Canadian CFO’s on the Move – week ended May 28, 2010

Winalta Inc. (TSX-V: WTA.A) announced that Todd Channon will be resigning as CFO, and replaced by David Hopely. Mr. Hopely was previously Corporate Controller of the Company.

Efficiency Nova Scotia Corp., created in October 2009 to take over from Conserve Nova Scotia in helping people save electricity, has named Susanne Willett as interim CFO.

International Datacasting Corporation (TSX: IDC) has announced that Susan Robbins Parsons has resigned her position as the Corporation’s CFO and Corporate Secretary.

Teranet Inc., which manages Ontario’s Electronic Land Registration System, has announced that Gregory Pope has joined the organization’s leadership team as Vice President, Finance and Chief Financial Officer.

VersaPay Corporation (TSX-V: VPY) announced that Bill McGill has been appointed Acting CEO. Mr. McGill was formerly CFO of the Corporation.

Wescorp Energy Inc. (NASDAQ OTCBB: WSCE) announced that Mr. Robert Nicolay has been appointed CFO, a position vacant since 2008. Mr. Nicolay, who has served on the Board of Directors of the Corporation since 2006, will perform the functions of CFO on a part-time basis.

GENIVAR Income Fund announced that Alexandre J. L’Heureux, CA, CFA, has been appointed as Chief Financial Officer effective July 1, 2010. Mr. L'Heureux will succeed Marcel Boucher who will remain with GENIVAR as Executive Vice-President.

Imperial Ginseng Products Ltd. (TSX-V: IGP) announced that Ms. Amelia Yeo has been appointed Chief Financial Officer. Prior to her appointment, Ms. Yeo was the controller of the Company.

Panthera Exploration Inc. (TSX-V: PNX) announced the appointment of Bassam Moubarak to the position of Chief Financial Officer and Corporate Secretary, replacing Acting Chief Financial Officer, Michael Clark.

Royal Roads Corp. (TSX-V: RRO) announced the appointment of Ms. Teri Anderson, MBA, CA, as its Chief Financial Officer ("CFO") , replacing Ms. Stacey Stone, who resigned as CFO of the Corporation effective April 30, 2010.

Polo Biology Global Group Corporation (TSX:V – PGG) announced the appointment of Xiao Qin (Mary) Ma as Director and Chief Financial Officer effective June 1, 2010.

If you have news about CFO’s on the move, or any comments on this feature, please email us.

Canadian CFO’s on the Move – week ended May 21, 2010

Xebec Adsorption Inc. (TSX: XBC) has announced their hire of Ginette Gagne as CFO, effective April 8, 2010. Ms. Gagne most recently held the position of CFO at CryoCath Technologies, a publicly-traded, Montreal-based company which was recently acquired by a multinational medical technology company.

Glentel Inc. (TSX: GLN) announced the retirement of Dale Belsher, CFO of the Company, effective June 30, 2010. Mr. Belsher will transition his duties to Jas Boparai, previously Director of Finance, who has been appointed CFO effective June 30, 2010.

TransGlobe Internet & Telecom Co. Ltd. (TSX-V: TTI) announced the appointment of Mr. Soon Kim, CA, as interim CFO.

Copper Reef Mining Corporation (CNSX: CZC) has appointed David Kendal at the Company’s CFO, replacing Bill Jackson, who will be retained as assistant secretary of the Company.

C.A. Bancorp (TSX: BKP) announced that Paolo De Luca has left his position as CFO of the company, and has been replaced by Paul Haggis, a director of the Company, as interim CFO.

Dalmac Energy Inc. (TSX-V: DAL) has promoted John Beasley from Finance Manager to CFO, taking over the CFO role from John Babic, the President and CEO.

Bellhaven Copper & Gold Inc. (TSX-V: BHV) announced the hiring of Ms. Maria Milagros Paredes to the position of Chief Financial Officer of the Corporation.

CRS Electronics Inc (TSX-V: LED) has appointed Paul Haber as interim CFO, replacing Colin Digout, who has resigned as CFO. Mr. Haber was previously Chair of the Audit Committee of the Corporation.

If you have news about CFO’s on the move, or any comments on this feature, please email us.

