Establishing the Finance Function

Aufbau der Finanzfunktion des österreichischen Tochterunternehmens eines britisch/rumänischen Unternehmens im Energiehandel als Head of Finance

Role:Head of Finance
Period (Duration):05/2020 to 12/2020
Company:Austrian subsidiary of a British/Romanian energy trading company
Industry:Energy trading
Revenue:EUR 50M
Employees:4 (group: 80)
Situation at the client:The group established an Austrian branch with ambitious growth plans and, therefore, aimed to establish a local finance function
Place of Business:Vienna, AT

Responsibility:

  • Accounting and FP&A of the Austrian subisdiary: sales approx. EUR 50M

Mission:

  • Insourcing the accounting from the external tax advisor
  • Implementing monthly financial reports
  • Managing Accounts Receivable and Accounts Payable

Measures:

  • Taking over the accounting responsibilities and implementing ongoing bookkeeping
  • Building standard reports in MS Power BI

Erfolge:

  • Monthly reports reflecting the current status of the Austrian company

Special Challenge:

  • The Austrian company’s main customer was a Romanian sibling company. However, after a few months, the sibling stopped making payments, which quickly led to a shortage in liquidity in Austria and the company ultimately slid into insolvency.