We are an award-winning certified public accounting & consulting firm.

Smith Schafer is one of 40 firms across the country recognized as a Best of Accounting, indicating we provide an exceptionally high level of service. We received a 9.4/10 satisfaction rating from our clients!

Hi there, we are Smith Schafer!

We are mostly known for helping local businesses grow with accounting and consulting solutions. People often refer to us as a helpful business advisor. We provide proactive solutions, deep expertise, and personal relationships, allowing you more time to work on growing your business.

As an award-winning CPA firm, we have been featured on Forbes Top Tax Firm list, awarded Best of Accounting Client Satisfaction by ClearlyRated, and named a Top 175 Workplace in Minnesota by the Star Tribune.

Our Client Survey Results

Net Promoter Score 83.9% 83.9%

Average NPS score in the accounting industry – 38%

Understanding of Client Needs 92% 92%
Delivers High-quality, Error-free Work 94% 94%

Here Are 5 Things You May Not Know About Us:

We Give Back

Giving back to our communities is important to us. Every year, we organize multiple team volunteer events, such as bagging food at Channel One, raking leaves with Hammer Residents, and adopting a nearby park to help clean.

We're Paperless

Smith Schafer is striving to be a paperless firm, and we try our best to prepare everything electronically. We offer a secure online portal to clients to facilitate the exchange of financial information and documents.

We help educate

We believe in providing a continuous learning environment for all of our clients. We send high-level content to our clients and email list groups. We also host several free events and webinars throughout the year to help educate our clients on current business topics.

We have strong roots

Our roots go all the way back to 1971. Richard Smith co-founded the company in Rochester, MN. Within five years, Al Schafer joined the practice and renamed the firm Smith Schafer and Company, not knowing that this six-person accounting firm would become one of the largest public accounting firms in Minnesota, with three locations and approximately 100 employees.

We're connected

From our local roots to our global connection, our active involvement with peers ensures our clients receive a large firm's resources but have the relationship experience with a small firm. Smith Schafer is a member of PrimeGlobal, the third largest association of independent accounting firms in the world, giving us access to a wide range of specialists with accounting and tax experience.

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Our Company Timeline

1971

Richard Smith and Orlin Larson co-founded Smith Larson and Co. in Rochester, Minn. Within five years, Al Schafer joined the practice and purchased Orlin Larson’s interest. The partners renamed the firm Smith Schafer and Company, not knowing that this six-person accounting firm would become one of the largest public accounting firms in Minnesota, with three locations and approximately 100 employees.

1978

Challenges and New Beginnings

Waters from the Rochester flood of 1978 flooded the downtown, including the Smith Schafer office on North Broadway, leaving all paper records nearly impossible to read. The flood, along with the prospect of new headquarters, prompted the firm to move to a new location in late 1978. Within the next year, the firm added several new staff, including Kim Mahanna and Jim Heydon, who are still with the firm.

1980

Metro Market Potential

Kim Mahanna was promoted to Principal in 1987 and asked to run a new Maplewood location. Two years later, the firm acquired a small accounting practice there. The firm changed its name to Smith Schafer & Associates in 1989.

1990s

Staff Growth and Tenure

During the 1990s, Smith Schafer attracted several new leaders to the firm who have contributed to our reputation for top-notch technical experience and consistency. They include Dean Richards, Bill Frudden, Jason Miller and Jason Boynton.

2000s

In 2000, we welcomed Steve Erchul and in 2002 added Mike Malugani.

Two Rochester-based accounting firms — Coffman, Nehring and Christopherson and R.S. Wayne CPA — were acquired to add expertise to our Rochester office. Firm staff was eventually merged into our headquarters location.

In 2007, the acquisition of Graves, McKenna, Lundeen & Almquist PLLP led to the opening of Smith Schafer’s Edina office location. Bill Frudden and Steve Erchul relocated from the Maplewood office to head up the Edina location and Tim Pass became Office Managing Principal of the Edina location in 2013.

The New Millennium

Our Red Wing office was established in 2011 with the acquisition of Erickson, Rietmann, Roufs and Kiecker, Ltd. We welcomed new Principal Christopher Kiecker. Steve Salveson is the Office Managing Principal of the Red Wing office.