Canadian CFO’s on the Move – May 17, 2010

The Financial Statement is proud to offer our new weekly feature – Canadian CFO’s on the move.


May 14, 2010 – Terraco Gold Corp. (TSX-V: TEN) has announced a change in CFO – Bryant McKenzie replaces Rajwant Kang as CFO of the Corporation.


May 13, 2010 – Platinum Communications Corporation (TSX-V: PCS) announced their appointment of Katherine M. Kirkup as CFO


May 11, 2010 – Century Energy Ltd. (TSX-V: CEY) announced that Douglas Baker has been appointed Chief Financial Officer. Mr. Baker replaces Jane Costello as CFO.


May 10, 2010 – Athabasca Minerals Corporation (TSX-V: ABM) has announced that the CFO of the corporation, Kevin Spitzmacher, has resigned as the Chief Financial Officer. In the interim, the President and CEO of the corporation, Udomdej Kriangkum, will act as interim CFO until a suitable replacement is appointed.


May 6, 2010 – Cryptologic Limited (TSX: CRY) announced the appointment of Huw Spiers as Chief Financial Officer of the Corporation, effective August 15, 2010. Mr. Spiers will succeed Stephen Taylor as CFO.


If you have news about CFO’s on the move, or any comments on this feature, please email us.

Pearl of Wisdom: It's so simple.

One of the things I truly enjoy about what i do is that I meet with intelligent, capable, and personable people. Daily.


Yesterday I interviewed an experienced financial professional that was coming off a difficult mandate with a company that was going through a restructuring. He said:


"It's so simple. When a company's financial systems don't work, it is hard to see where the problems are. And once you clean it up, it is usually too late.


In all my experience, I have never seen a company in financial difficulty that had the information they needed to make good business decisions."


Lessons Learned:

- Implement a financial system properly, the first time.
- If you have problems with your financial system, fix them before it's too late.



It really is so simple.

For all you Federal Budget Junkies (2010 version)

Here is a list of Budget updates I received this morning.

I'm going to take the weekend to look at them (they help me sleep), but there may be gold in here... Happy Budget reading.

Fuller Landau

McCarthy Tetrault

RSM Richter Chamberland

Osler, Hoskin & Harcourt

Ernst & Young

If you have others you would like to add to the list, let me know.

Happy Reading.

Recruiters: Should your connections be viewable?

Recruiters: Should your connections be viewable? - http://bit.ly/ac54dD

Follow this link for an intersting discussion on LinkedIn about whether recruiters should allow others to see their connections.

Growing Businesses and the Accounting Function

A Visionary Entrepreneur has the talent to build an amazing business from scratch, while overcoming multiple obstacles along the way. Many visionaries do not give enough attention to the accounting function as they grow their business into a successful enterprise.

A small business as it grows needs to ensure that it manages its cash - accrual accounting and month end closes are not critical - focusing on building your business is.

As a small business becomes a big business, it is time to stop treating the accounting function as a necessary evil or as a means to an end, but as a critical and crucial part of your business.

Successful businesses need accurate and timely information from their accounting department that will allow them to make appropriate and profitable business decisions. Receiving incomplete and possibly inaccurate accounting information 45 days after month-end does not benefit the business.

As companies grow, they classically underhire in their accounting department. Thinking that they are saving money, they are delaying the inevitable.

Process. Procedures. Controls.

Companies that have not focused on these three words while they were growing had better start. These three words are the basis of accounting for larger companies. These three words will provide managers and owners with accurate, reliable and relevant information to be able to make appropriate, timely and profitable decisions.

If you find yourself in the situation as I described, do not despair. Your accounting department can deliver. You need to you put in place a plan to quickly to remedy the current situation.

How?

While many companies believe that hiring people to fix an accounting department is the right approach, it may not be the first step to take.

From my experience, when a company needs to fix its accounting department, the first step to take is to bring in a team of accounting consultants to put in process, procedures and controls. This can be very effective in ensuring the growth of their company. Companies that fix this problem first, and then hire the right people for their department, are in a much better situation.

The challenge of being a Visionary continues as your business grows. Building an effective and efficient accounting department will allow you to have the information necessary to continue being that successful Visionary.