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A strong accounting team helps your company maintain financial health and make informed decisions. However, over time, even a solid team may begin to show signs that change is needed. Being proactive and finding ways to grow accounting team efficiency is a smart idea to avoid falling into outdated processes or missing opportunities.
This article will walk you through clear signs that your Chief Financial Officer (CFO) should take action and lead a team revamp.
Poor Financial Reporting and Missed Deadlines
When reports are late or full of errors, it’s time to scrutinize your accounting team structure. Mistakes and delayed reporting create confusion, which can cause significant damage to staff opinions of leadership. If your monthly close is dragging on longer than it should, or if your team struggles to provide clear financials, it’s likely a structural issue, not just a one-time mistake.
Late reporting often indicates that the accounting team is overwhelmed, lacks adequate training, or doesn’t have the necessary tools in place. A CFO who notices this trend should take it seriously. Accurate and timely reporting isn’t just a nice-to-have; it’s a requirement for making confident business decisions.
Lack of Visibility Into Key Metrics
A company’s accounting department should go beyond the basics of bookkeeping and help paint a clear picture of business health. If your CFO can’t quickly access metrics like gross margin, cash burn, or customer acquisition cost, it could mean the team isn’t aligned with broader goals.
Revamping the accounting team may involve hiring financial analysts, upgrading systems, or introducing more effective forecasting tools to support informed strategic decisions.
When You Need To Grow the Accounting Team To Match Business Growth
As a company expands, it becomes harder for a lean team to keep up. If your finance staff is struggling to support new departments, product lines, or markets, your CFO may need to upgrade accounting staff and strategies. Sticking with the same structure that worked when the company was smaller can slow down progress and lead to bottlenecks.
Growth may require adding specialists, using outsourced accounting teams, investing in new systems, or reassigning responsibilities more effectively to keep pace with the increasing complexity of your operations.
Constant Firefighting Instead of Forward Planning
If your accounting department is always reacting instead of planning ahead, that’s another red flag. Teams that focus solely on fixing errors or scrambling during audits can’t dedicate time to forward-looking work, such as budgeting, forecasting, or growth planning.
This is a clear sign the CFO needs to rebuild the accounting department structure and functions in a way that steers the business forward.
Turnover, Burnout, or Low Morale Among Staff
High employee turnover or signs of burnout within the accounting team may indicate deeper underlying issues. Perhaps the workload is too heavy, roles aren’t clearly defined, or the team isn’t receiving the necessary support.
If team members are constantly leaving or expressing frustration, the CFO should examine the department’s systems to identify potential issues. It may be time for an accounting department upgrade. Or it might be a call to redistribute responsibilities, hire more support, or clarify processes to improve morale and retention.
Struggling To Grow the Accounting Team With the Right Talent
One major challenge companies face is hiring skilled professionals who can support both day-to-day operations and long-term strategy. If your CFO is having a hard time finding or retaining the right people, it may signal issues with how the department is structured or how roles are defined.
To grow the accounting team successfully, leadership may need to refine hiring practices, provide more effective training, or foster a stronger workplace culture that attracts top talent.
Weak Internal Controls and Risk Exposure
If audits reveal repeated issues or your team is falling behind on compliance, that’s a major concern. Internal controls are the safety net of any accounting function. Without them, your company is vulnerable to errors, fraud, or regulatory trouble.
A CFO needs to regularly evaluate whether the team has enough checks and balances in place. If not, a revamp might include strengthening processes, separating duties more effectively, or bringing in outside expertise to close gaps.
Disconnect Between Finance and Other Departments
A strong accounting team should work closely with other departments, such as operations, sales, or marketing. If other departments complain about slow response times, confusing reports, or a lack of collaboration, it may be time to rethink how the accounting team fits into the broader organization.
The CFO plays a key role in making sure finance supports (not slows down) decision-making across the company. Improving communication channels, clarifying responsibilities, or embedding finance partners within departments are all steps that can help enhance efficiency.
The CFO Is Spread Too Thin
Sometimes the clearest sign that the team needs to change is the CFO’s own bandwidth. If your CFO is spending too much time double-checking journal entries, cleaning up reconciliations, or answering basic questions that should be handled by staff, it means the structure is off.
A well-built accounting team should enable the CFO to focus on higher-level strategy and growth, rather than getting bogged down in daily operations. If that’s not happening, then a structural update may be overdue.
Revamping Doesn’t Mean Starting From Scratch
It’s important to remember that a revamp doesn’t mean firing everyone or starting from scratch. Often, it’s about reassessing roles, upgrading tools, and providing the team with a clearer path to success.
With the right leadership, many teams can thrive with better direction, more support, and a renewed focus on strategy. The CFO’s job is to recognize when that moment has come and act on it.
FAQs About When Your CFO Should Revamp and Grow the Accounting Team
What are common mistakes CFOs make when reorganizing or growing an accounting team?
One common mistake is moving too quickly without involving key team members in the planning process. Others include failing to define new roles clearly, overlooking existing team strengths, or implementing new tools without proper training and support. A thoughtful, phased approach tends to work better than sudden overhauls.
How often should a CFO evaluate the accounting team’s structure?
At a minimum, the team structure should be reviewed annually or after any major business milestone (such as a funding round, merger, expansion, or leadership change). If the company is growing quickly, reviews should occur more frequently to ensure the team can scale with the business.
Should startups worry about growing the accounting team early on?
Yes. While early-stage startups often run lean, setting a foundation for scalable financial systems early can prevent costly errors down the road. Hiring even one experienced finance professional or a fractional CFO can help guide proper reporting, budgeting, and compliance.
What’s the difference between revamping and replacing the accounting team?
Revamping involves restructuring or upskilling the current team, often without replacing all team members. It could involve adjusting roles, refining processes, or introducing new tools. Replacing implies removing and hiring staff entirely. Most businesses benefit more from revamping and leveraging the talent already in place unless deeper issues exist.
How do you measure whether the accounting team is improving after changes?
Watch for faster close cycles, fewer errors in reporting, improved forecasting accuracy, and stronger collaboration with other departments. Finding ways to grow accounting team morale and retention can also serve as indicators of progress. Setting clear KPIs tied to efficiency and accuracy helps track improvement over time.
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Matt Garrett is the Founder and Chief Executive Officer of TGG. He is a regular speaker across the country on behalf of Vistage educating business owners on the need for sound financial practices, and is Vice President of the Board of Directors of FINACA. Under Matt’s leadership, TGG has received the following recognition: INC. 5000 top companies in the U.S. five years in a row; one of “San Diego’s Fastest Growing Companies” the past four years; and is among San Diego’s “Best Places to Work.”
