Professional Services

As a professional services firm, you want to minimize your tax liability, improve profitability, and increase cash flow on behalf of your organization and the owners. You also want to ensure you are in compliance with state and federal laws and regulations and be prepared to eventually transition the ownership of your business. That’s where Lumsden McCormick can help.

Helping You Achieve Your Financial Goals

With extensive experience serving medical and dental practices, attorneys, engineering and architecture firms, creative agencies, insurance brokers, and other professional service businesses, we provide innovative approaches that help you minimize taxes, improve operations, and increase profitability.  

Being a fellow professional services provider means we understand the needs of organizations like yours. We listen carefully to your need and assist with everything from traditional assurance and tax services to one-time consulting engagements to ongoing arrangements where we work side-by-side to collaborate with your internal accountants or office managers.

Our services to professional service organizations include:

Audit and Assurance Services

• Audits, reviews, and compilations of financial statements
• Accounting systems, policies, and procedures
• Employee benefit plans
• Federal Acquisition Regulation (FAR) audits
• Forecasts and projections
• Operations and internal control audits

Tax Services

• Business Structure
• Corporate taxation
• Federal and state tax audits
• Individual taxation
• International taxation 
• Multistate nexus and taxation
• Sales tax reporting and compliance
• State and local sales tax issues
• Tax credits and incentives
• Tax planning

Consulting Services

• Accounts receivable and billing
• Business valuations
• Cash flow analysis
• Financing
• Forensic accounting and investigations
• Lease vs. buy decisions
• Mergers and acquisitions
• Retirement planning
• Succession and strategic planning

Firm Resources

• American Institute of Certified Public Accountants (AICPA)
  • AICPA Employee Benefit Plan Audit Quality Center
• BDO Alliance USA
• Estate Analysts of Western New York
• Financial Planning Counselors of Western New York
• Government Finance Officers’ Association (GFOA)
• Healthcare Financial Management Association (HFMA)
• Independent Oil & Gas Association of New York (IOA)
• Institute of Internal Auditors (IIA)
• International Foundation of Employee Benefit Plans
• New York State Society of Certified Public Accountants (NYSSCPA)
• Public Company Accounting Oversight Board (PCAOB)

For more information about our accounting and consulting services for professional services companies, contact a service leader or complete the form below.