It’s the phone call nobody wants to receive: a senior level staff member at your nonprofit organization has a personal emergency or has fallen ill and is in the hospital. Not only are you worried about them, but you’re also worried about fulfilling their obligations in light of an impending annual audit or year-end close. There’s a lot to do and you’re short a critical staff member’s talents.
While your team member is recovering or dealing with personal issues, you can fill that vacancy in several ways. The first thing to remember is that no matter how stressful things seem, there’s always a way to solve a problem. You can’t replace someone, but you can fill a vacancy.
Replacing Senior Financial Positions
Your organization’s controller, chief financial officer, or other senior-level accounting or finance person is likely responsible for many tasks. She is responsible for overseeing the accounting and finance teams, for apportioning funds, and for general fund accounting. She may be responsible for investments and for leading the end of year close or audit. All of these tasks are vital for the health and well-being of your organization.
First, decide how long you’re going to need someone for the temporary vacancy. If it’s just for a few days, someone from within the department is likely able to step in and lead open projects. If it’s weeks or months, however, you’ll need something more permanent to keep the work moving along.
Consider whether or not a consulting firm can fill the gap. Consultants offer many advantages over temporarily replacing an open position. A consulting firm can offer expert advice and insights that not only help you over the current bump but may provide long-lasting benefits for your organization.
You have several options to fill the gap left by an unexpected vacancy. You can:
- Temporarily promote from within: Is there someone on the current team who can step into the role, even if it’s just temporary? Often you’ve got a star player already on the team who understands what needs to be done and who can lead the charge. Look within first to see if anyone fits the bill.
- Work with a placement firm: Some placement first specialize in filling temporary finance positions. These firms screen senior and mid-level executives for you, and can find a consultant to fill the role. It may take that person a few days to fully understand the organization, and there may be cultural gaps as they learn the ropes at your nonprofit, but this can be a good measure if the position will be vacant for several weeks or months.
- Hire a consulting firm: Firms such as Beck & Company can step in and lead the team temporarily. We can help you prepare for end of year close, a nonprofit audit, or an upcoming board meeting. We work as business consultants as well as accountants and have a team of CPAs, financial and business experts in the nonprofit world, ready to work with you.
At Beck & Company, we can help you get back on your feet when an unexpected vacancy stops progress on accounting and business projects. We can help you sort through the stress of an impending audit or help you figure out what needs to get done. Our consultants specialize in the world of nonprofits. We provide independent auditing, accounting, tax services, and consulting to help keep your organization’s finances running smoothly. Fund accounting is just one of our many specialties. Contact us today or call 703-834-0776 ext. 8001.