The controller resigned on Friday. Or they were let go. Or they are on sick leave with no clear return date. Regardless of how it happened, the finance function is now operating without the person who ran it, and the immediate question is not who to hire next. It is what needs to happen in the next 30 days to prevent the situation from escalating from uncomfortable to genuinely damaging.
This guide covers the immediate priorities, the decisions that can wait, and why interim support usually pays for itself several times over.
The First 48 Hours: Access and Continuity
Before anything else, confirm that the business has access to everything it needs to continue operating.
System access. Does the CEO or another authorised person have access to the banking platform with full payment authorisation? If the controller was the sole authorised signatory on the bank’s online system, this is an emergency. Contact the bank immediately to confirm alternative authorisation arrangements. Most Swiss banks can process emergency signatory changes within 24 to 48 hours with the right documentation.
ERP and financial system access. Can someone with finance knowledge log into the accounting system and navigate it? If the only person who could operate the ERP was the controller who just left, the Treuhänder relationship becomes critical immediately.
Password and credential inventory. The controller typically held login credentials for the banking platform, the ERP, the payroll system, the VAT filing portal (ESTV), the pension fund portal, and various other systems. These need to be located, transferred, and in some cases reset through formal processes. Do this immediately, not in two weeks.
Physical items. Any physical items the controller held: access cards, filing keys, physical documentation that has not been scanned. Recover these before the departure is complete.
The First Week: The 30-Day Deadline Map
With access secured, the next priority is mapping every finance obligation due in the next 30 days and assigning a person responsible for each one.
The items that need to be mapped:
Payroll. When is the next payroll run and who is responsible for processing it? In most Swiss companies, payroll is either handled by the Treuhänder, a dedicated payroll provider, or an internal function separate from the controller. Confirm the payroll process is unaffected. If the controller was involved in payroll processing, identify what they did and who will do it now.
Supplier payments. What invoices are due in the next 30 days and are there any that risk late payment? Review the accounts payable ageing and confirm the payment approval process is operational. Late payments to critical suppliers damage relationships that took years to build.
VAT filing. Is a MWST quarterly filing due in the next 30 days? Check the VAT calendar. If a filing is imminent and the controller was responsible for preparing it, the Treuhänder needs to know immediately so they can provide additional support.
Social contribution payments. AHV/ALV monthly or quarterly payments, BVG contributions, and SUVA premiums all have fixed payment dates. Confirm that these are either automated or that someone knows when they are due and how they are processed.
Month-end close. When is the next month-end close? What will it take to complete it? This is the most complex item on the list and the one most likely to require external interim support.
Bank covenant reporting. Are any covenant reporting obligations due in the next 30 to 60 days? Review the credit agreement for reporting schedules.
For each item, assign a responsible person. It may be the CEO for authorisations, the Treuhänder for technical accounting tasks, a remaining finance team member for processing tasks, or an external interim resource for the analytical and management reporting work.
The Month-End Close: Triage and Pragmatism
The first month-end close after a controller departure is usually the most stressful point of the 30-day period. The close calendar, the accrual schedule, the management report template, and the variance commentary all depend on knowledge that may have left with the controller.
The objective for the first close after a departure is not to produce the perfect management report. It is to produce a close that is accurate enough to be reliable, completed within a reasonable timeframe, and does not create problems for the following month.
If the close documentation described in article 45 exists, follow it. If it does not, the Treuhänder can assist with the accounting close (booking cut-off accruals, confirming balance sheet reconciliations) while the CEO or a senior manager takes responsibility for the management commentary based on their operational knowledge of the period.
A management report that is simpler than usual but delivered on time is better than a comprehensive report delivered in the fourth week of the following month. Communicate to management that the report will be simplified during the transition period, provide the most critical numbers (revenue, gross margin, cash position), and note that the full analysis will resume once the replacement is in place.
Why Interim Support Usually Makes Sense
The instinct is to wait until the replacement hire is made before bringing in external support, to avoid paying twice. In practice, this calculation usually produces a worse outcome than an interim engagement.
The replacement hire for a controller typically takes eight to twelve weeks from the decision to start hiring to the new person’s first day, and another four to eight weeks for the new person to become independently effective. That is four to five months during which the finance function is operating without its primary analytical resource. During those months: management accounts may not be produced or may be unreliable, the budget process may miss its window, a banking relationship review may go poorly because the financial information was not prepared properly, and a significant decision may be made without the financial analysis that would have changed it.
An interim controller or fractional CFO brought in for three to four months costs less than the total value of those foregone outcomes in almost every case. The interim resource provides continuity, maintains the banking and external relationships, keeps the close process running, and hands over to the permanent hire with proper documentation - which is exactly what should have existed before the departure.
Interim support also buys the CEO time to hire the permanent replacement properly rather than rushing to fill the gap with the first available candidate.
Communicating to the Bank and External Partners
Within the first week, a brief communication to the banking relationship manager is worthwhile. Not a detailed disclosure of internal HR matters, but a simple professional notification: the finance function is in transition, an interim arrangement is being put in place, and the business is operating normally. This pre-empts any concern the bank might develop if calls go unanswered or if the regular management pack arrives late.
The Treuhänder and the auditor (if applicable) should be informed similarly. Both are external partners whose support the business may need during the transition, and both will provide it more readily if they are informed proactively rather than discovering the situation when a deadline is missed.
Considering a fractional controller or CFO? Book a free 30-minute call to discuss what makes sense for your business.
Alessandro Ratzenberger is a fractional CFO and business controller based in Zurich, with 15 years of operational finance experience at Dufry Group and Bomi (UPS Group).
