Virtual CFO Services Australia

The cost of hiring a Virtual Chief Financial Officer in Australia varies depending on several factors: your business objectives, the complexity and scope of the work, the experience of the CFO, and the length of time you need the Virtual CFO for.

There may also be additional services you can add to a package, which will also affect the price.

Typically, a Virtual CFO service will cost anywhere between $3,000 to $15,000 a month. This innovative solution is a more affordable option for SMEs when you consider the cost of hiring a full-time CFO is upwards of $250,000.

Importantly, a good Virtual CFO will deliver many times their cost in improved profit, cash flow and business value. They should also be able to identify ‘quick wins’ straight away for a business, so you’ll see a great ROI soon after hiring them.

A Virtual Chief Financial Officer takes a forward-looking view of your business versus a compliance (tax accountant) or operational (bookkeeper) one.  They provide commercial and strategic financial leadership to support your business growth, using the numbers and data to tell the story of your business’ health.

A CFO will help with performance projections, risk management, process improvement to support growth, debt management, employee KPIs, financial partner relationship management, pricing and sales impact management. The issues covered are very detailed, and a CFO needs an intimate understanding of the business. Tax/compliance accountants don’t usually have this type of training and background, i.e. they have mostly worked in an accounting practice, rather than at the ‘coal face’ in commerce. A CFO’s knowledge and value come from years of experience in the ‘real world’, working with lots of different businesses, seeing the pitfalls and knowing how to avoid them.

For more information on the functions of a CFO see our article: What is a CFO?

Business growth can be a tricky time for business owners.  The resources required to achieve sustainable growth need careful consideration, and the multiple levers in a business need to be pulled at the right moment!  It’s tempting to think that simply a growth in sales will fix everything, but this is definitely not always the case.

With business growth comes a need for extra cash to cover extra resources e.g. premises, wages, stock, to deliver more sales.  These extra funds may need to be sourced externally, and expertise will be required to ensure the funding process is smooth.  A Virtual CFO acts as a facilitator between lenders/investors and the business owner, to answer questions and present the business as an attractive proposition.

Your business will benefit from hiring a virtual CFO, no matter what stage it’s at.  A virtual CFO is not just great at managing your future financial plans, they’re also very insightful when it comes to understanding your current financial well-being.

As a rule of thumb, your business revenue will determine when it’s the right time to hire a virtual CFO.

• $1-$5 million: you need a financial controller
• $5-$30 million: you need a virtual or part time CFO
• > $30 million: you need a full-time CFO

For businesses in early-stage development, a virtual CFO can help organise your financial KPIs, set up processes and systems, minimise risks and inefficiencies, and ensure you understand your numbers. For established businesses, a virtual CFO can help with restructuring for growth, plans for entering new markets, loans and much more.

If you are a business owner wanting to exit or sell your business, a virtual CFO will help plan the sale, maximising the value of your business to achieve the best sale price. Put simply, any company looking to increase its overall value would benefit from hiring a virtual CFO.

At CFO On-Call, our Virtual CFOs specialise in helping medium to large businesses within a variety of industries:

• Virtual CFO for Trades
• Virtual CFO for Printing and manufacturing
• Virtual CFO for Mechanical Engineering
• Virtual CFO for Freight transport and logistics
• Virtual CFO for Building and construction
• Virtual CFO for Wholesale and Distribution
• Virtual CFO for High tech
• Virtual CFO for Professional Services
• Virtual CFO for  Disability Support Services
• Virtual CFO for  Aged Care Providers
• Virtual CFO for Mental Health Providers
• Automotive

Always tailoring our primary focus to the industry in which we are working, we ensure that you receive the most efficient Virtual CFO services for your business niche.

CFO On-Call is the largest part-time and on-call Virtual CFO services provider in Australia and New Zealand. We’ve been in this business for a long time so have refined our service offerings and truly have some runs on the board!

Our CFOs have decades of experience in various locations and industries and understand what being in business truly entails. Thanks to this, they’re able to make real and tangible improvements to your business, enabling you to enjoy stronger sales and profit, fewer cash flow issues, and benefit from an increase in your business’ overall value. What’s more, our CFOs always take a hands-on approach, giving clear and plain-English explanations and insights into your numbers. A virtual CFO from CFO On-Call is truly world class.

A Virtual Chief Financial Officer provides ongoing, remote financial expertise and strategic support, often on a regular part-time basis. An interim or temporary CFO, on the other hand, fills the CFO role on-site for a limited period of time, typically during transitions or until a permanent CFO is hired. Virtual chief financial officers offer long-term, flexible engagement, while interim CFOs address immediate, short-term needs.