Interim Finance Director

INTERIM CFO, ADMINISTRATIVE AND FINANCIAL DIRECTOR

Interim management is increasingly used for interim CFO (Chief Financial Officer) missions. In a context marked by significant transformations in companies, it is important to call upon specific and advanced skills to successfully carry out transitions.

WHAT IS AN INTERIM ADMINISTRATIVE AND FINANCIAL DIRECTOR?

The interim CFO supports companies in their transformation or responds to a specific need: exceptional account closure, acquisition, sale, or merger phase, etc., regardless of their sector of activity. They may also manage cash flow, audit the accounts of certain units, and implement performance management tools. The interim CFO works closely with senior management. Depending on the size of the company, they will have varying degrees of influence in strategic decisions.

SCOPE OF ACTION OF THE INTERIM CFO

The interim CFO is responsible for all of the company’s financial activities. They generally lead the accounting, management control, treasury, and financial analyst teams. Their scope can be French or international. The financial volume they have to manage varies; this is a criterion that will guide the selection of the best interim CFO for the company. The fact that they have acquired experience in situations comparable to those of the company requiring their services is also a crucial factor. They work closely with the company’s internal departments as well as with external service providers: accounting firms, auditors, banks, government agencies, etc.

THE ROLE OF INTERIM MANAGEMENT IN FINANCE

The transition manager after having taken stock of the company’s financial situation and in accordance with the expectations of the management committee, will make proposals for action and organization. If this is the purpose of the mission, he will supervise the annual accounts for the current period. Otherwise, he will implement measures to clean up the accounts and an organization capable of responding, after his departure, to the new challenges of the company. Beyond just the accounts, he may also be tasked by the management committee with the sale or purchase of certain real estate assets or with carrying out specific operations related to investments and cash flow. He will also have to manage the financial aspect of investments and loans associated with banks. If the company is going through a major crisis, it may be required to intervene in the bodies set up by the public authorities to monitor these operations (CIRI).

MISSIONS OF THE INTERIM FINANCIAL DIRECTOR

The role of interim CFO encompasses several responsibilities:

  • Managing financial and administrative departments
  • Creating business plans with senior management, forecasting associated budgets and assessing needs
  • Creating reporting tables for the company, shareholders, and tax departments
  • Ensuring that the company’s margins are sufficient to ensure its viability
  • Monitoring the proper application of tax regulations in the countries in which the company operates
  • Ensuring consistent financial practices across all countries
  • Finding financing at the best possible cost from dedicated organizations

QUALITIES OF INTERIM CFOs

The interim CFO must be rigorous, honest, and have the charisma to advise management, supervise the company’s teams, and assert themselves vis-à-vis external service providers. They must have a sense of anticipation and be able to measure the impact of external events on the company’s finances. They must have the necessary perspective and a highly analytical and realistic approach to situations. They must be a manager who trains teams and mobilizes them in circumstances that often impose additional work for employees. They must be highly operational, having already mastered all the professions of corporate finance. For large companies, they must be fully English-speaking.

SKILLS OF THE TRANSITIONAL ADMINISTRATIVE AND FINANCIAL DIRECTOR

Interim CFOs generally have higher education degrees in Finance. They have often spent part of their career in accounting functions either in firms or in international financial consulting structures. They have always successively held positions in finance, management control, accounting, treasury, etc., and this for more than 10 years. Knowledge of the client’s sector of activity is often a plus, but above all experience in similar situations (liquidity crisis, buyout by a new shareholder, sale or acquisition of subsidiaries, IPO, LBO with investment funds, etc.) In our community of NIM Europe managers, we have many interim CFO profiles of high quality and competence. They are able to intervene at short notice to save you valuable time while responding to your issues. Discover examples of missions carried out by our interim managers specialized in finance:

Discover the different roles of Interim Manager: