Professional Service Firms

We understand the professional services industry since we are part of it ourselves.

Minnesota Professional Service Firm Accounting experts.

Professional service firms are looking to maximize profits, improve cash flow and build businesses with high value to support eventual sale or succession. We have a solid history of developing strategies to achieve these desired results. Our tax experts work with a wide variety of professional service firms to make sure they thoughtfully plan ways to minimize taxes and maximize the bottom line.

Marketing Consulting Firms

Our EXPERIENCE.

Smith Schafer has provided consulting to firm partners throughout Minnesota since 1971. Our Industry Expert Group, comprised of numerous professionals, is committed to serving over 350 Minnesota Professional Service Firms. Some of our clients have less than 10 professionals, while others have several offices around the country with hundreds of staff. Our extensive services enable us to move beyond tax and compliance to provide the advice you need to achieve your business goals.

We understand the industry and what keeps you up at night

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Succession Planning

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Partner buy-in/buy-out

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Pass-through income

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Cash Flow Plan, Prep & Forecasting

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Restructuring Agreements

specialized professional service firm industry services

Accounting Software Consulting
401(k) and 403(b) Plan Audits
Bookkeeping & Payroll
Business Valuation
Projections & Financial Analysis
Technology Consulting

Industry Involvement

Why Professional Service Clients Choose Us

“Have been impressed with the entire operation…whether calling or in person.”

– Tom Illies Insurance Agency

“Greg Epsom is easy to work with and always responds in a helpful manner in a short amount of time and he is very professional and accessible.”

– Ohly Law Office

“Jason Miller and Meha Patel always do a great job!”

– Learning Masters

“Very satisfied with the professionalism and timeliness of the services provided to me.”

– Loucks & Associates

Professional Service Firm Industry Resources

Does the Employee Retention Credit Apply to your Firm?

The Employee Retention Credit (ERC), introduced with the CARES Act, is a way for professional service firms to recoup wages paid to employees. Does your firm qualify?

Pandemic Affecting the Professional Services Industry

The professional services industry is feeling the impact of the COVID-19 crisis in a variety of ways. Firms are adjusting to remote working and new client engagement models, all while navigating demands in the face of growing uncertainty.

5 Growth Strategies for a Professional Service Firm

According to IBISWorld, most professional service firms’ revenue has been adjusted to decline in 2021 due to a falling demand and tighter budgets. The professional services industry is facing how best to reconfigure, rethink and redirect its energies in the future.