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Frequently Asked Questions
Find answers to commonly asked questions about Gray Stripes Advisors.
What makes Gray Stripes different from a typical CPA or tax preparation firm?
Most public accounting or tax practices are primarily focused on compliance (often at very high volumes) and may dabble in planning or advisory for a few of their best clients – this is a common pain point for a lot of prospective clients who are dissatisfied with their current CPA. The reality is that tax preparation is largely a commodity and there’s only so much value that can be added plugging numbers into a tax software. Gray Stripes has structured our engagements such that proactive current year and lifetime tax planning is at the forefront, and preparation of the returns is merely a piece of that.
Who is an ideal client for Gray Stripes?
We feel we can add the most value for small businesses (below $10M in revenue) and their owners, as well as non-business owners who desire a more proactive approach to their taxes. The clients we attract tend to still be in the accumulation phase, 10 or more years away from retirement, but we work with some retirees, as well. We are willing to meet with all prospective clients (at no charge) to see if there is a mutual fit, so long as they understand our service offerings, firm policies, and fee arrangement in advance of the initial meeting.
Who is not an ideal client for Gray Stripes?
Larger companies that need audited or reviewed financial statements, or that operate in specialized industries (such as oil & gas or construction) would likely be better served by a larger firm that can offer more services and more tailored expertise. We also do not work with nonprofit organizations, as those organizations need very specific advice that we are not qualified to offer.
Additionally, prospective clients who are just looking for a firm to prepare their tax returns and don’t need any other level of proactive support would likely be better served at a different firm. We have a minimum level of engagement in our service packages and our pricing reflects that. We cannot and are not trying to compete with firms that are focused on high volume compliance work.
What services does Gray Stripes offer and not offer?
Gray Stripes offers current year and lifetime tax planning for small businesses and their owners, independent contractors, and families. Additionally, we handle preparation of income tax returns for our clients. As we grow, we will be offering flat fee financial planning as well as CFO advisory services.
Gray Stripes does not offer bookkeeping, financial statements (compilations or attest work), payroll preparation, investment management, or legal services (but we have some great connections that we work with who do offer those services). Additionally, we do not perform “standalone” tax return preparation – all clients for whom we prepare tax returns are clients who value a year-round, proactive approach to current and lifetime tax planning.
What if my financial advisor already has my tax planning taken care of and I just need someone to prepare my returns?
You probably have a great advisor! Most financial advisors tend to stay away from taxes due to their broker-dealer’s arcane rules or their insurance providers prohibiting them from crossing the line into tax advice.
If you are confident that your financial advisor is providing good tax planning and you truly just need someone to handle your tax returns with no other level of engagement, Gray Stripes is probably not the best firm for you. Our pricing would simply not be competitive with the firms that focus on high volume tax compliance.
However, if your financial advisor wants to have a collaborative relationship with a CPA to run second opinions by, or to ensure that you are well taken care of from a tax perspective, you may be a great client for us! As a CFP® professional himself, Luke loves to collaborate with other advisors such as attorneys, insurance agents, and investment advisors, to ensure that all elements of your financial plan are buttoned up and working in conjunction with your goals. Many financial advisors today are frustrated at the shortage of CPAs and the quality of those that remain in the field, and Gray Stripes is working hard to change those perceptions!
How does Gray Stripes price its services and is it more expensive than a typical firm?
Unlike most accounting firms, we do not bill by the hour nor track accounts receivable. We offer multiple tiers of service depending on the level of engagement that you feel you need, and a yearly subscription price is agreed upon before the engagement begins. Clients can split up their subscription into monthly, quarterly, or semiannual payments at their preference, with the first payment being due before the engagement begins. After one year, clients are free to terminate their engagement before their next billing date.
Our minimum yearly fee for a non-business engagement is $1,800. Since we take a proactive approach to taxes for our clients rather than simply cranking out returns, we do tend to have a higher average price per client than most firms. It would not be feasible for us to provide the level and quality of service that we require at the same price that a typical firm would charge to prepare a tax return.
Is Gray Stripes a virtual/paperless firm, and are in-person meetings available?
Gray Stripes operates 100% paperless – we don’t have scanners, printers, or secure physical document storage in our office. Clients agree before the engagement begins to utilize our secure file exchange and online payment processor. SafeSend allows clients to securely upload documents and download tax returns without having to remember a username and password. All our systems are IRS compliant and securing our clients’ personal information is our highest priority, which would not be possible if we allowed paper documents.
All meetings with prospective clients are virtual via Microsoft Teams. For active clients who live in Central Ohio, we can meet in-person in the region as our schedule allows. Active clients who prefer in-person meetings are still required to use SafeSend for all document transfers and our online payment processor.
Why Choose Gray Stripes Advisors?
Transparent Pricing: No hidden fees or hourly billing.
Flexible Billing Options: Choose between monthly or quarterly payments.
Personalized Service: Customizable packages to fit your unique needs.
Commitment-Free After One Year: Freedom to disengage anytime after the first year.
Join Gray Stripes and experience the difference of tailored financial services designed to help you achieve your goals.