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Baker Tilly Partners with Visual Lease

Chicago-based Baker Tilly (FY18 net revenue of $578.4 million) announces a partnership with leading lease accounting and management software provider, Visual Lease. The enterprise level lease accounting software provides:

  • Flexible, cloud-based lease accounting software
  • Compatibility with all lease types
  • Highly efficient automated lease accounting
  • Ability to import lease data
  • Classification of leases with an automated lease test
  • Automated lease calculations, journal entries and disclosures
  • Easily configurable Excel-based reporting

The new ASC 842 standard on accounting for leases changes the financial reporting obligations of companies that enter into leasing transactions for assets such as real estate, vehicles and equipment.

“This scalable solution offers exceptional value by creating efficiencies for clients who want a user-friendly solution for high-volume lease portfolios,” Jere Shawver, Baker Tilly’s MP of assurance and risk, says. “They need to comply with the new ASC 842 standard, but without this solution they would have to manually account for their leases, driving up their internal costs and reducing available resources to complete high value projects.”

Marc Betesh, CEO of Visual Lease, says, “By implementing the Baker Tilly / Visual Lease solution, companies can quickly comply with the new lease accounting standard through a proven solution that combines a leading lease administration software solution with excellent implementation and consulting support from a top firm in the industry. In the end, Baker Tilly’s clients will have improved financial and operational control over their leases.”

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Baker Tilly Expands Health Care Practice

Jennifer Schwalm

Jennifer Schwalm

Chicago-based Baker Tilly (FY18 net revenue of $578.4 million) announces that Jennifer Schwalm has been admitted as a partner in its health care practice.

Schwalm has more than 25 years of experience in health care and senior services. She will serve as Baker Tilly’s senior services sector leader.

“Her vast industry experience will help our clients confront the challenges of today and develop strategies for the future,” says Mark Ross, Baker Tilly’s national health care firm leader.

Schwalm will work with senior services providers to develop and execute strategic plans; facilitate merger, acquisition, partnership, and affiliation discussions and transactions; enhance their market positioning and alignment with health care systems; identify and implement operational changes that accommodate efficiencies, and analyze the financial impacts of expansion, renovation and repositioning projects.

In her previous position as chief mission development officer with Masonic Villages of the Grand Lodge of Pennsylvania (MV of PA) and president of Ashlar Creative Solutions, a subsidiary of MV of PA, Schwalm was responsible for evaluating, developing and implementing strategic initiatives to grow the organizations while supporting their core mission.

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Baker Tilly Expands Further into Texas Market with Merger

Chicago-based Baker Tilly (FY18 net revenue of $578.4 million), the 13th largest accounting firm in the country, has announced a merger with  Plano, Texas-based Montgomery Coscia Greilich (FY17 net revenue of $54 million).

The combination is expected to finalize on June 1, and is seen as way to expand the firm’s presence in Texas, where the firm already has office in Houston, Dallas, Austin and Fort Worth.

Alan Whitman, Baker Tilly CEO, calls Montgomery Coscia Greilich (MCG) one of the fastest-growing firms in the country – “a real testament to their progressive culture, innovative approach to business and deep-rooted relationships.”

Baker Tilly says MCG’s expertise in assurance, tax services, sales and use tax, and consulting services complement its own industry specializations in manufacturing and distribution, private equity, health care, real estate and international services.

“There is genuine respect and a strong cultural alignment between MCG and Baker Tilly,” MCG MP Gary Boyd said in a statement. “Each firm has an entrepreneurial spirit that brings together exceptional talent and complementary skillsets with a focus on people and a commitment to maximizing client value.”

Allan Koltin, CEO of Koltin Consulting Group, who advised both firms in the deal says MCG is a firm that has grown quickly through organic growth. “Equally impressive is the outstanding talent and leadership they have been able to attract. Baker Tilly is well on their way to becoming a national powerhouse – while keeping their entrepreneurial culture and passion for serving clients. These fundamentals shared by MCG are ultimately what brought the two firms together.”

Last fall, the firm expanded to Houston by merging in MiddletonRaines+Zapata. In August, Baker Tilly merged in RGL Forensics, a global financial investigations and forensic accounting firm. Earlier this month, Baker Tilly announced a three-way combination with municipal advisory firms Indianapolis-based H.J. Umbaugh and Associates (FY17 net revenue of $24.2 million) and Springsted Inc., which has eight offices around the country.

Baker Tilly Joins with Umbaugh and Springsted to Boost Municipal Practice

Vicki Hellenbrand

Chicago-based Baker Tilly (FY18 net revenue of $578.4 million) has announced a three-way combination with municipal advisory firms H.J. Umbaugh and Associates and Springsted Inc.

Indianapolis-based Umbaugh (FY17 net revenue of $24.2 million) and Springsted, with eight offices around the country, are two of the largest and well-established independent public sector municipal advisory firms in the country with nearly 200 team members and more than 130 years of combined operating experience. The combination is expected to be effective in first quarter of this year.

