From chaos to control: Interim Finance Manager optimizes controlling
After a company takeover, many organizations face considerable challenges, particularly in the area of finance. A lack of structures, a lack of transparency and inefficient processes can put a considerable strain on business operations. In this project story, we show how an experienced interim finance manager significantly improved the controlling of an acquired company and restored financial stability and transparency through targeted measures.
Initial situation: A company in transition
Following the insolvency of a previously owner-managed company, it was taken over by an international conglomerate as part of an asset deal. The takeover brought with it considerable changes: less than half of the former 200 employees remained with the company. The situation in the finance department was particularly critical – out of seven employees in finance and controlling, only one accounting clerk remained, supported by an external tax office.
After more than nine months under the new ownership structure and a change in management, it became clear that key financial management tools were missing. A comprehensive analysis and reorganization was therefore necessary.
There was
- no reliable cash forecast,
- no functioning dunning system,
- no qualified monthly reporting
- or budget planning.
Central commercial processes such as annual financial statement management and the company-wide reconciliation of financial data were also not established.
As a result, financial decisions were only made on a very uncertain basis, which in turn led to further risks. The new company management did not have sufficient transparency regarding the liquidity situation, which meant that strategic decisions were delayed or could not be made optimally.
The challenge: restoring financial stability and transparency
The company was faced with a complex task:
- Establishment of efficient processes in bookkeeping, accounting and controlling
- Development of reliable management reporting
- Establishment of detailed cash planning including dunning processes
- Implementation of clear release and approval processes
- Identification and implementation of cost-cutting and working capital measures
- Preparation of a forecast and a material cost budget
- Adjustment of overhead surcharges and hourly rates in production
- Improving cross-departmental communication for recording financial data
- Creation of a central point of contact for all commercial matters
- Implementation of analysis tools for real-time monitoring of key financial figures
- Training and sensitization of department heads for key financial figures and reporting
The company was looking for an interim finance manager who could not only provide strategic advice, but also actively drive forward the implementation of the necessary changes with a pronounced “hands-on” mentality.
The solution: structured financial management and proactive control
The interim manager from HANSE Interim started with a comprehensive inventory and took on operational tasks in accounting and controlling. The aim was to gain a deep understanding of the financial processes and to optimize them in a targeted manner.
Important measures were:
Cross-departmental cooperation
All relevant departments were involved in order to record the necessary financial data in a structured manner and use it for planning purposes.
Detailed cash planning
A reliable cash forecast was introduced, including planned orders, payment terms and maintenance costs.
Improved reporting
The reporting structures were optimized so that monthly and quarterly financial statements could be carried out more transparently and efficiently. This created a better basis for decision-making.
Efficient cost control
Cost types have been rebundled and coordinated with the parent company to ensure consistent reporting.
Optimization of costing
Overhead surcharges and personnel costs per hour were adjusted to reflect the new company structure.
Structured approval processes
Payment approvals and procurement processes were critically reviewed and optimized to ensure financial transparency.
Greater involvement of management
Regular meetings with the management were introduced in order to make more informed strategic financial decisions.
Expansion of the digital infrastructure
The implementation of software solutions for automated reporting and data analysis made financial controlling considerably easier.
The result: financial management at a new level
Thanks to the rapid implementation of key measures, significant improvements were achieved after just a few months:
- Faster reporting processes: The preparation of monthly reporting was reduced from seven to three days – a decisive step forward for the parent company.
- Transparent liquidity planning: A detailed cash forecast enabled the group of companies to identify and manage capital requirements at an early stage.
- Accurate budget planning: Minimal deviations in the area of material costs showed that the planning introduced was precise and sustainable.
- Effective collaboration: The department heads from production, purchasing and sales worked closely with the interim finance manager to make well-founded decisions.
- Long-term effects: The structures created allowed the company to identify and counteract future financial bottlenecks at an early stage.
- Digitalization of the finance department: The new digital tools ensured more efficient data analysis and real-time monitoring of the liquidity situation.
Conclusion: Change management requires the will to implement
This project impressively demonstrates that interim management does not mean consulting, but above all operational implementation. The introduction of structured processes was successful – however, sustainable change also requires the internal will to adapt.
A decisive factor for sustainable success was the integration of financial management into the corporate strategy. The interim manager provided impetus that extended far beyond the project and established processes that will enable the company to achieve long-term stability and growth.
HANSE Interim stands for practical and sustainable solutions. The experience gained from this project shows once again how important a combination of analytical acuity, pragmatic action and internal willingness to change is in order to put companies on the road to long-term success.
With best regards
Your HANSE Interim Management
Andreas Lau
