Accounting for Steady Growth at Draffin & Tucker LLP
Tuesday, May 11th, 2010
Draffin & Tucker LLP, a provider of a full range of professional accounting services to small businesses, large corporations, individuals, government entities, nonprofit agencies and healthcare providers, has booked about 8 percent revenue growth every year for the past 20 years. That’s the kind of steady, reliable track record that most businesses strive to achieve. Draffin & Tucker does it from a single office located in Albany, where it has operated for more than 35 years. What’s the secret to this standout performance?
“We stay focused on four basic principles – quality, timely service, personal attention and superior performance – in good times and bad. These are the principles our clients care about and expect,” said Jeff Wright, managing partner of Draffin & Tucker LLP.
True to its track record, the firm realized about 8 percent growth in revenue in 2009. In that same period, Draffin & Tucker grew its employee base by 11.5 percent. In January 2010, the firm announced its newest partner, Wes Sternenberg, who leads the Quality Control effort for Draffin & Tucker. According to Wright, the investment in staff and in the Quality Control area in particular reflects the firm’s long-term commitment.
“Many of our clients have been with us for over 30 years. They know that Draffin & Tucker is committed to long-term relationships. We’re here for the long haul,” he said.
Staying current on industry changes
Draffin & Tucker has a substantial tax and commercial practice, assisting individuals and businesses in Albany with complex tax issues. However, more than 70 percent of the firm’s practice is in the health care industry, where they serve clients in eight states throughout the southeast. That concentration enables Draffin & Tucker to maintain in-depth knowledge and skills related to regulatory, reimbursement and tax issues specific to health care. The firm is involved with a variety of health care associations, which helps them stay current with industry developments.
“The pace of change in the health care industry and in the other industries is accelerating. We often act as financial advisors to our clients and help them stay informed on accounting-related changes,” Wright said.
With the passage of the health care reform legislation in Washington D.C., there is a lot of speculation on the changes in store for health care providers. But Wright said that much of it is just that, speculation.
“The IRS and the agencies in charge of Medicare and Medicaid must now incorporate the legislation into new regulations. Until that happens, it is difficult to evaluate precisely what the new bill will mean to those in the health care industry,” he explained.
Draffin & Tucker will sometimes recommend legal, investment and other experts to help clients address specific questions or issues. According to Wright, the firm offers a wide range of accounting services but will not jeopardize client relationships by venturing outside their areas of expertise.
Managing additional regulatory oversight
Accounting firms currently face increased regulatory oversight from the Financial Accounting Standards Board (FASB). Highly publicized accounting failures such as in the Enron case have increased the auditing and reporting requirements for private companies and nonprofit organizations as well as publicly traded companies.
“Many accounting firms have increased their fees by as much as 25 percent to cover the costs associated with new regulatory requirements,” Wright said. “We’ve been able to manage our fee increases to about 6 percent but it remains a challenge.”
Partnering with the community
According to Wright, Draffin & Tucker’s 35 years in Albany are a testament to the community’s position as a great place to do business. Accounting professionals are often called on to work long hours and meet tight deadlines. The excellent work-life balance offered in Albany helps offset some of the demands faced by Draffin & Tucker employees.
Draffin & Tucker employees are active in many community efforts including the Albany Chamber of Commerce, the Rotary Club, Easter Seals and Boy Scouts of America, to name just a few. The firm encourages employees to volunteer for organizations in their areas of interest.
In addition, Draffin & Tucker works with organizations working to improve the community and further economic growth. Wright cites programs at the Albany Area Chamber of Commerce, the Albany Convention and Visitors Bureau and the Albany-Dougherty Economic Development Commission as excellent initiatives to recruit and retain businesses.
“Like any other community, Albany is not without challenges. I’d encourage business leaders and other members of the community to get involved. We’re all partners in the community and its future is our responsibility,” Wright said.
For more information on Draffin & Tucker LLP, visit www.draffin-tucker.com
