Mastering change management with Invoca’s Jessica Peng

In this episode of Controllers Classified, host Erik Zhou welcomes Jessica Peng, Controller at Invoca, to delve into mastering change management. Jessica got her start in a Big 4 helping companies build the right controls as a part of SOX readiness. This experience being audit side shaped her approach to controllership in many ways, including her willingness to push back on her auditor partners now when they have asks that place undue burden on her team and her desire to always balance efficiency and effectiveness in her controls.

Jessica briefly touches on her team structure and priorities, and then dives deep into a discussion on change management, using a two-year journey to implement a new revenue recognition process and system as her example throughout. In this example she highlights:

• Why a discovery process is important prior to implementing new tools or systems
• How to adjust on the fly when you identify new dependencies after the discovery process
• The best way to engage cross functional partners and executives in change management
• Considerations for managing a high-performing team through change

Ultimately Jessica’s reflections offer a practical roadmap for organizations undergoing major system changes - you won’t want to miss it.

Key Quotes

• “Having been on the audit side, you end up having a different level of interaction with your own auditors [once you’re client side]. For example, if you haven’t been on the audit side, if you’re asked for something, you will boil the ocean to provide it. But I generally question it - how important is it really? What are you trying to achieve”
• “Our finance team needed to be kept in the loop on any revenue recognition changes. But we really need to also work closely with the business systems team - we have daily stand ups with them to get on the same page”
• “You need executive sponsorship when you’re taking on change management in addition to having people work their day-to-day jobs. For example, executive team needs to understand that month end close may be a date late as the team works on something else”
• “I had an auditor partner say ‘bad news doesn’t get better with age’ - it is important to keep that in mind. You want to encourage executives to keep an open mind so people are more willing to come to them when things go wrong”
• “You should never automate in a way that doesn’t allow exceptions”
• “I have team members who want to get to the next step. And I have team members who are happy doing what they are doing. It comes down to what they want”

Time Stamps

• (02:08) Audit side experience
• (5:00) Transitioning companies to SOX compliance
• (11:26) How audit side experience shapes approach to controllership
• (19:19) Jessica’s team structure & priorities
• (23:15) Change management with new revenue recognition process
• (31:35) Engaging cross functional partners
• (35:30) Executive sponsorship during change management
• (41:30) Managing and growing a team through change
• (45:11) Controllers are fun too!

Links

• Connect with Jessica
• Learn more about Invoca
• Connect with Erik
• Visit Brex