé.

Be ready for the rebuttal – I know my weaknesses and had to be ready to discuss what I was lacking. I have not passed the CPA exam yet and that’s a huge drawback in my profession. So when I went in there, I had to tell him where I was in the process. Him knowing that I am taking care of it and not blowing it off, gives him a piece of mind that I am not average.

Case in point, just saying you want a raise and basing it off “because your deserve it” would make the employee look uneducated and should be embarrassed. You need to have a firm understanding of the reasons to justify your pay. In a pinch, always look at numbers. There is a reason 2+2=4 and will never equal 5. In a tough economy, you better have everything straight prior to walking into the boss’s office. When the economy settles, I’ll be expecting another sizable increase. If not, I will be very upset and will repeat the mentioned steps.

Trend of CFOs Transitioning to CEO Likely to Continue As Companies Refocus on Strategy

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

The need for a chief executive to work with boards and communicate with Wall Street has never been greater, and CFOs have experience in both those areas–making them excellent candidates for the top spot in an organization.

Companies are increasingly recognizing the value of this internal asset and promoting their CFOs to CEO, according to executive search firm Russell Reynolds’ Chief Financial Officer Moves North America, Q1 2010.


Currently there are some 50 CEOs in the Fortune 500 who were previously CFOs for the same company. Their numbers recently increased, at least on an interim basis, as Marcel Smits, the CFO at Sara Lee, was promoted to the CEO slot.

CFOs have been promoted to CEO typically in organizations that are heavy on logistics or analytics, says Christopher Langhoff, who specializes in financial officer assignments for Russell Reynolds. He offers the example of Clarence Otis, Jr. at food services firm Darden–which owns and operates restaurants such as the Olive Garden and Red Lobster.

Otis started with the company in 1995 as vice president and treasurer and progressed to CFO. He was appointed CEO in 2004. Similarly, David West joined the Hershey Company in 2001 as vice president of business planning and development and worked his way up to CFO, where he served from 2005-2007. He was promoted to CEO in 2007.

It’s rare, however, to see a move from CFO to CEO in the tech industry, says Langhoff.

The ascension of CFO to CEO is not likely to slow down any time soon. “We have more and more clients that are coming to us asking for a world class CFO that will likely be ready to be CEO in two to three years,” says Langhoff. “That’s a tall order. We looked back and many times prior to the appointment of a CEO, the person had served, on average 16 years at the company.”

The first quarter also showed a continued, robust turnover of CFOs in the middle market. “The lifespan of a CFO can be shorter than an NFL career,” says Langhoff. As for the rest of the year, Langhoff predicts more turnover. Over the past four months, Russell Reynolds reported a dramatic increase in search activity in the United States, Europe and Asia that spans industries.

The spike has been most pronounced within the financial services sector. Companies like Bank of America, Morgan Stanley, Neuberger Berman, Kellogg, PepsiCo, Walt Disney, Dow Chemical and CVS/Caremark all named new CFOs.

Says Langhoff: “When Sox was in full gear there was a need for a CFO who was a CPA. Now, companies are looking for a strategic CFO, a business partner. There could be a big shift.”

How Big of a Burden Will the New 1099 Reporting Requirements Be for Small Businesses?

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

Slipped into the health care reform bill passed in March was a new tax reporting regulation likely to create a huge burden for businesses, something we wrote about recently. Now a government watchdog, the National Taxpayer Advocate, is questioning the rule’s potential unintended consequences for small companies.

Plus, it looks like the regulation won’t raise a heck of a lot of money anyway.


The rule would require anyone with business income to issue 1099 tax forms to all vendors from whom they bought more than $600 worth of goods and services that year.

In her report, Nina Olson, the Taxpayer Advocate, warned that the rule could prove to be an unacceptable added burden for small businesses, which would face a virtual cyclone of new paperwork to comply with the regulation. “The new reporting burden, particularly as it falls on small businesses, may turn out to be disproportionate as compared with any resulting improvement in tax compliance,” she wrote. And the rule could also give an unfair advantage to large suppliers that have the resources to help customers track purchases.

What’s really going on here? The regulation, which would take effect in 2012, seems to be yet another attempt by federal and state government agencies to shore up revenues by cracking down on unpaid tax liabilities–and taking steps that intentionally or unintentionally impact small businesses in particular. For example, a bevy of agencies, plus Congress, are on a regulatory jihad against corporate misclassification of independent contractors. And there are reports that the IRS is especially eyeing small businesses in that crackdown.

Thing is, like that effort, the new 1099 tax reporting regulation isn’t likely to reap a whole lot of money. For example, the nonpartisan Joint Committee on Taxation recently estimated the rule would raise an underwhelming $2 billion annually in added revenue, according to CNNMoney.com.

