We often get asked what the difference is between a virtual CFO and an outsourced CFO. These have become widely used terms to describe the concept of having access to the skills of a highly experienced CFO for a fraction of the cost of hiring a full-time CFO.

A virtual CFO is a little bit like receiving accounting services – these are an extension of their existing accounting and tax services to provide more input and guidance into their client’s business and provide you with specific business analysis and reporting on a regular basis based on your decision-making needs. This could be normal performance reviews, management packs with balance sheets, cash flows and P&L, costing models, projections, etc. A virtual CFO can help you get to the next stage of business but will eventually reach its limits.

Based on your business growth journey, you might need more than just A virtual CFO – you’d need an outsourced CFO.

Over time, your business will grow, and so will the volume & complexity of your transactions. You might already have XETA or your own team, but at this point, virtual CFO services will become stretched due to your people structure. You as the business owner are now challenged with the management of a finance function for a thriving business – but your role is Owner, CEO, Managing Director and LEADERSHIP.

When you reach this level, hiring a full-time CFO is not straightforward. If the budget does not allow the business to pay a full-time CFO salary, the business would probably get a Finance Manager, which creates a significant skill gap. Finance Managers want career prospects and progression, and they don’t have CFO experience.

This is where XETA shines. 

Successful businesses engage XETA CFO to manage their finance function from the ground up. Everything connects in the Finance Department. Your design, setup, tools, systems and all activities come together in Finance, making your reports, analysis and insights into financial performance critical. As your business hires more operation staff and sales staff, that information becomes critical to measure performance and set targets. This role has oversight over all tax, accounting and operations in your business.

XETA’s CFO consulting team has over 40 years of experience on the ASX, large multinational Pty Ltd’s as well as Startups and Small Private Companies. We provide businesses with a real opportunity to bring in a level of experience into their business to assist with all the challenges of growing a business. A CFO with many years’ experience working within growing businesses would have seen it all before and can save you the trouble of suffering avoidable errors and mistakes that could be costly. We also bring in our industry contacts and a valuable network of partners that can help you reach the next level. We do more.