I can’t think of an industry that isn’t impacted by the current talent crunch we are experiencing. It’s hard to find enough people, but especially difficult to find the right people. With a career dedicated to helping companies build out their accounting and finance departments, I’ve learned invaluable lessons that can help CFOs navigate this talent scarcity and fortify capacity effectively.

Lesson 1: Trust but verify

You’re a CFO and have a lot on your plate, so delegating day-to-day tasks to your controller and staff is normal. That isn’t a problem. It only becomes a problem when you assume no news is good news. I can tell you story after story of leaders completely stepping out of the daily work to focus on strategy, only to discover later that things weren’t running as smoothly as they thought. The answer isn’t to micromanage and be involved in every decision. Instead, prioritize consistently taking a look under the hood. Ask yourself:

• Are the numbers correct? Review work papers and reconciliations to confirm.
• Is the technology being leveraged as intended? Understand the technology well enough to recognize when people are using workarounds.
• Are processes and procedures documented clearly, and are people held accountable? Review training manuals and schedules.
• Do people have the resources they need to succeed? Communicate with the team, ask questions, and be open to feedback to identify resource gaps.

Lesson 2: Capacity building goes beyond hiring

When your staff is overwhelmed, working long hours, and making mistakes, it’s easy to think that hiring more people is the only solution; but there are cost-effective, scalable alternatives you might consider.

• Automate. Setting up automation, such as implementing an automated accounts payable workflow solution, can relieve your staff from mundane, repeatable tasks and free up time for higher-value activities.
• Implement flexible staffing. This can mean offering flexible schedules or part-time, seasonal, or as-needed work. Stay open to possibilities because not everyone is looking for a full-time job.
• Outsource. There are no geography constraints, so expand your talent pool; there are skilled, hard-working people all over the world and firms that specialize in helping you find the right talent.
• Network. Join association groups, attend events and conferences, and create content. Show who you are and what you and your company believe; like-minded people will come to you.

Lesson 3: Embrace technology strategically

It’s easy to get overwhelmed by the variety of accounting tools available and their frequent release of new features and upgrades. Some companies are assessing their needs, mapping pain points and building a tech stack around alleviating them. Others have already adopted new technologies but could benefit from better understanding how their tools integrate and if they have gaps. No matter your technology maturity, start by identifying what processes require a new approach to alleviate bottlenecks and drive efficiency. What is involved in embracing technology?

• Research. Do your research but involve others in the process; ask colleagues about their favorite tools and what problems they solve. Most importantly, involve your team in the research and decision-making process. They will be the ones using it daily, so make sure it fits their needs.
• Implement. Implementation is the hard part; the key is to assign dedicated personnel or bring in an outside party that knows your business, the technology, and your industry to help ensure planning and implementation aren’t disruptive to your team.
• Refine. The more you experiment and learn, the more you can leverage advanced features and innovations for even greater benefit. Stay agile and listen to changing needs and feedback.
• Train. Having new technology is great, but not if everyone uses it differently. Document your processes and provide ongoing training to your team. Consider external training and certifications to build knowledge.
• Don’t get too comfortable. Completing your implementation is a huge relief, but you’re not finished. Assign a team member or an outside party to help track new operating system releases, the rollout of new products and features, and the applications set to be sunset.

Capacity management is a continuous journey, not a one-time destination. As your business grows and evolves, your capacity needs will shift, and you'll need to adapt your strategies accordingly. But you are not alone on this journey. Many resources are available, and the Client Advisory Services team at CohnReznick is just one of them. By implementing the lessons discussed here and staying proactive, you can build a resilient and scalable organization capable of sustaining expansions and contractions in your business while delivering exceptional value.