Interim Financial Management Roles: Types, Job Duties & Benefits
Today’s organizations need quick and effective solutions to successfully navigate growth and change.
Especially during periods of rapid transition, it can often be more beneficial to hire an interim employee, as they offer a quick yet cost-effective solution by providing support where it’s most needed.
What is an interim financial management role?
An interim financial management role is a temporary position or job that is filled on a short-term basis to provide support to an organization during times of growth, change or transition.
The duration and nature of an interim role can vary greatly depending on the organization’s specific needs and goals, but the main takeaway is that they offer a quick yet cost-effective solution by stepping in to provide support where it’s most needed.
What are some of the most common types of interim financial management roles?
- Interim CFO
- Interim Controller
- Interim Financial Project Manager
- Interim Financial Analyst
- Interim Internal Auditor
Interim CFO
Interim CFOs are responsible for overseeing an organization’s finance function by providing strategic guidance, enhancing financial operations and guiding high-level executive’s decision making.
Interim CFO skills & job duties:
- Financial planning & analysis
- Budgeting & forecasting
- Cash flow management
- Financial operations
- Financial reporting
- Stakeholder communication
- M&A support
- Leadership
Interim Controller
An interim controller manages and maintains an organization’s financial records and reports while providing support for budgeting, internal control development and ensuring compliance with laws, regulations, standards and best practices.
Interim controller job duties:
- Financial planning & analysis
- Financial reporting
- Financial systems implementation
- General ledger maintenance
- Internal control implementation & management
- Tax compliance
- Cash flow management
Interim Financial Project Manager
Interim financial project managers guide the success of a project by managing resource allocation and coordinating project timelines and deliverables.
Interim project manager skills & job duties:
- Project planning & roadmap development
- Project execution
- Budget management
- Change management
- Reporting & documentation
- Quality assurance
- Resource allocation
- Risk management
Interim Financial Analyst
Interim financial analysts assist with financial planning, analysis and reporting by conducting assessments of financial data, preparing financial models and providing real-time insights to guide strategic decision-making.
Interim financial analyst skills & job duties:
- Financial planning and analysis
- Financial modeling
- KPI tracking
- Investment analysis
- Cost analysis
- Financial data management
- Financial reporting
- Variance analysis
Interim Internal Auditor
Interim internal auditors provide support to organizations by evaluating their internal control matrix, integrating risk management programs, and ensuring compliance with policies and regulations by conducting audits, identifying areas for improvement, and driving process efficiency.
Interim internal auditor skills & job duties:
- Internal audit planning
- Risk assessments
- Audit execution & reporting
- Compliance review
- Internal control evaluation
- Data analysis
- Stakeholder communication
What are the benefits of hiring an interim employee?
- Access to unparalleled industry expertise and objective and independent perspectives
- A flexible, continuous and scalable solution that helps quickly fill gaps for periods of rapid growth, change or transition
- Helps lighten the internal workload of your employees during busier seasons
- Provides a cost-effective solution, as interim employees are often less expensive than hiring a full-time employee, thus helping to reduce hiring budgets
Signs it’s time to hire an interim employee
There are many signs it’s time to hire an interim employee, and the right fit for you will depend largely on your unique needs, goals and concerns.
However, if your organization is looking to bridge resource gaps and properly prepare for the next stage of growth, hiring an interim employee can be beneficial for ensuring business continuity and alignment while obtaining an objective yet strategic view about the best path forward.
DLC has a team of interim employees ready to help you by:
- Completing work during the search to replace a departed employee
- Absorbing desk-level knowledge from exiting staff
- Filling the gaps in new positions created by growth or reorganization
- Filling gaps created by merger, acquisition, or relocation
- Dealing with reduced headcount until workload is reduced
- Evaluating job description/job content
- Documenting desk-level processes
- Identifying and implementing time- and work-saving opportunities
- Assessing staff workflow efficiency
- Developing a current and accurate position description reflecting new processes
- Assisting in training of newly hired staff
Looking for a Trusted Partner?
DLC is a professional services firm helping companies drive transformation and growth, one project at a time. Our team provides flexible, efficient, on-demand execution of your financial projects.
Contact us today to learn more about how we can help or explore our services below.
