Back-to-Basics Approach Works in Michigan CPA Firm

Maddox Ungar PLLC, a small suburban Detroit CPA firm, is at the forefront of a new trend: providing accounting services to its clients. With the motto, "An Independent Relationship in a World of Disappearing Independence," the firm is reaching out into the community of available clients, offering an impressive array of traditional accounting services at a time when many larger firms are trying to find ways to build their practices with new, non-traditional services.

John Maddox, one of the two founding partners of Maddox Ungar, objects to the fact that accounting firms are moving in the direction of selling life insurance and investment services. Several years ago the accounting profession began allowing accountants to accept commissions for certain services. Mr. Maddox believes the ability to assess commissions on services inhibits the independence of accounting professionals and places them at risk for conflicts of interest.

Mr. Maddox and his partner, Joel Ungar, have a get-back-to-basics approach to the professional services they offer. The firm seeks out opportunities to help clients take advantage of tax and accounting rules and software solutions that can make a difference in the bottom line. This may not sound like anything new, but with the constant stream of new regulations and Section 404 of the Sarbanes-Oxley Act forcing more compliance requirements on companies, Maddox Unger is convinced it is filling a strategic need.

"What makes our firm attractive from a partnership standpoint is the fact that we are small, responsive and capable of investing the effort necessary to see a client through the entire compliance process," said Mr. Maddox.

You may like these other stories...

Hertz withdraws full-year forecast, cites accounting review, challengesRental car company Hertz Global Holdings Inc. said on Tuesday it is withdrawing its full-year financial forecast and expects 2014 results to be “...
Treasury prepares options to address tax inversionsDamian Paletta of the Wall Street Journal reported on Monday that US Treasury Department officials are assembling a list of administrative options for Treasury Secretary...
Deloitte CEO Joe Echevarria to retire to pursue public serviceMichael Rapoport of the Wall Street Journal reported that Deloitte LLP CEO Joe Echevarria plans to retire later this month to pursue his interest in public...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.