“This strategic combination brings together what we believe to be a unique set of resources within a premier municipal advisory practice,” says Vicki Hellenbrand, Baker Tilly partner and public sector practice leader. “We are dedicated to the public sector by serving state and local governmental units and non-profit organizations.”

Baker Tilly has a longstanding public sector practice with 220 professionals serving nearly 1,000 government clients. Additionally, Baker Tilly’s industry concentration complements its public sector specialization, in particular housing and economic development, higher education and health care.

Umbaugh is the largest CPA firm in the U.S. that focuses solely on financial management, capital planning, bond issuance and post issuance advising and consulting for municipalities, utilities, schools, libraries, counties and townships.

Todd Samuelson

“We are proud of our longstanding reputation for helping community leaders resolve the financial issues they face as they work to improve the quality of life in their communities,” says Todd Samuelson, Umbaugh executive partner. “Joining forces with Baker Tilly and Springsted gives us national resources and broader capabilities to expand services to our clients as well as enhance growth and development opportunities for our team members.”

Springsted also has a well-established history of specializing in providing public finance and human capital services for public and non-profit organizations. Springsted’s public finance services include municipal finance and post-issuance compliance, operational finance, investment, and housing and economic development services. Human capital services include executive recruitment, management consulting, compensation consulting and community surveys.

Springsted President Kathleen Aho says, “There is a strong cultural alignment between Springsted, Umbaugh and Baker Tilly. Each firm is progressive and entrepreneurial with complementary skillsets and a shared focus on people and commitment to excellent client service.”

Gary Adamson with Adamson Advisory LLC advised Umbaugh. Robert Metzfield and Steve McConley of Wells Fargo Advisors advised Springsted.

Collins Barrow Rebrands as Baker Tilly Canada

Grant Galbraith

Collins Barrow National Cooperative Incorporated, the largest group of independent chartered accounting firms in Canada, will take on the name and visual brand of its global network, becoming Baker Tilly Canada Cooperative.

As Canadian leaders in audit, tax and advisory services, Baker Tilly Canada’s 20 firms have a long history of serving clients from coast to coast with excellence and are known for their entrepreneurial drive and mindset. Their unique network model allows each firm to retain autonomous ownership and management, while simultaneously investing in national initiatives and representation.

At a global level, Baker Tilly Canada has been the Canadian representative of the Baker Tilly International network of independent business and accounting firms since 2009, providing clients access to an international platform. With members in 147 territories and a combined worldwide revenue of $3.4 billion USD, Baker Tilly International is a respected and thriving brand on the global financial stage.

On Dec. 3, 2018, Baker Tilly International introduced a new brand and visual identity, which is now in turn the foundation for Baker Tilly Canada’s rebrand. A new tagline and purpose is at the heart of this brand evolution: “Now, for tomorrow.” It signifies the dedication and investment – at both a global and national level – to build a solid foundation of growth in the present, for the future.

The National chair of Baker Tilly Canada, Grant Galbraith, explains the value of this rebrand for the network’s firms and clients alike. “In a rapidly changing and complex financial environment, nationally and globally, our independent network is agile and evolving,” he says. “We are deeply committed to our investment in local expertise and service excellence, while embracing the power of global perspectives and connections. In doing so, we are strategically augmenting the value we provide to clients in all industries.”

“The new Baker Tilly brand is a symbol of our capacity to adapt to the ever-changing needs of clients around the world,” says Ted Verkade, CEO of Baker Tilly International. “We invest in great relationships and conversations to achieve great futures. By embracing the opportunities and challenges of tomorrow, in the present, Baker Tilly Canada is creating a catalyst for innovation, growth and client success.”

Baker Tilly’s George Honored with Two “40 Under 40” Awards

Shanté George

Shanté George

Chicago-based Baker Tilly (FY18 net revenue of $578.4 million) announces that Shanté George has been recognized as a 2018 “40 Under 40” emerging leader by the American Bankruptcy Institute (ABI) and the National Association of Certified Valuators and Analysts (NAVCA).

George is a director of Baker Tilly’s national forensic, litigation and valuation services (FLVS) group. Her experience includes financial and operational restructuring, transactional due diligence and forensic investigations She has extensive experience advising companies, unsecured creditors, lenders, trustees and examiners in both bankruptcy and out-of-court proceedings.

“Shanté exemplifies Baker Tilly’s values of collaboration, integrity, passion and stewardship both at work and in her community,” says Jack F. Williams, practice lead of Baker Tilly’s FLVS group.

George serves on the boards of directors for Headstart of Rockland, a provider of preschool and early childhood education for low-income children and their families, and MADE Transitional Services, a non-profit organization to reduce unemployment, homelessness and recidivism of non-violent offenders. She is also active in several professional organizations.

Marks Admitted as Baker Tilly Partner

Jonathan Marks

Jonathan Marks

Jonathan Marks has joined Chicago-based Baker Tilly Virchow Krause (FY18 net revenue of $578.4 million) as a partner in the firm’s specialized forensic litigation valuation services consulting practice.

Marks specializes in internal and regulatory investigations; governance matters; assessment, design and implementation of compliance programs; global fraud risk management; and compliance coordination and monitoring services for the private, public and not-for-profit sectors.

