Archives for January 2014

Yeo & Yeo Merges With Hungerford & Co.

Saginaw, Mich.-based Yeo & Yeo  (FY12 net revenue of $27.5 million) has united with Hungerford & Co. of Southgate, Mich., adding about $2.4 million in revenue for Yeo & Yeo. Hungerford will join over 180 employees in eight offices throughout Michigan Hungerford will keep its Southgate office open through the tax season. Later in the year, Yeo & Yeo’s Southgate and Ann Arbor offices will combine and relocate to an expanded facility located in Ann Arbor, the firms announced.

“We are excited to combine Yeo & Yeo and Hungerford & Co.—two well-established firms with a combined 155 years of personal service and with practice strengths that are highly complementary,” says Thomas Hollerback, president and CEO of Yeo & Yeo.

Hungerford’s expertise is in providing accounting, audit, tax and consulting services to individuals and privately held businesses, as well as not-for-profits, schools and municipalities. “Merging practices with Yeo & Yeo creates many opportunities,” says Michael Georges, MP, Hungerford & Co. “Our clients will benefit from expanded service offerings, collective depth of talent, and industry expertise as well as the global resources available through Yeo & Yeo’s affiliation with LEA Global.”

Two Boston-area Firms Unite

Abrams Little-Gill Loberfeld of Chestnut Hill, Mass. (FY12 net revenue of $7.8 million), has acquired the accounting and tax practice of Andrew M. Freedman of Needham, Mass. Ron Loberfeld, Abrams Little-Gill MP, says it made sense to join forces when Freedman decided to retire, as both firms “have always enjoyed mutually respectful and close working relationship.” Abrams Little-Gill’s director, Kristin Kelley, will lead the services transition in Chestnut Hill.

Boire New CEO of the Association for Accounting Marketing

Jayla Boire has been hired as CEO of the Association of Accounting Marketing. “Our CEO search was an exhaustive process,” said Katie Tolin, president of AAM and director of practice growth at Ohio-based Rea & Associates. A task force comprised of AAM board members facilitated the nationwide search.

“Jayla clearly showed us that she was the type of person we needed to drive AAM’s strategy to increase member value, develop industry relationships and grow the presence of AAM in the accounting industry.”

Most recently, Boire ran her own consulting company, The Right Idea, where she assisted businesses, including CPA firms, with their marketing strategy as an adjunct CMO in the executive suite. Throughout her career, she worked at Fortune 100 companies and held agency leadership roles in technology and health care companies. “I’m ready to apply my knowledge, energy and experience to AAM’s strategic plans for growth and expansion,” Boire said.

Intuit Acquires Workers’ Comp Provider

Intuit will acquire privately held Prestwick Services, a subsidiary of Prestwick Holdings, the company announced. The Sudbury, Mass.-based Prestwick Services is a provider of payroll-based billing and payment solutions for the workers’ compensation industry.

Traditional workers’ compensation plans involve large pre-payments based on estimates, with the potential for substantial extra payments at year-end audits. With the acquisition of Prestwick Services and its TRUPAY technology, Intuit will open the platform that enables workers’ compensation insurance premiums to be calculated in real time, based on actual payroll, and will not require small business owners to switch insurance carriers or agents, Intuit says. The integration of Prestwick Services means more than 1 million Intuit payroll customers will have access to flexible payment options from 15 top insurance carriers, without requiring a change to their existing agent-client relationships.


BKR International Welcomes Cincinnati Firm

BKR International, a worldwide association of independent accounting and business advisory firms, has accepted Rudler, PSC of Cincinnati into membership. Rudler was formed in 1969 and provides accounting, audit, consulting, and tax services. With six partners and a staff of 26, the firm specializes in manufacturing, transportation, non-profits (including trade associations), service organizations, employee benefit plans and construction. Rudler is ranked 14th in the city of Cincinnati.

AICPA Issues Additional Guidance On Personal Financial Planning Services

The American Institute of CPAs has released additional guidance for CPAs who offer personal financial planning services, issuing practice standards that apply the Institute’s rigorous code of professional conduct to the rapidly growing discipline. The standards add to existing oversight of CPAs and come as clients seek advice on more topics.

