As businesses grow beyond $1M in annual revenue, financial management becomes significantly more complex.
Bookkeeping alone is no longer enough. Businesses begin needing:
- structured financial reporting
- cash flow oversight
- budgeting and forecasting
- payroll and tax compliance
- strategic financial guidance
Many business owners assume the solution is hiring a full internal finance team.
However, the cost of building an internal finance department can be significant. This is why many growing companies are turning to outsourced finance teams.
The True Cost of Hiring an Internal Finance Team
Building an in-house finance function typically requires several roles.
Typical salary ranges in Australia include:
| Role | Typical Salary Range |
| Bookkeeper / Accounts Officer | $70,000 – $95,000 |
| Financial Accountant | $90,000 – $120,000 |
| Finance Manager | $130,000 – $170,000 |
| Chief Financial Officer | $200,000+ |
When superannuation, payroll tax, recruitment costs, training and employee benefits are included, the true cost becomes much higher.
For many businesses, this level of internal staffing simply isn’t necessary.
The Outsourced Finance Team Model
An outsourced finance team allows businesses to access a complete financial department without employing a full internal team.
Instead of hiring multiple employees, businesses gain access to a layered finance team including:
- bookkeeping support
- finance manager oversight
- fractional CFO advisory
This structure provides the financial expertise required to manage and grow the business — at a significantly lower cost.
Typical Cost of an Outsourced Finance Team
While pricing varies depending on the size and complexity of a business, outsourced finance teams are typically structured in tiers.
Bookkeeping Support
Responsible for:
- transaction processing
- bank reconciliation
- accounts payable and receivable
- payroll processing
- BAS preparation
Typical outsourced bookkeeping services may range between $1,000 – $3,000 per month depending on transaction volume.
Finance Manager Oversight
Responsible for:
- monthly financial reporting
- profit and margin analysis
- budgeting and forecasting
- financial process improvement
- payment approval controls
Outsourced finance manager services often range between $2,000 – $6,000 per month, depending on the level of oversight required.
Fractional CFO Advisory
Responsible for:
- strategic financial planning
- board reporting
- growth modelling
- financial strategy
- investment or funding preparation
Fractional CFO services typically range between $3,000 – $10,000 per month, depending on involvement.
The Combined Cost Compared to Internal Hiring
When combined, an outsourced finance team may cost a fraction of a full internal finance department.
For many businesses this means gaining access to:
- bookkeeping
- financial management
- CFO-level strategic advice
without the overhead of employing multiple full-time finance staff.
The result is better financial visibility, stronger reporting, and improved strategic decision-making.
Technology That Supports Modern Outsourced Finance Teams
Most outsourced finance teams operate using modern cloud-based financial systems.
This often includes Xero accounting software combined with integrations such as:
Payroll & HR
- Employment Hero
- Deputy
Expense Management
- Dext
- Hubdoc
Financial Controls
- ApprovalMax
- Spendesk
Payments & Ecommerce
- Stripe
- Square
- Shopify
These tools automate financial workflows and reduce administrative workload.
When an Outsourced Finance Team Makes Sense
This model is particularly effective for businesses that:
- generate $1M+ in annual revenue
- are growing rapidly
- require financial oversight
- want better reporting and forecasting
- are preparing for expansion or investment
At this stage, financial structure becomes essential for sustainable growth.
More Than Just Bookkeeping
Many businesses initially outsource bookkeeping but later realise they also need financial leadership.
A complete outsourced finance team provides:
- bookkeeping and accounts processing
- financial reporting and oversight
- cash flow management
- strategic financial planning
This layered approach creates a virtual finance department supporting the business as it grows.
Speak to an Outsourced Finance Team
If your business has outgrown basic bookkeeping but isn’t ready to hire a full internal finance department, an outsourced finance team may be the ideal solution.
Our team provides:
- outsourced bookkeeping
- finance manager oversight
- fractional CFO advisory
- financial reporting and planning
- technology implementation
This allows growing businesses to access a complete finance function with the flexibility to scale as needed.
At The Pen Accounting, we specialise in helping creative businesses like yours achieve financial success. From bookkeeping to tax advisory and business strategy, our services are tailored to the unique needs of the creative sector in Australia. If you’re ready to take control of your financial records, contact us today and discover how we can help your business grow.
Disclaimer: This is general information only and is not advice of any sort. No warranty or representation is provided by The Pen Accounting as to the accuracy, currency or completeness of the information contained in this blog. Readers of this blog should not act or refrain from acting in reliance upon any information contained herein and must always obtain appropriate taxation and / or other advice as may be appropriate having regard to their particular circumstances.
