Top 5 Virtual CFO Providers in Melbourne

Are you thinking of getting help from a Virtual CFO (VCFO) for your business and don’t know where to find one? Look no further. We’ve rounded up the top Virtual CFOs in Melbourne.

A VCFO is an outsourced CFO that provides financial leadership for business owners in the areas of Management Reporting, Cash Flow Forecasting, Financial Management, Financial Risk Analysis, Financial Planning, Financial Modelling, Business Advisory, Financial Strategies, and more so you can have a better understanding of your business from a financial perspective. They act like the chief financial officer of the company without the hefty price tag of a full-time CFO salary and in a virtual setting.

It is not ideal for startups or small businesses to hire a full-time “numbers person” at this stage in their business. Getting help from an experienced CFO virtually allows entrepreneurs to outsource their finance function on a part-time basis and get advice from a higher standpoint.

If you’re a startup or a small business owner, we have you in mind when we came up with this list of virtual CFOs in Melbourne as these firms specialise in your type of business.  

1. Cloud CFO

Cloud CFO specialises in everything finance for start-ups, digital and creative businesses. They exist purely to help you accelerate your business growth and bring your vision to life.

Cloud CFO is a trusted extension of your core team, delivering so much more than just outsourced CFO and bookkeeping services. With our expert guidance and years of experience around the financial and business roadblocks that so many companies face in early growth stages, you will avoid costly mistakes and set your business up with the best chance of success.

Cloud CFO’s services go beyond compliance and transactional work. They offer customised accounting services and the expertise of a CFO. Some of their services include:

• Board and Management Reporting (including Custom Dashboard and  Operational KPIs)
• Business Planning and Forecasting
• Cash Flow Forecasting
• Cloud Accounting System Integration (Set-up, Review, Training and Advice)
• Financial Modelling
• Profit and Loss Analysis (including Profit Improvement)
• Support during Fundraising and M&A Process

Website: cloudcfo.com.au  

Address: L3 534 Church Street, Cremorne, Melbourne, VIC 3121

Phone: (03) 9008 5422

2. Luna Startups

Focused on helping start-ups at every stage for their journey, Luna is a team of lawyers, investment analysts and strategists who mentor entrepreneurs on the ins and outs of starting a business.

Their Virtual CFO services give startup founders strategic support so they have a better control on their company’s financials. Luna’s services in this area are:

• Cash Flow Forecasting
• Dashboard Reporting
• Company Valuations

Website: weareluna.co   

Address: 15 – 21 Cotter Street, Richmond, VIC 3121

3. One Ledger

From being the “tax guys and number nerds”, the founders are financial experts that are great at providing strategic financial advice to help their clients readh their business goals. They envisioned to provide not only accounting, bookkeeping and taxation services but also innovative business solutions thus establishing One Ledger.

Today, One Ledger is a growing team that is also offering Virtual CFO services tailored-fit for their client’s needs, starting from the nitty-gritty of building a business to day-to-day financial services.   

One Ledger’s VCFO services include:

• Goal Setting
• Cash Flow Management Planning
• Monthly Reporting and Meeting
• Variance Analysis
• Benchmarking
• Invoicing
• Bank Reconciliation
• Payroll
• Inventory Management
• BAS Preparation and Management

Website: oneledger.com.au  

Address: 100 Spring Street North, Port Melbourne, VIC 3207     

Phone: (03) 9996 0145

4. Propeller Advisory 

Looking for a fresh approach on how things have always been done in the accounting world, Katie Bryan launched Propeller, a pioneering firm behind small businesses to help them make a big impact. They offer full accounting services and business advisory, including a 1-on-1 mentoring with Katie. 

For their Virtual CFO services, Propeller offers:

• Board Meetings
• Budgeting
• Cash Flow Reporting
• Monthly Reporting
•  App Stack Review
• Health Checks
• Mentoring

 Website: propelleradvisory.com.au/

Address: 28 King St, Prahran, VIC 3181

Phone: (03) 9110 2030

5. Standard Ledger

Standard Ledger is an accounting firm that is built specifically to cater to the needs of startups and fast-growing SMEs, starting from the early stages of business development.

They help entrepreneurs steer their businesses in the right direction, provide them with efficient systems and processes and get access to funding.

They offer three types of VCFO Services:

• CFO Grow – entry level VCFO service focused on helping entrepreneurs take control of their business services and finances. Services include – 3way 12 month budget, monthly management report, written analysis of your business and financial performance and key metrics reporting
• CFO Grow+ –  mid-level VCFO services, where services are similar to CFO Grow, but with more time booked with the VCFO
• CFO Partner – financial reporting, metrics/KPI reporting, pricing, people/contract management, system implementation, restructuring, capital raising and exit planning

Website: standardledger.co/

Address: 696 Bourke St, Melbourne, VIC 3000

Phone: (03) 8400 4500

Frequently Asked Questions (FAQs)

How much does a virtual CFO charge?

A virtual CFO in Australia will cost between $2,000 to $10,000 per month, depending on your business size and the services you need. It’s a great way to get expert financial advice without the cost of a full time executive, perfect for growing businesses looking to scale smart.

How much does an outsourced CFO cost?

An outsourced CFO will cost around $3,000 to $15,000 per month, tailored to your business needs and complexity. Investing in an outsourced CFO will give you strategic financial advice and support, so your business can grow without the long term commitment of an in-house hire.

What is the difference between a virtual CFO and a CFO?

A virtual CFO provides flexible, remote financial expertise that you can tailor to your business needs, often part-time or contract. A traditional CFO is a full time, in-house executive who manages all financial aspects of your business on a daily basis, hands on leadership and control.

Good luck in your search for a virtual CFO!