Wes Read explains how PracticeCFO works differently from typical CPA firms. Instead of just preparing taxes after the year ends, they meet quarterly, build tax returns throughout the year, and focus on cash flow and tax planning that actually saves clients money. They act as a CFO-like advisor for practice owners.
Practice CFO is unique from other CPA firms in that most CPA firms act as a historian for you. They gather your financial documents, maybe a QuickBooks file. They gather your documents that come in the mail. And they primarily have one purpose, which is to file your tax return. And sometimes they'll do what they can to reduce your taxes by giving you some advice around tax time. But what CPA firms often leave out of the equation is planning and saying, what can we do today in your tax situation that's not only going to benefit you for the current year, but that's going to benefit you next year and the year after that, and in the long run will be the most beneficial tax situation for you. And so we are a CPA firm, yes, but we are first a planning firm. The nature of our services is very proactive and forward looking in that, you know, we're not the typical CPA firm that you come to us, you know, once or twice a year, we talk about how much taxes you're going to owe and get a shoebox full of receipts and do the best we can to piece together a return. Rather, we meet throughout the year, quarterly and as needed as different events rise and we talk through how do we address those, how do we traffic control our dollar and plan and largely build the tax return throughout the year. A bookkeeper just records what you've done. A CPA can step it up a notch and record and report what you've done.
And give you tax advice, that sort of thing. But we wrap a whole other level around it, which is planning and financial advice and business advice and business services. That's something that competitors or a typical CPA firm will not provide. In addition to the proactive tax and cash flow planning, we also are specialized. We're specialized in dealing with practice owners. That way we get a deeper understanding of the business and provide real time, digestible, actionable advice for you as the practitioner and business owner to act upon. In the same way that a corporate CEO relies heavily on his CFO to present the data, provide recommendations, and ultimately be a crutch for them to make the decisions which impact the company. We operate in that same manner. And so to summarize it, our service is much more integrated, it's much more forward looking.
And proactive, as well as customizable for your unique needs. We are thinking about your future more than anything. And so the decisions that we make today are to get you to those goals that you've defined in your personal life. We want you to thrive as an individual and the CPA firm is just the data creator of books and tax returns to allow us to have an X ray, a financial X ray, in a way to then make these clinical decisions for your financial benefit going forward in your life.
