Why You Might Need Virtual CFO Services

Hiring a full-time Chief Financial Officer (CFO) isn’t cheap. If you’re a small or medium-sized business, the $200-300k salary just doesn’t stack up. That’s where a virtual CFO can help.

A virtual CFO (or a fractional CFO) can provide high-level financial strategy and profitability analysis to get your business to the next level. 

A virtual CFO gives you the financial leadership you’d expect from a top-tier CFO — but on demand, and at a fraction of the cost.

Whether you’re running a busy trade business, managing a medical practice, or scaling a small business, virtual CFO services can give you clarity, control, and confidence over your financial data.

What Is a Virtual CFO?

A Chief Financial Officer (CFO) is the senior executive responsible for the financial arm of a company. They oversee financial strategy, budgeting, forecasting, cash flow, and reporting.

The problem? Most small to medium-sized businesses (SMEs) don’t have the budget for a full-time CFO.

The solution? Hire a virtual CFO instead.

Virtual CFO: A virtual CFO is an outsourced finance expert who works with you remotely. They help you grow your business through specific financial strategies. They can help you identify profitable products or services, and interpret your financial data for better decision making. 

If you want to purchase new equipment, hire more staff, or expand to a new location, a virtual CFO can help you with these processes. 

Fractional CFO: The terms “fractional CFO” and “virtual CFO” are often used interchangeably — but they’re slightly different. A Fractional CFO usually works with you on a part-time or project basis (for example, preparing your business for investment or overseeing a major restructure).

Outsourced CFO Services: This is the broader category — any arrangement where CFO responsibilities are contracted out rather than handled by an in-house hire. It covers both ongoing virtual CFO relationships and short-term fractional engagements.

Why small businesses usually don’t have a CFO in-house: 

For a small business, hiring a full-time CFO just isn’t practical. It’s expensive, high-risk, and salaries can easily exceed $200k before you start to see results. 

Outsourced CFO services give you expert-level strategy without the full-time price tag, because you only pay for what you need.

Virtual CFO vs Accountant – Which One Do You Need?

A lot of people think they need to choose between a virtual CFO and an accountant. The truth? They do different jobs and work best together.

• Accountant – Primarily focuses on compliance: tax returns, BAS lodgements, payroll, and making sure you meet ATO requirements.
• Virtual CFO – Focuses on forward-looking strategy: cash flow planning, budgeting, financial analysis, and guiding growth decisions.

The best-case scenario? Work with someone who offers both accounting and virtual CFO services under one roof.

Virtual CFO Services: What Does a Virtual CFO Do?

A good virtual CFO will do far more than review your financial data. Here’s what you can expect:

1. Strategic Planning, Budgeting & Forecasting – They’ll help turn your business goals into a clear financial roadmap. E.g. How many products or services do you need to make a 20% increase in profit per year?

2. Cash Flow Management – A virtual CFO will track money in and out (i.e. cash flows), they’ll predict shortfalls, seasonal fluctuations, and make sure you’ve always got enough cash to operate and grow your business.

3. Performance Reporting & KPI Tracking – They’ll deliver accurate, easy-to-read reports that show exactly how your business is performing against targets or industry benchmarks.

4. Risk Management & Consulting – They can help identify financial risks (such as fraud exposure), keep you compliant with ATO requirements, and help you plan for the future.

5. Growth Strategies – They can identify top-performing products or services and identify excessive costs. They can help with specific business growth strategies like business acquisitions, expansions, or internal restructures.

6. Exit Strategies – If you’re planning to sell your business, a virtual CFO can help increase your business value prior to sale. They can assist with the exit process, preparing documents, and can advise you on the best tax strategy.

Fractional CFO – What’s The Difference?

Fractional CFO services are ideal for businesses that need CFO assistance in short bursts or for specific projects.

For example:

• Preparing for a capital raise with investors
  
• Overseeing a major software system migration.
  
• Managing a business turnaround or exit.
  
• Leading the finance side of a merger or acquisition.

