When a vital role in your finance department becomes vacant, it can seem impossible to fill the position. While you are trying to find the right person for the job, the existing workload continues for your accounting team. Without a clear leader, it is easy for the team to become overwhelmed, overworked, and inefficient. An interim finance consultant may be what your organization needs.
Hiring an interim finance consultant instead of a temporary staffing agency can help you effectively manage the responsibilities of your outgoing employee while elevating your accounting team. An interim finance consultant can have a wide range of skills and experience, and a consulting firm can provide the best fit for your team and company needs.
Benefits of an Interim Finance Consultant
Don’t let the exit of a high-level position send your company into a panic. Instead, effectively fill the position with a highly experienced professional that can help your business grow and adapt. Whether you need help for a short-term circumstance or a long-term goal, keep reading for the top benefits of hiring an interim financial consultant.
- They ensure the work continues despite major changes to your organization. When a top-level manager leaves, teams tend to scramble. Control the chaos with an experienced professional.
- They improve the overall performance of your team. With a fresh set of eyes and a new perspective, your organization can benefit from the insights of a consultant. They can provide a new level of clarity for your existing processes and workflow.
- They can help you fully realize the position left behind by your previous employee. You can better understand the role you need to fill and find the right person to permanently fill the position.
- They provide insight into your existing processes and systems. If the only employee who knows an existing process or system leaves, you could be left without vital information. Your consultant can fill in these gaps.
- They document and track existing systems and changes. Your team can utilize this documentation in the future to streamline processes and onboard new employees.
- They can adjust their responsibilities. If your priorities change for your business, a consultant is experienced enough to make the necessary changes.
How Does Hiring an Interim Finance Consultant Work in Practice?
While the benefits of hiring an interim finance consultant sound great, it is always best to understand them in practice. The following three examples highlight common situations our consultants face on a regular basis. What seems like a crisis for an organization does not phase an interim finance consultant. Keep reading to learn how an interim finance consultant can help you get the job done.
Very little is certain in business, and nothing proves that better than the COVID-19 pandemic. The consultants at K-38 Consulting took the changes caused by the pandemic in stride, helping countless organizations pivot as needed.
One company was in the process of finding a new finance director and K-38 consulting filled the position with an interim finance consultant. He quickly learned all facets of the accounting organization and took on the responsibility of overseeing all entities of the company. During this time, two key employees left the organization. Due to his experience, our interim finance consultant was able to step in for the former HR director and assist the organization through the changes.
Before his work with the organization was complete, the coronavirus pandemic hit. All of the priorities for the business shifted in an instant. The consultant was able to help the company regroup when forecasts were brought into question.
He provided the confident financial leadership the accounting team and organization needed during an uncertain time. By adjusting his work and shifting his focus, he was able to manage the organization’s priorities and adjust their outlook.
Priorities for a business can shift, even without a global pandemic. Our interim finance consultant have worked with teams of all sizes and experience levels, and they are able to quickly ingrain themselves within the existing organization. One K-38 consultant demonstrated his ability to shift responsibilities as the needs of the company changed.
Upon arrival, our interim finance consultant quickly learned the organization in and out. His previous experience enabled him to seek out and find the information needed to understand the existing accounting workflow and systems. With a broad skillset, he was able to adapt to the company’s needs.
What began as a senior accountant role, helping the company with account reconciliations backlog, quickly became an invaluable resource role. The high turnover rate of the organization caused the existing employees to be in the dark about workflow and systems.
By learning the legacy systems and understanding the accounting process, our interim finance consultant was able to document the crucial knowledge for the team. He took on a training role and was relied on as an expert. During his time with the organization, efficiency increased and onboarding became a much easier process.
The positive impact of an interim finance consultant is felt long after they move on from the organization. Our consultants are committed to benefiting an organization as much as possible, including setting them up for future success. One K-38 interim finance consultant served as a cost accountant, filling the role after the director left. During her time, she provided invaluable information and resources for the organization.
After getting the organization through year-end close, the consultant identified gaps in the company’s processes. She walked senior management through the existing inefficiencies, recommending more streamlined solutions. She helped implement changes to workflow and processes, documenting everything along the way.
The documentation of processes and changes ensures that they are executed properly after she leaves the organization. Her thorough documentation also helped the management team understand the role they needed to fill and find the right person for the job.
Find the Right Consultant with K-38 Consulting
If you need to fill a vital role in your organization while continuing your accounting operations at maximum efficiency, reach out to K-38 Consulting. With proven CFO services and interim finance consulting, you can enjoy the many benefits of working with a financial consultant. Our consultants are experienced, adaptable, and bring a broad set of skills to help your business. From filling the gaps in the short-term to boosting performance in the long-term, interim finance advisory solutions keep your business running smoothly. Contact us today for a free consultation to learn how K-38 Consulting can assist your organization.