As businesses grow past $1M in annual revenue, financial management becomes significantly more complex.
What started as simple bookkeeping often evolves into a need for:
- structured financial reporting
- cash flow management
- payroll and tax compliance
- budgeting and forecasting
- strategic financial planning
Many founders reach this stage without clear visibility into performance metrics. Tracking the financial KPIs every growing business should track helps leadership teams understand profitability, margins and cash flow.
But in reality, there is a smarter and far more cost-effective solution — an outsourced finance team.
The Problem with Building a Full In-House Finance Team
Hiring a full internal finance department is expensive.
Typical salary ranges in Australia include:
Role | Typical Annual Cost |
| Bookkeeper / Accounts Officer | $70,000 – $95,000 |
| Financial Accountant | $90,000 – $120,000 |
| Finance Manager | $130,000 – $170,000 |
| CFO | $200,000+ |
Once superannuation, payroll tax, recruitment costs and employee benefits are included, the real cost becomes significantly higher.
For many businesses between $1M and $20M revenue, these roles are necessary — but not always required full-time.
Many founders assume they need to hire a full internal finance department. In reality, understanding the cost of an outsourced finance team often reveals a far more flexible and cost-effective alternative.
The Smarter Alternative: An Outsourced Finance Team
An outsourced finance team gives businesses access to multiple finance professionals without the overhead of hiring them internally.
Instead of employing a full finance department, companies can access a structured team that includes:
- a bookkeeper for day-to-day processing
- a finance manager for oversight and financial management
- a fractional CFO for strategic financial leadership
This model provides the same expertise as an internal finance team — at a fraction of the cost.
Layered Finance Support for Growing Businesses
A well-structured outsourced finance team typically includes three levels of support.
1. Bookkeeping & Accounts Processing
Many business owners initially consider hiring an internal bookkeeper before exploring outsourcing. Understanding the difference between outsourced bookkeeping and hiring an in-house bookkeeper can help businesses choose the most efficient financial structure.
An outsourced bookkeeping team manages:
- transaction processing
- bank reconciliation
- accounts payable and receivable
- payroll processing
- BAS preparation
- GST compliance
- payroll tax obligations
- superannuation reporting
This ensures the financial data within the business remains accurate and up to date.
2. Finance Manager Oversight
As businesses grow, financial oversight becomes essential.
An outsourced finance manager provides:
- monthly financial reporting
- budget tracking
- profit and margin analysis
- payment approvals and controls
- cash flow management
- financial process improvement
This role acts as the bridge between bookkeeping operations and strategic financial leadership.
3. Fractional CFO Strategic Leadership
Many growing businesses benefit from CFO-level insight but do not require a full-time executive.
A fractional CFO provides high-level financial leadership such as:
- financial strategy and planning
- budgeting and forecasting
- board reporting
- investment and funding strategy
- growth modelling
- monitoring key financial KPIs for growing businesses
- scenario planning
This allows founders and leadership teams to make confident strategic decisions supported by accurate financial insights.
A Complete Outsourced Finance Department
When these roles are combined, businesses gain access to a complete finance function, including:
- bookkeeping and accounts management
- financial reporting
- cash flow oversight
- tax compliance
- strategic financial leadership
The result is a structured financial department without the overhead of building one internally.
Financial Confidence Without the Overhead
An outsourced finance team allows businesses to:
- reduce payroll costs
- avoid recruitment challenges
- scale finance support as the business grows
- access experienced financial professionals
- improve financial visibility and reporting
This model is increasingly common among businesses scaling beyond the startup phase.
Integrated Technology & Modern Finance Systems
Outsourced finance teams also help businesses modernise their financial technology stack.
Many growing organisations implement cloud accounting platforms such as Xero combined with integrations like:
Payroll & HR
- Employment Hero
- Deputy
Expense Management
- Dext
- Hubdoc
Financial Controls
- ApprovalMax
- Spendesk
Payments & Ecommerce
- Stripe
- Square
- Shopify
These integrations automate financial workflows and reduce manual administration.
Compliance Managed Under One Finance Team
One major advantage of outsourcing the finance function is that compliance responsibilities are handled centrally.
An outsourced finance team manages:
- GST reporting and BAS lodgements
- payroll tax obligations
- superannuation reporting
- financial reporting
- compliance with accounting standards
This ensures business owners can focus on operations while financial compliance is managed by professionals.
Is an Outsourced Finance Team Right for Your Business?
This model is particularly effective for businesses that:
- generate $1M+ annual revenue
- are growing quickly
- need financial oversight but not a full internal team
- want better reporting and cash flow visibility
- are preparing for investment or expansion
Instead of hiring multiple internal roles, businesses can access a complete finance department on demand — including support from an outsourced finance manager and visibility into key financial KPIs for growing businesses that guide strategic decisions.
Speak to an Outsourced Finance Team
If your business has outgrown basic bookkeeping but is not ready for 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
- compliance management
This structured approach gives growing businesses the financial confidence needed to scale.
FAQs
An outsourced finance team provides bookkeeping, financial management, and strategic financial leadership without requiring full-time internal staff.
A fractional CFO is an experienced Chief Financial Officer who works with a business on a part-time or advisory basis.
Yes. Businesses gain access to multiple finance professionals while avoiding the cost of full-time salaries and employment overheads.
Typically businesses generating $1M to $20M+ revenue benefit the most from this model.
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.