A fractional CFO may only work with you a few days a month or for the duration of a project. It’s a flexible way to get high-level financial guidance without a long-term contract.

Outsourced CFO Services

Outsourced CFO services are usually a longer term arrangement (12 months or more). You’re tapping into experienced financial leadership without putting someone on your payroll.

It’s like having a senior finance executive on your team — without the recruitment headaches, training requirements, or salary commitments.

Advantages over hiring in-house:

• Cost savings – You only pay for the hours or scope you actually need.
  
• Broad expertise – Outsourced CFOs often work across multiple industries, bringing fresh insights, strategies, and ideas.
  
• Flexibility – You can scale the service up or down depending on your business stage or project needs.

Outsourcing also means you’re not locked into one person’s skillset. Many outsourced CFOs have a team of specialists you can tap into — from budgeting to cash flow modelling.

Disadvantages:

• An outsourced CFO is not physically on-site – Virtual CFOs usually work remotely, so if you want in-person contact, this might be an adjustment.
  
• Scope limitations – If you need an industry-specific or ultra-specialised role, you may still require an in-house CFO.

For most SMEs, the benefits far outweigh the drawbacks, especially when you’re after strategic financial leadership without the full-time price tag.

What’s Included in Virtual CFO Services?

While every advisor is slightly different, most virtual CFO services include some (or all) of the following, usually prepared on a monthly or quarterly basis:

• Financial Strategies – They’ll help you set long-term business and financial goals, then break down the financial steps to get you there.
  
• Budgeting & Forecasting – They’ll create detailed, realistic 6, 12, or 24 month budgets and forward-looking forecasts to support your decision making.
  
• Cash Flow Management & Reporting – A virtual CFO will monitor your short and long-term cash positions, spotting risks early, and keeping your bank balance healthy.
  
• Systems & Process Improvements – They can help simplify your finance operations, automate your admin (through software), and improve data accuracy.
  
• CFO Advisory – A virtual CFO is a trusted sounding board for big financial decisions, investments, and growth opportunities.

The right outsourced CFO will integrate with your existing accountant and bookkeeper (or you can hire an accounting firm that also does virtual CFO), ensuring all areas of your finances are covered — from compliance to growth strategy.

After all, if you’re paying an accountant to prepare all your financial data, why not use it to expand your business operations too?

What Are The Costs of Virtual CFO in Australia?

With virtual CFO, you only pay for the hours or scope you need — whether that’s a few hours a week, a few days a month, or a fixed retainer for ongoing support. 

Pricing will vary depending on the complexity and project details, but it’s almost always a fraction of the in-house cost. It can range anywhere from $1,000-$5,000+ per month depending on the firm and their level of involvement.

You can always trial a virtual CFO service for 3-6 months and see how it fits with your business setup, before committing to a longer period.

Signs You Need a Virtual CFO

1. Cash flow surprises or inconsistencies – You’re constantly caught off guard by cash shortfalls or unexpected expenses, or maybe you’re struggling to meet payroll each month.

2. No clear financial reporting or KPIs – You can’t see at a glance how your business is tracking against your goals. You don’t know what your annual financial reports mean, or how to increase your profits.

3. Difficulty budgeting for growth – You know you want to expand your business, but have no clear plan for how to fund it or how to make it happen.

4. Uncertainty about profitability – You’re not sure which services, products, or clients are making you (or costing you) money.

5. Preparing for expansion or investment – Maybe you’re opening a second location, hiring more staff, or pitching to investors, and you need robust numbers and forecasts to make decisions.

If any one of these situations sounds familiar, it might be time to consider virtual CFO services.

What Are The Best Virtual CFO Firms in Australia?

We’ve put together a list of the best virtual CFO firms in Australia for you to choose from.

When you’re evaluating outsourced CFO services for your business, look for:

• Industry experience – Choose a firm who understands your business. For example, trades, medical practices, ecommerce, tech, and service-based SMEs have unique challenges and opportunities.
  
• Software expertise – Cloud accounting is the backbone of virtual CFO work. Make sure they’re fluent in Xero, MYOB, or your chosen platform, plus any industry-specific reporting tools.
  
