So You Need an Accountant Do You?

Well let’s start by figuring out what “kind” of accountant you need?
There are two main types of accountants: “Public” Accountants and “Corporate” Accountants and you typically need both!

Public Accountants

 

They work for accounting firms that tend to specialize in helping businesses complete their year end compliance and reporting requirements (Tax returns, formal financial statement preparation, Reviews and Audits). Most businesses involve a public accountant to prepare their tax returns and if their bankers or investors may have them conduct a review or audit engagement (all public companies require an audit).

Corporate Accountants

 

They work directly for a business and can range from bookkeepers and clerical accountants that tend to the day to day accounting, payroll, customer billing and payment processing requirements to the Controller and Chief Financial Officer who oversee the accounting and financial matters for the Business. Depending on the size and nature of the business there may be many different accounting roles required.

Tandem is a new breed of Accounting Firm that operates in the middle of these two typical accounting roles bringing the best of both worlds at a price you can finally afford!

Tandem Accounting Group is an affiliate firm of Independent Professional CFO’s, Controllers, Project Accountants and Bookkeepers. Tandem’s affiliate professionals take a hands-on role at clients preparing and managing the accounting, tax and other financial administrative roles that most small to mid-sized businesses need but cannot afford to staff themselves. Tandem’s Affiliates are recognized industry leaders with the experience and flexibility to assume the accounting roles and requirements that successful businesses need when and where they need them at costs considerably lower than having to hire employees to assume these roles directly:

Accounting System and Back office Set-up, Improvement and Training

Tandem’s Affiliates have setup and worked in virtually every accounting environment on the market – from Quickbooks to Oracle ERP systems. Knowing what systems, processes and controls are suitable for the unique requirements of your business is what we can help you with right through to installation, system conversion, training, process documentation and support.

Bookkeeping

Whether you need part-time or full time onsite or online bookkeeping and administration services we have experienced, qualified resources available to assist. Alternatively, we can provide training and support for in house personnel to fulfill this day to day requirement at a truly professional level whether that staff member has a bookkeeping background or not.

Controller

As a business grows, the accounting often becomes more complex and requires oversight and review. Raising equity or debt, revenue recognition matters, stock compensation, lease accounting, consolidations, etc. all tend to require more senior accounting staff typically managed by a “Controller”. Similar to our Bookkeepers, we have affiliate and articling controllers who are either qualified accountants or in the CPA program and are ideally suited to assist your business in this capacity.

Internal Controls

Public companies often outsource the role of documenting and testing company internal controls for regulatory and CEO/CFO certifications. Tandem’s Affiliates have best practice templates and extensive experience working on numerous U.S. – Sarbanes Oxley and Canadian – C-SOX/MI 52-109 engagements. These legislated requirements are often a burden for internal accounting resources and having a Tandem specialist fill this role is a practical and cost-effective solution.

Audit Preparation

Year end audit preparation is a grind for most Companies. The accounting workload is doubled or even tripled compared to normal work loads and the increasing demands from public practice auditors to maintain independence and fulfill Public Company Accounting Oversight Board “PCAOB” requirements is at an all time high.  Tandem’s experienced public accountants are ideally suited to step into this role to alleviate the stresses and improve the speed and accuracy of your year end financial statement and working paper preparation.

CFO

The CFO role tends to have an oversight role on the historical accounting which is typically managed and maintained by the Controller, but is fundamentally charged with prospective planning, budgeting, business modelling, fund raising and managing investor and public relations. Tandem’s firm is built around it’s experienced CFO’s who all come from accounting backgrounds, typically rising into this role having dealt with the responsibilities outlined above. Having an experienced, qualified CFO overseeing your accounting can often be a key success factor for most businesses.