Dramatic change requires measure and a good sense of where the business is heading during growth. At other times, change may arise where an unforeseen loss happens at the head of the finance function.
Colonnade offer contract CFO, short term FD as well as Interim Finance Director and Interim CFO appointments to assist management make the right decision to retain control at pressing times.
Short Term CFO
A client can utilize this service where the business cannot justify a full-time position, obtaining a trustworthy ‘colleague on board’ for a day a week or so, to oversee the finance function, share ideas with, perform strategy, and consider funding new ventures. The appointment is highly flexible and can be constructed to include a combination of Colonnade’s services.
This is generally a medium term proposition for between three to nine months or longer. The business would normally have an existing internal accountant already preparing the figures. The idea is to create a management layer and a ‘road-map’ of where a full time CFO/FD can eventually take the role on with a handover as and when the business can sustain the cost.
An Interim Finance Director role takes the form of an Interim CFO appointment to protect the position left vacant, whilst the client seeks the full time replacement.
These positions arise due to unforeseen circumstances, where perhaps notice was not provided or could not have been provided. In most cases, the idea is to stabilize the position and create a handover to the incumbent that had been otherwise lost.
The role is normally performed for between one to two months for a day or two per week. Due to the very short term nature, the goal is always to fill the gap whilst the Board make a new full-time appointment, thereby ensuring the business does not lose continuity and control from such unforeseen departures.
Detail of the two roles:
- Uncover the workload of the position vacant
- Interview staff reporting into that position
- Plan the continuation of all that work
- Report to the Board all findings
- Leave a handover to the incumbent
At a basic level, the role will enquire about all areas of the position (which is non-exhaustive and unique), but usually will cover: company secretarial; staff overview; review treasury funds, banking deadlines, material payments and receipts due; maintenance of banking, legal, audit and other relationships; establish deadlines in audit, payrolls, insurances, HMRC returns, other professional/industry returns; regular internal report deadlines; any other matters within the incumbent’s remit.
Short Term CFO
- All the Interim FD services above, but in greater detail
- Oversee the finance function
- Direct the accounting function
- Work together with CEO and/or the Board
- Provide all other services offered by Colonnade
- Dovetail with funding via ‘umbrella’ firm PHI