Overview
A virtual CFO provides senior finance leadership on a part-time basis: overseeing accounts and compliance, preparing budgets and forecasts, managing banking relationships and reporting to the board and investors.
It suits businesses that have outgrown basic bookkeeping but do not yet need a full-time CFO.
Who needs this service
SMEs and growing businesses
Startups after a funding round
Businesses preparing for fundraising, bank finance or audit
Legal and regulatory framework
- Engagement-based; covers compliance under company, tax and GST laws
Scope of services
Finance oversight
- Monthly closing and review
- Compliance calendar across laws
Planning
- Budgets and forecasts
- Cash flow planning
Stakeholders
- Board and investor reporting
- Bank and lender coordination
Process
- Finance processes and controls
- ERP and reporting improvements
How the engagement works
- DiagnoseCurrent finance function and gaps.
- PlanPriorities for 90 days.
- RunMonthly cycle of review and reporting.
- ImproveProcesses and controls over time.
Documents typically required
Books of account and past financialsBudgets and business planLoan and investor agreements
Key forms and due dates
| Item | Timeline |
|---|---|
| Monthly review | Within 15 days of month end |
Deliverables
- Monthly finance review and MIS
- Budget and forecast
- Board and investor reports
The scope of each engagement is agreed in writing and depends on the nature, size and regulatory requirements of the entity.
Frequently asked questions
How is a Virtual CFO different from an accountant?
An accountant records transactions; a virtual CFO reviews, plans and advises on financial decisions.