REQUEST FOR PROPOSALS (RFP)

Outsourced Finance & Accounting Services

Issue Date: June 1, 2026

Proposal Submission Deadline: July 15, 2026

Anticipated Contract Start: Mid-July to Early August 2026

1. Organizational Overview

The Tourism Industry Association of Ontario (TIAO) is the voice of Ontario’s tourism industry, representing and advancing the interests of businesses, destinations, and stakeholders across the province. As a sector-led not-for-profit organization, TIAO supports advocacy, industry development, collaboration, and member services that strengthen Ontario’s visitor economy.

TIAO operates as a lean, high-impact organization and is seeking a right-sized outsourced finance and accounting partner capable of delivering dependable day-to-day financial management, governance-ready reporting, compliance support, and practical financial guidance.

Organizational Profile

TIAO’s current operational profile includes:

• Approximate annual operating budget: $1 million o plus project grants, on occasion
• Staff complement: 5 employees
• Accounting platform: QuickBooks Online
• Payroll provider: Ceridian (retained by TIAO)
• Banking platform: RBC banking and RBC Express payments
• Corporate credit cards: 2
• Business bank accounts: 2
• Estimated monthly AP/AR activity: approximately $20,000–$40,000
• CRM / association management platform: Whereabouts
• Annual audited financial statements required

2. Purpose of the RFP

TIAO invites proposals from qualified accounting firms, boutique outsourced finance providers, and experienced independent financial professionals to provide outsourced finance and accounting services.

The successful proponent will provide a combination of transactional accounting support, monthly reporting, compliance administration, audit preparation, governance reporting support, payment administration, and limited financial advisory support appropriate to the scale and complexity of TIAO’s operations.

TIAO welcomes proposals from both organizations and qualified independent professionals, provided proponents can demonstrate appropriate expertise, continuity of service, and capacity to deliver the required scope.

TIAO is seeking not only dependable outsourced finance and accounting execution, but also strengthened financial controls, governance discipline, and reporting practices appropriate to a not-for-profit organization.

3. Scope of Work

The successful proponent will be expected to provide the following services:

A. Transaction Processing & Bookkeeping

• Manage accounts receivable, including invoice entry, payment entry, reconciliations, and integration with relevant business systems
• Manage accounts payable, including invoice entry, coding, payment preparation, vendor payment recording, and reconciliations
• Process and reconcile corporate credit card activity and supporting documentation
• Maintain accurate general ledger records
• Maintain appropriate supporting documentation and audit trails
• Reconcile aged receivables and payables as required

B. Treasury & Banking

• Reconcile all business bank accounts
• Process bank fees, interest, direct debits, and automatic transactions
• Support cash management visibility
• Prepare monthly cash flow reporting
• Administer approved EFT and banking transactions through designated banking systems

C. Payroll Administration Support

TIAO will retain its existing payroll provider (Ceridian).

The successful proponent will:

• Coordinate with Ceridian as required
• Record payroll transactions and related journal entries
• Reconcile payroll-related accounts
• Support payroll-related financial reporting
• Maintain or verify payroll-related financial documentation required to support payroll accounting entries
• Ensure payroll changed processed are supported by documented management authorization and notify management when payroll documentaiton appears incomplete or inconsistent

D. Tax & Compliance

• Reconcile HST accounts
• Prepare and file HST returns
• Coordinate HST remittances
• Advise on applicable CRA obligations
• Support compliance with Canadian not-for-profit financial obligations
• Support other applicable regulatory or statutory reporting requirements

E. Monthly Financial Reporting

Prepare and deliver monthly financial reporting packages, including:

• Statement of Financial Position
• Statement of Operations
• Budget vs. actual reporting
• Year-over-year comparisons
• AP/AR aging reports
• Monthly cash flow reporting
• Variance analysis and commentary
• Practical management insights as appropriate

Target reporting timeline: by the 15th of each month, unless otherwise agreed.

F. Governance & Management Support

• Prepare Audit Committee-ready financial reporting packages
• Attend Audit Committee meetings as requested
• Support management in interpreting financial performance and maintaining appropriate financial oversight controls, including review processes for journal entries, reconciliations, and unusual transactions.
• Respond to reasonable ad hoc financial information requests
• Support leadership in maintaining sound financial oversight

G. Budgeting, Forecasting & Advisory Support

TIAO is seeking practical, right-sized financial advisory support appropriate to a lean not-for-profit environment.

This includes:

• Support for annual operating budget development
• Assistance with periodic forecasting
• Cash flow visibility support
• Recommendations to improve reporting, controls, or financial processes
• Limited advisory support to management as required

H. Year-End & Audit Support

• Prepare year-end financial workpapers
• Prepare supporting schedules and reconciliations
• Liaise directly with TIAO’s external audit firm
• Respond to auditor requests
• Enter year-end journal entries as required
• Support year-end compliance and filing requirements

I. Payment Administration & Controls

The successful proponent may prepare and execute approved payments on behalf of TIAO through designated banking platforms.

