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Fractional CFO vs bookkeeper vs accountant: who does what?
Owners often ask whether they need “a better accountant”. Usually the answer is that three different jobs are being squeezed into one person, or into nobody.
The three jobs
| Bookkeeper | Tax accountant / tax agent | Fractional CFO | |
|---|---|---|---|
| Looks at | This week’s transactions | Last year’s result and compliance | The next 3 to 36 months |
| Typical work | Coding, reconciliations, payables, payroll, BAS preparation | Tax returns, BAS lodgment, tax planning and structure advice (registered agents only) | Forecasts, cash flow, pricing, KPIs, bank and lender work, board-style reporting |
| Question it answers | “Are the books right?” | “What do we owe, and is it lodged?” | “What should we do next, and can we afford it?” |
| How often | Weekly | Quarterly and yearly | Monthly or quarterly sit-downs |
When you need the third one
Signs the business has outgrown the bookkeeper-plus-tax-return model: turnover past $2 million, more than one entity, a big equipment or property decision coming, a bank asking for forecasts, cash tight despite profit (see cash flow vs profit), or the owner still being the only person who knows the numbers. More in when to bring in a fractional CFO and what it costs.
How PRM fits
PRM does the business tax return, lodged through a registered tax agent (Australian Tax & Super Pty Ltd, TPB 25291395), and stays in your corner through the year as your fractional CFO. If you already have a bookkeeper you trust, we work with them. See business accounting in Brisbane and fractional CFO Brisbane.
Quick answers
Can a bookkeeper lodge my BAS?
Only a registered BAS agent or tax agent can lodge a BAS for a fee. You can check registration on the Tax Practitioners Board public register.
Is a fractional CFO the same as an accountant?
No. An accountant or tax agent mainly handles compliance and tax. A fractional CFO is part-time senior finance help focused on forecasting, cash flow and decisions.
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Sources
Related
Related reading: BAS agent vs accountant vs tax agent
General information only. This doesn’t take your circumstances into account and isn’t tax, financial or legal advice. Talk to your accountant or registered tax agent before acting. PRM is not a registered tax agent; tax agent services are provided by Australian Tax & Super Pty Ltd (TPB 25291395).