So, you own a rapidly growing business and want to take the next step and transition to an IPO. But how will you navigate through the increasingly complex fiscal process without a Tax Director? Should you hire one? Is it a good investment? Yes, we know you're brimming with questions, so let us take you through your options.
Do You Need to Make Tax-Specific Hires?
As you grow, you'll likely outsource operations like accounting. In such a scenario, you'll need to have someone internally to provide information and quarterback the requests from the firm. You may have a CFO at that point, but dealing with the nuances of taxes isn't exactly their strong suit. So, you'll be hard-pressed to find a way around hiring a team of tax experts. Now that that's out of the way, let's discuss possible approaches to the issue.
The Typical Approach: Hiring a Tax Manager
The most common solution companies go for is hiring a Tax Manager to ensure that their tax strategy is compliant, their audit risk is minimal, and their tax returns are prepared and filed properly. This approach could work, but there's a catch: Tax managers can't substitute Tax Directors.
The Tax Dilemma
From devising strategies to overseeing the preparation, submission, and disclosures of taxes, Tax Directors are crucial to public companies, and hiring them is essential. Now, if you hire a Tax Manager initially, you'll have to spend this extra money and introduce a director soon after.
Why not hire a Tax Director in the beginning, you ask? Well, because it's hardly fair to oversee the transition, ensure the availability of data, and fill out the paperwork at a high cost. Even a Tax Manager may be reluctant to undertake such administrative work as it's not a part of their job; that's what a Tax Associate handles.
If we were to compare the roles to a construction team, the Director would be the architect, the Manager would be the Contractor, and the Associate would be the site hero: three roles that cannot go without each other.
So, you can't hire a manager because they'll soon need a director. You can't hire an associate because an IPO process requires direction too complex for them, and you can't hire a director because it's unfeasible. Combining them together is your best choice. So, what to do? Reach out to us; what else?
Best of All Worlds: The Trusteer Way
Here at Trusteer, we believe in an optimized approach that does not waste either party's time, effort, and money. If you outsource your taxes to us, you'll get a service that provides you with a Tax Director, a Tax Manager, and a Tax Associate, all at a reasonable cost. Sounds too good to be true? Let us elaborate.
Get the Perfect Blend
We'll give you a mix blended to perfection: a Tax Director, a Tax Manager, and a Tax Associate. Our Tax Leader will lead and strategize instead of sticking around to fill forms and increasing your overheads, the Tax Manager will follow the lead and execute and monitor the plans, and the Tax Associate will handle documentation and ensure every brick is laid on top of the foundation sturdily. Instead of spending a significant amount having in-house employees that won't be needed full-time in the initial stages of your transformation, our service will cost you a reasonable amount. And it gets better.
A Flexible, Customer-Centric Approach
As you grow further, you'll slowly have to build an entire in-house team beginning with a Tax Director. When you embark on this journey, we won't abruptly withdraw our services.
While you hire a director, we can continue to provide you with the Tax Manager and Tax Associate combo. And as you proceed to find a manager, you can continue with our Tax Associate until you find your own. In this way, we promise you a streamlined, smooth transition.
Providing You With Seasoned Experts
We aren't new in the game. We at Trusteer have several Tax Directors that have worked for US-based and international public companies. So, rest assured, we're fully equipped to cater to your needs through the transition and even after you're a fully established public company.
We'll Always Be There
Cheesy, but we mean it. Once your entire team is assembled, you can rely on us to provide financial advice services and even discuss potential technological investments.