tempCFO, Inc. is the market leader in providing complete outsourced accounting, finance and tax solutions, specializing in meeting the needs of small and medium-sized businesses (SMBs), which include start-ups, emerging high-growth and established companies. tempCFO provides its clients with peace-of-mind that their financial reporting is accurate and timely by offering services on a customized, on-demand basis. All tempCFO staff are located in the United States and each has detailed knowledge of US GAAP (Generally Accepted Accounting Principles in the United States).
tempCFO on Modern Accounting
GAAP compliance is essential for reporting to investors and other financial stakeholders. The rules of GAAP evolve over time and your accountant must keep abreast of these changes and ensure your accounting is held compliant. Other than this essential component, being “modern” should include usage of the best in breed software platforms, automation to improve efficiencies but not create uncertainty, and application of productivity platforms to improve communication between you and your accountant.
What technology does a modern accountant leverage, and how does a technology-enabled approach affect the entrepreneur?
The accounting industry is rapidly adopting automation technologies. The modern accountant can get more organized and accurate as a result of using robust and validated services. Accountants use software for payroll management, ERP, transaction recording and reporting. Usage of technology also reduces the margin for error. tempCFO, for example, works with QuickBooks and NetSuite to provide their clients with the best in the industry. For entrepreneurs, this makes life easier. Not only are their accounts safely accessible but, in case of an audit, the system provides access controls and eliminates risk of inadvertent changes to the general ledger.
Here are a few questions:
- What software do you use?
- What experience do you have in my industry?
- How can you help me during fundraising/M&A/Exit?
- How does your onboarding process work?
- What services beyond the usual recording and reporting are offered?
- How will you help me during tax season?
- What kind of support can I expect from you during an audit?
- How much will it cost?
- How frequent will the financial reporting be conducted?
- Will you help me understand my accounts and give me tips to improve it?
When is it the right time to hire an accountant or accounting service, and why is it important to do so at that time?
There is never a wrong time to hire an accountant or accounting service. But, it is wise to have an accountant ready when you are conducting any kind of transaction. This will ensure your records are accurate, maintained in a timely manner and your financials aren’t the reason a deal is delayed or even terminated.
Firstly, your accountant should comply with procedures approved by government regulations. Your accountant should be able to give you valuable financial insights and help you analyze your financials for more effective performance. They can help you with the understanding of cash flow management and profit and loss, which in turn, can be leveraged to grow your business. Thirdly, you should also expect your accountant to help you understand the software they use, the requirements around tax compliance and filings and also the importance and requirements of an audit.
“Like most newly funded start-ups, we struggled to hire the right level of financial expertise to help grow our company. A full-time CFO would have been overkill, yet a bookkeeper was simply not enough. Then we found tempCFO, Inc. tempCFO provides us with the right balance of mid-level and senior-level experience when we need it. The tempCFO team has been very responsive and professional. I recommend them to any new startup – on-demand financial expertise that grows well as your company grows.”
– Rob Markovich, Former CEO, Agito Networks
Articles by tempCFO
When it comes to running your company, Shoobx makes the right way the easy way.
We empower entrepreneurs by helping you manage everything from incorporation to exit on our secure platform.