FAQ

Frequently Asked Questions

What does ‘outsourced’ controller/CFO mean?

It’s a fancy word for not being on your payroll. Full-time payroll for a controller or CFO can cost you anywhere from $70k to $250k a year, and even then you get what you pay for. Very few small- to mid-sized businesses need this level of support full-time. Instead, we recommend outsourced support, where you can benefit from the experience and education of a top-notch controller or CFO but at a fraction of the cost. 

How do I know what support I need?

Accounting has a broad spectrum of needs and services, but most business needs fall into the following categories of support:

Bookkeeper: keeps up with day-to-day needs and transactions, such as entering sales and expenses, keeping A/R and A/P up to date, processing payroll, and reconciling your accounts. Without a rockstar bookkeeper, you’ll probably break something and the IRS will send you love letters.

Controller: has your back and knows the big picture. In no particular order, a controller handles tasks like watching cash-flow, prepping financial statements, building internal controls, assessing where you can cut costs, setting up payroll, arguing with the IRS for you, and setting up budgets. They are the ultimate CYA fighter.

CFO: the chief financial officer, aka the fortune teller of accounting. A CFO is responsible for predicting the future and planning how the business will meet and capitalize on future needs. If you’re facing future solvency challenges such as your industry being taken over by tech, your competitors leaving you in the dust, or you’re locked in an unscalable business model, you need a CFO.

Tax Preparer: generally, this is the only role that needs a CPA or EA, and you only need them once a year. Tax preparation cannot be accurately prepared without solid historical accounting. If you haven’t used any accounting software or tracked your numbers throughout a period, getting your books up to date is essential before tax returns can be prepared.

Check out our videos if you’d like to learn more, and here’s a free download to help you self-assess your needs.

How much does this all cost?

That’s a tough one to answer, but it generally ranges from a few hundred $ to a few thousand $. It really depends on your business and what you need from us. Best way to find out is to schedule a consult  and we’ll be able to quote at the end of the call.

What will you need from me to get started?

Your firstborn. Just kidding, please don’t send us your kid, we’re probably out of snacks. We’ll ask you for business formation docs, access to your accounting software, and about an hour of your time for q&a to understand your business.

How long does it take to do my corporate taxes?

With our Prax process, we will get your taxes done for your business in a timely and detail-oriented manner. It is important to be patient with the process to ensure that your taxes are filed properly setting your business up for success in the coming year!

What Do I need to bring for you to file my taxes?

It important to collect your records (receipts, sales records, turns, business checking/savings account information), Cost of goods sold (if applicable), and any expenses for the business made throughout the year.

What is the difference between an accountant and a bookkeeper? Can you do both?

The work of the bookkeeper directly influences the work of the accountant. If the bookkeeper makes many mistakes, the accountant’s work will read mistakes as well. The importance of using a qualified bookkeeper is essential to the success of your business.

When should I hire a bookkeeper?

You should hire a bookkeeper as soon as you open your business. Sometimes business owners underestimate the time it takes as well as the mistakes that can be made. You can avoid the hassle and headache by hiring Prax from the start!