When does interim finance expertise create the most value?
Updated: Nov 3
Hiring an interim finance professional is often a response to an immediate problem. But some of the most valuable assignments start long before a position becomes vacant.
A Group Financial Controller resigns just before year-end. An acquisition adds three new entities to the consolidation. A new owner expects monthly reporting that the existing finance team isn't set up to deliver.
These are familiar situations for many finance organisations.
The immediate reaction is often to recruit. But permanent recruitment takes time, and finding someone who can manage both the day-to-day responsibilities and the specific challenge at hand isn't always straightforward.
In some situations, bringing in an experienced interim professional is the more practical solution.
Here are five situations where interim finance expertise can make a difference.
1. When the finance team can't keep up with the business
A finance function that worked well for a company with five entities may struggle when that number grows to fifteen.
Consolidation becomes more complicated. Reporting takes longer. Processes that once worked in Excel start becoming difficult to maintain.
The team is often capable, but there simply aren't enough hours in the day to manage the reporting while improving the processes behind it.
An interim Group Financial Controller or Group Accounting Manager can take ownership of parts of the reporting process while helping the organisation introduce more efficient ways of working.
Sometimes the problem isn't the size of the team. It's how the work is organised.
2. Following an acquisition
Acquisitions rarely make life easier for the finance department.
New entities need to be consolidated, accounting policies aligned and reporting packages introduced. Meanwhile, the regular monthly reporting continues.
The finance team suddenly has two jobs: running the existing business and integrating the new one.
Bringing in someone who has managed similar integrations can take significant pressure off the organisation.
An experienced interim professional can manage the integration work without forcing the permanent team to put everything else on hold.
This is particularly relevant for acquisitive companies where M&A is a recurring part of the business strategy.
3. When owners or management expect more from Finance
A change in ownership can quickly change what is expected from the finance function.
A business that previously focused on statutory reporting and monthly P&L follow-up may suddenly need detailed cash flow forecasts, KPI reporting, scenario analysis and more frequent performance reviews.
The numbers themselves might not be the problem. The challenge is producing the analysis behind them.
For example, management may no longer be satisfied with knowing that EBITDA is below budget. They want to understand what's driving the deviation, whether it will continue and what can be done about it.
An interim FP&A Manager or experienced Business Controller can help establish this type of reporting while the company evaluates its long-term needs.
4. When a specific project requires experience the team doesn't have
Some finance projects require skills that aren't needed on a permanent basis.
Implementing a new consolidation system, transitioning to IFRS or developing a group-wide forecasting process are good examples.
These projects can be difficult to deliver alongside regular reporting, especially when the team has limited experience with similar implementations.
Instead of recruiting for a permanent position, companies can bring in someone who has already completed comparable projects.
The advantage isn't only additional capacity. It's avoiding common mistakes and getting the project moving without a lengthy learning curve.
Ideally, the interim consultant also makes sure that the internal team can maintain the new processes once the assignment is completed.
5. When a key person leaves
This is perhaps the most obvious reason to hire an interim professional.
A Finance Director resigns. A Group Accounting Manager goes on parental leave. A recruitment process takes longer than expected.
The reporting deadlines don't move just because someone has left.
In these cases, the priority is straightforward, keep the finance function running.
An experienced interim professional can step into the role, take responsibility for ongoing deliverables and give management time to find the right permanent replacement.
And sometimes, having someone with an outside perspective reveals opportunities to improve processes that have simply been done the same way for years.
Interim or permanent recruitment?
Not every vacancy should be filled by an interim consultant.
If the company has a clear long-term need and enough time to recruit, a permanent hire will often be the better solution.
But when the situation involves a combination of urgency, a defined project or a temporary need for specialist skills, interim can be worth considering.
Before starting a recruitment process, it's useful to ask:
What actually needs to be done? Is the need primarily operational, or is there a specific challenge to solve?
How long will the expertise be needed? Is this a permanent requirement or something linked to a particular period or project?
What experience is required? Does the team need additional capacity, or someone who has dealt with the same situation before?
The answers can make a significant difference to both the type of person needed and how the assignment should be structured.
Interim finance is sometimes treated as a temporary fix until a permanent solution is found.
In practice, some of the most useful assignments are those where a company brings in expertise it doesn't need, or cannot justify, on a permanent basis.
Whether it's managing an acquisition, improving reporting or keeping a finance function running during a recruitment process, the important question isn't always who to hire.
It's what the business needs to get done.
About HPL Consulting
HPL Consulting supports companies with interim professionals across Accounting, Controlling, Group Finance and CFO functions.
With a background in Group Finance and FP&A, we understand the roles we help our clients fill and the challenges their finance teams face.
Need to strengthen your finance team? Get in touch to discuss your requirements.
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