Finance Team Structure: Seed to Series B
How to build your finance team at each stage of growth—what roles to hire, when to hire them, and how to structure reporting relationships.
Building a finance team is one of the most common questions we hear from founders: "Who should I hire first? When do I need a controller? What does a finance team look like at Series B?"
There's no one-size-fits-all answer, but there are clear patterns that work. This guide walks through typical finance team structures at each stage, helping you plan your hires and understand what roles you need when.
Key Principle
Build your finance team in layers: start with transactional foundations (bookkeeping), add strategic capabilities (fractional CFO), then build operational depth (controller, analysts) as complexity grows. Don't skip layers.
Pre-Seed / Bootstrap Stage
At this stage, finance is minimal. The founder handles most financial tasks, possibly with occasional help from an accountant or bookkeeper.
Typical Structure
Founder/CEO
Handles most finance tasks
CPA/Tax Accountant
Annual tax filing
What You Need
- Accounting software: QuickBooks Simple Start or Wave (free)
- Tax accountant: CPA for annual filing ($1-3K/year)
- Maybe: Part-time bookkeeper for a few hours monthly ($200-500/month)
What You Don't Need Yet
- Any full-time finance hires
- Sophisticated accounting software
- FP&A tools or complex models
Seed Stage
After raising a seed round, you have more financial complexity: payroll for employees, investor reporting expectations, and the need for better financial visibility. This is when most startups bring on their first finance support.
Typical Structure
Founder/CEO
Financial decisions, investor relations
Bookkeeper
Outsourced or part-time
$1-2.5K/month
Fractional CFO
As needed / light engagement
$2-5K/month
CPA Firm
Tax + compliance
What You Need
Bookkeeper (Required)
Outsourced bookkeeping service or part-time bookkeeper. Handles transactions, reconciliation, basic reporting. This is your foundation.
Fractional CFO (Recommended)
Light engagement for board prep, fundraising prep, and strategic guidance. 5-15 hours/month. See our fractional CFO guide.
Total Monthly Cost
Range: $2,000-$6,000/month for bookkeeper + fractional CFO
This is roughly 1-2% of a typical seed stage burn rate—a reasonable investment for financial clarity and investor-ready reporting.
Series A
Series A brings significant scaling: more employees, more complex operations, and higher expectations from investors. Your finance function needs to professionalize.
Typical Structure
CEO
Fractional CFO
Strategy, planning, board
$5-10K/month
Bookkeeper/Accountant
Full-time or robust outsourced
CPA Firm
Tax + audit prep
Early Series A
- Bookkeeper: More robust engagement, possibly dedicated
- Fractional CFO: Heavier engagement (15-30 hours/month)
- CPA firm: More involved as complexity grows
Late Series A (preparing for Series B)
Evolution: Adding a Controller
Fractional CFO
Strategy, board, fundraising
Controller
First FT finance hire
$130-170K/year
Staff Accountant / Bookkeeper
Reports to controller
The Controller Decision
Most Series A companies should hire a controller when: (1) accounting complexity requires daily attention, (2) you're preparing for audit, or (3) your bookkeeper needs oversight. This is typically your first full-time finance hire. Learn more in Your First Finance Hire.
Total Team Cost at Series A
| Role | Annual Cost |
|---|---|
| Fractional CFO | $60K-$120K |
| Controller (if hired) | $130K-$180K |
| Bookkeeper/Accountant | $20K-$60K |
| Total Range | $100K-$360K/year |
Series B
Series B marks the transition to a real finance team. You likely need a full-time CFO (or will soon), multiple finance roles, and increasingly sophisticated operations.
Typical Structure
CEO
CFO
Full-time or very senior fractional
Controller
Accounting Ops
FP&A Manager
Planning & Analysis
Sr. Accountant
Staff Accountant
FP&A Analyst
Core Roles at Series B
CFO
Full-time executive leading all finance. Strategy, board, fundraising, team leadership. This is the transition point from fractional to full-time. See When to Hire a Full-Time CFO.
Controller
Owns accounting operations: close process, financial statements, internal controls, audit management. Reports to CFO, manages accounting staff.
