A virtual CFO is an outsourced service provider offering high skill assistance in financial requirements of an organization, just like a chief financial officer does for large organizations. A virtual CFO may be a single person or an entity.

The primary role of a CFO in any organization is to oversee the financial planning, maintain and report on the financial activities, and manage financial risk of the business. A virtual CFO provides the same services following the financial pyramid of needs. In the basic level, a virtual CFO is expected to be the bookkeeper of the client and has to take responsibility for the accuracy of the account books and interpret the financial information from the accounting data to the client. They make take responsibility for executing or overseeing the reporting process. On the more strategic side, they are the financial and strategic sparring partner to the CEO. They are also responsible for suggesting measures to control expenditure and acquire capital at low cost.