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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 for a limited duration assignment 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 engage an Interim Manager include:

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

You may also find the following pages helpful:

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. According to a 2010 survey by the Institute of Interim Management, 89% of professional Interims utilise a limited company model for their businesses. 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 Institute of Interim Management. The IIM is the professional body for Interim Managers. It is a not-for-profit Institute run by Interim Managers and Executives. The IIM publishes an annual survey of Interim Management recruiters (known by Interim Managers as ‘Service Providers’). One such leading Service Provider is Archer Mathieson who come highly recommended by a number of our clients. You may also like to visit the IIM’s LinkedIn group: Interim Management – IIM which is a leading authority on the subject of Interim Management.

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 152500 / 01442 275789 or email: michelle.turbutt@sjdaccountancy.com.

About SJD Accountancy

SJD Accountancy are the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 11,000 clients.

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 have 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.

SJD have also won every relevant industry award possible, including:

'Best Contractor Accountant' - Winner ContractorUK readers award 2010, 2009, 2008, 2007 & 2006
'Small Firm of the Year' - Winner Accountancy Age 2007
'100 Best Companies to Work For' Award - Sunday Times 2007
'AXA Business of the Year' - Finalists National Business Awards 2007
‘Excellence in Customer Service’ and ‘Business of the Year’ – Finalists Chamber Awards 2008
'Outstanding Two Star Status' - Best Companies Accreditation 2006
'Accountancy Age Award for Excellence' Winner 2004
Winners of the "Sunday Times Best Small Companies to Work For in the UK" Award, achieving the highest position ever for a firm of accountants.

We offer all clients:

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, e-mail or meet your own dedicated accountant face to face.
Money backed service guarantee. All your telephone calls and e-mails will be answered the same day or we will refund your monthly fee's.
Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market.
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 £110 plus VAT, which is one of the lowest prices in the market. And most importantly, in a recent survey 98% of our clients rated SJD as 'better than other accountants' - we are working hard to convince the other 2%!

If you have any question about contracting or would like any further advice please either contact your SJD Accountant or call our new client services helpdesk on 0500 152500 / 01442 275789 or e-mail nikki.hanlon@sjdaccountancy.com.

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

You may also find the following pages, guides and case studies useful:

Take home pay calculator - How much could you be taking home
Contractor FAQ - All your frequently asked questions and their answers
First time Contracting or Freelancing? - A summary of the alternatives along with pros and cons
Choosing an accountant - For a full review
Step-by-step Guide to Contracting - Download a FREE copy of our guide
Limited or Umbrella? Can't decide? - We help you decide which is best for you
Guide to Contracting - All the best guides to contracting in one place
Expenses Guide - Know exactly what you can claim
Umbrella company guide - Everything you ever wanted to know about umbrella company services
IR35 Guide - A great plain English guide to IR35.