A financial services group was undergoing fundamental restructuring. The process included structural and operational organizational changes in Germany and abroad as well as a strategic realignment. The transformation was also characterized by personnel changes in management and a new procedure for replacing all employees. During this phase of upheaval and uncertainty, the interim manager took over the position of Head of Accounting & Controlling. The division consisted of 120 employees in six departments. He reported to the CFO.
Operative management and personnel restructuring as well as coaching of managers
The interim manager's tasks were divided into three main areas of activity:
- Operative management and supervision of the preparation and auditing of financial statements by the auditors as well as organizational development in accounting and financial accounting
- Personnel reorganization and technical restructuring of the controlling and reporting departments
- On-the-job coaching of department heads and team building
The challenge of the mandate was to find the right balance between change and run. In addition, there was a high level of employee turnover within the group of companies due to the new recruitment process. In this constellation, innovative approaches had to be introduced, technical developments implemented and a bundle of projects with strategy, controlling, IFRS and reporting topics driven forward.
Faster closing and reporting times and internal controls improved
The interim manager was responsible for the preparation, consolidation and audit of the financial statements by the auditors. He and the team succeeded in ensuring group reporting to the parent company ahead of schedule.
In addition, he intensified and optimized cross-departmental communication as well as the division-wide processes between accounting, financial accounting and controlling. This resulted in faster closing and reporting times (fast-close) and improved internal controls.
Optimized analyses and control data introduced in controlling
The controlling department was restructured in terms of expertise and personnel on the initiative of the interim manager. For example, the interim manager introduced optimized analyses and control data for the Management Board and Supervisory Board. This resulted in a new management reporting structure. For strategic controlling, committee reporting to the Management Board and Supervisory Board was updated and further developed.
In addition, the interim manager optimized the reporting content and further developed the creation processes for revenue, cost, personnel and sales controlling. Together with the sales team, the interim manager updated the reporting for sales management and organized a joint communication plan for dialogue with the sales force.
For the group's regulatory reporting, the interim manager centralized the reporting tasks in a new team and at the same time drove forward the group-wide project for outsourcing the reporting system to the parent company.
Project organization expanded and optimized in terms of personnel
The interim manager was responsible for a project bundle with individual projects on key performance and strategy-compliant management, the introduction of new IFRS standards and various regulatory requirements for the finance division. The project bundle organization was expanded and optimized by the interim manager in terms of personnel, and the dialogue and involvement of the Executive Board and other divisions was intensified.
Individual coaching of department heads and general training program
The coaching of the six department heads by the interim manager focused on the assumption of new professional responsibilities, change management and the first-time assumption of a department head position. As part of the division-wide personnel development, he worked with the internal departments to create a further training program with technical, IT and communication topics. He also identified employees who were recommended for more advanced tasks.
Performance and image of Accounting & Controlling positively changed
The efficiency and speed of processes in Accounting & Controlling was significantly improved by introducing and adapting new organizational structures and processes as well as filling numerous new positions.
As a result of active interface management with other departments and divisions, the positioning and image of the Accounting & Controlling division within the group was positively and sustainably changed.
As a manager, the interim manager contributed new ideas and impetus and motivated and actively supported the management team and employees in their new positions.
The client was very satisfied with the interim manager's results. Two years later, the interim manager was hired again as Interim Head of Accounting & Controlling following staff departures.
