Do I Really Need a CFO If I Already Have an Accountant?
For SME business owners, a CFO is for big companies. These firms often have boards, investors, and complex structures. You might think: I already have an accountant. Isn’t that enough?
It’s a fair question, and one we hear often at RJD Advisory. Your accountant and CFO have different roles, and both are important. The main difference is their focus:
Your accountant looks back, recording what has happened.
Your CFO looks forward, helping you plan what happens next.
Knowing this difference can change your business from stable to scalable.
The Accountant’s Role: Recording the Past
Your accountant is essential for ensuring compliance and accuracy. They handle:
Tax returns and BAS statements
Financial statements and reconciliations
Regulatory and ATO obligations
Payroll and bookkeeping oversight
They provide historical data, showing what the business has done. Most accountants aren’t asked to analyse why performance changed or how to improve future results. Their role ends at the numbers.
The CFO’s Role: Designing the Future
A CFO (Chief Financial Officer) turns financial data into business strategy. They interpret the numbers to guide decisions about growth, profitability, and risk.
Where an accountant reports, a CFO advises.
A good CFO will:
Build cash flow forecasts and scenario plans
Analyse margins and pricing strategy
Monitor performance against budget and KPIs
Identify risks and opportunities early
Support funding, investment, and exit planning
They turn complex financials into simple English and clear insights. This way, you can make confident decisions instead of guesses.
When Businesses Outgrow Their Accountant Alone
There’s usually a point where compliance-only accounting no longer meets your needs. Common signs include:
You’re growing but unsure where profits are going
Cash flow feels tight despite rising revenue
You’re juggling multiple entities or funding sources
You’re making strategic decisions without clear forecasts
You want to increase business value before an exit
These are issues for CFOs. Solving them needs better financial visibility and strategic insight.
The Power of Combining Both Roles
Having an accountant and a CFO working together delivers the best of both worlds:
Accuracy and compliance (accountant)
Insight and direction (CFO)
At RJD Advisory, we often collaborate with a client’s existing accountant. Your accountant provides the foundation, accurate data and tax compliance. We build on that, creating forecasts, management reports, and growth strategies.
The result? You stop reacting to the numbers after year-end, and start managing them proactively every month.
Why Many SMEs Choose a Virtual or Outsourced CFO
Hiring a full-time CFO can be expensive, often exceeding $200,000 per year plus on-costs. Many SMEs now use a virtual or part-time CFO model. This approach gives them senior financial expertise at a much lower cost.
You get:
Strategic guidance each month or quarter
Reporting and insights tailored to your goals
Access to financial modelling and forecasting tools
Flexible engagement that scales with your business
It’s an efficient way to bridge the gap between compliance and strategy, without the corporate price tag.
Key Takeaways
Accountants handle compliance and reporting. CFOs focus on strategy and decision-making.
You probably need both, one ensures accuracy, the other drives improvement.
As your business grows, the risks and opportunities get bigger, and so do the benefits of strategic financial leadership.
A virtual CFO gives you access to that expertise without full-time overheads.
Why Choose RJD Advisory for CFO Services?
We support small and medium-sized businesses with:
Whether you need a Virtual CFO, Part-Time CFO, or Fractional CFO, we will design a support model that fits.
📞 Book a free consultation today to discuss the right CFO solution for your business.
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