Q & A time!
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!
Why remote accounting?
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 us pull together a team with an incredibly rich tapestry of experiences, skills, and education from across the U.S. (and beyond!).
Who do you work with?
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.
While we’ll work with any type of business, our specialization is in cost accounting, which is most heavily used in accounting for construction and contractors. We're always excited to work with clients in other industries who would like to leverage the power of cost accounting!
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.
What can I expect when we start?
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.
What can I expect on a monthly basis?
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.
How much does this all cost?
It depends! We either charge by project or work on a subscription basis and charge a fixed weekly fee.
We offer custom pricing for each client, quoted after a consult and review of your financials and accounting system. Due to unpredictable variables often hiding ‘between the line items’, we do not quote pricing before doing this 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. This means if it isn't in your best interest to pay for accounting, we won't recommend it.
Schedule a consult and we’ll be glad to give you a quote once we know a bit more about you!
Do you work with international clients? What parts of the US do you service?
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.
My QuickBooks is a mess. Can you fix it?
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.