The three roles compared
| Bookkeeper | Accountant / tax agent | CFO | |
|---|---|---|---|
| Time horizon | Today | Last year / quarter | Next 13 weeks to 5 years |
| Core tasks | Data entry, reconciliations, payroll, invoices | Tax returns, BAS lodgement, year-end accounts, tax advice | Forecasting, budgets, KPIs, funding, strategy, board reporting |
| Registration | BAS agent registration needed to provide BAS services for a fee | Registered tax agent with the Tax Practitioners Board | Not regulated; look for CPA or CA ANZ |
| Typical cost | A$40–A$90/hour | Fixed fees per return or annual package | A$1,500–A$20,000/month (outsourced) |
| Question it answers | "Are the books up to date?" | "Are we compliant, and what tax do we owe?" | "What should we do next, and can we afford it?" |
When does a business need a CFO on top of an accountant?
- Revenue passes about A$2–3M and decisions get bigger
- Cash feels tight despite profit
- You need finance from a bank or investors
- You're hiring fast, opening sites or entering new states
- You're planning a sale or succession
Frequently asked questions
Can my accountant be my CFO?
Some accountants offer advisory services, but compliance work is backward-looking and seasonal. A CFO provides continuous forward planning. Many businesses use both.
Do I need a bookkeeper if I have a CFO?
Usually yes. CFOs rely on accurate, timely bookkeeping. CFOSurge works with your existing bookkeeper.
Is a financial controller the same as a CFO?
No. A financial controller runs accounting operations and month-end. A CFO sets financial strategy. Smaller businesses often combine them in an outsourced service.
Who lodges my BAS if I have a CFO?
Your registered BAS agent or tax agent. A CFO forecasts and plans for BAS but doesn't need to lodge it.