Routine reconciliation and financial reporting: For many recently downsized staffs, this is tedious work that takes up too much of their already overworked days. Wouldn't it be great to hand the job off to someone else? That's the current thinking of the new CFO of a $900 million Midwestern manufacturing company.

After she was unable to fill two vacated senior-level positions recently because of cost constraints, the CFO started considering how to accomplish various prosaic duties and still have time left for everything else. "If I lose one or two more of my staff, I am dead in the water," she says. "We'll be starting to look at 18-hour days."

Even worse, the mind-numbing, labor-intensive work takes her staff away from tasks that are infinitely more strategic or projects that could further develop important skills. "They're a great group. And I don't want them to burn out," the CFO says.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.