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Interim vs Permanent Finance Hires: What's right for your business?

Having specialised in placing senior interim accountants in Yorkshire for over 20 years, I’ve seen all kinds of reasons behind the need for a business to recruit new finance staff but how many of those companies made the right call….at the right time? The decision to hire an interim or permanent finance professional is a significant one, and it largely depends on the company’s specific needs, objectives, and resources. Both types of finance jobs have distinct advantages and can provide different types of value to an organisation. In this article, I’ll explore the key benefits of hiring an interim vs a permanent accountancy and finance professional. Understanding the Roles: Interim vs. Permanent Finance Professionals Before diving into the benefits, it's essential to understand the fundamental differences between interim and permanent. Interim Finance Professionals: are typically brought in on a short-term basis to address specific challenges or temporary gaps within a company.These professionals are usually highly experienced, often with a broad skill set, and are capable of stepping into a role quickly. Interim finance professionals might be hired for a variety of reasons, including covering for a permanent employee on leave, assisting with a specific project, managing transitions, or handling urgent financial needs. Permanent Finance Professionals: on the other hand, are hired to take on a long-term role within the company. They typically have a more stable and ongoing relationship with the organisation, working closely with other departments and employees to ensure the company’s financial health is maintained and improved. A permanent finance professional is expected to provide continuous support, helping shape long-term strategies, and ensuring business growth and stability. With these definitions in mind, let's explore the benefits of each type.Benefits of Hiring an Interim Finance Professional 1. Flexibility and Immediate Impact: One of the most significant advantages of hiring an interim accountancy/finance candidate is flexibility. Interim candidates are typically available to step in quickly, often within a matter of weeks or even days. This is especially beneficial for businesses that need immediate support within their finance function due to an unexpected situation or an urgent financial project. For example, if a company faces a sudden crisis, such as the resignation of a senior finance executive, a business owner might need an interim finance leader to fill the role temporarily. The interim candidate can quickly assume responsibilities, such as overseeing cash flow management, financial reporting, and budget planning, allowing the business to continue operating smoothly during the transition period. Additionally, interims can be engaged for specific, short-term projects, such as managing the implementation of a new financial system, preparing for audits, or dealing with temporary increases in workload. The flexibility of interim senior finance roles makes them ideal for businesses looking to meet specific short-term goals without the need to commit to a permanent hire. 2. Cost-Effective for Short-Term Needs Hiring an interim accountant can often be more cost-effective than hiring a permanent one, particularly for short-term or project-based needs. Interims are typically paid a daily or weekly rate, which means businesses do not need to cover the long-term costs associated with a permanent employee, such as pensions, healthcare, and other benefits. For companies operating on tight budgets or with fluctuating financial demands, hiring an interim professional can be a way to access high-level expertise without committing to the ongoing costs of a permanent hire. This is particularly valuable for small and medium-sized enterprises (SMEs) that may not have the financial capacity to employ a full-time senior finance professional with the expertise required to fulfil their requirements. 3. Expertise and Specialisation Interim finance professionals often bring a wealth of experience and unique knowledge to the table. Many have worked across various industries, providing them with a broad understanding of different financial challenges and solutions. Their expertise enables them to quickly assess the situation, identify the key issues, and implement strategies that can drive immediate improvements. Whether it’s managing complex financial reporting, overseeing mergers and acquisitions, or implementing cost-saving initiatives, interim finance professionals possess the necessary skills to tackle these challenges quickly and effectively. For businesses that require specialised financial expertise on a temporary or interim basis, hiring an interim professional can be a great solution. 4. Support During Transitions and Change Businesses that are going through periods of change—whether it’s a merger, acquisition, restructure, or IT system upgrade—can benefit from the support of an interim finance professional. These transitions often require specialist knowledge to ensure a smooth process. They can help with tasks such as conducting due diligence, integrating financial systems, or managing financial communications with stakeholders. Their ability to handle high-pressure situations and adapt to challenges quickly makes them invaluable during periods of change. 