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.