When To Hire Your First Finance Professional: Key Considerations For Growing Businesses

As your business grows, effective financial management becomes increasingly crucial. While small businesses often rely on founders or CEOs handling financial responsibilities with outsourced accountants, the complexity of finances can eventually necessitate hiring a dedicated finance professional. In this article, we explore the factors to consider and the benefits an expert can offer your business.

Updated: 5th February 2024

As a business grows, it becomes increasingly important to manage finances effectively. For many small businesses, the founder or CEO may handle the financial responsibilities themselves with the support of an outsourced accountant. However, as the company grows, the increased time and energy means it often becomes necessary to hire a dedicated finance professional to keep things in order.

But when is the right time to hire your first finance hire? In this article, we'll explore the key factors to consider, and what an expert can offer your business.

Revenue and Growth
The first consideration is the revenue and growth of your business. If your business is generating a significant amount of revenue and continuing to grow, so will the complexity of your finances. A finance professional can help you manage cash flow, prepare financial reports, and create financial projections that can help guide your growth strategy. Without one, your business is only really benefitting from basic compliance and record keeping.

Time and Expertise
So, with this business growth and the complexity of finances, it means you could find yourself spending a significant amount of time on financial tasks - or feeling like you lack the expertise to manage everything effectively. This is a good indication that it may be time to hire a dedicated professional who can offer strategic insights, payroll, auditing and wider management that could develop the finance function further – and free p your days to focus on the business.

Funding and Investment
If your business is seeking funding or investment, it may be beneficial to have a finance professional on board who can take the lead on everything needed from paperwork to planning. Investors and lenders often require detailed financial reports and projections before making a decision to invest or lend money, and a dedicated hire can help you prepare everything effectively, increasing your chances of securing funding.

Regulatory Compliance
As your business grows, you may also face increased regulatory compliance requirements that go with it. A finance professional can help ensure that your business is in compliance with relevant laws and regulations, as well as safeguarding records and monitor the financial health of the business for any declarations and submissions. This can help protect your business from legal and financial risks.

Strategic Decision-Making
Finally, a finance professional can provide valuable insight and analysis that can inform strategic decision-making for the business both now and in the future. Financial data can help you identify sales, customer and market trends, assess risks, and make more informed decisions about the future direction of the company. They can also better analyse this data and provide recommendations that can help your own business decisions too.

Of course, these business benefits do come up against the cost of hiring the finance professional themselves, and that’s another thing to consider. With a typical Bookkeeper commanding a salary of around £35k, a Finance Manager around £45k, and a Financial Controller between £60k and £80k, you’ll need to assess whether the time you’ll save and the expertise you’ll gain will offset this outlay.

In conclusion, there is no one-size-fits-all answer to the question of when to hire your first finance hire. However, if your business is generating significant revenue, facing complex financial tasks, seeking funding or investment, facing regulatory compliance requirements, or in need of strategic decision-making, it may be time to take the plunge. By doing so, you can ensure that your business manages its finances effectively and positions itself for long-term success.
At Taylor Hawkes, we have worked with a huge number of companies that need their first finance professional. We support the business owner in understanding their own unique requirements and advise them of the appropriate level of hire needed, as well as the technical skill set required to help develop future growth plans. 

If you’d like to speak to one of our professionals to discuss a potential requirement, please get in touch at

Knowledge is king

If you would like to keep up to date on the latest industry news and other related content please subscribe to our newsletter.

I agree to receive Taylor Hawkes newsletter and other related communications. privacy policy.

Our Privacy Policy describes how we process your personal data, sets out your rights as a data subject, and identifies how to exercise them.