# When a company needs an interim treasurer

Source: https://firmaadvisory.com/insights/when-to-hire-interim-treasurer
Last updated: 2026-10-01

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By [Federico Lleonart](https://firmaadvisory.com/federico-lleonart) · Published October 1, 2026 · Updated October 1, 2026 · 6 min read

When does a company need an interim treasurer? When treasury cannot wait for a permanent hire. Typical triggers are a resignation, an acquisition or refinancing, long leave, or the lack of a first treasury hire. The interim runs daily treasury within limits the CFO sets, documents the function and hands it over cleanly.

Treasury is often a small team, sometimes a single person. When that person leaves or is absent, the work does not stop.

Cash still has to be positioned every day, banks still need a counterpart and lenders still expect their reporting. The question is who does it until a permanent hire arrives.

## Which situations call for an interim treasurer?

Interim cover makes sense when the gap is real and the cost of waiting is high. These are the usual situations.

-   The treasurer has resigned, and the notice period is shorter than the search.
-   An acquisition adds banks, entities and currencies faster than the team can absorb them.
-   A refinancing is under way, and lenders expect a credible treasury counterpart.
-   The treasurer is on extended leave, and daily cash management still has to run.
-   The company needs treasury capability before it is ready for a first full-time hire.
-   A carve-out needs a working treasury function from day one.

In each case, the risk is not only a delay. It is decisions made without the right person in the room.

## What is the difference between interim and fractional cover?

An interim treasurer covers most of the role for a defined period, usually until a permanent hire starts. The work is close to a full role, with daily responsibility for cash and banks.

A fractional treasurer works part of each week or month, often for longer. It suits companies that need senior treasury judgment but not yet a full-time role.

Some engagements start as interim and step down to fractional as the permanent team grows. The right model depends on the volume of work, not on the title.

## What should the interim treasurer own, and what should be advised?

The split between ownership and advice should be written down on the first day. It protects the company and the interim treasurer alike.

-   **Owned:** the daily cash position, the cash forecast and treasury reporting.
-   **Owned:** day to day contact with banks and the treasury calendar.
-   **Owned:** oversight of payment controls and bank mandates.
-   **Advised:** facility terms, hedging policy, bank panel changes and the use of surplus cash.
-   **Advised:** board treasury papers, which the CFO presents and the board approves.

Bank signing and payment release rights should follow the company's own policy. Many companies keep final payment release with employees, and the interim works within that rule.

### Worked example: the cost of a three month gap

The table uses illustrative numbers for a hypothetical company without treasury cover for three months. Every figure is invented to show the arithmetic. It is not client data or a typical outcome.

| Item | Illustrative assumption | Illustrative cost over three months |
| --- | --- | --- |
| Idle cash not deployed | USD 30 million earning 0% instead of 3% | USD 225,000 |
| FX trades without competing quotes | USD 20 million at a 20 bp wider margin | USD 40,000 |
| Fee waivers that lapsed unnoticed | USD 60,000 of annual waivers | USD 15,000 |
| Total |  | USD 280,000 |

The figures will differ in every company. The point is that a treasury gap has a cost, and that cost can be compared with the cost of cover.

Some costs do not fit in a table. A missed covenant certificate or a delayed facility renewal can cost far more than any of these lines.

## What the bank sees

From the bank side, a missing treasurer is visible quickly. Requests go unanswered, mandate changes stall and pricing reviews slip.

Relationship managers need a counterpart who can make decisions. Without one, they deal with whoever is available, often someone who does not know the history.

Credit teams notice too. A facility renewal or a covenant discussion goes better with a treasurer who knows the numbers and the banks.

An interim treasurer with bank-side experience keeps those requests moving. Banks respond to a counterpart who speaks their language and knows their process.

## What should the first two weeks cover?

The takeover sets the tone for the whole assignment. This checklist keeps it focused.

-   Confirm the daily cash position across every bank and entity.
-   List open items: payments, facility deadlines, covenant reporting and bank requests.
-   Check bank mandates, signatories and portal users, and agree any urgent changes.
-   Review the cash forecast and agree its cadence with the CFO.
-   Meet the main banks and introduce the interim arrangement.
-   Agree in writing what the interim owns and what it advises on.

## How should the handover to a permanent hire work?

Handover starts long before the hire arrives. Every process, bank contact and open issue is documented while the interim role runs.

The new treasurer then works alongside the interim for an agreed overlap. Responsibilities move across in a planned order, with the daily cash position first and bank relationships last.

A good handover leaves the new treasurer with a working function, not a backlog. That is the clearest measure of a successful interim assignment.

Introduce the new treasurer to each bank in person or by video. Banks should hear about the change from the company, not discover it from a new signature.

## Can the interim help recruit the permanent treasurer?

Often, yes. The interim knows what the role actually requires, which is not always what the old job description says.

The interim can write the role profile, join interviews and assess candidates on treasury and banking. Recruiters and the CFO keep the final decision.

## How do you choose an interim treasurer?

The right interim is judged by how quickly banks, lenders and the finance team trust them. Technical skill matters, but so does credibility from the first meeting.

-   Experience with banks from the inside, not only as a client.
-   Hands-on knowledge of cash forecasting, bank connectivity and payment controls.
-   Comfort with the company's countries, currencies and languages.
-   A record of documenting work so that others can take it over.
-   Independence from banks and product providers, so advice carries no conflict.

A short conversation about a live issue, such as a facility renewal or a bank change, shows more than a CV. Ask how they would handle it in the first week.

## What mistakes do companies make with interim treasury cover?

Most problems come from vague scope rather than from the interim's skills. These are the common ones.

-   Starting without a written split between ownership and advice.
-   Giving the interim no access to banks, systems or the board calendar.
-   Delaying the permanent search, so the interim becomes a long-term workaround.
-   Skipping documentation, so the handover depends on memory.

Each of these is easy to prevent on the first day. A one-page scope agreed with the CFO covers most of them.

## When should the CFO act?

As soon as the gap is known, not when it starts to hurt. Bank access and onboarding take time, and the takeover is smoother before the departing treasurer leaves.

An [interim treasurer](https://firmaadvisory.com/interim-treasurer) can step in quickly when the scope is clear. Where the company has never had a treasurer, the same work becomes a [treasury build-out](https://firmaadvisory.com/treasury-build-out). After an acquisition, it starts with the [day one banking checklist](https://firmaadvisory.com/insights/day-one-banking-checklist).

[](https://firmaadvisory.com/federico-lleonart)

[Federico Lleonart](https://firmaadvisory.com/federico-lleonart)

Federico Lleonart is the founder of FIRMA Advisory and its Head of Treasury Advisory. Formerly in cash management at J.P. Morgan and Barclays, he advises CFOs and private equity firms on treasury, banking and FX. [Read his full profile.](https://firmaadvisory.com/federico-lleonart)

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This insight reflects general analysis and observations from FIRMA Advisory's work in treasury, banking, and cross-border financial advisory. It does not constitute investment advice, financial advice, or a recommendation in respect of any specific security, transaction, or financial decision. For analysis specific to your organization, contact us at [contact@firmaadvisory.com](mailto:contact@firmaadvisory.com).

## Continue reading

### [Day one banking checklist](https://firmaadvisory.com/insights/day-one-banking-checklist)

What must work when a deal closes.

### [The 100 day banking review](https://firmaadvisory.com/insights/100-day-banking-review)

What the first 100 days should deliver on banking.

### [Cash management in 2026](https://firmaadvisory.com/insights/cash-management-2026)

From cash visibility to cash deployment.

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