Interim or Gap Financial Management: What it Is & How it Helps
Rushing to rehire when a critical position opens up is usually a mistake – however, by turning to an interim staff member, your organization can function more smoothly while conducting a careful, un-pressured search for the right candidate.
As experts in filling in the gaps and providing support for vacant roles, we’ve outlined everything you need to know about interim or gap financial management.
Things to know about interim or gap financial management:
- What is interim or gap financial management?
- What do interim or gap financial management employees do?
- Benefits of hiring an interim or gap financial management employee
What is interim or gap financial management?
Interim or gap financial management is the process of turning to a trusted outside partner to provide project-based support for achieving business goals. By conducting work and completing projects on a fractional basis, organizations are better able to drive operational effectiveness and cut down on costs.
What do interim or gap financial management employees do?
An interim or gap financial management staff member will work closely with your business to fill in the gaps of vacant roles, whether that’s an accountant, financial planning and analysis expert, IT implementation specialist or a multitude of other roles.
By acting as an extension of your team, this individual will work to help your organization overcome challenges while managing stringent regulations, complex operations and budget constraints, ensuring resources are allocated where they’re needed most.
Duties of interim or gap financial management employees:
- Completing work during the search to replace a departed employee
- Filling the gaps created by business growth, reorganization, 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
Benefits of hiring an interim or gap financial management employee:
- The ability to overcome resource shortages, ensure proper allocation and drive operational success
- Access to outside perspectives and industry expertise
- Better and more efficient systems, processes and operations
- A reduction in overhead spend, as you are conducting work on a project basis rather than hiring a full-time employee
- More time for you to find the right candidate without interrupting business operations