10/10/2015
I started a new venture today. Or rather, an old venture
rebranded. Several times I’ve been hired by other consultants
to be a part-time comptroller.The idea is to spend a day or
two per week at an emerging company as its comptroller. I work
on standard things like reconciling bank statements, computing
the cost of inventory or the costs charged to grants. I also
prepare pro forma financial statements or other projections
for lenders and grantors.
I’ve always found these jobs through a broker who markets the
service and then seeks qualified candidates to meet their
clients’ needs.
Now I want to be the principal. Many CPAs perform these tasks
as well as tax returns or compiling financial statements. I’m
trying from the other direction, being a part-time manager and
then preparing tax returns.
Today’s environment requires a lot of financial reporting and
an understanding of the accounting principles used in that
reporting. Cash flow statements prepared from a checkbook will
not meet the needs of an emerging business’s counter parties,
much less government agencies. Generally Accepted Accounting
Principles (GAAP) have become more and more complex. Many GAAP
opinions cover immaterial transactions and can be ignored for
now. This requires professional judgment.
Many regulations which require reports stipulate GAAP and then
add another layer of rules to satisfy regulatory
requirements. Companies need to read, understand and interpret
grant conditions and applicable regulations just to prepare
their reports.
While I’ll prepare your income tax returns, today you need to
comply with more than just the tax rules.