FP&A Manager/Director
Owns financial planning, budgeting, forecasting, and analysis. Partners with business units on decision support. May manage analyst(s).
Accounting Staff
1-3 people handling day-to-day accounting: AP, AR, payroll, reconciliations. Reports to controller. Size depends on transaction volume.
Total Team Cost at Series B
| Role | Headcount | Annual Cost |
|---|---|---|
| CFO | 1 | $250K-$350K |
| Controller | 1 | $150K-$200K |
| FP&A Manager | 1 | $130K-$170K |
| Accounting Staff | 1-3 | $70K-$100K each |
| Total | 4-6 | $600K-$1M+/year |
Team Size Benchmark
A common rule of thumb: finance headcount should be roughly 3-5% of total company headcount at Series B. A 100-person company might have 3-5 finance people. This ratio decreases at scale due to efficiency gains.
Role Definitions
Understanding what each role does helps you hire the right people and structure reporting relationships correctly.
Chief Financial Officer (CFO)
Executive responsible for all financial functions. Part of leadership team.
Key Responsibilities:
- Financial strategy and planning
- Board and investor relations
- Fundraising and capital structure
- Finance team leadership
Typical Background:
- VP Finance or CFO at similar-stage company
- Investment banking or PE
- Public company finance leadership
Controller
Senior accounting professional responsible for accounting operations.
Key Responsibilities:
- Monthly/quarterly close
- Financial statement preparation
- Internal controls
- Audit management
Typical Background:
- CPA with public accounting experience
- Senior accountant or assistant controller
- Controller at smaller company
FP&A Manager/Director
Financial planning and analysis professional focused on forward-looking work.
Key Responsibilities:
- Budget development and monitoring
- Forecasting and scenario planning
- Business unit partnership
- Metrics and dashboard reporting
Typical Background:
- FP&A analyst with 3-5+ years experience
- Investment banking or consulting
- Corporate finance rotational program
Accounting Staff
Entry to mid-level roles handling day-to-day accounting work.
Roles Include:
- Staff Accountant
- Senior Accountant
- AP/AR Specialist
- Payroll Specialist
Typical Background:
- Accounting degree
- 1-5 years accounting experience
- CPA (for senior roles)
Org Design Principles
When designing your finance team structure, keep these principles in mind:
Separate Accounting from FP&A
At scale, these are different skill sets. Accounting is backward-looking and compliance-focused. FP&A is forward-looking and analytical. Don't expect one person to excel at both.
Clear Reporting Lines
Everyone should know who they report to and what they're responsible for. Ambiguity leads to dropped balls and conflict. Document roles clearly.
Span of Control
No one should have more than 6-8 direct reports. If your controller has 8 people reporting to them, you may need a senior accountant layer.
Build for the Next Stage
Hire people who can grow with you. A controller who can become VP Finance. An analyst who can become FP&A manager. Don't hire for today's needs only.
Common Mistakes
Hiring a CFO When You Need a Controller
CFOs often don't want to do hands-on accounting. If your primary need is getting the books right, hire a controller first. Add a CFO when you need strategy.
No One Owns FP&A
Accounting people focus on historical numbers. If no one owns forecasting and analysis, it falls to the CEO or doesn't happen. Define FP&A ownership explicitly.
Building for 3 Years Out
Don't hire a team for where you'll be in 3 years. Things change too fast. Build for 6-12 months ahead. You can always hire more.
Skipping the Bookkeeper Layer
Some companies try to go straight from founder-managed finance to a controller. Controllers don't want to enter transactions. You still need bookkeeping support.
Outsourcing Everything Too Long
Outsourcing works well early on, but at some point you need in-house expertise. When you're spending $10K+/month on outsourced finance, consider internal hires.
Related Articles
Scaling Your Finance Function
Complete guide from seed to Series B
Your First Finance Hire
Deciding what role to fill first
When to Hire a Full-Time CFO
Timing the transition
CFO vs Controller vs Bookkeeper
Understanding the differences
Building Your Finance Team?
Eagle Rock CFO provides fractional CFO services and can help you plan your finance team build-out. Let's discuss what you need.
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