Interim Head of Finance establishes structures and optimizes financial processes
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Interim Head of Finance with a focus on the establishment of controlling and the optimization of financial processes
Use cases
Setting up the controlling structure and controlling processes
Management of the monthly and annual financial statements of three entities in Germany, the USA and the United Kingdom
Management of subsidies
"Together with torq.partners, I was able to create structural foundations, significantly improve numerous processes, increase data quality and thus take our finance department to the next level."
Jenny Herald
CFOO
Challenges
The finance team left the company and new employees were still in the recruitment process.
The finance department was seen as an administrative department with no added value.
There was a lack of handover and documentation of existing processes.
There was a lack of processes, the financial processes were manual and error-prone.
The reporting process was manual and there was no cash management process.
There were no fixed cross-company processes between the three entities.
Solution
Management of daily financial tasks
Establishment of a consolidated financial reporting system and a KPI reporting system
Introduction of weekly cash monitoring and a monthly cash forecast
Improvement of financial processes through standardization, automation, guidelines and deadlines
Establishment of missing financial processes
Improve data quality for financial analysis by improving accounting quality and month-end closing time and by using cost centers, cost units and prepaid expenses in accounting
Impact
We have reduced errors and duplication of work in all financial areas and processes.
Our Interim Head of Finance has reduced the workload in preparatory accounting by 20 percent.
We were able to reduce the time required for the month-end closing by 40 percent.
The data quality and preparation time for consolidated reporting have been improved.
Supporting the implementation of the finance department added value to the decision-making process.
