:::::::: Stephen T. Williams MBA, CPA

CFO's of mid-market companies frequently find themselves in a dilemma of how to respond to their company's need for management-level tax & financial services. The dilemma usually comes down to a question of whether to hire a full-time employee or outsource. Steve Williams serves businesses who want the flexibility of both options. Working with Steve enables clients to receive high-level services without the expense associated with recruiting, hiring, training (and sometimes firing) a full-time employee, or the expense of relying exclusively on outside advisors for such services.

Potential clients who are interested in part-time and outsourced services have a lot of questions about what Steve does, his qualifications, how their account will be handled, etc. Below are some frequently asked questions and Steve's responses.

Q	What do you do?

I generally serve mid-market companies in one of two independent roles:

A part-time or special project tax & financial executive. Most mid-market companies do not have (nor do many need) a full-time executive focused on tax. I serve companies who need recurring part-time or non-recurring special project assistance.
An outsourced provider of tax compliance. I rarely accept an engagement just to prepare tax returns. However, outsourced tax compliance is a natural extension of an independent tax executive role. Besides preparing tax returns I also represent clients when audited. I use the tax return preparation process to look for risk areas and opportunities for cost savings. The Case Studies section has examples of significant value ideas that were discovered during compliance projects.

Q	Who do you serve?

A	Mid-market companies. My business clients tend to be companies with revenues in the $25 to $250 million range that have no in-house tax department.

Q	What is your background & qualifications?

I am a former international tax manager with Price Waterhouse. Since 1994 I have been in private practice. I am a CPA and have an MBA from the University of Notre Dame. I have a solid business & international background as well as leadership skills to head special project work such as implementation of mergers & acquisitions or reorganizations.

Q	What value do you bring to a mid-market company?

Cost savings as compared to a full-time executive or outside accounting firm.
Flexibility to assist on an as-needed basis with temporary or special projects. I have a broad financial background and good management skills. As such, I have been engaged by CFOs to manage the implementation of projects such as reorganizations and due diligence.
Year-End Assistance. Companies often need temporary assistance at year-end. I assist clients in preparation for financial audits and tax returns. Being thoroughly prepared for such projects in advance by having a draft of the financials (or tax return), supporting workpapers, analysis, and notes ready when the accountants arrive increases efficiency and reduces professional fees.
Special Project Management. Companies frequently need temporary or interim leadership. These roles normally require one who can focus and not be distracted by other demands. I enjoy, and have frequently assisted with, such assignments. For example, I was engaged to coordinate and implement a plan of reorganization involving six European subsidiaries. In this capacity I worked under the direction of the CFO to develop a reorganization plan, and then once approved lead implementation of the plan. I have also assisted on temporary projects involving public offerings, handling details of expansion into foreign jurisdictions, representing a company before the IRS or other tax authority, etc.
Fresh, Independent View. I have been engaged to review business processes, policies and procedures, as well as organization structure to provide a fresh, independent, view for achieving improvement.
Strategic planning. Management teams have also found value in my ability to collaborate with them on development of strategic business plans.

Q	Why wouldn't we use our outside accountants to do what you're describing?

Cost savings and value. My billing rate is less than half that of a typical big-four tax partner, yet my experience and client base are much the same. It's also important to remember that my role is like that of a permanent part-time employee. Many accounting firms experience significant turnover at the staff ranks. When this happens the company has to spend time bringing the replacement up to speed. This is expensive and frustrating to company management. I seek long-term relationships.

Q	Will you do our work or do you delegate to staff?

I do much of what needs to be done. However, I involve professional assistants on clerical matters or lower level accounting tasks when it makes sense.

For outsourced tax preparation projects I involve staff at large local CPA firms with whom I have associations. (Of course, the details of these arrangements are cleared in advance with the client.)

Q	How are you engaged?

Defined scope projects such as tax compliance are priced on a fixed fee basis.
Part-time or temporary assignments are priced based on the estimated time commitment.
Consulting projects (or assignments with an uncertain duration or scope) are billed on an hourly rate basis. My hourly rate is competitive with that charged by a partner in a large local CPA firm.

Q	Are you an auditor? Are you a replacement for my existing accountants?

A	I am neither an auditor nor a replacement for your existing accountants. My role is to work in concert with your accountants much like an in-house tax executive or CFO would. Having an in-house liaison with outside advisors usually results in significant reductions to professional fees.

Q	I want my accounting firm to sign the company's tax return. Will you work with them?

A	Most of my clients have their outside accountants sign their federal return. We prepare an initial draft of the return and then send it (along with supporting workpapers) to the company's accountants for review, comment and signing. The process is very efficient and has always worked very well.

Q	Where is your physical office?

A	Since I work at client locations I have no need for a physical office. My phone forwards to wherever I'm working, so a client never has to question what number to call to reach me.

Q	Where are workpaper and client files kept?

A	Normally client files are kept at the client site. I do not maintain separate files for tax return or compliance projects.

Q	What is the duration of your typical client relationship?

A	All my client relationships have been long-term. I work hard to get involved with owners, management and staff and make a contribution where I serve. As a result, client satisfaction has been high and client relationships have been several years in length.