Five Questions With: Patrick B. McAssey

PATRICK B. MCASSEY is a newly elected partner of BlumShapiro in Rhode Island. / COURTES BLUMSHAPIRO
PATRICK B. MCASSEY is a newly elected partner of BlumShapiro in Rhode Island. / COURTES BLUMSHAPIRO

Patrick B. McAssey is a newly elected partner of BlumShapiro in Rhode Island. McAssey, a certified public accountant, joined the firm in 2013 through a merger with Sullivan & Co., and was elected to the accounting and auditing department in Cranston.
With more than two decades of experience in public accounting, McAssey talks with Providence Business News about the new position, the Rhode Island accounting and auditing industry and the rationale behind working with firms versus online services.

PBN: Can you tell our readers about your new responsibilities?

MCASSEY: I am very honored to accept this new role at BlumShapiro, and I look forward to spending the remainder of my career with such an exceptionally talented and dedicated group of colleagues. As far as my new responsibilities, I am fortunate to be part of the leadership team in our Rhode Island office in leading the firm’s day-to-day client management operations. I will also be responsible for developing new business opportunities within the local health care and nonprofit industries, and maintaining existing client relationships.

PBN: What’s most challenging in the accounting and auditing industry in Rhode Island right now?

MCASSEY: One of our most pressing challenges as business advisers and accountants is staying ahead of the many accounting pronouncements and tax law changes. For example, the Financial Accounting Standards Board, has implemented sweeping changes to the way nonprofit organizations will present their financial statements. We educate and assist our clients in implementing and complying with these changes.

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PBN: Industry-wide, what’s difficult about attracting and developing new business, and what’s the BlumShapiro approach to this challenge?

MCASSEY: The quick answer: The challenge of bringing in new business is to differentiate your company from your competitors, and BlumShapiro’s approach to address that challenge is to, quite simply, be different. There are a great deal of well-known, reputable accounting firms doing business in Rhode Island. Organizations and companies are looking for value-added services. We distinguish ourselves from our competition by offering a vast range of services across a wide range of industries. As an example, we have a preeminent consulting practice with a wide array of service, including cybersecurity, management and technology consulting, project and portfolio management, and software and business process outsourcing. We have a large team of professionals, many of whom have worked alongside one another for years. Long story short: When we’re proposing on new opportunities, we highlight the fact that we are more than your accounting firm; we’re your business adviser and partner, and our goal is to ensure that your company succeeds on every level.

PBN: With the proliferation of online, self-administered accounting services, why should businesses continue to pay for services from firms, like BlumShapiro, rather than do it themselves?

MCASSEY: It’s no secret that web-based programs and other pieces of technology have helped facilitate the process of accounting and financial management. However, even with these options, in-depth, accurate and compliant accounting takes a significant amount of time – time many business leaders would rather spend focusing on the core components of their businesses. When you hire a firm like BlumShapiro, you’re not just hiring an accountant to comply with governance and regulatory filings, you’re hiring an entire team of professionals who have worked together for years and who each have their own unique skill sets. That luxury gives clients valuable resources that they can utilize to maximize the potential of their businesses.

PBN: Why should businesses, public entities or nonprofits work with BlumShapiro rather than other accounting and auditing firms?

MCASSEY: As a firm, we take great pride in our deep bench of experienced professionals, our remarkably low turnover rate, and – most importantly – the personalized level of service we offer to each and every one of our clients. We are not a one-size-fits-all accounting firm. Our clients appreciate knowing they can always call us at any time, and they know everyone in our office – from the managing partners on down – will always make time to address their needs.

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