One is from St. Paul, the other from Minneapolis. One went to Ramah, the other went to Herzl. One’s family business was steel, the other was scrap metal. But Tracy Truesdell and Danny Abrams see their differences as strengths in the launch of their new business.
Abrams P.C. opened in St. Louis Park in October, and the pair is celebrating with a launch party on Dec. 6 at Cooper’s Pub, from 4:30-6:30. The event is open to the public.
The new business is a full-service accounting firm that offers clients tax planning, preparation, consulting, bookkeeping, and payroll services.
“We enable our clients to focus on what they do well,” said Abrams. “There’s no business owner gets out of bed in the morning and says ‘Today the day I get to catch up on my QuickBooks.’ Or ‘Today’s the day I get to file my quarterly payroll tax returns.’ That’s what we get out of bed to do.”
Danny is a CPA, starting at a large regional accounting firm before spending time as an internal auditor at a large bank. Tracy’s background is in bookkeeping and business processing – helping new businesses with the backend work to make sure they have what they need to run efficiently and effectively.
“We have different skill sets and I think we complement each other well,” Tracy said. “My love for accounting comes from business operations. Danny gets business operations, but I love business operations.”
Abrams said he sees the firm as particularly apt to handle start-up businesses in their earliest stages. “We want to be there right at the beginning when a business is still just a concept before pen has been put to paper. We want to be a partner in the strategy.” Abrams said “Getting a business set up properly from day 1 is critical. It’s what allows business success to be sustainable.”
Danny and Tracy came together through JLink, the Jewfolk-run group of emerging and established Jewish business professionals in the Twin Cities. Tracy had been looking to expand her business and posted on the JLink Facebook page about partnering with a CPA who she could pass tax work to, and they could, in turn, pass bookkeeping work to her. Local businessman Aaron Goldstein made the introduction, and that was that.
While they work with plenty of businesses, there are individuals and families in their firm as well.
“Even for folks with a simple investment portfolio, or households that have two earners, they have to think critically about their tax situation during the year so they don’t have sticker shock in April,” Danny said. “We can really help with that. Even for people whose picture is relatively simple, there are half a dozen questions we can ask every year that would trigger a change in behavior that they wouldn’t otherwise do.”
Danny said that the duo’s goal is to build a different kind of firm.
“We want one that’s more accommodating the changing nature of the workforce where people want more flexibility,” he said. “That’s an area where I think we can have an opportunity as we start to grow.”
Both agree that the process of starting up has gone very well so far.
“For me, half my clients I had already referred to Danny for tax work or he’s referred to me for bookkeeping work,” Tracy said. “It’s been pretty easy. We think this will work out great for our clients.”
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