• Reporting style – Ask for a sample report. Is it clear and actionable, or full of jargon you can’t use? You need reports that make sense to you.
  
• Communication frequency – Will you have regular check-ins? How often? Are they available for urgent questions? Do they take initiative?
  
• Flexible and transparent pricing – No one likes surprise bills. Choose a provider who offers clear packages or hourly rates and explains exactly what’s included.

Top 10 Best Virtual CFOs in Australia – 2025 Edition

The demand for virtual CFO services has exploded in recent years. 

More and more Australian SMEs are realising they can access CFO-level expertise without paying a full-time executive salary.

From Sydney to Perth, you’ll find plenty of impressive firms offering fractional CFO, outsourced CFO services, and business management consulting. These providers can give you high-level strategy, cash flow insights, and forecasting — but in most cases, that’s all they do.

And here’s the catch: if your virtual CFO is separate from your tax accountant and your bookkeeper, you’ve now got three different providers who all need to communicate, share data, and stay aligned. 

In reality, this often leads to delays, miscommunications, and decisions made without the full picture.

That’s why Evolve Accountants & Business Advisors sits at the top of this list. We’re a one-stop shop — offering Bookkeeping, Tax & Compliance, and Virtual CFO services all under one roof. 

That means:

• One point of contact
• One source of truth
• One team who sees your numbers in real-time

We don’t just advise from the sidelines — we’re involved in your books, on the ground, and across every part of your business’s financial picture.

Here’s our pick of the Top 10 virtual CFO firms in Australia for 2025:

Note: Our list isn’t just based on a quick Google search. We reviewed each firm using key criteria:

• Google reviews – both the overall score and the number of reviews.
  
• Service offering – the range of CFO, accounting, and advisory services provided.
  
• Website presentation – how clearly and professionally they communicate their expertise.
  
• Client feedback – what business owners are saying in reviews and case studies.
  
• Industry focus – experience with sectors like ecommerce, construction, and other growing SMEs.

This approach ensures every firm on the list not only talks the talk, but also delivers measurable results for their clients.

1. Evolve Accountants & Business Advisors – Overall Best – Perth
   
2. Carbon Group – Australia
   
3. Metrix Advisory Virtual CFO and Accounting – Sydney
   
4. A Real CFO Outsourced Services – Sydney
   
5. Cloud CFO – Melbourne
   
6. Juce Advisory Pty Limited – Brisbane
   
7. MKH Associates – Gold Coast
   
8. Virtual CFO Group – Victoria
   
9. The CFO Centre – Perth
   
10. Lucent Advisory – Adelaide

FAQs

How much do virtual CFO services cost in Australia?

Costs vary depending on the size and complexity of your business. Expect anywhere from $1,000 to $5,000+ per month — still far less than hiring a full-time CFO.

What are the best virtual CFO firms in Australia?

Look for a firm with a strong reputation in your industry, clear communication, and a proven track record. It’s about culture fit as much as their capability. Check out our 5-star reviews here.

What are the best virtual CFO firms in Perth?

Our team at Evolve Accountants & Business Advisors is proud to be a leading choice for Perth businesses, especially in trades, medical, and service-based sectors.

Can a virtual CFO work with my existing accountant?

Absolutely. A virtual CFO should complement your accountant, not replace them. However, if you can find a firm to do your tax, bookkeeping, accounting, and virtual CFO – it will make your life a lot easier.

How do I know if my business needs a virtual CFO?

If you’re growing, dealing with complex financial decisions, or feeling in the dark about your numbers, it’s worth talking to a virtual CFO.

Find Out More About Our Virtual CFO Services

At Evolve Accountants & Business Advisors, we provide virtual CFO services that go beyond the numbers. Whether you need part-time, project-based, or ongoing virtual CFO services, we’ll help you:

• Get clarity on your financial position
  
• Improve cash flow and profitability
  
• Plan for sustainable business growth

Contact us today to find out how we can help your business grow.