There is no standard price for a Virtual CFO, because the role covers very different amounts of work from one company to the next. Understanding what drives the effort helps you compare proposals on substance rather than on the headline number. Chartered Accountant firms do not publish fees; they are agreed in an engagement letter after the scope is understood.
What drives the effort
- Engagement model. Monthly oversight of a capable team takes far less time than running the close, cash forecast and board reporting directly.
- Size and transaction volume. More invoices, payments and inventory movements mean more review and reconciliation.
- Entities and locations. Each company, branch or GST registration adds its own close, compliance and consolidation work.
- State of the books. Backlogs, unreconciled balances or missed filings need a one-time clean-up before the monthly rhythm can start.
- Reporting audience. Reporting to promoters only is lighter than reporting to a board, investors and lenders with covenants.
- Systems. A well-set-up accounting system reduces manual work; spreadsheets and disconnected tools increase it.
- Transactions. A fund raise, acquisition or due diligence adds a defined project on top of the monthly work.
- Presence. The number of on-site days each month, if any.
How engagements are usually structured
- Diagnostic and clean-up. A one-time phase in the first one to three months to fix the books and set up the close, reporting and compliance calendar.
- Monthly retainer. A fixed monthly arrangement for the run phase, tied to defined deliverables.
- Project work. Separate terms for transaction support, system changes or one-off assignments.
How to compare proposals
- Are the deliverables and dates written down: close date, MIS date, forecast frequency, meetings?
- Who actually does the work, and how much partner time is included?
- What is excluded, such as bookkeeping, statutory audit or tax litigation?
- How are changes in scope handled, and what is the notice period?
- Will the firm stay independent of your statutory audit?
A cheaper proposal that leaves out the close, cash forecasting or compliance ownership is usually a bookkeeping service with a CFO title. Compare what each one commits to deliver each month.
This guide is general information and is not professional advice. Apply it to your facts with a qualified adviser.