Support roles and decisions
What support does my business need?
Different businesses need different levels of financial support. Some only need help with bookkeeping and tax. Others need regular financial reports, forecasts and advice.
The short answer
Finance support runs from a bookkeeper who records transactions, to an accountant who prepares accounts and tax returns, to management accounts, forecasts and a part-time finance director. What fits depends on things like your turnover, how many staff you have and whether a lender or investor wants regular figures. A finance director is one option. Better monthly reports from your current accountant may be enough.
The roles
BookkeeperKeeps day-to-day records up to date.AccountantAccounts, tax returns and advice.Specialist accountantAn accountant who focuses on one sector or type of work.Tax adviserTax planning and complex tax questions.Management accountantMonthly figures that show how the business is doing.Outsourced finance teamA team that runs your finance function from outside.Financial controllerRuns the finance team, controls and month-end.Part-time finance directorSenior finance leadership for a few days a month.Part-time CFOStrategy, funding and investors, part-time.
Choosing between them
Accountant or bookkeeper?Which one fits, and when you need both.Accountant or management accountant?Which one fits, and when you need both.Accountant or part-time finance director?Which one fits, and when you need both.Finance director or CFO?Which one fits, and when you need both.Outsource finance or hire someone?Which one fits, and when you need both.When do you need management accounts?Which one fits, and when you need both.
More role and comparison pages are being written.