Your burning Prax questions, answered.
We’re not your average accountants. Team Prax is a close-knit group with a passion and knowledge base you won’t find at most firms. We value out-of-the box thinking and we’re highly motivated to help your financial health improve every single month. Our success is measured by your success, and we know it!
For most small businesses, having to hire an accounting team and host them onsite is far more expensive than having an outsourced CFO-style relationship with a company like Prax. By not requiring onsite time, we can get our work done more efficiently and keep costs down. Plus, it allows us to build a team that has skill diversity and expertise not limited by geography. Being remote helped is pull together a team with an incredibly rich tapestry of experiences, skills, and education from across the U.S. (and beyond!).
We offer remote bookkeeping – everything from recording expenses and sales, to keeping track of accounts payable and accounts receivable, to reconciliations and monthly financial reports.
We offer every client a monthly financial review (MFR) where we meet with them on zoom, go over their numbers, and make sure they understand them. We discuss what we’re going to do differently and what they can do to change or improve their numbers going forward. We find this helps clients not just stay on top of their historical numbers, but also understand what’s coming and know what they need to be thinking about before problems arise.
We also offer services specifically related to taxes and tax agencies – tax resolutions, tax problems that need to be cleaned up, tax returns that need to be caught up or filed, past due returns, the whole shebang.
We offer just about any accounting service except those that pose a conflict of interest.
We work with United States-based businesses in every corner of the US.
We do have the capacity to work with US-based companies with internationally-based affiliates, but we do not work with international clients that do not have a presence in the US.
It depends! We work on a subscription basis and charge a flat weekly fee. What that fee is is determined based on company size and needs (check out our service tiers for more on the options we offer). Prices range from just a few thousand dollars a year to over $1,000 per week.
We offer custom pricing for each tier, quoted after a review of your financials and accounting system. Due to unpredictable variables often hiding ‘between the line items’, we do not quote pricing before doing a diagnosis. When we do give you a quote, we’ll make sure you understand what your costs will be now and what you should plan for in the future.
We aren’t interested in charging you more than you can afford, and we won’t charge anyone a fee that would materially injure them.
Schedule a consult and we’ll be glad to give you a quote once we know a bit more about you.
Our niche is with small to mid-sized businesses making between $1 million and $25 million in annual gross revenues. For those making under $1 million in revenue, we offer Prax Prep through our Quickbooks Online training.
Our specialization is in cost accounting, which is most commonly used in accounting for construction and contractors. However, we work with small and mid-sized businesses of all sorts and have found cost accounting to be useful and applicable across a wide array of industries.
Getting a bit more philosophical, we don’t take on every potential engagement that comes through our door. We work with people who are interested in modernizing and willing to make changes to improve efficiencies. We like ambitious people who are interested in growing strategically in their market.
We want to get to know you, your big why, who you are. We look for passionate, motivated individuals with intention and purpose. Working with people who care as much as we do is what makes what we do a joy.
Our preferred software is Quickbooks Online. If you use another program, we’ll look at it and consider it, but most of our services are designed and intended for Quickbooks Online users.
Not necessarily – it depends on the circumstance. We sometimes work collaboratively with other accounting firms on tax planning engagements. That said, if we’re doing your bookkeeping, we’ll want to keep your tax preparation in house since there’s overlap in both areas.
Big picture, a fractional (or ‘outsourced’) CFO is a person or firm that you contract to provide the functions of a CFO, which include financial planning and strategizing.
The way we do things, your fractional CFO is not one person but a group of advisors. It’s kind of like bringing on a CFO that somehow went to business school, got a masters in accounting, kept up with industry trends, and brought on a group of trusted advisors for decision-making gut checks.
A fractional CFO service brings insight and guidance to your company with specific, measured, critically thought-out advice on next steps. It’s multiple brains with multiple sets of expertise looking at the big picture and saying, “Here’s what you should do next.”
Great questions! Let’s answer them in order.
First, remote means more available! If you hired a local firm to provide onsite services, you would get limited hours of onsite service per week, on a very specific schedule, at the same price as what we can offer remotely. We know this because it’s what many of our team members did before going completely remote. With remote services, we’re able to handle your books and needs as things come up throughout the week. It removes rigid schedules where time is set aside for single clients and everyone else is blocked out – and, even better, it gets rid of dastardly travel time. It means we have more availability and flexibility if a critical need comes up.
