From Interim CFOs to Analysts: The Gig Economy’s Impact on Finance

When people think of the “gig economy,” they often picture rideshare drivers, virtual assistants, or freelance creatives. But highly skilled finance and accounting professionals, whether working individually or in teams, can also be hired for interim, as-needed support. To cite just a few examples, an organization might seek an interim CFO, a financial controller, accounting systems SME, or technical reporting resource or a team with niche skills when faced with short-term projects, periods of rapid expansion or transition, and unexpected employee vacancies. And, while some individuals are hired temporarily to avoid increasing permanent headcount, others may remain in a permanent role. 

This article explores how organizations can respond to time-sensitive and evolving business demands by leveraging the flexible talent available through interim resources. 

Unlocking Niche Skills on Demand

Gig workers possess skills related to the task at hand, whether it’s for a one-time job or a short-term project. Organizations often encounter unique challenges that require skills not typically used in day-to-day operations. External providers can offer a pool of finance and accounting professionals with diverse skills to quickly fill gaps while avoiding long-term commitments. 

Interim support may offer experience or skills in the following areas:

• CFO or Controller responsibilities
• M&As, divestitures, and IPOs
• System implementations
• Corporate restructuring
• U.S. regulations and standards
• National and international tax laws
• Risk mitigation
• Government contracting
• Internal audit and SOX

For example, an organization discovers it must comply with international tax standards. However, overcoming this new challenge calls for professionals with niche knowledge not typically found in an in-house finance team. An interim professional experienced in international tax compliance can guide the organization through the process, help ensure complete compliance, and offer guidance to the internal staff for managing future needs.

Gaining High-Level Strategic Insights

As seasoned consultants and executives, interim finance and accounting professionals bring more than general knowledge to support daily operations. Being newcomers to an organization, they also can offer fresh ideas and unbiased perspectives grounded in real-world experience.

Imagine a multifamily real estate company facing the retirement of its controller. To staff this critical role, the company needs someone who understands both the industry and its specialized software. An external provider of interim finance and accounting professionals may already have the right person on staff or can use its network to find and vet an appropriate candidate. An interim controller can then help the company maintain financial analysis and reporting, as well as overseeing compliance, until a full-time replacement is found.

Enhancing Agility and Flexibility

A finance and accounting team’s work varies widely. In addition to managing day-to-day transactions, they oversee seasonal deadlines, regulatory compliance, and one-off projects, such as implementing new processes or systems. Their workload often shifts as business goals evolve, sometimes with little notice.

When strategically leveraged, interim resources can enhance an organization’s ability to “think on its feet.” Rather than waiting to upskill the current in-house team, interim finance and accounting professionals arrive with the necessary skills and experience required to address urgent needs.

For example, an international medical supply company learns that industry-related regulations threaten its regulatory compliance. Leaders needed to move quickly to address this serious threat, but training its in-house team for this project would draw them away from other crucial tasks. Interim professionals could offer the experience needed to help the company through a difficult time, preventing serious disruptions and keeping strategic initiatives on track.

Addressing Evolving Business Needs

Over time, an organization’s goals may shift. Adapting to market trends, planning an expansion, and maintaining compliance with changing regulatory standards are just a few of the factors that can affect overall resilience. The inherent nature of gig or temporary work lends itself to engagements that are short-term, task-oriented, or project-based. Interim professionals offer fresh perspectives and objective guidance, both based on genuine experience, that organizations can use as business goals change. 

Consider this scenario: A manufacturing company expanding into new markets also began a major corporate restructuring. As roles shifted within the company, staff became overburdened, and internal processes were in danger of being overlooked. The company sought one or more professionals with industry knowledge and experience with its enterprise resource planning system. A skilled finance and accounting team could not only assist with day-to-day tasks but also assess internal processes and recommend ways to streamline operations as the company continues to evolve.

Driving Innovation and Best Practices

Using the latest technology can strengthen an organization’s competitive edge and support business growth. However, moving from concept to implementation is not always an easy path. Current staff may lack objectivity, yet hiring staff for a short-term project can unnecessarily inflate costs. Gig professionals can bring innovative thinking to a project because their extensive work on similar projects gives them a broader view of opportunities and best practices. 

For instance, an organization might consider implementing advanced financial techniques, including AI-driven forecasting and advanced analytics. As the IT, finance, and accounting teams begin planning, they realize that someone with fintech and automation experience could offer the latest ideas as well as industry best practices throughout the project life cycle. Interim professionals could join the team to assess current processes, recommend tech solutions, and develop a roadmap for digital adoption, drawing on insights gained from comparable projects.