Interim CFO Project
Project Overview
Establishing a finance department in response to significant company growth requires careful planning, time, and execution to ensure that each role is filled with the right individuals.
Key Challenges
Complexity – Working with the current outside accounting team to start bringing the financials in-house to identify what qualities are needed for the individual that comes in to take over is of utmost importance.
Data and Information – Preparing internal reporting and working with the owner to identify what metrics and tasks are needed to ensure growth sustainability.
Time Constraints – The project had a desired deadline, however, ensuring the correct person was identified to bring onboard was the top priority.
Project Approach
Planning and Definition – This phase involved collaborating with the owner and existing team to identify missing key metrics, develop necessary reports, outline financial processes, and coordinate with the external recruiting firm to define the qualifications and requirements for a successful hire.
Execution – During this stage, the team established foundational financial processes and reports to support the incoming hire. Bridge Company Consulting also partnered closely with the recruiting and interview teams to assist throughout the hiring process.
Testing and Validation – This phase focused on one-on-one training with the new employee to ensure full understanding of the established financial processes.
Go-Live – In the final phase, the employee assumed full responsibility for the financial functions, enabling them to focus on data analysis and support higher-level decision-making without disrupting existing processes or slowing growth.
Project Outcome
The project resulted in zero turnover for this role. Bringing the individual in-house allowed them to contribute to banking and funding activities more quickly, as the processes and reports were already established. This approach saved the company both time and money by ensuring the right person was in place from the beginning.