This includes:

• Vendor EFT payments
• Approved cheque payments
• Approved credit card payments
• Other authorized disbursements

No payment disbursement shall occur without documented authorization from designated TIAO signing authorities.

J. Transition & Systems

• Work within TIAO’s current systems unless otherwise agreed
• Support onboarding and transition activities
• Coordinate with TIAO’s outgoing service provider, who will be available to support transition
• Recommend systems or process improvements only where clearly justified

K. Internal Controls & Financial Governance

The successful proponent will support sound financial control practices, including:

• Maintaining appropriate segregation of duties wherever operationally feasible
• Preparing system-generated journal entry reports for management review on a regular basis
• Ensuring non-routine, unusual, or manual journal entries are clearly documented and supported
• Maintaining appropriate supporting documentation for all journal entries
• Supporting management review processes intended to reduce fraud, error, or financial misstatement risk
• Recommending practical internal control improvements where gaps are identified

4. Required Qualifications & Professional Expectations

Proponents must demonstrate:

• Proven experience delivering outsourced finance and accounting services
• Experience supporting not-for-profit organizations
• Association-sector experience is considered an asset
• Strong knowledge of Canadian accounting practices and compliance requirements
• Experience with HST administration and regulatory obligations
• Experience supporting audits
• Experience preparing governance-level financial reporting
• Proficiency with QuickBooks and related financial systems

Professional Designation Expectations

The lead resource assigned to the engagement must possess qualifications appropriate to the scope of work.

TIAO strongly prefers:

• CPA designation, particularly where financial oversight, audit liaison, governance reporting, or advisory support are involved

Equivalent senior controller-level experience may be considered where clearly demonstrated.

5. Insurance, Confidentiality & Risk Requirements

The successful proponent must maintain:

• Professional Liability / Errors & Omissions Insurance
• Commercial General Liability Insurance
• Cyber / privacy liability insurance
• Applicable contractor compliance coverage

The successful proponent will also be required to:

• Execute confidentiality and data protection commitments
• Protect TIAO financial information and business records
• Disclose any actual or potential conflicts of interest

6. Proposal Submission Requirements

Proposals should include:

Organizational Information

• Firm or individual overview
• Organizational structure (if applicable)
• Description of relevant experience

Service Delivery Approach

• Proposed methodology
• Description of service model
• Key roles and responsibilities
• Continuity / backup coverage approach

Team Qualifications

• Lead resource biography
• Professional qualifications
• Relevant experience with similar organizations

Internal Control Approach

Describe your approach to:

• segregation of duties
• journal entry oversight
• payment controls
• fraud prevention safeguards
• exception reporting
• documentation standards

References

Provide two (2) client references for comparable engagements.

Pricing Submission

Proponents should provide pricing in the following format:

• Monthly Recurring Services - Fixed monthly fee for standard recurring services.
• Out-of-Scope / Optional Services - Clearly identify optional services and associated pricing
• Pricing Assumptions / Exclusions - List all assumptions, exclusions, or conditions

Transition Plan

Describe:

• onboarding approach
• knowledge transfer process
• transition management approach

Assumptions / Exclusions

Clearly identify:

• scope assumptions
• exclusions
• optional services

Proposal Validity

Proposals must remain valid for 60 days following submission.

7. Evaluation & Scoring Matrix

Proposals will be evaluated using the following criteria:

Evaluation Criteria Weight

Relevant experience and qualifications 20%

Understanding of scope / service model 15%

Evaluation Criteria Weight

Internal controls / governance approach 15%

Financial reporting / advisory capability 15%

Team capability / continuity 15%

Pricing / overall value 15%

References / interview 5%

TIAO reserves the right to shortlist proponents for interviews or presentations.

8. Procurement Timeline

Milestone Date

RFP Issued June 4, 2026

Proposal Submission Deadline July 3, 2026

Shortlisting / Interviews (if required) Early July 2026

Selection / Notification Mid July 2026

Transition / Onboarding Late July to Early August 2026

9. Contract Term

The anticipated contract term is:

• One (1) year initial term
• Renewable annually by mutual agreement
• Subject to satisfactory performance

Either party may terminate the agreement with three (3) months’ written notice, subject to transition obligations and applicable contractual terms.

10. Standard Procurement Terms

TIAO reserves the right to:

• accept or reject any proposal
• request clarifications
• negotiate scope or terms
• shortlist proponents
• conduct interviews or presentations
• elect not to award a contract

Additional terms:

• Proposal preparation costs are the responsibility of proponents

Submitted proposals will be treated confidentially, subject to operational and governance requirements

• Final agreement terms will be subject to negotiation and approval

11. Submission Instructions

Submit proposals electronically in PDF format to:

Andrew Siegwart President and CEO info@tiaontario.ca

Subject Line:

RFP – Outsourced Finance & Accounting Services