If you’re running a growing business and feeling like your numbers are starting to get out of hand? At some point, every business owner hits a stage where basic bookkeeping just doesn’t cut it anymore. You want to grow, but you're stuck asking: Do I have enough cash flow for this? Is my pricing even right? Can I afford to hire?
If you’re here, you’re probably already wondering should I hire a virtual CFO? Let’s walk you through exactly what that means and whether it’s time to make the move.
Key Takeaways
- A virtual CFO gives you the financial strategy of a full-time CFO, without the full-time cost.
- Ideal for BC-based businesses that are scaling and need financial clarity.
- You don’t need to be a big company to benefit. You just need to be serious about growth.
- CJCPA provides virtual CFO services that support you every step of the way.
What Is a Virtual CFO?
A virtual CFO (or VCFO) is a part-time financial expert you bring on board remotely. Unlike a bookkeeper who tracks transactions, a virtual CFO focuses on big-picture strategy, cash flow planning, financial modeling, budgeting, forecasting, and decision-making support. It’s like having a seasoned CFO on your team minus the hefty remuneration.
When Is the Right Time to Hire One?
The right time to hire a CFO is when:
- Your business is growing fast, and things feel messy behind the scenes
- You’re unsure how much you can spend or save
- You’re seeking funding or prepping for expansion
- You need better reporting, forecasts, or financial clarity
- You want someone to help you make smarter financial decisions
We’ve seen BC businesses hit this point anywhere between $1M to $5M in revenue. That’s often when they start asking: Why hire a virtual CFO instead of a full-timer? Simple, its flexibility and cost.
Bookkeeper vs. Virtual CFO vs. Fractional CFO
Let’s clarify the differences.
Bookkeeper: Handles day-to-day transactions, invoicing, payroll, and expense tracking. They're essential for compliance, but they don’t provide financial leadership.
Virtual CFO: A remote financial strategist. Works part-time and virtually to guide forecasting, pricing, budgeting, and cash flow. Fully digital and integrated into your systems.
Fractional CFO: A broader term for part-time CFOs. They may work remotely or in person, and typically commit to a consistent schedule (e.g., a few days per month). Some use this title to suggest more hands-on or onsite involvement.
Both virtual and fractional CFOs offer strategic support without the full-time salary. The difference is mostly in delivery style, remote-first vs. potentially hybrid. Either way, they give you access to high-level financial expertise scaled to your business.
What Does a Virtual CFO Actually Do?
A virtual CFO steps into your business as a part-time financial leader. Their main job is to guide your financial decisions, just like a full-time CFO would, but they work part-time and remotely. They review your financial data, create forecasts, and monitor your cash flow. They build budgets, track performance, and flag issues before they become problems. They help you set pricing, a growth plan, and make sure your decisions are backed by numbers. They also prepare reports, advise on risk, and act as a bridge between you and your accountant or tax advisor.
Benefits of Hiring a Virtual CFO
High-level expertise without the overhead
You get strategic financial support without needing to hire a full-time executive.
Smarter business decisions
A virtual CFO gives you the data and clarity to make confident choices about hiring, spending, or expanding.
Scalable financial systems
They set up tools and reporting processes that grow with your business, so you’re not constantly playing catch-up.
Pan-Canadian reach with local insight
A virtual CFO doesn’t need to be down the street. At CJCPA, we serve businesses across Canada, but our BC roots mean we also bring deep local knowledge where it counts.
Peace of mind
You’ll stop guessing and start leading your business with real financial direction.
How to Choose the Right Virtual CFO
To choose the right virtual CFO, focus on three things: experience, communication, and fit for your business.
Look for someone who has worked with businesses in BC and understands local tax and regulatory requirements. They should have a strong accounting background, ideally a CPA designation, and be able to explain complex financials in plain language. Make sure they’re familiar with tools like Xero, QuickBooks, or whatever system you use. Most importantly, they should understand your industry and how your business operates. At CJCPA, we bring all of that together: national reach, local expertise, clear advice, and financial leadership tailored to your goals.
FAQs
Q: Should I hire a virtual CFO or a bookkeeper?
You need both, but for different reasons. Bookkeepers track data. Virtual CFOs guide strategy.
Q: Is a virtual CFO the same as a fractional CFO?
Pretty much, yes. It just depends on how involved they are in your day-to-day operations and whether they work fully remotely or sometimes on-site.
Q: Can a small business really benefit from virtual CFO services?
Absolutely. In fact, small and growing businesses benefit the most.
Final Thoughts: Is It Time?
If your business is growing and you're losing sleep over financial decisions, it’s time to ask yourself: should I hire a virtual CFO? For most BC businesses in growth mode, the answer is yes. You don’t need to figure everything out on your own and you shouldn’t.
At CJCPA, we help business owners in the Lower Mainland take control of their taxes from day one. With CJCPA, you get the financial clarity you need to move forward confidently. With over 30 years of experience and 1,000+ clients across the Lower Mainland, we've delivered real results, like securing a $900K tax refund for a Surrey based trucking company.
Book a call with us today to get started!
