Interim Finance Executive addresses serious cost control issues by implementing an activity-based costing system, significantly enhancing cost transparency and financial accuracy.
Challenge
A West Coast-based, high volume supplier of precision components for electric powertrains was experiencing a leadership gap in its finance department, creating operational strain and limiting cost visibility.
Key challenges:
- Lack of cost transparency and weak cost control
- Finance team without clear leadership or direction
- Risk of disruptions in financial reporting and year-end closing
Solution
An interim Finance Director with deep expertise in finance and controlling was appointed to stabilize the department and support the business until a permanent hire was in place. The interim leader provided hands-on guidance to the finance team, improved understanding of financial figures and reporting, and ensured a smooth year-end close and audit process. Transparent communication was re-established across the business, improving alignment and reporting accuracy. After the permanent Finance Director came on board, the interim leader transitioned into a project role, successfully designing and implementing an activity-based costing system to significantly improve cost tracking and financial precision at a second, greenfielded plant.
Results
The interim executive ensured continuity in the finance function, strengthened reporting accuracy, and left the business with a much-improved financial infrastructure.
Key outcomes:
- Stabilized finance function and guided team through critical reporting periods
- Improved financial transparency and internal understanding
- Designed and implemented an activity-based costing system, boosting cost control
- Provided a smooth transition to the permanent Finance Director and beyond
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