Interim Controller

As an interim controller, your responsibilities are to oversee the institution’s accountings and review financial data. Your other duties include creating reports based on your analysis and research, which you present to executives or other top-level managers. You typically report to the company’s CFO and work with compliance specialists to ensure that the business is adhering to all state and federal laws.

What is an Interim Controller?

An interim controller keeps your accounting and financial department going after your exiting controller leaves the role. An interim controller is a financial expert who steps in on a short-term basis as your company’s financial controller. They bridge the gap to help with controller absences or to fill in to give you time to find a new controller for your company. Your interim controller is a seasoned professional who works for you20-40+ hours per week to fill in as financial controller for your company.

An interim controller is an expert who supports the management of an organization’s accounting and accounting function. They can work on either a project basis or over a specified period to support the needs of your organization:

Financial controllers have expert knowledge regarding process improvement, compliance requirements, financial systems and more which they utilize to bolster an organization’s financial performance and set the stage for future growth and scale. 

What kinds of projects do Interim Controllers typically work on?

The exact ways in which an interim controller will step in to support your organization depends largely on the unique organization needs and goals; however, the right interim controller will begin with an assessment of your current business state, so they’re properly prepared to identify where support is most needed.

For example,let’s say your organization is running into issues related to cash flow.

An interim financial controller will begin with a careful analysis of cash inflows and outflows, forecasting and reporting processes, financial models, AP/AR and more so they can assess the impacts these issues are having on your organization and identify any irregularities within your processes and/or systems.

Next, theywill work closely with your team to develop and implement strategies that helpsupport effective cash flow management and forecasting.

Whether your organization needs support for managing day to day operations, integration of better processes and systems for accounting, technical accounting support, developing timely and more accurate reporting, or other duties, financial controllers help identify and support execution of the solutions you need most and are there to guide your team every step of the way.

What are the benefits of hiring an Interim Controller?

• Having an expert support strategic decision making that guides the overall direction of your organization.
• Managing your organization’s data to ensure optimized financial processes, cash flow management and financial reporting practices are established.
• Having a valued business partner, which mitigates risks associated with compliance and ensures financial data and reporting is in line with the associated     governing accounting guidelines and standards.
• Building relationships across teams and with relevant stakeholders.

When should you hire an Interim Controller?

As there are many ways in which an interim controller can work with your organization, making the decision to engage one requires careful analysis of available resources, budget constraints and your ability to achieve your goals.

However, whether you need support for one-off projects or continuous advisory, interimfinancial controllers provide a strategic yet cost-effective approach to growthand scale.

Signs It's Time to Hire an Interim Controller

Your company is growing rapidly, and you need support with financial strategy and decision-making, such as M&A activity or audit readiness. Perhaps no one on your team has the necessary expertise, or you’re unsure how to best allocate your resources to drive financial success. You may also be experiencing cash flow issues and need regular, consistent reporting on your organization’s financial position. In addition, you might not have the right resources to ensure compliance with governing accounting standards. If you recognize the need to revamp your financial management processes but aren’t sure where to start, hiring an interim controller could be the solution.

What Does a Financial Controller Do?

A financial controller is part of your financial team, generally reporting to a CFO or president and managing any staff accountants or bookkeepers. The controller oversees all accounting activities for your company, with the main goal of ensuring accuracy and efficiency. The role involves everything from overseeing accountants and bookkeepers, creating internal financial controls, managing accounts payable and receivable, and monitoring cash flow. Controllers are different from accountants, as accountants primarily record financial data. Financial controllers primarily focus on ensuring the data accountants record inaccurate, on-time, and fits the internal policies and procedures set by thebusiness. The controller also differs from the CFO, whose responsibilities primarily focus on strategy and decision making. An interim controller isa financial leader who works on a short-term, contract basis when a controller goes on leave, or an organization is in the process of finding a permanent replacement.

When Your Business Might Need an Interim Controller

• Controller on Leave: If your current controller is on extended leave (e.g., parental leave, short-term disability, or an extended vacation), an interim controller can step in and maintain normal operations.
• Retirement or Departure: If your controller is retiring or moving on, an interim controller can bridge the gap until you hire a new one. This gives you ample time to find the right candidate.

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What Happens When You Hire an Interim Controller

Interim controller services are completely tailored to your business. However, many interim controller roles may cover the following activities:

1. Training with Your Current Controller
   Ideally, your interim controller will train with your current controller to understand your financial policies, recent reports, and accounting records. They’ll also establish relationships with key team members like your CFO, accountants, and bookkeepers.
2. Acting as Interim Controller
   Once onboarded, the interim controller takes over all responsibilities, ensuring accurate accounting, bookkeeping, and financial reporting. They may also assist with the hiring process for a permanent controller.
3. Training Your New Permanent Controller
   Once a permanent controller is hired, the interim controller can train them on your company’s processes, ensuring a smooth transition.

Benefits of Hiring an Interim Controller

• Experience and Expertise
  Interim controllers are seasoned professionals with expertise in financial reporting, budgeting, forecasting, and internal controls. They quickly adapt to your company’s needs and provide valuable insights during their tenure.
• Flexibility and Adaptability
  Interim controllers offer flexibility, stepping in during periods of growth, vacancies, or leaves of absence. They can be hired for specific projects or on an as-needed basis, without requiring a long-term commitment.
• Objective Perspective
  Since they’re not permanent employees, interim controllers bring a fresh, unbiased perspective. They can evaluate your financial processes and suggest improvements without being influenced by internal politics.

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Expertise for Complex Financial Situations

‍Whether preparing for an IPO, a merger, or implementing new accounting systems, an interim controller with specialized knowledge can guide your organization through these complex processes.

A Fresh Perspective

Interim controllers provide an external viewpoint, often identifying issues overlooked by internal teams. This is particularly valuable for companies facing financial difficulties, as they can help turn the business around.

Flexibility and Future Opportunities

An interim controller offers short-term expertise without requiring a long-term commitment. If they prove themselves in the role, they may even become a candidate for a permanent position, giving both parties the flexibility to decide.

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