The AICPA Statement on Standards in Personal Financial Planning Services covers all aspects of the planning process from obtaining information to communicating and implementing recommendations. The standards are an evolution of principles that have guided CPA financial planners for two decades and require complete transparency on factors such as compensation and potential conflicts that could influence client decision making. They are authoritative and enforceable and must be followed by all AICPA members who do financial planning.

More members have begun offering personal financial planning services as more clients turn to them for help navigating a broader spectrum of financial issues: taxes, retirement planning, education planning, estate planning, investments and risk management. Membership in the AICPA’s Personal Financial Planning Section has increased 32% over the past five years, growth that tracks national trends. The Bureau of Labor Statistics has projected the number of personal financial advisors to increase 27% nationwide between 2012 and 2022.

“CPAs, through state licensure and professional oversight, must meet the highest bar of competency, objectivity and integrity,” said Lyle K. Benson, who chairs the executive committee of the AICPA’s PFP Section. “These standards provide a clear roadmap for achieving that benchmark in a rapidly evolving practice area. They are built on the cornerstone of the CPA profession — the public interest — and enhance the consistency and rigor that CPAs are known for in the financial planning discipline.”

The executive committee issued the standards, which take effect July 1, through authority granted by the AICPA’s governing council in October 2012. They are based on the AICPA “Statement on Responsibilities in Personal Financial Planning Practice,” which was first adopted in 1992.

Three Admitted to Partner at Katz, Sapper & Miller

Ryan E. Miller -- Final

Ryan Miller

Indianapolis-based Katz, Sapper & Miller (FY12 net revenue of $49.2 million) is pleased to announce the addition of three new members to its partner group, Ryan Miller, Brian Schmidt and Ron Smith.

Miller is a member of the firm’s tax department, providing consulting services on a variety of technical tax matters. He oversees tax compliance and handles tax controversies.

Brian W. Schmidt -- Final

Brian Schmidt

Schmidt is part of the firm’s business advisory group, providing tax, accounting and consulting services to a wide variety of businesses and industries.

Ron L. Smith -- Final

Ron Smith

Smith is a member of the firm’s audit and assurance services department. He has extensive experience in, and advises clients and firm members on, accounting, financial reporting, auditing, compliance and internal control matters.

Indiana CPA Society Receives Philanthropy Award

The 2014 STAR Awards, presented by Indiana Society of Association Executives, honored Indiana CPA Society (INCPAS) for Best Philanthropic Program of Indiana for associations with an organizational budget of $750,000 or more. Ali Paul, INCPAS leadership and outreach manager, oversees the INCPAS Scholars program — a year-long career awareness program for minority high school students with an interest in business and/or accounting. She has increased awareness of the need for diversity throughout the CPA profession, and encourages students of diverse backgrounds to consider accounting. The scholars program is in going into its fourth year and has already successfully impacted 55 diverse students, the Digital Journal reported.

Bedel Admitted to Partner of Sponsel CPA Group

Mike Bedel

Mike Bedel

Mike Bedel has been admitted as a partner of Indianapolis-based Sponsel CPA Group (FY12 net revenue of $3 million) becoming the fifth member of the leadership team along with Nick Hopkins, Lisa Purichia, Tom Sponsel and Jason Thompson. Bedel had held the title of manager in the audit and assurance services department, which he will now lead as director. MP Tom Sponsel says, “Mike’s leadership skills have earned him a place alongside the founding partners as we continue to build for the future and expand our services for clients.”

New Partner Named at Blue

Carmel, Ind.-based Blue & Co. (FY12 net revenue of $59.7 million) announces the promotion of Shannon Borden to partner. Borden began her career with Blue & Co. in July 1999 and specializes in auditing and consulting for non-profit organizations, including all the firm’s community foundation clients, and employee benefit plans. “Shannon’s focus on providing outstanding client service and her technical expertise are valued by her clients and coworkers,” said Mike Fleetwood, PIC of Blue & Co. LLC’s Seymour, Ind., office.