YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
SMB CPAs has experienced extraordinary growth over the past 12 months, with an unforeseen 30% year-over-year increase. This expansion follows the purchase of a new building last year, where the firm has continued to thrive despite ongoing renovations. In just the past two weeks, SMB CPAs has welcomed three new staff members, underscoring the firm’s rapid growth and the need for an accelerated expansion plan. What was initially a four- to five-year growth strategy has now been compressed into just two years, thanks to the firm’s sustained success.
The surge in growth is driven by an increasing demand from both existing and new clients who face challenges in finding and retaining reliable in-house accounting personnel. These clients are turning to SMB CPAs for outsourced accounting services, including bank account reconciliation, internal cash flow management, tax consulting, and tax return preparation. The firm’s expertise extends to the real estate sector, where, despite the economic uncertainty often reported in the news, SMB CPAs sees continued robust activity. “From where we sit, the economy doesn’t seem to be slowing down for these developers,” says Chris Myers, a partner at the firm.
One of the key areas of growth has been in low-income housing tax credit (LIHTC) audits, with the firm adding more than 20 such audits scheduled for 2024 and into 2025. These projects require meticulous cost certifications and audits. Additionally, SMB CPAs is involved in historic tax credit and redevelopment projects in Springfield, Branson, Arkansas, Oklahoma, Kansas, and Texas, further diversifying its portfolio.
The firm’s growth is not just in numbers but also in the quality and depth of its team. SMB CPAs has successfully added two new certified public accountants, with two more team members on the verge of earning their CPA credentials. Additionally, one accountant has just begun the CPA process. “We’re very excited about the growth and maturity of our accounting staff,” says Managing Partner Jacob Sanders.
Reflecting on this unexpected level of growth, Sanders notes, “We usually plan for around 10% growth, so this year’s 30% increase has been quite the curveball.” This rapid expansion has necessitated a proactive approach to recruiting top talent to ensure the firm can meet the increasing demands. Onboarding new staff is a significant investment, as it takes time to bring them up to speed and continue their professional education. “We’re committed to creating opportunities for our staff to advance and take on larger roles within the organization,” adds partner Matthew Blackwell.
As SMB CPAs looks to the future, the firm is more prepared than ever to help its clients grow and thrive, turning challenges into opportunities and continuing to build on its strong foundation of expertise and client service.
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Springfield Business Journal’s 2024 Trusted Advisers event honors 10 businesspeople, including the Legacy Adviser, a pinnacle award for industry veterans.
