Meet Chris Macksey one of our 2023 Top 25 Up-N-Coming ProAdvisors
Chris Macksey
Chris and his team over at Prix Fixe are all about their passion for helping restaurants and food-based retail businesses thrive. Their goal is to give business owners the freedom to focus on what they’re most passionate about creating unforgettable guest experiences.
He became an accountant by complete accident. His friends like to joke about it, because one of the things that he used to frequently say is that “the one job he knows he doesn’t want to be an accountant.” Well, look at him now – thriving and in the 2023 Top 25 Up-N-Coming list!
A chef-turned-accountant with a passion for helping food and restaurant businesses. We sat down with Chris to get his thoughts on being a Top 25 Up-N-Coming ProAdvisor, his journey, path to success, and creating memorable experiences.
Give us a snapshot of your business.
Prix Fixe
Prix Fixe is an accounting & advisory firm that’s passionate about helping restaurants & food-based retail businesses thrive. We deliver insightful guidance and financial clarity, freeing business owners to focus on what they’re most passionate about creating unforgettable guest experiences.
Share your personal journey in the accounting industry
I originally was a chef in the hospitality industry before experiencing burnout and succumbing to the constant societal pressure to "get a real job" that so many of us in the industry experience. I ended up transitioning to banking, before realizing the mistake I'd made. I ended up going back to the restaurant group I had been working for, and ownership had suggested I work for the group's back office, which is the company I am at today.
Why did you become a QuickBooks ProAdvisor?
Our firm is exclusively a QuickBooks Online firm. To stay current on the newest offerings of the product, I became a QuickBooks Advanced ProAdvisor. QBO is the best product for independent restaurants.
Do you have a niche that you focus on or do you have a particular service that is key to your practice?
We only work with Restaurants and a small selection of wine and food shops. We chose to niche in a difficult industry because its an industry everyone at our firm is deeply passionate about, and there isn't a ton of competition in the space.
What are your main goals for yourself or your business for 2024?
Implement a training program for accountants and non-accountants on accounting for a restaurant.
Discuss any notable trends or changes you've observed in the accounting industry.
Artificial Intelligence is the trend everyone is talking about, and frankly, the only thing anyone is talking about. I'm interested to see what Intuit does with its dataset.
Share your thoughts on how these trends may impact accounting professionals.
I don't know that it's going to have a huge impact on the industry this year, but in the long term, it certainly will. Once Intuit figures out how to implement AI in QBO, coding bank transactions will be a thing of the past. A significant chunk of the most basic tasks (coding, reconciliation) will be automated. Pair this with the shortfall in new accountants, I'm not sure that this will have a monumental effect in the industry, but the DIYer's will certainly need a lot less help from accountants.
Share some best practices that have contributed to the success of your firm.
We're probably one of the rarer firms in that we do cash management and bill pay. Most accountants are risk averse and thus don't want to deal with it, but at the end of the day, our books are far more audit-proof, as clients are much more fastidious in getting their bills to us, knowing there's no other way to get the bill paid.
Discuss any innovative approaches or strategies that have proven effective.
Hiring accountants who have experience in hospitality is probably one of our best initiatives. The restaurant industry is a bit of a cult and doesn't like outsiders. Hiring folks who have shared life experiences, and a psychological understanding of folks still in the industry has proven very helpful. It also makes our firm much more focused on guest experience than our competition.
Identify common challenges that accounting firms face, and how does your firm address them?
Implementing a training program for accountants and non-accountants on accounting for a restaurant will also be a problem solver for us internally. One of the biggest hurdles to jump is employee training. We find that it takes up to a year for an accountant to truly get with the program. That's a massive investment, and we hope that we can cut it down to 6 months with an actual program in place
What are your insights into overcoming obstacles and adapting to industry changes?
Always be looking for that new software or piece of tech that's out there, but be protective in your current tech stack. Too many folks that are out there either aren't looking at what's new OR are using everything and changing software all the time. Both scenarios are terrible for business.
Are there any particularly rewarding client experiences or success stories?
We have a whole YouTube playlist!
How does your firm add value to clients beyond traditional accounting services?
I think there is a lot to be said for Guest Experience. Accountants generally lack bedside manners, and clients are in a particularly vulnerable place with their accountants. I think we work very hard at making sure the voice, tone, and choice of words are deeply important when talking with clients. They want to talk to a human with empathy, not an IRS fax machine from 1982. That comment may be crude, sweeping, and bombastic, but it's largely true.
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