Today many managers are required to have an understanding of basic finance. Let Horus shine a light on all those mystifying terms with a bespoke finance for non-financial mangers session for your business.
INTERIM FINANCE DIRECTOR
If your company is experiencing a period of acute financial need, or you are not sure what level of resource you require on an ongoing basis; an interim FD can help you to achieve good progress without an unnecessary long term commitment.
What is an Interim Finance Director?
Interim Finance Director’s (FD’s) are independent FD’s who work through Limited Companies. As there is no permanent commitment there are none of the traditional employment issues
Interim FD’s are over qualified and bring a vast amount of experience to the project
Due to their seniority they do not need to be supervised, freeing up management time and allowing them to provide the maximum contribution quickly
Employees benefit from learning new skills and having a mentor
Interim FD’s absorb data quickly and are able to “hit the ground running”
The nature of their work makes them adaptable to different environments & different sectors
Assignments can be tailored to individual company needs whether that be daily, weekly, monthly or longer
Once the project is complete they move on, so they are only paid when they are contributing
Interim FD’s take full responsibility for implementation and results
What can an Interim Finance Director do for my business?
An Interim FD contributes from day one, with a preliminary report often within a week
Looking at problems and eliminating them without being distracted by internal politics
Flexible and adaptable as the interim is only retained as long as they are needed
What typical problems would and Interim Finance Director solve?
Integration of acquisitions / subsidiaries
Disposal of subsidiaries / winding up of a business unit
Relocating a business
Improving internal controls & procedures
What are the usual reasons for the appointment of an Interim Finance Director?
Maternity Leave / Long term sickness
Unexpected resignation of current Finance Director (allowing time for a permanent replacement)
Current Finance Director not delivering
Current management team require a specific skill for a specific project
What is the means of contracting an Interim Finance Director?
Interim FD’s operate through VAT registered companies and are a supplier to your business
Interim FD’s are not employees and are responsible for their own PAYE, NI, holiday pay, pension contribution, etc
Apart from the daily rate there is no other costs to pay
Interim FD’s have there own Professional Indemnity Insurance which is a pre requisite for the majority of clients
When contracting an Interim FD it is best to have a clear engagement letter detailing the brief – this keeps the deliverables clearly focussed