5. Reduced Recruitment Risk If a business is uncertain about hiring a permanent employee or simply wants to test the waters, hiring an interim can reduce the recruitment risk. They are often hired for their ability to deliver results quickly, without the long-term commitment that comes with a permanent role. If the business is not satisfied with the interims performance, they can simply replace them without the added complications that come with a permanent hire. This can be especially important for businesses that may be unsure about the long-term financial strategy or need time to evaluate the suitability of a new hire before committing to them permanently. Benefits of Hiring a Permanent Finance Professional 1.Long-Term Strategic Support A permanent finance hire, hopefully, becomes an integral part of the company’s long-term strategy. This individual will be responsible for the company’s ongoing financial health, working closely with management to shape business decisions, optimise financial performance, and align the company’s financial goals with its strategic objectives. Permanent finance professionals can help businesses by offering consistent advice on areas like tax planning, financial forecasting, and long-term investment strategies. They can also assist with employee development, fostering a strong financial team, and providing training and mentorship to junior staff members. For businesses that require a stable, long-term financial presence to guide growth and sustainability, hiring a permanent finance professional is often the best option. 2.Stronger Company Culture and Relationships One of the key benefits of having a permanent employee is their ability to build strong relationships within the company. Unlike interim professionals, who may only interact with a limited number of people during their contract, permanent professionals have the time to embed themselves within the company culture and form deeper connections with other employees, teams, and departments. A permanent finance professional can work collaboratively with other departments, helping to align financial strategies with broader business objectives. Over time, they develop a deep understanding of the business’s operations, challenges, and goals, which allows them to make more informed decisions and offer tailored financial advice. 3.Continuity and Stability Hiring a permanent finance professional ensures continuity and stability in your company’s financial management. This is especially important for businesses that require ongoing oversight and management of financial processes. A permanent professional will have a long-term commitment to the company’s financial success, ensuring that key financial tasks—such as budgeting, reporting, and compliance—are consistently handled. Stability is particularly important businesses that require ongoing financial planning and risk management. A permanent finance professional will be able to navigate both the everyday challenges and the long-term issues that might arise, such as economic downturns, changes in regulation, or shifts in market conditions. 4.Deeper Understanding of the Business A permanent finance hire has the time to truly understand the intricacies of the business. Over time, they become deeply familiar with the company’s goals, challenges, and nuances, which allows them to make better financial decisions and anticipate potential issues. This in-depth knowledge helps to align financial decision-making with the company’s vision, ensuring that financial strategies support business growth in a meaningful way. Businesses that operate in competitive industries or rapidly changing markets can benefit from having a finance professional who is attuned to the local market conditions and the specific needs of the business. 5.Employee Retention and Development A permanent finance professional is often tasked with developing and mentoring junior employees. By investing in the development of the finance team, they help ensure that the company has a pipeline of talent to support future growth. For businesses that plan to scale or expand their operations, having a permanent finance professional who can recruit, train, and develop a team of skilled finance staff is a key advantage. This helps build a more robust and capable finance function within the company, which is especially important for long-term success. Interim vs. Permanent Finance Professionals Both interim and permanent finance candidates offer unique benefits to businesses, and the choice between the two largely depends on the company’s specific needs and goals. Interim finance professionals provide flexibility, expertise, and cost-effectiveness for businesses that need short-term support or specialised assistance. They are particularly well-suited for project-based work, transitional periods, or covering gaps in the workforce. On the other hand, permanent finance professionals offer long-term strategic support, stability, and the ability to foster strong relationships within the company. They are ideal for businesses seeking continuous guidance on financial matters, long-term growth, and the development of a cohesive financial strategy. Ultimately, the right choice for your business will depend on factors such as the scope of the work required, the financial health of your organisation, and your long-term goals. By carefully weighing the advantages of both options, you can make an informed decision that best supports the success of your business. Need help deciding whether an interim or permanent finance professional is right for your business? At Sharp Consultancy, we’ve been advising and supporting businesses across Yorkshire for over 30 years—matching them with the right finance professionals at the right time. Whether you need immediate interim support or are planning a strategic permanent hire, our teams in Leeds and Sheffield can guide you through the options. 📞 Call us today on 0113 236 6300 / 0114 261 1700 or 📧 email stuartdouglass@sharpconsultancy.com to discuss your hiring needs with one of our expert consultants. Sharp Consultancy is a specialist finance and accountancy recruitment partner for businesses across Yorkshire and the North East Midlands. With a deep understanding of the local market and access to a network of high-calibre professionals, we help organisations secure the talent they need to succeed. If you're looking to strengthen your finance team, CONTACT US to speak to one of our expert consultants to find out how we can help.

