Restiration of the financial field

The regional CFO instructed Interim Kft. to replace the suddenly resigned Hungarian CFO on an interim basis as soon as possible until the company hires the next CFO. They were looking for an interim for 3 months. The Hungarian group of companies consisted of 9 companies. The interim CFO had to take over the day-to-day tasks and planned projects immediately.

Detailed tasks:

– the commencement of the liquidation of a company

– completion of a current VAT tax audit

– the continuation of cross-border mergers

– Integrate a specific company into SAP

– the inclusion of a new company entering the group through the existing SAP reporting system

– preparation of various internal instructions

– process mapping and making recommendations if it is necessary

– review of tax returns before submission, verification

– check transfer packages before transfer (up to account level)

– monitoring the financial implications of ongoing legal cases

– SAP configuration for internal control

– extension of bank guarantees, negotiations with banks

– performing daily ad hoc tasks.

Results

As tasks were not fully defined in advance, many of them changed. Priorities were not set either, so the interim chief financial officer had to figure out what would be more and less important. The internal structure of the company was also changing, so it was also a challenge to and keep in touch with the right people to do his job. Because the regional CFO has always been on the road, it was up to the local finance manager to manage the local team’s daily work so that the regional CFO didn’t have much to do with it.

The biggest challenge for the interim manager was that the CFO delegated tasks for him from the first moment as he had been working there for 20-30 years and knew all the old stories (which still affect the current situation).

As the interim chief financial officer had very extensive experience in handling such situations, he quickly picked up the thread (in about a week) and set the priorities (despite changing expectations).

The client was apparently satisfied with this service, despite the fact that communication was not easy due to language barriers (everything was only available in English) and distance, as several meetings had to be done via phone calls.

Conflicts arose sometimes, as this sudden change was also a problem for line managers, and the chief financial officer was not taken seriously, as he was “only an interim”.

After gaining his professional honor in front of the teams, there was no problem with this prejudice. The greatest luck for the local finance manager was that the people working in the finance department, were made up of honest and well-functioning colleagues without exception, and he realized that their work could be taken seriously.