As UK businesses grow, founders often reach a point where managing finances solo becomes unsustainable. But when exactly should you make your first financial hire—and what kind of expertise should you bring in? Here’s a guide for making that pivotal decision.
1. Know When It’s Time
The right time typically arrives when:
- You spend too much time on bookkeeping or budgeting instead of growing the business.
- Financial decisions are delayed due to lack of data or expertise.
- Your cash flow becomes unpredictable or strained.
- You plan to raise funding or face growing compliance demands.
2. Start with the Role You Need Most
Depending on your size and needs, your first hire might be:
- Bookkeeper: Ideal for handling transactions, reconciliations, and payroll.
- Accountant: Suited for tax planning, reporting, and compliance.
- Finance Manager: Manages budgets, forecasting, and strategy.
- Fractional CFO: Offers strategic oversight part-time without the cost of a full-time executive.
3. Define Clear Responsibilities
Avoid vague job descriptions. Whether you’re hiring in-house or outsourcing, be specific about duties—daily bookkeeping, managing taxes, financial planning, or leading fundraising efforts.
4. Outsource Before Hiring Full-Time
For early-stage businesses, outsourcing can be cost-effective. A good accounting firm or virtual CFO can provide the expertise you need without a full salary commitment, helping you bridge the gap until full-time support is justified.
5. Prioritise Culture Fit and Integrity
Financial hires handle sensitive data and influence critical decisions. Trustworthiness, attention to detail, and a collaborative mindset are as important as technical skills.
The right financial hire can free up your time, improve decision-making, and lay the groundwork for sustainable growth. It’s an investment in both control and confidence.