Keep a financial model usable after the CFO engagement ends

Ask for the model handover terms while discussing the engagement, when both parties can still adjust the scope. Identify the files the company will receive, the permitted uses and any components the adviser licenses rather than transfers. An exported PDF gives management a record of the recommendation but may not let the team update next month's forecast.

List dependencies separately: spreadsheet add-ins, external databases, connected reports, scripts and paid software. Record which subscriptions the company must hold and whether access survives the adviser's departure. Have an appropriate adviser review unclear intellectual-property terms. Do not assume that paying a consulting fee transfers every reusable template or third-party license.

Name the internal model owner before arranging training. Give that person the access and time needed to maintain the file. If no one can realistically take the work, compare a limited support arrangement with simplifying the model. Leaving a complex forecast with an employee who cannot obtain its source data makes the handover incomplete.

Request a short operating note describing the model's purpose, the inputs that change, their source, the update sequence and the checks to review. ICAEW's spreadsheet principles recommend documentation that fits the audience and allows a capable user to operate and maintain the workbook. Tailor the note to this company's actual monthly process.

Use a copy of the approved model and a genuine completed reporting period. Have the replacement owner load the inputs, refresh the calculations and explain the resulting movement while the author observes. Record the points where they need help. An observed update tests the handoff more directly than a presentation in which only the author operates the file.

Then introduce a clearly labeled test change, such as moving an expected collection into the next month. Check that the output behaves as intended and that any alerts remain visible. Restore the approved inputs afterward. Document discrepancies for correction before the business relies on the next forecast.

Include external connections in the exercise. Open the model under the company's own account, from the location where it will be maintained. A file that refreshes only on the consultant's computer still has a dependency to resolve, even if the calculations themselves are sound.

Store the accepted model with its source extracts, assumptions and review date. Keep later working versions distinguishable from the version used for a board or lender decision. Record known limitations precisely: a product group excluded from the model, a manual adjustment awaiting replacement, or an assumption with limited evidence.

Agree who corrects defects identified during the handover and whether any support period applies. Separate those corrections from requests for new functionality. Retain a route to recover files and business access if a staff member leaves, using approved company systems and appropriate access controls.

Before closing the engagement, ask the new owner to produce the next scheduled output without assistance. Resolve any remaining dependency or document a funded plan to handle it. The acceptance record should name the owner, the version received, outstanding work and the date responsibility changed.