The accounting profession is constantly evolving, and many professionals are shifting from traditional firm structures to independent and boutique practices. My journey in this space has been shaped by firsthand experiences in both large and small firms, ultimately leading to the creation of FirmKey Solutions, a platform created to support independent accountants and boutique firms.

From Public Accounting to Independence

My name is Joe Hamilton, I am a Co-Chair of the Independent Accounting Alliance and one of three co-founders of FirmKey Solutions. After graduating from Miami of Ohio, I started my career in audit at RSM in Chicago. From there I transitioned to transaction advisory/M&A due diligence working for BDO, then Intrinsic, LLC which brought me back to Denver where I grew up.

After a couple years in public accounting, there were three trends I continued to notice: 

1. Many of the most talented people I worked with at the larger firms were moving to boutique firms. Some were seeking more autonomy and exposure to diverse engagements, while others watched private equity start to purchase the big firms and left to have more control and upside later in their career. 
2. Many of the businesses I worked with had great products or services but their inadequate accounting operations and struggle to find quality accounting support was preventing them from accomplishing their goals and realizing their potential. 
3. Business development is extremely time-intensive but is crucial for boutique firms to find new clients and grow organically. Small firms require the Partners/Managers to lead business development efforts, but the more time spent on sourcing new engagements means less time spent on client projects, ultimately creating an operational bottleneck. 

The Birth of FirmKey Solutions

In 2022, my previous roommates both in college and in Chicago after college—now co-founders of FirmKey Solutions—were seeing similar trends in their jobs at the time (one with a background in sales/business development and the other with a background in investment banking and private equity). Ultimately, this highlighted the need for a better way to connect independent accountants and boutique accounting firms with organizations requiring their expertise.

By the spring of 2023, we officially launched FirmKey Solutions, focusing on outsourced business development for independent accountants and boutique firms. Our mission is to connect these professionals with clients across the United States, enabling them to focus on their core services such as:

• Outsourced accounting and controller services
• Fractional CFO services
• Audit and tax advisory
• Transaction advisory and fundraising support
• System and process implementation/integration/optimization

Specialization and Market Focus

As we refine our approach, we regularly identify new areas where we can add value, a few examples:

1. Nonprofit Sector: Helping nonprofit organizations meet their unique accounting and compliance needs.
2. Private Equity and Investment Banks: Supporting firms and their clients throughout the deal cycle, from pre-market readiness to post-transaction integration.
3. Over-the-Counter (OTC) Markets: Assisting smaller public companies with financial management and reporting.
4. Professional Services: Helping professional services firms (marketing, engineering, architecture, etc.) with their financial reporting and implementation/optimization of their nuanced accounting systems.

Our goal is to maximize the billable hours for our network of independent accountants by handling business development tasks such as sourcing engagements, drafting scopes of work, prospect diligence calls, and managing billing processes.

The Value of White Labeling

One other major challenge boutique firms face is balancing growth with capacity constraints. To address this, we facilitate white-labeling partnerships (think white-label manufacturing). This allows independent accountants to work under another firm’s brand when additional resources are needed. We have found this approach helps firms scale without immediately committing to full-time hires.

Looking Ahead

As FirmKey Solutions continues to grow, we remain committed to refining our processes and frameworks to ensure the best outcomes for clients and our network of boutique firms and independent accountants, creating win-win-win partnerships. The shift toward independent accounting is an exciting evolution in the profession, and we are proud to play a role in helping professionals thrive in this new landscape.

Joe Hamilton is a COCPA member and a co-chair of the Independent Accountants Alliance (IAA). The IAA supports the accounting journey of those professionals choosing an entrepreneurial accounting path. You can find more information about the IAA here. To reach Joe and learn more about FirmKey Solutions, please visit his website.