Director, Finance – Future CFO

Our customer is a profitable, family owned and operated, group of a variety of growing businesses based in Elmira, Ontario. Started in the 1920’s, the company has evolved into a diverse group of businesses based on a “We can do that”, entrepreneurial drive that has continued within each subsequent generation.

The Director, Finance – future CFO position is new role which has been created because the CPA, CA President is preparing to transition to become Chairman and will appreciate assistance from a fellow financial professional leader in helping the next generation progress forward toward broader leadership responsibilities. This Director, Finance – future CFO position reports directly to the CPA, CA President and dotted to the other two family member Owners. There is a direct report Controller who will appreciate direction and guidance in how best to significantly improve the timeliness and quality of the financial, bank covenant, tax and regulatory compliance reporting. Accurate and timely monthly financial reporting, dashboard/KPI development and ongoing reporting & variance analysis, cash-flow management, bank relationship management, strategic planning & budgeting are the hands-on focus of the incoming Director, Finance. Once those vital functions are effectively improved and/or established and, knowledge about the businesses and new project proposal writing and negotiation skills are sufficiently developed, the Director, Finance will come under serious consideration for promotion to CFO.

The salary range for this Director, Finance position is $110,000 to $122,000, (dependent upon experience and performance) benefits including RRSP matching, payment of annual CPA membership & training/P.D. fees and a personal performance based bonus of 10-20%.

If you are or know of a hands-on Chartered Professional Accountant who can effectively improve financial reporting, lead and motivate staff and wants to learn to develop and help negotiate large, multi-page, new business proposal bidding and funding acquisition projects, please arrange for a resume to be sent to client0201@financialinterviewer.com e-mail subject line: Elmira Director, Finance Application by February 15.

Please see position behaviours and responsibilities details below. No agencies please.

Position Behaviours

  • Gather facts and figures, monitor self and staff and achieve reporting and business process improvement goals in a timely and factual manner.
  • Set clear objectives for the finance and HR/Payroll team (EasyPay in-house payroll solution) , monitor progress, take corrective action and control performance levels.
  • Bring a sense of urgency to work situations, demonstrate an active approach, be willing to get personally involved in order to increase the pace and achieve monthly reporting goals and objectives.
  • Seek ways of improving procedures, raising standards, reducing time required to complete tasks, reduce errors and overcome omissions.
  • Focus on results and respectfully (never aggressively) tackle problems or conflicts which threaten their achievement.
  • Encourage staff and others to communicate effectively and through example and expertise create a participative and involved team atmosphere.
  • Have the focus and drive to achieve targets, budgets and results.
  • Make decisions as appropriate to the position, while at the same time ensuring others do likewise.
  • Have drive, self-confidence, accuracy and the ability to help each company achieve profitable results.
  • Respectfully, assertively, successfully overcome any opposition and resistance to ideas and/or process changes while also keeping pressure on staff to meet deadlines in an environment which will have variety and interruption.
  • Be self-starting, competitive, imaginative, enthusiastic, self-confident, inspiring, logical, systematic, precise and flexible.
  • Communicate effectively with others to understand, set new and then maintain high performance standards.
  • Strong people management and development skills. Involving staff and management in decision making involving their area, business unit or department.
  • Hands-on, effective use of MS Excel. Linked spreadsheets,V Look Ups, Pivot Tables, complicated formulas evaluating data and SQL data import from SAGE 300 to Excel skills are required to work with the custom report writing module to design near real time dashboard/KPI reporting for each business unit.
  • Flexibility and a team player so business needs and urgent demands are met while also effectively managing the day-to-day.
  • Excellent oral and written communications skills (English).
  • Well organised and able to effectively plan, organise and develop staff.
  • Strong, positive, business values and ethics and able to implement and/or maintain controls appropriate for an owner managed, business environment.
  • Able to work successfully within an family focused, entrepreneurial, environment where Owner priority is on professionally serving customers as effectively and profitably as possible while maintaining positive, long-term, relationships with all staff.
  • Comfortable regularly coming out of the office into each business unit to personally form and maintain positive relationships, obtain information and perspective and become as knowledgeable as possible regarding each business’ costs and information needs.
  • Quickly learn and effectively use the SAGE 300 (moving to the latest version in April) ERP software solution. Including the custom report writing module.

