Tarun K. “TJ” Juneja, CPA
President, Founder & Certified Public Accountant
Q. Where did you grow up?
Between the ages of 12 and 38, I lived and worked near Washington, D.C. Growing up near our nation’s capital afforded me an excellent opportunity to develop professionally as a CPA, working with high-growth companies in various industries.
Q. How would you characterize your early accounting career?
After completing my studies and earning my CPA credentials, I spent several years in the public accounting arena at such distinguished firms as Kenneth Leventhal, CPAs and later Ernst and Young, LLP. I then moved on to the private sector, serving as CFO to a growing IT company, where I benefitted from seeing the other side of financial management.
Q. How did your vision for CFO Tech come about?
I realized that the Fortune 500 and similar large companies are well served by the “Big 4” and other large regional CPA firms. However, there are millions of underserved smaller businesses that are growing and in desperate need of the same level of professional advice and assistance. The reasons range from limited cash flow to lack of access. Most importantly, many aren’t aware of all the services that a full CPA firm can offer.
Q. Why does CFO Tech target small businesses?
Unfortunately, there is little consistency among the smaller CPA firms. Thus, for small businesses that is price sensitive and less aware, accounting is considered compliance work, done to satisfy the government – not necessarily to address a business’s true operational needs. These businesses also need the services of competent CPAs. For that reason, our clients can look to the accounting solution we offer as their outsourced CFO, handling their accounting, payroll, tax and other compliance work, while also helping management see how the pieces fit together. To an accountant, every number tells part of a story. It is the CFO’s role to fit all the pieces of the story together, so that management can make truly informed and effective decisions.
Q. Do small businesses have special needs as they relate to accounting?
Just like large businesses, smaller businesses need to be assured they are in full compliance regarding income, payroll and other taxes. But they also need support for other regulatory reporting as the government might require of their industry. Small businesses deserve the services of a professional who explains their financials – their numbers – to help them understand what it all means. For them, financial results must be much more than a disjointed jumble of disconnected components to store on a shelf and gather dust.
Q. What are the other ways you cater to small businesses?
For such services to be truly affordable, they must become part of a dependable budget. For all of that to work, though, the fees for those services must be reasonable and predictable. That is why CFO Tech acts as an outsourced full-service accounting team with a CPA and MBA on staff to act as the client’s CFO on an as-needed basis. With that level of access to accounting often provided at a flat rate, small businesses can rely on CFO Tech to delve into every facet of their business and provide the guidance they need to effectively manage operations.
Q. What is the procedure you go through with new clients?
When clients arrive at our door, we immediately sit down with them and take the time to understand their business and needs, including all the functional areas: management, operations, marketing and finance. We use that knowledge to determine the scope of our services. That scope must be dynamic, as deliverables change constantly with the need for additional information; one size does not fit all. We then use an internal checklist to collect company documents that help us do our jobs.
Q. What do you want your client to realize through their relationship with your firm?
We want our clients to understand that they are supported by a full-service CPA firm that acts as their private accounting office, and of course, we do this at affordable prices.
Q. What seems to be the most difficult accounting-related lesson for small business owners to learn?
For most small business owners, accounting is simply a necessary evil – something to postpone to the last minute and then use merely to prepare a tax return. In other words, it’s viewed as a commodity. We need to transition away from that mindset. Accounting should not merely answer the question, “How much is in the bank?” With a balance sheet and income statement at their disposal every month, owners should know what is and isn’t working in their operations. They should know what it takes to break even on a monthly, weekly and even daily basis. Armed with such knowledge, they can take a proactive approach, and thus, manage their businesses far more effectively.
Q. What are you passionate about?
I am passionate about helping businesses succeed and grow through effective accounting, financial and tax advice. I love what I do. Every day, I get to use the skills I’ve developed to help small businesses grow through effective accounting and tax advice. I get to work with entrepreneurs who demonstrate the determination to succeed. Most importantly, I am passionate about helping clients think strategically. While most businesses tend to think logistically over a short period, my management style has always been to adopt a plan that addresses a three-year horizon and then work backwards to 90-day incremental tactical adjustments.
Q. What are your pet peeves in business?
Most small business owners are focused on the products they sell or services they provide, rather than their numbers. Because of this, they expose themselves to tax penalties and fail to use accounting as a key business planning tool. There is an old saying that tells us: “Those who fail to plan, plan to fail.” While we don’t expect business owners to serve as their own accountants, we do expect them to use the services of their accountants wisely.
Q. What is your philosophy regarding accounting that sets you apart from others?
My accounting philosophy is simple. Accounting is merely a subset of a company, not an entity by itself. Ours is a holistic approach, designed to address the entire enterprise, so that the accounting and tax functions blend in as part of a seamless, integrated and coherent whole. The boundaries between divisions – manufacturing, distribution, fulfillment and marketing – must all be interconnected and directly linked to accounting and finance. We try to understand each and every facet of a business to help us become better advisors.
Q. What advice do you give small business owners regarding basic accounting?
Always draw support from your numbers before making a major business decision. The financial information provided by properly prepared financial and related statements provide an objective picture of a business. In essence, accounting is a “story by the numbers.” Each number tells a part of the story, and when assembled, those numbers can complete a picture. While it is easy to get caught up in the accounting process – reconciling bank statements, matching receipts and the like – what is really important is for the business owner to step back and take in a true and complete view.
Q. I understand you help start-up businesses succeed using more than just accounting. Can you tell me more about this?
Although I am an accountant, I am first and foremost an entrepreneur. The entrepreneurial spirit has always been my passion. Therefore, I thoroughly enjoy working with like-minded men and women. It is my commitment to my clients that the contributions through my labors count and make a difference in their business lives.
Q. What do you look for in these start-up businesses?
Generally, I look for businesses operated by owners and managers that are deeply committed and involved in the success of their enterprise. They tend to engage with us in a manner that allows us to grow and stretch right along with them. In short, it is a lot easier to contribute and add value to the success of an enterprise that is committed and focused.
Q. What do you enjoy doing when you’re not working?
Like most businessmen, my work life is designed to support my family. Having said that, no one ever lay on his death-bed complaining that he didn’t spend enough time in the office. I cherish my time with my children, my friends and pursuing my other interests. Much of my time away from work is devoted to volunteering at my sons’ schools, Cub Scouts, sports and all the other activities that help in the development of my boys.
In addition to my family, I seek always to feed my mind, body and spirit. Although I have to take extensive accounting and tax-related courses every year, I enjoy reading history and philosophy, psychology, literature and science, subjects that allow me to grow as a sentient being. In spite of a profession that demands I be sedentary for long periods of time, I truly enjoy hiking and jogging, as well as working with a personal trainer. All of these interests are important to me as I strive to be a well-rounded person.
Q. Can you talk about your personal philosophy?
My personal philosophy mirrors my business philosophy. I am a strong believer in the importance of character. Whether it is a team, a family, a business or a project, people – and the character of those people – make the difference between success and failure. More than ability and planning, experience or intelligence, it is the content of their collective character that makes the difference every time.