Case Study | Interim CFO: Boosting Financial Reporting for PE-Backed Telecom

CLIENT

Mid-market
PE Firm

INDUSTRY

Telecom

CONSULTANT ROLE

Interim CFO

LOCATION

United Kingdom

The Challenge

Inefficient Financial Reporting

The client, a mid-market PE firm, sought an interim CFO for one of its portfolio companies in the telecom industry. The interim CFO would improve financial reporting after recent acquisitions and steer the portfolio company’s finance teams during the transition.

“After several major acquisitions, the portfolio company had many practices in place, which were hindering the efficiency of its financial reporting.” — PE Firm Operating Partner

Role of Consultport

Consultport proposed 2 strong candidates within 24 hours. The client interviewed both candidates and selected an interim CFO with 10 years experience as interim CFO and background in EY. The interim CFO started working with the client team 72 hours after the initial request.

Approach

Comprehensive Evaluation

Collaborating closely with finance teams, the interim CFO evaluated the reporting practices of the portfolio company. From data collection to financial statement preparation, the interim CFO gained a holistic understanding of the current approach and identified bottlenecks.

Designing a refined financial reporting framework

Solution

Refined Reporting Framework

After a thorough assessment, the interim CFO established a refined reporting framework. KPIs relevant to the organization’s financial goals were defined and mechanisms were set up to effectively track these KPIs.

The interim CFO implemented initiatives to improve the quality of monthly reports and optimize processes for forecasting and cash management. For instance, standardized reporting templates were introduced for all departments. The interim CFO also introduced a new controlling software to enable the digitization of finance processes.

Results

Enhanced Financial Reporting

The set-up and tracking of finance KPIs allowed informed decision-making for the leadership team, while the standardized template ensured timely and high quality financial data collection.