STEUBENVILLE - Heightened oil and gas activity in Eastern Ohio has brought a Cleveland-based accounting and consulting firm to the area.
McManamon & Co. LLC has opened a regional office at 1518 Sunset Blvd.
Executive Managing Director Tim McManamon, founding partner, said it was a logical move for the company.
"First, we have a few clients here already, very good clients, growing and expanding businesses in Steubenville," he said. "And second, with all the interest in the shale play, we're hoping to expand our business in the Ohio Valley. We handle clients all over the country, from New York to California. Our service model is such that we can effectively provide professional tax and accounting services to the businesses and residents of the Ohio Valley."
Founded in 1998, McManamon & Co.'s main office is in Westlake. Its roots date back to 1977 when McManamon went into business for himself in Fairview Park, leasing space from an established CPA firm. Among his first clients: his father's insurance agency, a mechanical contractor and a small group of diecasting manufacturing facilities in Cleveland, Akron and Canton. Soon the business had expanded, establishing a reputation for itself by assisting privately owned businesses and entrepreneurs with customized tax and accounting solutions designed specifically to fit their needs.
McManamon & Co. offers a wide range of accounting, tax and consulting services, including specialized tax services, financial statement audits, reviews and compilations designed for small and mid-sized companies, outsourced accounting, full litigation support services, business valuation departments and employee benefit plan audits.
"Some of the things we're really good at are construction accounting. commercial service industries of all types, business valuations, and litigation support, such as economic damages, shareholder disputes and wrongful terminations - the types of things that support the legal community," McManamon said.
"Also, we do outsourced accounting and can act as an outside controller for business clients, via the Internet, for services such as bill pay, banking, overseeing our client's payroll and human resource functions, and, of course, we'll advise management on high-level issues."
McManamom & Co.'s client base includes privately owned businesses or individuals with somewhat complicated tax concerns.
"We've done our research," he said. "It's obvious, with just what is going on in the Ohio Valley, there's going to be expansion of commercial businesses, and individuals are also going to need expert advice in terms of taxation, and how to deal with royalty and lease payments from a tax perspective. The kinds of businesses that are going to follow (the drilling industry) into the Ohio Valley are the types of business we're very effective at lending our professional expertise to."
Kevin M. Krantz, CPA, MT, a partner and director of tax services, focuses on high-level tax issues and teaches other CPAs across the country. McManamon said two members of the firm, including Jeffrey D. Firestone, CPA, CFE, a partner and director of litigation services as well as director of audit and accounting services, are certified forensic examiners. Two others, including himself, are credentialed in business valuations.
"This is the first office we've opened out of our home territory," he said. "I have family in Steubenville already (his brother, Tracy, owns OneSource Benefits) and we've been looking for a marketplace that has some growth potential. Finally, there's an area like the Ohio Valley, where there's tremendous growth potential, and they're already seeing that growth - we're very excited."
He said members of the firm already joined the Jefferson County Chamber of Commerce and have met with Progress Alliance. They've also met with area bankers, and will be partnering with one of them this fall for a seminar related to the shale oil and gas activity.
McManamon has been working in his field for 40 years, including a five-year stint with Ernst & Young.
(Harris can be contacted at email@example.com)