Steve Erchul was appointed to Managing Prinicpal in October 2013. Prior to the transition, Al Schafer held the Managing Principal role for 25 years. Mr. Schafer continues to serve clients in our Rochester office.

Smith Schafer

A Great Company to Work For!

Minnesota Business Magazine announced Smith Schafer is one of the Best Companies to Work For.

We are proud to have been honored with the Best Place to Work in SE Minnesota Award.

Energage named Smith Schafer a Top Workplace. Over 2,000 organizations were invited to participate in this survey.

“We are honored to be recognized locally, alongside some of the best in Minnesota. We are always trying to make our firm a better place to work and create an environment that is flexible and supportive. We continue to grow each year and this recognition demonstrates the loyalty and commitment of our team members and clients.”

– Managing Principal, Steve Erchul

A Big Change

New Twin Cities Office

We combined the Edina and Maplewood offices on October 1, 2016. We occupy approximately 11,613 square feet of space in the Valley Square Corporate Center, located in Minneapolis.

Smith Schafer Managing Principal, Steve Erchul, said, “Our new office accommodates our growth and client service goals.”

Welcomed BPK&Z

On January 1, 2017 we merged with BPK&Z. The combined Twin Cities office includes 12 Principals and 38 employees. The merger enhances our ability to serve our clients and provide opportunities for staff growth.

Top Workplace for Third Year in a Row!

Top Workplaces recognizes the most progressive companies based on employee opinions measuring engagement, organizational health and satisfaction. Over 2,400 organizations were invited to participate in the survey, and over 71,000 employees shared their views.

Smith Schafer Managing Principal, Steve Erchul, is humbled and honored to be included in the list of Top Workplaces, especially since the judges were the employees! Click to watch a short video message from Steve!

Top Workplace 2019

The lists appear in a special supplement to the March 2020 edition of Accounting Today. Accounting Today has studied the top companies in the industry for nearly 30 years by ranking firms on a national and regional basis. The rankings offer in-depth benchmarking data, as well as strategies and advice from the most successful firms.

Best of Accounting

Smith Schafer is one of 30 firms across the country recognized with ClearRated’s 2019 Best of Accounting Award indicating we provide an exceptionally high-level of service. We received a 9.4/10 satisfaction rating from our clients!

Fastest-growing CPA Firm!

We are proud to be named one of the FASTEST-GROWING ACCOUNTING FIRMS in the U.S. by The Platt Group/Inside Public Accounting. We rank 2nd in the Great Plains region with a 29.8 percent all growth rate!

“Our growth since 1971, is a testament to our longstanding technical excellence, passion to serve our clients and dedication to our internal culture. This achievement would not be possible without our talented staff, who are committed every day to making a positive impact in our business and helping our clients grow. This awards would also not be possible without our incredible clients. The growth we have achieved is exciting and we sincerely appreciate everyone who has helped us earn this recognition!” -Managing Principal, Steve Erchul

Smith Schafer Named Top 300 Accounting Firm

2019

Smith Schafer is proud to announce that our team has been named a Top 300 Accounting Firm in the Nation by Inside Public Accounting. IPA 300 firms are ranked by revenues, with $10 to $17.8 million being the range of firms ranked 201 to 300. Smith Schafer is ranked #204 at $17.1 million.

FORBES NAMES SMITH SCHAFER A 2020 TOP TAX FIRM

We are excited to announce, Smith Schafer has been named a 2020 Top Recommended Tax Firm by Forbes. The list identifies 227 firms, across the U.S., who are most recommended for their tax services. Smith Schafer is one of only five Minnesota-based firms recognized!

ACCOUNTING TODAY’S TOP 2020 FIRMS

Best of Accounting 2020

Smith Schafer is excited to announce we are one of 40 firms across the country recognized with ClearlyRated’s 2020 Best of Accounting Award for providing superior service. Best of Accounting Award winners have proven themselves as industry leaders in service quality based entirely on ratings provided by their clients.

Smith Schafer received satisfaction scores of 9 or 10 out of 10 from 87.3% of their clients, significantly higher than the industry’s average of 45% in 2019. With its most recent client satisfaction survey, Smith Schafer received a Net Promoter®️ Score (NPS) of 84.

