A private equity firm had recently acquired a medium-sized service company and was beginning to experience losses. There was an immediate requirement for the implementation of a new reporting and annual accounts system in accordance with IFRS regulations. Because there was inadequate time to recruit a new CFO, they decided to hire an appropriately qualified interim CFO as a short-term solution. The wider goal was to elevate the CFO function, revise and streamline procedures and working methods, and create a sense of security among the staff. In practical terms, a quarterly report needed to be completed in less than a month and an annual report produced, both in accordance with IFRS regulations.
The finance department was not well regarded, the CFO had too many subordinates and the employees felt that no one listened to them. The Globalise manager quickly created stability and built the confidence of staff, managers, the management board and the owners. Where there had been serious communication issues before, our manager spent a lot of time talking to staff, listening to their problems, reenergizing them and bringing them back on task. The company’s first quarterly report was successfully presented in just three weeks.
Within a short period of time, the ongoing work was brought under control, inefficient working methods had been changed and the most obvious deficiencies corrected. Revised rules and routines were created and communicated as the previous ones had become obsolete. New reporting tools were identified and the Globalise manager suggested that the CFO should have fewer direct subordinates and that the payroll department should be outsourced.