Will the Taxpayer Advocate’s remarks have any effect? Even before Olson’s report, there were signs that the IRS had started to backtrack. For example, the IRS announced in May that the rule won’t include transactions made through credit and debit cards. As the tax agency addresses all the compliance complexities of the rule, it’s likely to make other changes, as well.

But with government agencies in desperate need of money, the reporting rule isn’t going to disappear completely.

Job of the Day: Fannie Mae Needs a Director of Financial Reporting

Thumbnail image for Need_a_job.jpgFannie Mae is looking for an experienced professional to fill a Director of Financial Reporting position in its Washington, D.C. office.

This person will be responsible for coordinating the execution of day-to-day operations of financial reporting.

Qualifications include 8 – 10 years experience, CPA and public accounting experience preferred.


Company: Fannie Mae

Title: Director, Financial Reporting

Location: Washington, D.C.

Description: Coordinate strategy execution for a broad area of financial reporting. Direct day-to-day operations for a unit engaged in compiling, reviewing, and/or transmitting accurate financial results internally to the firm points of contact or externally to regulatory bodies (e.g., FHFA, SEC) for inclusion in board reports, news releases, and public financial reporting. Articulate goals, allocate resources, and manage workflow.

Responsibilities: Lead activities related to accounting, control, and financial reporting for responsible areas. Ensure that monthly, quarterly, and annual financial reporting is accurate, timely, and based upon internal and external reporting requirements; Research regulations and trends. Participate in discussions and conferences with regulators and other industry representatives. Work to influence future regulatory developments and interpretations; Report to senior management on the unit’s production, activities, and efforts; Represent the unit as an expert or resource to cross-functional project or coordinating teams; Report to senior management on the unit’s production, activities, and efforts; Represent the unit as an expert or resource to cross-functional project or coordinating teams; Plan, document, and manage the performance of subordinate managers and/or staff. Provide for professional or technical growth through assignment, mentoring, or training; Plan and manage the unit’s budget. Approve expenditures or budget transfers.

Qualifications/Skills: Bachelor’s Degree or Equivalent required; 8-10 years of related experience; CPA preferred; Public accounting experience preferred.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Happy Birthday…Going Concern!

What were you doing one year ago today? Chances are, you were hating life on a Monday. BUT! This also marks the first birthday of this here publication. Some people around these parts view the jump to WordPress that happened back in January as a rebirth of sorts but if you’re counting days, then this #365.

If you’re feeling nostalgic, you can jump back to the welcome letter from the editor where we assured you that this was going to be anything but your typical site for the debit and credit enthusiasts out there and we hope that we have delivered in at least some regard.

After all, it’s not every day that you get to read about a PwC Happy Hour coming to blows (allegedly!) or how McGladrey is really into serving sugary refreshments.


And of course hotties and money. Oh, and hopefully some new ideas for your careers, some good CPA exam advice and everything else in between.

Whatever reason you visit Going Concern, we appreciate it. Yes, that’s a “thank you.” No really, THANKS! Our traffic is growing and that’s due to your loyalty to the site and sharing it with your friends and colleagues. Plus, thanks to all our advertisers who keep us chugging along, our Tweeps and friends. We really couldn’t do any of it without you (that includes noticing typos). Again, we’re being serious.

So going forward, what’s the mission? The goal? The end all to be all? World domination of course! But we need your help. We still need you to send us tips, story ideas, gossip and everything else in between because that’s what makes this fun. How do you do that? Well, you can email us at tips@goingconcern.com or you can @ or DM us on Twitter, or send us a message on Facebook. We’ll even talk to you on the phone if you prefer but that would involve emailing us first.

So, again, on behalf of everyone involved with Going Concern, thanks for your support!

Job of the Day: L.A. Hedge Fund Needs a Portfolio Accountant

Career Group Search has a hedge fund client in Los Angeles that is looking for a Portfolio/Fund Accountant to oversee the accounting of investment partnerships and separately managed accounts.

Ideal candidates have Big 4 experience and a CPA is preferred.


Recruiter: Career Group Search

Title: Portfolio/Fund Accountant

Location: Los Angeles, CA

Responsibilities: Reconcile daily transactions to prime broker or custodian; Resolve discrepancies and communicate with client and administrator in a timely manner; Provide performance analysis and reporting on accounts to investment analysts and managing partners; Prepare month end valuation statements and ensure accuracy of financial reports provided to clients and administrators; Prepare tax allocations for hedge fund; Prepare financial statements for hedge fund; Initiate cash transfers, check disbursements and wire transfers; Assist auditors in the audit of hedge fund and separately managed accounts; Assist with the pricing and review of portfolio securities; Account for complex securities including derivatives, bank loans and private transactions.

Qualifications: 4 year degree required in Accounting or Finance; Big 4 experience and CPA is preferred; Proficient with Excel spreadsheets; Experience with investment accounting a plus; Excellent communication skills; Candidate must be diligent and self motivated with attention to detail.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.