IPA Top 300 2020

Smith Schafer has been named a Top Accounting Firm in the U.S. by The Platt Group/Inside Public Accounting for the fifth year in a row. Smith Schafer ranked no. 214 on the ranking list for 2020.

IPA 300 firms are ranked by U.S. net revenues and are compiled by analyzing the more than 540 responses received this year for IPA’s Survey and Analysis of Firms. This survey and benchmarking report are well respected throughout the profession for being independent, accurate, and confidential.

Top Workplace 2019

Smith Schafer Named Top 150 Workplaces in Minnesota by the Star Tribune! We were ranked no. 67 on the small business list.

We truly appreciate our team’s commitment, dedication, and hard work to help us be a Top Workplace for the fifth year in a row!

TC Best in Business Readers Choice Finalist

Smith Schafer was one of three finalists in the Best of Business Reader’s Choice Poll in the accounting firm category from the Twin Cities Business magazine. This means that TCB readers identified our firm as one of the most appreciated and affirmed companies in Minnesota.

SMITH SCHAFER CELEBRATES 50 YEARS

What started as a six-person accounting firm in 1971 has developed into one of the country’s top CPA firms. In 2021, Smith Schafer celebrates its 50th anniversary by giving to 50 local nonprofits.

2021 Minnesota's best Accounting Firm

For the first time, the Star Tribune gave its readers a chance to name their favorite local businesses. More than 5,700 businesses competed to be named the best of the best in more than 300 categories and over 500,000 votes were tallied.

Best of Accounting Award 2021

The 2021 Best of Accounting award recognizes client satisfaction leaders in the accounting industry-based exclusively on ratings provided by their clients. Best of Accounting winners are selected based on their high levels of satisfaction compared to industry benchmarks.

Named top 175 workplace in Minnesota

We are excited to announce we have been named a 2021 Top 175 Workplace by the Star Tribune!

forebes Names Smith Schafer a 2021 Top tax Firm

For the second year in a row, Smith Schafer has been recognized on the Forbes America’s Best Tax Firms 2021 List. Smith Schafer is also one of only seven firms in Minnesota to be included on the list.

NAMED TOP ACCOUNTING FIRM IN MINNESOTA

The Minneapolis/St. Paul Business Journal named Smith Schafer as one of the Top Accounting Firms in Minnesota. The Business Journal surveys accounting firms annually and ranks them by the number of CPAs and professionals they employ.

SMITH SCHAFER WAS RANKED #17 ON THE TOP ACCOUNTING FIRM LIST.

New Rochester Office

After 27 years of being located in the heart of downtown Rochester, we moved operations to 2575 Commerce Dr. NW.

Quick Facts

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Established

1971 in Rochester, Minn.

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Office Locations

Rochester, Minneapolis & Red Wing, Minnesota

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Staff

Today, with approximately 100 professionals, we have become one of the fastest-growing CPA firms in the United States.

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Leadership

23 principals

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Client Industries

Construction/Real Estate, Professional Service Firms, Retail, Manufacturing, Transportation, Government & Nonprofit.

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Focus

Provide high-quality, timely and value-added services to our clients.

A Year in Review

Our Team Client Loyalty Program

Smith Schafer strives to show our appreciation and dedication year-round to our clients.

“When it comes to client relationships, Smith Schafer’s belief has always been, shop with clients who do business with us,” Managing Principal, Steve Erchul, stated.

To encourage our employees to honor this motto, we created our Client Loyalty Program. The purpose of the program is to actively encourage our team to purchase goods and services from clients and to reward them for doing so. Staff members submit their receipts in order to receive an entry into a prize drawing. The more times they choose to shop with our clients, the more times they are entered into the drawing. One winner is chosen every quarter and receives a gift card.

We are excited to report, in 2021, we spent over $1,420,542 with our clients!

Awards & Recognitions

Smith Schafer is consistently recognized as a leading CPA firm in Minnesota. We continue to grow each year, and this recognition demonstrates the loyalty and commitment of our team members and clients. Click here to learn more about our Community Commitment.