New York, New York (PRWEB) February 01, 2016
New York-based accounting practice SUM Innovation is thrilled to announce the expansion of its outsourced accounting department to include broker/dealer services for its clients.
“We are incredibly excited to expand the services of our accounting department,” said Mathew Heggem, CEO of SUM Innovation. “We believe this is a great opportunity to assist our clients and help them succeed in new areas.”
To spearhead this expansion, SUM Innovation is adding CPA Michael Davison to the team. His 15 years of experience as a FINOP and compliance officer in the broker/dealer industry will prove invaluable. Specifically, Davison has extensive experience in accounting and financial management and has worked for numerous NASD- and NYSE-regulated firms of various sizes (after regulatory consolidation, now called FINRA). The updated department will expand the services available to SUM Innovation’s clients and give small and mid-sized broker/dealer firms a marketplace advantage.
According to Heggem, smaller firms often have trouble retaining employees for broker/dealer services, and the constant recruiting and training process can become an issue. The goal of this initiative is to allow smaller, newer broker/dealer firms to compete with their larger counterparts by hiring an outsource provider. While large financial institutions that have teams of accountants on staff could easily absorb the loss of one departing employee, for other firms, such an event can be a major upheaval — and at some smaller firms, hiring a full-time FINOP on salary is costly and often more than what’s needed.
So this strategic partnership was conceived to give small and mid-sized broker/dealer firms the following unique advantages they can gain from outsourcing the FINOP and bookkeeping role to SUM Innovation:
Stability: The necessary number of accounting staff is always available. So any worries about an employee quitting or even a sole proprietor consultant leaving are gone.
Core competencies: Owners and other producers can focus on their main jobs and let SUM Innovation take care of the rest.
A professional network: The SUM Innovation staff works together on accounts, and firms benefit from the combined knowledge and experiences that they share. So unlike some outsourcing resources that merely act as a referral service to a one-person provider, SUM Innovation works as a team.
Cost-effectiveness: Teams of CPAs or even a full-time accounting staff may be more than what’s needed. SUM Innovation’s licensed professional CPA oversight that supports its teams of accounting professionals offers many broker/dealers the level of services they need at a cost they can afford.
“I really think outsourcing is an effective solution, and I’m very happy to be a part of it,” said Davison. “I’m happy that I can share my industry experience and knowledge with smaller broker/dealers and give them a leg up in this competitive marketplace.”
Davison has been training SUM Innovation team members in specialized procedures, familiarizing them with the necessary accounting processes, and sharing his extensive knowledge of the broker/dealer industry.
About SUM Innovation
SUM Innovation is an accounting management and consulting firm on a mission to help its clients grow. Its dynamic team of experts assesses, designs, implements, and manages accounting solutions for fast-growth startups, international businesses, established and growing businesses, and nonprofits across the U.S. by leveraging its outsourced accounting department and its training and staffing services. SUM Innovation has worked with more than 550 clients in 35 industries and aims to be a continuous leader in the industry.
Learn more about SUM Innovation at http://www.suminnovation.com.