History of the Firm In August of 1990 CPA, John W. Davis, founded the firm just as the economy was in the midst of an economic downturn. Having worked in both a large and medium sized firm he had seen how the approach for the accounting industry had been one of historical reporting and tax preparation rather than a proactive approach. With this in mind the practice was founded on the concept of focusing on planning, budgeting and strategic planning.
With a solid background in the taxation and accounting computer software development in full swing, the initial focus of the practice was to provide sophisticated tax services while fully using the benefits of the software to keep fees reasonable. For the individual client the firm services fell into the categories of higher income individuals with complicated tax issues and transactions – which still holds true today. The business clients tend to be in the small to medium size category by Vermont standards – one to fifty employees or $40,000 to $40,000,000 in revenues. The continuing emphasis for both individuals and businesses is to provide ongoing support throughout the year and proactive tax and financial planning.
Two “niche” audit markets came into play early on in the development of the firm. These were pension plan audits, due to a strong background in the pension area, and nonprofit organization audits. The firm’s expertise in pension audits was acknowledged by the publication of two financial statements as models in a nationally known financial statement guide. Today nonprofit organizations represent a large portion of the firm’s audit and accounting work. This area of expertise includes “Yellow Book” or A-133 audits for those entities with federally funded programs.
Further endeavors to offer proactive planning services to clients led Mr. Davis to obtain his Certified Financial Planners (CFP) designation in 1982 – one of the first CPA’s in the state to have this important combination of credentials. After years of providing financial plans on his own, an affiliation was formed with an investment advisory group. This has allowed the firm to offer comprehensive financial plans and a full array of investment and insurance products to assist the clients in attaining their financial goals.
The firm also provides valuation services for the purpose of litigation support, mergers and acquisition as well as for estate and gift purposes. As a Certified Valuation Analyst (CVA), Mr. Davis frequently performs business valuations for clients buying or selling a business and for estate planning purposes.
In an effort to compliment the planning services we offer business clients, a Retirement Plan Department was added in 1996. The department provides advice regarding the many retirement plan options available to employers including plan administration for a variety of defined contribution plans.
The practice has grown rapidly over the years. During the first five years, growth averaged 30% per year with the addition of at least one new employee per year. The practice continues to grow and now has 10 professional staff year round and additional staff during tax season. The practice began in Downtown Burlington, and by the summer of 2001 we had outgrown that office and in November of that year, relocated to our current offices in Blair Park, Williston.
In 2005, Bret Hodgdon, CPA was admitted as a partner to the firm. Bret leads the Audit and Accounting Department for the firm and is in charge of all financial statement engagements. In 2006, to project an image that the firm had grown enough to handle large business and Bret’s ownership interest the firm was renamed to Davis & Hodgdon Associates. As part of the re-branding effort, a new logo was also created to reflect the new firm name and update its look.
Affiliation The practice is a member of CPAConnect, which is affiliated with CPAmerica International, an exclusive international network of major accounting firms. This affiliation provides access to a leading national network of over 200 local CPA firms, offering our staff and clients access to expertise and resources across the country and around the world. With this affiliation we can resource other CPAs that can address the many differences in state laws as well as industry expertise. The affiliation allows us to offer all the services needed so there is never a time a client should feel the need for a larger firm.
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Our License Information Licensee: John W. Davis License Number: 001-0000371 Firm: Davis & Hodgdon Associates, Certified Public Accountants, PLC Registration Number: 92-0000343 For more information click here »