Position Responsibilities

  • Upon arrival, delve into the current processes for the non-consolidated financial reporting, the summary analysis work, tax reporting to the external accountants and professionally lead and guide the Controller and staff towards greater efficiency. Thereby streamline procedures so monthly reporting deadlines are reestablished and thereafter consistently met. Essentially, actively work to get everything caught up and in compliance with banking convenants and CRA reporting requirements.
  • Ensure that all tax return related financial data has been provided to the appropriate external accountants and then monitor and grow positive business relationships with the related Partners and representatives from the two CPA firms utlised for both tax, Notice-to-Reader and Review engagement functions. (April 30th for most of the year-ends).
  • With a focus on improving or enhancing processes, procedures and/or controls, meet with the Controller and the HR Manager and staff. form and maintain positive, proactive and productive business relationships and thereby enhance and/or streamline the professional services provided by the team.
  • Within 30 days, develop a broad understanding of the business structures – what and where each business is, what and how it produces and which types of markets and/or customers each serves. Establish business relationships with the Owners and operations leaders responsible for each business and understand what type or financial and business analysis reporting is required and why.
  • Within 60 days, develop a formal plan to improve current financial reporting processes and controls. Once approved by the CPA, CA President, influence staff regarding the need for the approved changes, why and what the benefits for each business unit will be when timely, monthly, reporting is resumed and then work with and train staff to implement and maintain the new performance requirements.
  • At approximately 60 days, will have made significant inroads towards getting the banking convenant reporting requirements back up-to-date and have opened a positive business relationship with the bank representative(s).
  • After approximately 90 days, in co-operation with the CPA, CA President, begin to form positive business relationships with the non-bank lender(s) and understand their information requirements, service options and communication expectations – especially regarding new, large project funding initiatives.
  • By 120 days, establish and personally perform monthly Cash Flow Management and reporting functions.
  • Provide administrative support for Sales Management. An effective information exchange is required so Sales Rep. and profitability performance can be clearly understood and informed, timely decisions and actions can be taken.
  • Under the supervision of the CPA, CA President, begin to take over responsibility for the insurance contract(s) and renewal negotiations and related relationship management. And, when needed, assist the CPA, CA President to create a bonding facility so cash requirements upon the business are the least demanding/draining.
  • Acting as a financial advisory to the VP/Owner Manager of the real estate/land development and property management group of businesses, provide effective Transfer Pricing business advice in the best interests of the bottom line.
  • At or soon after 120 days, begin to take on the leadership of the costing and margin analysis functions. Accurate costing is essential for proper margin analysis and effective cash flow management.
  • Around 180 days, with input from the Controller and HR Manager, complete an evaluation of staff strengths, interests and potential and discuss an optimal structure for the accounting department with the CPA, CA President for the family to consider.
  • After approximately 180 days, for each business, introduce Scorecard/KPI formal reporting and have that in place for all businesses 6 months after that.
  • At or as needed before 210 days, in conjunction with and under the guidance of the CPA, CA President, facilitate the assembly of business plans for each business unit and then, with the operational leaders, monitor variances and assist them in enhancing the efficiency of each operating company. Budgeting and forecasting will be new exercises for management and will need to be effectively explained and introduced within a business culture that has traditionally only focus on customer needs and satisfaction. Generate ad hoc reports as needed.
  • After approximately 210 days, under the guidance of the CPA, CA President, examine the reporting structures of the group of companies and discuss reorganisation options that will effectively simplify the business structure.
  • By approximately 240 days, under the guidance of the CPA, CA President, analyse day-to-day trends, opportunities and threats likely to affect the long-term strategic plans and/or budgets of each of the operating businesses. Discuss the subsequent reporting/findings/recommendations with appropriate business unit leaders.
  • At or after approximately 365 days, in cooperation with the related business unit leader(s) and the CPA, CA President, diligently work, hands-on, to develop business plans and proposals and review any resulting proposals in detail prior to presentation for final signature. Work with the next generation of family business leaders by proactively leading these functions as the President transitions towards Chairmanship.
  • Annually, liaise with and provide accurate and timely financial information to the external accountants for Notice-to-Reader or Review and tax compliance purposes (April 30th is the year-end for most of the businesses).
  • After approximately 1 year, help quarterback the process of bringing in a streamlined business structure – as appropriate for the next generation of family business leaders. And, spearhead the tax planning to prepare for a successful transition of Ownership.
  • Between 1-3 years, upon the President’s transition to become Chairman, work together on major investment evaluations and negotiations.
  • Other tasks and projects, reporting requirements and participation in special projects required of a senior financial professional looking to serve as a highly effective process improvement , staff leader and key financial professional team mate within a family owned and managed, transitioning to the next generation, group of diverse businesses.