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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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BUSINESS JARGON THAT YOU ARE GUARANTEED TO FIND ANNOYING!

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Whether you consider these to be jargon or clichés, there are some phrases that are used in every workplace which we guarantee that almost everyone will find annoying! Saying that, we imagine that you – like us – are guilty having used, or do use, many of these yourselves! Here are our favourite – or should that be least favourite – overused terms.

Thinking outside the box

How many times have you used or heard this when referring to creative or innovative thinking? Using it probably demonstrates a lack of creativity, or innovation – or maybe both!

Close of play

Often abbreviated to COP to mean the end of the day however the non-specific timeframe can lead to confusion and potentially missed deadlines – just say the time you are working towards!

Low hanging fruit

A term that refers to an easy target that does not require much effort. Do you really want to indicate to your colleagues that you are choosing to take the easy option?

It’s on my radar

This is an oldie – but not a goodie! Meaning that you are aware of something – but also that you haven’t quite got round to doing anything about it!

Let’s take this offline

How many times have you heard someone come out with this? Most likely to be used when someone feels a conversation is getting a little too heated or too close for comfort and attempts to change the subject!

Singing from the same hymn sheet

This is a very widely used phrase to try and cajole agreement and collective thinking. You will often hear this when someone is making an attempt to diffuse a disagreement or bring someone round to their way of thinking.

Blue sky thinking

Hands up, almost everyone is guilty of using this one! Whilst its intention is to be applauded – the creation of ideas that are free from the normal constraints – the reality is that such ideas are likely to be impractical to implement. Recognising the obstacles and developing feasible solutions is a far better use of one’s time.

Thought shower

The pressure of having to come up with many, many ideas (probably whilst using ‘blue sky thinking’) will more than likely bring you out in a cold sweat!

Going on a journey

This one ranks quite highly on our list of corporate bugbears. Again, its intention is correct – people do need to be brought along and be heading in the same direction – but the word ‘journey’ has us conjuring images of people making a trek to reach the South Pole!

Win-win situation

This particular nugget is most likely to be used by those attempting to save face when they’ve had to relent more than they would have ideally liked to in order to resolve a situation.

There’s no ‘I’ in team

This is a tricky one – and is generally used to address those who are perceived to not be pulling their weight or focussing upon their own interests. Being a good team player is an essential characteristic of almost every employee – we agree with the sentiment, but dislike the phrase!

Touch base

The reason why this one makes the list is because it is actually just as easy to say what the phrase itself means! Used when you want to catch up with someone about a particular matter, you can score extra annoyance points by inviting someone to ‘touch base offline’.

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to speak to a member of our team about your next career move.