Guide to becoming an Interim Manager

What is an Interim Manager?

Interim Manager's (IM) are highly skilled professionals with management experience who can be brought into an organisation on a fixed term contract to carry out a specific activity or set of requirements.

Interim management is still a relatively new industry and, as a business concept, is a fantastic way of injecting much-needed flexibility into the marketplace. The UK operates perhaps the most sophisticated Interim Management services in the world, with executives and managers covering a wide variety of roles at different levels of expertise and within various technical areas. The best interim managers are already proving that, if used effectively, they can be worth their weight in gold – and according to the Institute of Directors an interim executive with relevant experience and a good track record can be ‘the answer to a company’s prayers’.

Why companies use Interim Managers
When a company employs an IM, that person is contracted to deliver a fixed assignment for a fixed cost and fixed duration. Through this, the company gains the benefit of instant experience, a higher caliber of manager as well as having an ‘implementer’ on hand who will be focused solely on the job at hand. These benefits have lead organisations to increasingly recruit IM's leaving a wide market for first time Interim Managers!

Some specific situations in which a company might need to recruit an Interim Manager include:

• To fill a sudden gap in the workforce caused by absence, resignation, dismissal or secondment.
• To accommodate a sudden increase in workload.
• To launch a new project when in-house skills are not sufficient.
• To embark upon a restructuring or cultural change which needs specialist resource and expertise.
• To handle a business situation which needs evaluation, recommendation and implementation – when there is no time to do this using internal staff.
• To manage acquisitions
• To set up new businesses or to close down old ones.
• To provide mentoring and team development.
• To carry out crisis management activity.
• To turn an ailing business around.

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Benefits of working as an interim manager
Typical rates of pay for interim managers
Finding a job as an interim manager

Administrative and practical issues
Ask any accountant and they will tell you the most tax efficient way to work as an Interim Manager, contractor or freelancer is to work through your own limited company. Forming a company isn't difficult and only takes about five minutes. You'll need to have professional indemnity insurance and on a more personal level you will also need to:

• Be organised and efficient in all aspects of your company administration.
• Provide a cost-effective alternative to a permanent, highly-paid executive.
• Offer flexibility on location and be able to commit to a weekly commute if necessary for the duration of the assignment.
• Be financially secure and able to cope with non-billing periods.
• Be available at short notice.

Where can I get more advice?
It’s well worth talking to the Interim Management Association (IMA). The IMA is not a recruitment agency in itself, but instead it represents the majority of established and leading Interim Management recruiters currently operating in the UK market. One such IMA member is Archer Mathieson who come highly recommended by a number of our clients. You may also like to visit the IMA Institute's site which is the professional body for professional Interim Managers. 

Accountancy services for Interim Managers from SJD Accountancy
If you are already an Interim Manager operating through your own limited company, or if you are thinking of setting up as an Interim Manager or even working through an umbrella company and want to go limited, then SJD Accountancy can give you a wealth of information and advice. We provide a low cost fixed-fee accountancy service which has been developed specifically for Interim Managers, freelancers and contractors. We've been acting for clients across the UK since 1992 and have more than 10,000 already.

If you have any question about contracting or would like any further advice please call our New Client Services helpdesk on 0500 152 500 or email jaime.thorpe@sjdaccountancy.com.

We are the only national specialist firm of accountants with offices in all major UK cities, so you’ll never be far from your accountant. SJD also has more qualified staff than any other firm in our market, with qualifications from the following major tax and accountancy bodies - ATII, ATT, ACCA, CA, ACA, FCCA, ACMA. You’ll also be pleased to know that we are one of the lowest priced as well. All of our clients receive:

• Free face-to-face meetings. This is another unique service, only SJD offers free face to face meetings - tax is complicated and sometimes only a meeting will do.
• Unlimited access to your own dedicated accountant. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant face to face.
• Money back service guarantee. All your telephone calls and emails will be answered the same day or we will refund your monthly fee.
• Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market.

We offer an all inclusive low cost monthly package which includes completion of accounts, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, unlimited access to your accountant and all company returns.

All this for a fixed monthly fee of £95 plus VAT, which is one of the lowest prices in the market.

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!

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