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The importance of a strong organisational culture should never be underestimated; with benefits such as enhanced trust and co-operation and better decision making, having the right set of cultural values running through the organisation will be the glue that brings employees together and will ensure that they, and the business, will grow and develop over time.

As one of Yorkshire’s largest independent firms of chartered accountants, auditors and advisors with a heritage that goes back 125 years, Garbutt + Elliott’s success and continued growth is attributable to the quality of the people that make up its team of over 200 staff based in the firm’s Leeds and York offices.

Having placed several key senior appointments with Garbutt + Elliott in recent years, Executive Director Lee Sweeney caught up with Managing Partner Russell Turner to discuss how the importance of ensuring the right cultural fit for the organisation is a significant factor in the decision-making process when it comes to recruitment.

Lee Sweeney:The word ‘culture’ is something which we hear and discuss a lot, but what does it mean to you as an organisation?

Russell Turner: It’s everything to us. We’ve worked extremely hard on identifying and developing our culture and values whilst ensuring they are not just words but very much brought to life. They are integral to everything we believe in and it was important to define our values so they are real and meaningful to us - we want them to represent everything we stand for. For those reasons, our values are straightforward – treat people how you would like to be treated.

Essentially, our culture is about genuinely caring, empowering and encouraging people to be the best they can be – whether this is through our relationships with our clients, our colleagues, business development or our stakeholders. Our values enable us to build consistency and have been hugely influential in the way that we approach our recruitment strategy. It’s so important that we get the right people on board who want to grow, develop, reach their full potential and help our business to prosper.

LS: The interview is such a critical part of the process and almost entirely about weighing up if the candidate is right for you and vice versa?

RT: Absolutely, and in many ways the interview process is primarily about finding the candidate that is the right fit for our business. By the time you have shortlisted a handful of suitable applicants to interview, you’ve invariably ticked most of the boxes relating to their technical expertise and knowledge necessary for the role. Information such as what qualifications do they have, where have they gained experience, what type of clients have they worked with can all be gleaned from the CV and application process – so when you sit down in front of someone, it should be a given that they have the ability and experience to deliver the requirements of the role. What the interview gives you is the opportunity to gain an insight into the type of person they are, if we share the same values and behaviours and do they show they genuinely care?

LS:What are you essentially looking for?

RT: It’s important that not only do we identify those people that share our values, but we create an environment where decisions are made both from the top-down and bottom-up; we want our employees to be confident to express independent thoughts and feel empowered to make decisions with a freedom and flexibility in the way they approach their work. We encourage people to bring our values to life and actively participate in shaping them for the future - our values should continually evolve as our business moves forward. To do this our people must be engaged and believe they can make a difference.

LS: When it comes to recruitment, have you seen a shift in what the role requirements are for working in accountancy and finance?

RT: In a highly competitive market it is essential that our people enjoy where they work and the work they do. Our clients expect the services we offer to be of the highest quality, and rightly so – we pride ourselves on the quality of our work, from a technical perspective, but equally it’s the quality of our people, their attitude and behaviours, that really differentiates us in a crowded market. It has to be about our people; we want our clients to see that we are vibrant, energetic, forward-thinking - passionate professionals who are engaging and can clearly demonstrate that they care about what they do.

LS:You mentioned that others in the organisation need to feel empowered, why this is so important?

RT: As a business grows, it’s so important that there’s a real understanding of the values and that people champion those values, it has to be joined up. At senior level, it is essential that we bring on board key individuals who share our core values and can very quickly get a strong grasp of their role; but we also want people to bring new ideas and alternative approaches as these will enhance our values and benefit our business in the long run. As I mentioned earlier, our values are embedded in the very fabric of everything we do and we continue to work hard to strike the right balance between consistency and empowering our leadership team to implement their own style.

LS: What would you do if faced with a candidate who is a strong match for the requirements of the role but you are not certain that they would be a good fit for the organisation?

RT: There’s a certain amount of bravery involved; a lot of people talk about the importance of finding the right fit in terms of culture and values but this often takes second place if a candidate can demonstrate right technical skill set. Fundamentally, if we have a feeling, that someone doesn’t share our values, we know that they will not be right for us, and vice versa, regardless of their technical skillset.

Staying true to our values has enabled us to celebrate and focus on people’s strengths and what they enjoy doing – in reality, very few people are exceptional at everything and that’s acknowledged at Garbutt + Elliott. For example, someone that performs strongly at business development may not necessarily be the best at process and similarly someone whose strengths can be clearly seen in their understanding of process might not be suited to line management. This provides us with the opportunity to develop and recognise individuals for what they bring our business, tailor their development and progression route accordingly and ensure their contribution is recognised and they achieve their own career goals.

LS:How important is it for candidates to consider the culture of an organisation when looking for a new role?

RT: Employers must work hard to stand out from the crowd if they want to recruit the top talent, and even harder to retain their staff. And much of that comes down to how you make your employees feel every day. The salary, benefits package and career progression must be attractive and competitive, but how you treat people on a day-to-day basis, how you make them feel valued, how you make them part of the decision-making process and how you create an environment in which they feel that they can grow is just as important.

The last 18 months has shown us how working practices can be successfully adapted; the benefits of remote working have been embraced by both employers and employees. With employers being more flexible this opens up a wealth of opportunities for the top talent to seek new career opportunities much further afield, putting greater competitive pressure on employers.

LS: What would be the one piece of advice you would give to a company when they are looking at how they approach shaping and developing their organisational culture?

RT: It never stops! Developing the right culture for a business is more about how you plan the journey rather than focusing on the destination. A strong organisational culture flexes and develops as your business grows, it needs to be energised, supported and continually invested in. In reality, an organisations culture is the culmination of everyone’s individual behaviours – hence why it is so important to get the right people onboard.

Sharp Consultancy specialises in the recruitment and executive search of finance and accountancy professionals within national and regional accountancy practices, owner managed businesses, national and global plcs and leading venture capital and private equity firms. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to find out more.