Stabilization of central financial processes and ensuring audit readiness through interim team
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Interim Head of Accounting, Interim Senior Accountant, Interim Senior Controller, Interim Accountant, Interim Junior Accountant
Use cases
Assumed responsibility for all financial transactions with a team of seven covering all areas of accounting and controlling
Preparation of the 2023 and 2024 annual financial statements
Responsible for the 2024 audit
"torq.partners provided us with exactly the practical support we needed. The interim team not only stabilized our financial processes, but also made significant improvements in the areas of reporting, audits and processes - with efficiency, reliability and full ownership."
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Founder
Challenges
High operational complexity due to international eCommerce operations across several store systems and countries, supported by several international warehouses.
A considerable lack of capacity within the Finance team led to a backlog of incorrectly processed accounting cases.
The errors were rectified under great time pressure in order to meet the deadline for the annual financial statements.
Due to the fast pace of operations, international payroll matters had to be processed quickly and thoroughly.
Solution
Provision of a fully functional finance team that covered all relevant areas of accounting and controlling in close coordination with the CEO and COO.
Optimization of processes as well as solving and maintaining past and daily procedures in order to establish a sustainable, long-term financial structure.
Monitoring and implementation of several annual financial statements and audits.
Applying a flexible yet sound approach to ensure stability and confidence in a growing and diversifying business environment.
Impact
All financial transactions were handled with sound expertise.
Annual financial statements and audits were submitted on time and in accordance with the expectations of the tax consultants and financial control authorities.
Implementation of key strategic business initiatives such as internationalization and pop-up stores through strategic and operational support.
Reduction of the monthly closing period from more than one month to the 7th working day.
Supporting the due diligence process, which contributed to the successful conclusion of the financing round.
