With the news this week that many listed businesses may be poised to delay publication of their 2020 results as a result of the renewed lockdowns and the ongoing challenges of the COVID-19 pandemic, the return to ‘normal’ that many businesses and teams hoped for 2021 may be further away than they think. Both finance departments and their audit partners amongst the big four are warning of a significant backlog of work, along with additional pressures on staff from school closures and the need to provide childcare.
Norman Broadbent has commented before on the expanding role of the CFO, which took a significant leap forward during the COVID pandemic as many CFOs took on additional responsibilities, which also trickled down to their teams. These twin pressures of increased workload and increased obligations at home have left many finance teams burnt out, and in need of support at the worst time of year, with almost half of all market-listed businesses having their year-ends in December.
While regulators are expected to make an announcement soon, perhaps extending reporting deadlines to relieve some of the pressure, the news will be of concern to many investors, who will be keen to see how businesses have fared in the tumultuous landscape of 2020, and their plans for the road to recovery.
Now, more than ever, the interim finance professionals we work with have a critical role to play in stepping into the breach and delivering real added value in supporting beleaguered teams to complete their reporting obligations and get back on an even keel. We have seen demand skyrocket for interim finance professionals with Plc Group Reporting expertise to support existing finance departments in the delivery of the financial accounts.
As cost control is imperative for many businesses, an interim solution is not only the most effective solution, but also often the most cost efficient. Interims are seasoned professionals well-used to the pressures of these critical financial roles, as well as adapting to new environments, working remotely, and so on. Their experiences of delivering multiple assignments in many other listed businesses is also a great advantage. Many of our clients have found this to be a more cost-effective interim solution, over alternatives such as utilising expensive big 4 accountancy staff to support in the delivery of the annual accounts.
If you would like to learn more about how interim executives can support your business, please contact Jonathan Stringer via
jonathan.stringer@normanbroadbent.com for an initial confidential conversation.