Chief accountant leaves – how to ensure continuation of accounting processes?

This article answers the following questions:

• How can a company replace the chief accountant?
• What are the benefits of the accounting staff replacement service?

In all businesses, a chief accountant serves a prominent role. A person in this position is in charge of a number of key responsibilities – from supervising all accounting processes, through managing the team that effectively keeps accounting records, ending with ensuring the accuracy of tax settlements and all types of reporting. Often, the success of a company relies on the quality of the activities carried out by the chief accountant – without them, many companies would not be able to operate at all, let alone achieve success or any spectacular results whatsoever.

Adding to this the ever-changing legal regulations (and frequent problems with their unambiguous interpretation), the variability of tax issues, convoluted accounting processes and the constantly increasing level of complexity of transactions, we can safely say that the unexpected departure of a chief accountant from the company sounds almost like the end of the world as we know it. In the face of such a massive change, the business is put to a serious test – how to replace the chief accountant and fulfil their duties? How to handle ongoing company operations without such a high-profile person? Although it may seem that without a chief accountant it is impossible, you still can get out of this situation unscathed.

Departure of a chief accountant – what are the options?

Illness, a desire to rest or change profession, maternity or parental leave – there are many reasons for leaving work or taking a long break. A chief accountant, like any other employee, may surprise the employer with a desire to resign suddenly, may want to pursue a completely different career or need a longer break. Therefore, companies should brace for such an eventuality and know the possibilities that are still on the table to be able to cope with such a baffling outcome.

The employer can in fact make one of two decisions – and here we’re discussing both solutions.

1. Immediate initiation of the recruitment process and hiring a new employee for your accounting team

This solution is neither cheap nor easy, and usually time-consuming, as finding the right employee for the position of chief accountant that would meet some clear-cut expectations and boast highly specialised competences in a given industry is often quite a challenge. An extended period of searching for the best candidate translates to a long-term instability of accounting processes in the company (and often a drop in their quality), and consequently, confusion and anxiety of other employees who may fear the negative implications of lacking a chief accountant in the company. Some of them, due to the absence of such a key role, may also consider quitting. Some will indeed leave.

2. Replacing a chief accountant (accounting supervision)

This is nothing more than leveraging the knowledge of an experienced partner who provides accounting supervision services, thus enabling the company to maintain the continuity of accounting processes in the absence of its chief accountant, without compromising quality and timeliness. A service such as outsourcing of accountancy is usually provided by a team of people who specialise in carrying out various types of tasks related to finance, depending on the current needs of the clients – it is no different in our case when we carry out accounting supervision.

As an international consulting company, RSM Poland provides its clients with comprehensive accounting services, delivering top solutions. Based on many years of experience in cooperation with companies representing different cultures and business sectors, we offer full support in managing the finances of the company or implementing selected processes, characterised by a flexible approach. Our specialists can offer extensive knowledge and quick provision of financial supervision in the absence of the chief accountant in your company. Under the accounting supervision service we offer, we take over the scope of tasks (in whole or in part) and the responsibilities of the chief accountant. This is aimed at alleviating the pain of having to deal with the absence of a crucial employee.

Replacement for accounting staff offered by RSM Poland – what do you gain on signing the agreement?

During the absence of a chief accountant, we may complete for you a whole range of activities that are necessary for maintaining the proper course of financial and accounting processes in your company. Immediately after identifying the accounting areas that require tax analysis and possible irregularities, we will pass on the necessary financial data and other documents to our tax advisor, and afterwards – in line with existing needs – we will take care of:

• supervising all accounting processes and streamlining them over the period of replacement;
• reviewing accounting books;
• providing support to your in-house accountants;
• drafting (or reviewing) tax returns;
• drafting (or reviewing) financial statements;
• providing support during financial as well as tax audits and fiscal inspections.

You don’t have to dread the absence of a key employee ruining your business and accounting – we will arrange the best replacement for an accountant for you and, thanks to our support, you will be able to focus on expanding your business even without this missing link, providing ongoing services while maintaining (or even enhancing) quality levels, and effortlessly perform your daily business duties.

Identification of inefficiencies in accounting processes is the key to success

The expertise and many years of practice of our experts allow for effective identification of all possible frictions in the accounting processes run in your company. Thanks to our support for the period of replacement, you will be advised on the areas that call for streamlining as well as some ready-made solutions that we will implement with your consent, while ensuring compliance with all due diligence principles. We will effectively support your activities in the absence of the chief accountant, allowing you to continue to effectively conduct business activities.

Our longtime presence on the professional services market guarantees knowledge of all financial and accounting aspects, while our flexible, individual approach – fruitful and trustworthy cooperation during a definite-period replacement.

Replacing an accountant ensures continuity of accounting processes

Our observations show that present-day enterprises are increasingly (and more willingly) outsourcing their accountancy to external, professional companies, to be able to focus on their core business goals. A sudden disappearance of a chief accountant may not be common, yet it does happen and can happen in every company. In order not to stress out about how the company's accounting will go, it is worth considering whether outsourcing the accounting could in fact be the solution. Taking informed decisions is key.

Our success stories show that this type of cooperation not only brings added value to the client, but also shows a number of other advantages. 

One of them is undoubtedly the flexibility and the ability to customise this solution in order to cater for the individual needs of the company. The client can continue cooperation after the chief accountant returns or after hiring a new one, but they do not have to – the decision is up to them. By deciding to continue the cooperation, they gain tremendous support of our expert for the returning or new employee and time for peaceful introduction to the old or new duties, while our experts take care of the ongoing accounting processes in the same way as when the head of the accounting department was out.

Benefit from the expertise of our outsourced accounting professionals

If your chief accountant had to take a longer leave for some reason or is forced to suspend their career for some time, we strongly recommend that you take advantage of the expertise of our reliable employees who will allow you to maintain the continuity of your accounting processes, without any financial damage to your company, and effectively run your business.

Contact us – we will surely help and figure out the best solution. Our experts are at your disposal.