Wallace Accounting & Advisory Company Profile

Background

Wallace Accounting & Advisory (WAA) is a full-service Certified Public Accounting (CPA) firm established in 2014 and headquartered in Denton, Texas. The firm specializes in providing comprehensive financial services, including tax planning and preparation, financial planning, accounting services, and fractional Chief Financial Officer (CFO) services. WAA is committed to helping clients keep, grow, and protect their wealth through personalized financial strategies.

Key Strategic Focus

WAA's strategic focus centers on delivering tailored financial solutions to small and medium-sized businesses, with a particular emphasis on healthcare professionals such as dentists and physicians. The firm's core objectives include:

Tax Planning & Preparation: Maximizing deductions and minimizing errors to safeguard clients' wealth.

Financial Planning: Providing personalized financial advice aligned with clients' unique goals, adhering to fiduciary standards.

Accounting Services: Offering comprehensive accounting solutions, including payroll, audits, taxes, and financial advising.

Fractional CFO Services: Delivering strategic financial oversight without the cost of a full-time CFO, encompassing budgeting, forecasting, cash flow management, and strategic planning.

Financials and Funding

As a privately held firm, WAA does not publicly disclose detailed financial information or funding history. The company operates on a fee-for-service model, offering various pricing plans tailored to client needs. For instance, monthly plans for operating businesses start at $750, while solopreneur businesses can access services starting at $400 per month.

Pipeline Development

WAA does not engage in product development or clinical trials, as it is a service-oriented firm specializing in financial and accounting services.

Technological Platform and Innovation

WAA utilizes a range of technologies to enhance service delivery, including:

Accounting Software: QuickBooks, Xero, NolaPro, Sage, Quicken, and TurboTax.

Digital Document Storage: Ensuring secure and efficient management of client documents.

These tools enable WAA to provide accurate and timely financial services to clients.

Leadership Team

The leadership team at WAA comprises:

Russell Wallace: Co-Owner and Partner. Russell is a Certified Public Accountant with extensive experience in healthcare-focused accounting and tax services. He co-founded WAA in 2014, aiming to provide personalized financial strategies for healthcare professionals.

Kira Bello: Accounting Manager. Kira oversees accounting operations, ensuring accuracy and compliance with financial regulations.

Gabriela Mondragon: Executive Assistant. Gabriela supports the leadership team in administrative and operational tasks.

Laura Wallace: Office Manager. Laura manages office operations, contributing to the firm's efficient functioning.

Market Insights and Dynamics

The accounting and financial advisory market is characterized by a diverse range of service providers, from large multinational firms to specialized local practices. The demand for personalized financial services, particularly among small and medium-sized businesses and healthcare professionals, continues to grow. This trend underscores the importance of tailored financial strategies and the value of trusted advisor relationships.

Competitor Analysis

WAA operates in a competitive landscape with several notable firms:

Crowe Global: A multinational professional services network offering audit, tax, consulting, and financial advisory services.

LBMC: A Tennessee-based firm providing audit, tax, and business advisory services, with a focus on various industries, including healthcare.

Grassi & Co.: An employee-owned firm specializing in advisory, tax, and accounting services, with a significant presence in the New York area.

Postlethwaite & Netterville: A Louisiana-based firm offering accounting and business advisory services, recognized as the largest in the state.

These competitors vary in size and service offerings but share a commitment to providing comprehensive financial solutions.

Strategic Collaborations and Partnerships

WAA has not publicly disclosed any strategic collaborations or partnerships. The firm focuses on building strong, personalized relationships with clients to deliver tailored financial strategies.

Operational Insights

WAA differentiates itself through its specialized focus on healthcare professionals, offering services that address the unique financial challenges faced by dentists, physicians, and other healthcare providers. This niche expertise allows WAA to provide highly personalized and effective financial solutions.

Strategic Opportunities and Future Directions

WAA is well-positioned to expand its services to a broader range of small and medium-sized businesses beyond the healthcare sector. By leveraging its expertise in personalized financial planning and advisory services, the firm can tap into new markets and continue to grow its client base.