Virtual CFO Services: The Cost and Benefits

Achieving sustained revenue growth is the ultimate objective for any company, emphasizing the critical need to effectively manage finances. To ensure financial stability, many companies turn to hiring a Chief Financial Officer (CFO).

A CFO plays a crucial role in overseeing a company’s financial matters. Virtual CFO services offer similar expertise, with a particular focus on catering to small businesses due to their more affordable pricing structures.

Opting for a virtual CFO comes with the advantage of receiving CFO-level services while incorporating scalable technological solutions. This makes virtual CFOs an attractive option, especially for small and medium-sized business owners seeking financial management support.

The upside of hiring a virtual CFO, often referred to as a Fractional CFO,  is that they perform the functions of a CFO while integrating scaling technological solutions.

Continue reading to familiarize yourself with the nuances of virtual CFO services, their costs, and the advantages they bring to the table.

What Is the Cost of Hiring a Virtual CFO?

Bringing on a full-time CFO can be a substantial financial commitment, with an average annual salary reaching around $140,000. In contrast, opting for a virtual CFO presents a more cost-effective solution, typically coming in at half the expense.

Virtual CFO pricing is structured in packages, allowing businesses to select specific services tailored to their finance department’s needs. This flexibility ensures affordability for small and medium-sized enterprises (SMEs) as well as newly established companies.

Cuts Costs

Opting for a virtual CFO presents numerous advantages compared to hiring a full-time CFO, primarily due to the cost savings associated with remote work.

This outsourcing model eliminates the expenses related to hosting a full-time CFO and avoids additional costs such as benefits and bonuses, making virtual CFO services an affordable alternative.

Diverse level of Skillset and Expertise

Virtual CFOs bring a wealth of experience gained from working with various companies. This exposure results in a diverse skillset and expertise, enabling them to navigate and address a wide range of business challenges.

Their ability to provide quick and tailored solutions to unique financial situations is a notable advantage over full-time CFOs. Additionally, virtual CFOs may offer valuable business pro forma analysis, particularly beneficial for struggling businesses.

Integrates Seamlessly with Your Team

With experience gained from collaborating with multiple companies, virtual CFOs seamlessly integrate with your team. Their familiarity with different financial situations and business models facilitates an effortless fit within your organization.

In contrast, full-time CFOs may require time to familiarize themselves with your team and business model, potentially causing delays in integration.

Grows With Your Business

Virtual CFOs leverage scalable tech solutions to grow alongside your business. Their flexibility in addressing primary financial challenges and providing feedback enables them to adapt to the evolving needs of your company.

This growth-oriented approach forms the foundation of their evaluation, ensuring continuous alignment with your business objectives.


The affordability and teamwork of virtual CFOs make them highly flexible in providing solutions for businesses across various budget ranges.

Many virtual CFO pricing models offer flexibility through package options, allowing businesses to choose specific services based on their needs. For example, a company requiring bookkeeping services can opt for a package that exclusively covers this aspect.

While having a CFO is crucial for business success, the financial burden of hiring a full-time CFO can be alleviated by turning to virtual CFO services. Companies like Hovland Forensics offer affordable solutions, making it possible for businesses to access CFO expertise without incurring exorbitant expenses.