Business

Accounting firm Campbell Adams makes strides through mergers, acquisitions

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com

Sunday, July 13, 2014    

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LOCAL accounting practitioners Oliver Campbell and Leroy Adams have merged their operations.

The partnership, Campbell Adams and Company, aims to provide stability to the internal operations of the organisation, while it

explores short or long-term expansionary plans, according to Campbell, managing partner of the accounting firm.

"In the accounting business, it's becoming increasingly difficult for sole practitioners to function in Jamaica," said Campbell. "Included among the reasons are the international financial reporting standards and the international auditing standards."

The firm currently offers services ranging from auditing and budget reports to financial projections and corporate secretarial services, among others.

After the merger in January, the Kingston-based Campbell Adams acquired another accounting firm, G E Thomas and Co in Mandeville, and a corporate secretarial services company, Company Consultants Limited.

"It would have been extremely difficult if we were sole practitioners for either of us to expand into Mandeville on our own, so we took advantage of the opportunity to broaden our operations," said Campbell.

Combined, the firm has 15 employees, who were retained from previous operations.

Adams said the company has further plans to expand.

But for now, focus has to be placed on improving internal operations to continue to attract old and new clients.

So far, tax compliance reports have been the main area of new business, as the Tax Authority of Jamaica (TAJ) continues to streamline their operations.

"I believe that the work will come, you don't have to actively pursue it," said Campbell. "And in any case there is a fine line between pursuing new clients that the profession wants you to walk. You can't go soliciting other people's clients."

Unlike many accounting firms, Campbell said the merger was not aimed at propelling the firm to the top tier in the accounting market. Instead, Campbell is concentrating on effectively carrying out the services of their clients.

While operations have been tough, Campbell remains confident that the merger will continue to provide value-added consultancy and auditing services to both practitioners' customer base.

"We are looking forward, people are accustomed to us because of who we were but they need to get accustomed to the idea that we are now Campbell Adams & Company," he said.

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