By: Yolanda Rivas
2 min read February 2020 — Friedman LLP has been serving the accounting, tax and business consulting needs of numerous businesses in a wide variety of industries since 1924. Friedman’s South Jersey offices have more than tripled in size since they started doing business in the region. Southern NJ Managing Partner Carl H. Bagell discussed the firm’s main areas of growth and industry trends in an interview with Invest:.
What services are seeing the most demand?
As a multidisciplinary firm with a growth mindset, we provide a wide variety of services and seek new opportunities to better serve our clients. In South Jersey, we focus on tax preparation, business valuation, forensic and matrimonial, international tax and tax controversy, and every area is expanding. For example, we expanded the number of our international tax practice partners in response to our clients’ growing needs in the face of ever-evolving global trends; the qualified Opportunity Zones segment of our real estate practice is seeing an increased demand for investment advisory; and our cybersecurity division is one of the fastest-growing areas in the region and abroad due to the cyber-threat landscape.
Notably, SEC audits consistently play a major role in driving revenue for the firm and as such, we have offices in China with about 50 team members to address our clients’ needs.
Not only has our client base expanded, but so have our employee numbers. To accommodate this growth, we almost doubled our size by relocating to a new office in Marlton. We have a lot of room for expansion and an amazing, flexible space where we can hold seminars, staff meetings and business events. We have a great collaborative working environment.
What impact is technology having on the accounting and financial sectors?
Technology is a crucial part of our workflow. We have advanced technology at Friedman that allows us to leverage data to support our clients and attract new clients. Our cloud-based accounting software allows us to have faster, more effective internal communication. We also have a team specialized in cryptocurrency and blockchain, and we are now seeing more and more clients coming to us for advisory services.
What are some trends in the region’s accounting sector?
A big trend is outsourcing a significant amount of our tax work. This helps reduce costs for clients and increases production. There is also a trend of clients looking for education and advisory services. Clients are looking for a customized experience and a trusted adviser.
More broadly, a trend we continue to see is the impact of changes in tax law with each year and each administration. Our clients today need to be even more engaged with their accountants due to the ever-changing federal tax laws, especially when it comes to estate planning.
What are your main areas of focus in South Jersey in 2020?
We have more than tripled our size since we started doing business in South Jersey. Our goal is to continue that growth and keep informing our clients and the community about all of our divisions and services. We provide support to numerous industries and types of businesses. We are also focusing on attracting top talent to support our expansion.
To learn more about our interviewee, visit:
Friedman LLP: https://www.friedmanllp.com/