As your business grows, so does the financial complexity. At some point, you realise that spreadsheets and end-of-year tax prep just aren’t enough. You need someone who can take a closer look at your finances, or even a strategic view of your future.

That’s when many business owners ask:
“Do I need an accountant… or is it time for a Finance Director?”

They’re both financial professionals, but they do very different jobs. Choosing the right one can make a big difference in your business.

Let’s take a look. 

Let’s start with the accountant

Most businesses work with an accountant early on, and for good reason. Accountants are experts for helping you meet legal, accounting and tax obligations. They take your financial data and turn it into accurate accounts, reports, tax returns, and compliance documents.

Here’s what they typically help with:

• Creating your year-end accounts
• Preparing and filing your taxes
• Ensuring your financial records are accurate (your bookkeeping)
• Advising on allowable expenses and deductions
• Helping with payroll, VAT, and compliance
• Giving you insight into past and current financial performance

In short, accountants help you stay on the right side of the law and make sense of your numbers. They’re your go-to for tax advice and making sure your business is financially sound from a compliance standpoint.

Also, a good accountant will help you save on tax (legally) and spot inefficiencies.

So when’s the right time to work with one?
Honestly, from day one. If you’re running a business and need to do a tax return, you need an accountant.

When a Finance Director (FD) steps in

A Finance Director (often known as a CFO outside of the UK), on the other hand, steps in when you need strategic guidance. While an accountant focuses on where your business has been, an FD is focused on where your business is going.

Their role is less about filing forms and more about asking big-picture questions:

• Is your business financially healthy long-term?
• Can you afford to expand?
• How do you improve margins, reduce risk, and boost cash flow?
• Are you priced correctly?
• Should you take on debt or raise capital?

FDs typically manage:

• Forecasting and budgeting
• Business planning
• Fundraising or investment strategy
• Cost management
• Risk mitigation
• Performance tracking and improvement

If you’re trying to scale, hit ambitious goals, or simply want expert insight into what’s financially possible, an FD can provide the roadmap.

If you’re a small business? You don’t need to hire a full-time FD. Many business owners opt for virtual or part-time FDs, which give you access to expert advice at a fraction of the cost.

It’s not one or the other

One common misconception is that you need to pick between an accountant and an FD. In reality, they work best together, each handling a different side of your finances.

• Your accountant helps keep the lights on and the tax office happy.
• Your FD helps you grow, pivot, and avoid financial missteps.

Think of your accountant as your financial mechanic, making sure everything runs smoothly. Your FD? They help you plan the best route to your goals.

How to choose

If you’re mostly focused on:

• Meeting tax obligations and compliance stuff, like filing your accounts
• Tracking cash flow
• Understanding your current finances

Then an accountant is what you need.

But if you’re asking:

• How do we grow from here?
• Can we afford to hire, expand or invest?
• How do we make this business more profitable?

Then it might be time to bring in an FD, even just part-time.

Getting the right help for you

Getting financial support isn’t just about ticking boxes. The right help at the right time can reduce stress, free up your time, and improve the financial health of your business.

If you’re not sure what your next step is, your accountant is a great place to start. They can help you decide whether it’s time to bring in someone who can take your business strategy to the next level.