Professional Service Firms

We understand the professional services industry since we are  part of it ourselves.

Minnesota Professional Service Firm Accounting experts.

Professional service firms are looking to maximize profits, improve cash flow and build businesses with high value to support eventual sale or succession. We have a solid history of developing strategies to achieve these desired results. Our tax experts work with a wide variety of professional service firms to make sure they thoughtfully plan ways to minimize taxes and maximize the bottom line.


Smith Schafer has provided consulting to firm partners throughout Minnesota since 1971. Our Industry Expert Group, comprised of numerous professionals, is committed to serving over 350 Minnesota Professional Service Firms. Some of our clients have less than 10 professionals, while others have several offices around the country with hundreds of staff. Our extensive services enable us to move beyond tax and compliance to provide the advice you need to achieve your business goals.

We understand the industry and what keeps you up at night

Succession Planning

Partner buy-in/buy-out

Pass-through income

Cash Flow Plan, Prep & Forecasting


Restructuring Agreements

specialized professional service firm industry services

Let’s start the conversation.
Contact us today to schedule a consultation with one of our industry experts.

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%

Industry Involvement

Why Professional Service Clients Choose Us

Have been impressed with the entire operation…whether calling or in person.

 – Tom Illies Insurance Agency

“Greg Epsom is easy to work with and always responds in a helpful manner in a short amount of time and he is very professional and accessible.

 – Ohly Law Office

“Jason Miller and Meha Patel always do a great job!

 – Learning Masters

“Very satisfied with the professionalism and timeliness of the services provided to me.

 – Loucks & Associates

Professional Service Firm Industry Resources

Accounting Basics for the Professional Services Industry

Accounting Basics for the Professional Services Industry

Accounting can be complicated and is a crucial component of a firm’s operations, regardless of its size. Many growing professional service firms struggle to create well-tuned accounting processes, especially as systems need to change to support increased activity.

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R&D Tax Credits: Easy & Effective Tax Savings

R&D Tax Credits: Easy & Effective Tax Savings

The Research and Development (R&D) Tax Credit is one of the best opportunities for businesses to reduce their tax liabilities, improve cash flow, and increase earnings-per-share. This tax credit was initially enacted in 1981 to incentivize companies to increase their investment in developing new or improved products or processes.

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Our client satisfaction is exceptional, as demonstrated by our 96.4% satisfaction rate.

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