Acquisition Allows PKHB to Expand Market Reach and Specialty Areas
Hudson, NY (Dec. 29, 2015) — PKHB CPAs PC, one of Columbia County’s oldest and most respected accounting firms, acquired Kimball & O’Brien PC of Kingston, Ulster County, effective Jan. 1, 2016. The acquisition allows PKHB, founded in 1946, to expand its existing presence in Ulster County and gives Kimball & O’Brien access to a wider range of technology and resources.
Both firms provide accounting, audit, tax preparation, business advisory and tax planning services to a diversified client base of closely held businesses, nonprofits and government entities.
The acquisition supports PKHB’s strategic plan to further expand into the Ulster County market and grow its auditing and tax practice. Kimball & O’Brien has developed a specialty niche in quality control, whereby it performs “peer” reviews of other accounting firms. These peer reviews are increasingly more important as the financial industry comes under greater government scrutiny. KOB is also well respected in the not-for-profit and governmental auditing community.
“PKHB is excited to expand into Kingston and the surrounding area,” said Matthew VanDerbeck, CPA, shareholder and head of Audit and Quality Control for PKHB.
“Not only will PKHB be able to offer additional services to Kimball & O’Brien’s existing clients, but also PKHB’s expertise is further enhanced by adding Kimball & O’Brien’s four additional CPAs, all with decades of experience. These increased resources allow us to do more for our clients and serve new clients in the area. We know that together we complement each other,” VanDerbeck said.
Talks between the two firms started a year ago. Mary Kimball said the firms share the same corporate culture and goals. The similarities became apparent when Kimball served on the team that performed three separate peer reviews on PKHB.
“One of the things that is so important to our firm is quality. I came to know the quality of PKHB’s work in performing their peer reviews. We both have the same approach to quality,” Kimball said. Plus, she and Dennis O’Brien, who will continue working with PKHB, want their employees to have the long-term benefits that a larger firm can offer.
The combined firm, which will operate as PKHB CPAs, now employs 62. This includes Kimball & O’Brien’s four CPAs and three support personnel. PKHB CPAs will continue to operate from PKHB’s Hudson Valley Region offices in Valatie, Hudson, Catskill and Saugerties, and Kimball & O’Brien’s office in Kingston. PKHB has a growing client base in the Albany, NY area. The firm consistently ranks first on the Albany Business Review’s Tax Preparers List, which ranks CPA firms based on the number of tax returns filed in the Capital Region in a given year.