He has led high-profile financial, accounting, compliance and due diligence investigations around the world relating to allegations of accounting irregularities, improper financial disclosures, fraud, non-compliance, corruption, bribery and data breaches. Marks has provided expert testimony on accounting, financial and internal control issues in commercial litigation matters.

“His depth of expertise in forensic investigations and anti-fraud matters as well as his diverse experience helping clients and their boards improve their governance structure will add tremendous value for our clients as we continue to grow our practice,” says Jack Williams, Baker Tilly’s leader of the forensic valuation services team.

“The regulatory environment has changed,” Marks said. “The SEC, DOJ and other enforcement agencies are demanding more and we must answer the call. Investigating is only part of what is expected. Today, we need to be able to assess risk, conduct root cause analysis, design and enhance internal controls, evaluate the effectiveness of internal audit and compliance and appraise the governance framework.”

MRZ Merger with Baker Tilly To Give Firm Foothold in Houston

Alan D. Whitman

Chicago-based Baker Tilly Virchow Krause (FY18 net revenue of $578.4 million) and Houston-based MiddletonRaines+Zapata (FY17 net revenue of $10.9 million) have announced their intention to merge by the end of the year.

“MRZ is one of the fastest-growing accounting firms in Houston,” Baker Tilly chairman and CEO Alan D. Whitman says. “They are progressive and entrepreneurial and are an ideal partner for us in Houston.”

MRZ is known for its “high-energy, hands-on client experience,” says MP Wesley Middleton. “Joining forces with Baker Tilly gives us national resources and broader capabilities to better serve our clients and provide growth and development opportunities for our team members.”

MRZ’s industry strengths are compatible with Baker Tilly’s, particularly construction and real estate, manufacturing and health care, the firms say. MRZ also specializes in the oil and gas industry. Baker Tilly’s specialization in private equity and tax credits and incentives will be a competitive addition to MRZ’s services in the Houston market.

Allan D. Koltin, CEO of Koltin Consulting Group, advised both firms on the merger. “MRZ represents the type of firm that larger firms dream of aligning with – great leadership, dynamic growth, innovation, young talented professionals and a passion for client service. Wes Middleton and his partners were courted by almost every major CPA firm in the country to become their Houston office. In the end, they loved Baker Tilly’s strategy, culture and leadership and knew it provided the best growth opportunities for their people and clients.”

Baker Tilly, RGL Forensics Are Merging

Alan Whitman

Chicago-based Baker Tilly Virchow Krause (FY18 net revenue of $578.4 million), ranked No. 13 on the 2018 IPA 100 list, and Englewood, Colo.-based RGL Forensics are combining, the firms announced.

The merger represents an opportunity for expansion in several markets, especially in New York where both companies already have a presence.

“The combination of RGL and Baker Tilly deepens our firm’s expertise in forensic accounting services and gives RGL greater resources and capacity to serve clients on a larger scale,” Baker Tilly CEO Alan Whitman said in an emailed statement. “This merger represents strategic growth for both firms nationally and globally.”

The merger will be in full effect by the end of the year. Meanwhile, RGL will continue to operate under its current brand.

RGL CEO Angela MacPhee also issued a statement: “We are proud of our lasting relationships with our clients around the world and our reputation for providing financial clarity to our clients. Combining our full team with Baker Tilly gives us a wider platform and more delivery channels to better serve our clients.”

RGL is an international firm of accounting, valuation and technology professionals specializing in the quantification of economic damages, financial analysis, fraud investigation and expert witness services.

The combination of RGL and Baker Tilly expands both firms and gives Baker Tilly an international presence.

 

Baker Tilly Appoints New Pittsburgh Managing Partner

Nicolas Glorieux

Nicolas Glorieux

Chicago-based Baker Tilly Virchow Krause LLP (FY18 net revenue of $578.4 million) announced that partner Nicolas Glorieux has been named MP of the firm’s Pittsburgh office. As MP, Glorieux will be responsible for the day to day operations and management of the firm’s 85-person Pittsburgh office.

“For those of us fortunate to work with Nico, we know he is the right leader at the right time in Pittsburgh. Last year, firm leadership selected Nico to be among our firm’s first group of growth partners – a testament to his exceptional blend of technical know-how and strong business development skills,” says Kevin Heppner, MP of Baker Tilly’s Midwest region. “I look forward to great things to come with his leadership.”

Glorieux has more than 20 years of public accounting experience, the last 10 with Baker Tilly. His practice is comprised of public and private companies, specifically middle-market companies in the commercial, manufacturing and distribution industries. Glorieux additionally continues to lead the Pittsburgh employee benefit plan practice. He specializes in providing guidance on technical accounting issues and best practices for implementing new accounting standards, topics he routinely speaks on at industry events.

“I am excited and honored to be named managing partner of the Pittsburgh office,” says Glorieux. “I have spent my entire career in the Pittsburgh marketplace and look forward to continuing to serve clients and support our team of extremely talented local professionals.”