Email support is always included. If you need more support, we have zoom offices where you can add yourself to our schedule or simply drop by at any time. If it’s urgent, we’ll always respond as quickly as we can, and even routine email inquiries are just about always answered within 2 business days. Higher tier clients do receive priority response times, but everyone hears back from us as quickly as we can get to it.
And yes, of course. Questions are always welcome. Ask away!
Yes, we can, and please, for the love of all that is holy, don’t try to fix it yourself. Some of the most expensive problems clients can create happen in the process of trying to fix a Quickbooks mess themselves. Once you realize you have a mess, put the mouse down, step away from the password, and reach out to us immediately.
The good news? Cleaning up an accounting disaster area is a phenomenal way for us to get to know a client! In the process of fixing your problem, we can start to figure out how we can best help you and how you like to work.
Get on a call with us. You’re probably already getting love letters from the IRS. They will follow up, so get in touch with us, preferably as soon as possible, and we’ll help you tame your tax dragon.
Schedule 15 minutes to meet with us. It’s really that simple. You’ll meet with Prax founder Jenn Viridis for a quick chat.
We want to hear about who you are, what your business is, what you’re looking for, or even just an idea you have for your business. It’s ok if you don’t know exactly what you need or what to do next. Let’s start working it out.
And don’t worry, there’s no charge for the 15-minute intro call!
We always begin with identifying needs, objectives, and a timeline.
After that, the first thing will be checking for tax savings. We’ll send you a couple of questionnaires that’ll give us a pretty good idea of your tax situation. That tells us how aggressive we need to be with tackling your taxies.
We start with taxes because everything else we do is on your timeline and our timeline, which can be more flexible. Taxes aren’t flexible – they happen on the IRS’ timeline. (And if you don’t pay attention to the IRS’ timeline, bad things happen.) So we start with solving any tax issues, then we look at your accounting, your business, and so on.
Then, we’ll request accounting system access, tax records, view-only user logins to bank and credit card accounts, payroll access, and a few more nuggets. Sometimes you’ll meet our cats.
Once we get going, we’ll be in touch frequently with questions. The first 90 days are devoted to getting to know you, your business, your procedures and systems, your history, your team, your goals, your future prospects, your competition, and your market. And then we roll on from there.
Here’s what to expect when you have a subscription with Prax.
On a weekly basis, we post activity to your Quickbooks file, make sure that your P&L is up to date, and respond to your emails and inquiries. We’ll usually post to your books somewhere between twice weekly and daily. We post questions that we have about that activity to a shared drive. Your weekly responsibility is to check for those questions and answer them.
On a monthly basis, your primary CFO will reach out to you, usually between the 10th and 15th of the month, to schedule your monthly financial review (MFR). In the MFR, you’ll meet on zoom with your CFO for 15 minutes to an hour, depending on the complexity of your business and current situation.
In this meeting with your Prax team, you will:
- review the last month
- go over what needs to be done this month, next month, next year, and beyond
- catch up on industry trends and new concepts worth thinking about, and
- cover anything else that needs to be discussed
It’s a strategic meeting, not only covering your history but planning for your business’ future.
Sure, you can do it all yourself! If you want to go to college for accounting, or already know how to do accounting on your own, absolutely. No problem. Go do it on your own.
Except, of course, if you do that, you might not have a whole lot of time to run your business.
On the other hand, if you want to focus on your business and not do all the work of accounting, maybe you should let us come in and take it off your plate.
It’s not about capacity or knowledge or skillset. You can go get those if you want to. It’s about time. You simply can’t buy more of your time. Ask yourself, “Do I want to take the time to do this myself? Is this the best use of my time?” At some point in your business’ growth, the answer needs to be no, because your time is worth more to the business than time spent doing the accounting.
Put simply, we’re invested. Our client impact ROI is our most important number internally. If we are not helping your business demonstrably more than we’re asking you to pay us, then we are failing at our job – and we don’t accept failure. It’s simply not an option. We’ll work until we’re no longer in a failure position.
This is not the standard for accounting firms. Lots of firms don’t care about your success or failure; they just perform the service and send you a bill.
We charge automatically on a subscription basis. Our goal, when we meet with you each month, is to prove to you that the next four weeks of charges are still worth it. Our aim is to demonstrate value each and every month.