From fractional support to strategic partner: An 18-month finance transformation

When TTC’s Irina Lazar first started working with one of our tour operator clients in 2024, it was initially meant to be a three-month finance support arrangement. But what began as a short-term project quickly escalated into a full Fractional FD role. Eighteen months later, after successfully building up the team and recruiting a brilliant full-time replacement, Irina has just completed her work and stepped away from the business.

Here Irina gives her account of the journey. 

When I look back at the last 18 months, I see much more than a list of finance tasks. This wasn’t just a job. It was also an incredible opportunity to work alongside a passionate team and contribute directly to an organisation’s financial health while navigating a constantly changing environment.

I stepped in when the previous Financial Director left, and so from the start, I had responsibilities across the entire finance function. Here’s a look at the key areas I tackled, and the lessons I learned along the way.

Driving value: planning, strategy and partnership

A key deliverable of the project was to elevate the finance function from a necessary back-office function to a strategic decision-making partner. While processes worked and the numbers were accurate, there was a lack of insight being provided to the management team, to allow them to make effective decisions.

To begin with, this involved a complete overhaul of the company’s forward-looking data. I developed budgets, forecasts and management accounts, building templates that provided consistency across the entire group. Not only did this make it easier to spot trends in the data, but it also meant potential problems could be addressed ahead of time, not just reported on after they occurred.

Optimising partnerships and mitigating financial risk

Crucially, I also reviewed and optimised the business’s core financial services infrastructure. This included evaluating and negotiating agreements with merchant acquirers, foreign exchange providers and banking partners. Selecting the right partner is about more than a simple cost analysis, but we were still able to make savings by shopping around.

There were plenty of complex dynamics to manage, including foreign exchange exposure and hedging strategies, as well as optimising deposit account management and evaluating refinancing options. These situations demanded not only deep technical knowledge but also the agility to balance forensic detail with a clear, overarching view of the business strategy.

And whilst loyalty is commendable, don’t let it blind you to what else the market can offer.

Compliance and regulatory control

The travel industry is tightly regulated, and getting it right is crucial for maintaining confidence with regulators and stakeholders. I became deeply involved in regulatory reporting and managing the annual ATOL renewal. Alongside compliance, I managed the day-to-day financial rhythm of the business, including VAT returns, PAYE settlements, P11Ds, payroll and pension contributions.

While these may sound routine, they are critical for maintaining trust within an organisation. 

Strategic leadership and capability building 

One of the highlights of this journey was working with people. I line-managed a Junior Accountant, and later, recruited and integrated an Internal Financial Controller. 

My approach to finance leadership is that it’s not just about implementing controls, it’s about building confidence, transferring institutional knowledge and creating space for the next generation of leaders to thrive.

Ending the project on a high

As the 18-month project came to an end, I could see tangible improvements. Reporting is cleaner and more consistent, processes are stronger, the team is more resilient, and the client has trusted relationships with auditors, HMRC and the CAA. 

But beyond the measurable outcomes, I came away with something even more valuable – a deeper appreciation for the role finance plays in shaping the future of a business and the satisfaction of knowing my work contributed to stability and progress in an industry I care about.

Hiring a full-time, experienced CFO is expensive and complex. Our fractional finance model solves this: it’s the flexible, low-risk way to bring in C-suite strategic expertise to optimise your entire financial engine.

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