New York City-based Citrin Cooperman is acquiring Teplitzky & Co. PC, expanding its presence in Connecticut, and continuing its private equity-fueled spate of acquisitions.

Based in Woodbridge, Connecticut, Teplitzky is an accounting, consulting and tax firm that specializes in the health care industry. It was originally founded in 1928.

“We are thrilled to add the preeminent health care accounting firm in the state of Connecticut to the Citrin Cooperman family,” said Citrin Cooperman Advisors CEO Alan Badey, in a statement. “What struck us most about Teplitzky is the team’s long history of exceptional client service and deep-rooted relationships in the Connecticut market, which is a perfect fit for our firm and growth strategy in the state and the broader New England region.”

Financial terms of the deal, which is expected to close in November, were not disclosed. Teplitzky’s five partners and more than 20 staff will be joining Citrin Cooperman, which ranked No. 18 on Accounting Today’s 2024 Top 100 Firms list, with $700 million in revenue, 490 partners, and more than 2,700 personnel.

“Joining Citrin Cooperman broadens our ability to provide our clients with enhanced services and resources without sacrificing our personalized, hands-on approach,” said Teplitzky managing partner Jeffrey Teplitzky, in a statement.

Daniel Astrachan, president of Astrachan Legacy Consultants, advised on the transaction.

Since receiving PE funding in 2021 from New Mountain Capital, Citrin Cooperman has operated in an alternative practice structure, with Citrin Cooperman Advisors LLC offering non-attest services, and Citrin Cooperman & Co. LLP performing attest work. The relevant assets of Teplitzky are being acquired by the appropriate Citrin entities.

With its PE funding, Citrin Cooperman has been active on the M&A front over the past few years. In June, it acquired Worcester, Massachusetts-based S&G, and earlier this year, it acquired Maier Markey & Justic in White Plains, New York; Keefe McCullough & Co. in Fort Lauderdale, Florida; Mibar, a business software consulting firm in New York; and Coleman Huntoon & Brown, in Chapel Hill, North Carolina. Last year, it added Gettry Marcus, a Regional Leader based in Woodbury, New York; FMT Consultants, a California-based consulting firm; and Berdon, a Top 50 Firm based in New York.

In 2022, Citrin acquired Murray Devine Valuation Advisors, an independent advisory firm headquartered in Philadelphia; Untracht Early, in Florham Park, New Jersey; Shepard Schwartz & Harris in Chicago; Kingston Smith Barlevi in Los Angeles; McNulty & Associates in Westford, Massachusetts; Appelrouth, Farah & Co. in Coral Gables, Florida; Bloom, Gettis & Habib in Miami; as well as music industry consultancy Massarsky Consulting in New York. In 2021, it added OLC Management, a California-based business management firm.

Cloud solutions provider Acumatica announced the release of its Professional Services Edition, made to help support accounting and project management tasks for consultants, engineers, architects and other professionals. 

“These industry trends and direct feedback from the Acumatica Community were the main drivers for creating the Professional Services Edition, with customers, partners and developers voting it a must-have solution,” said Jeremy Larsen, vice president of product management at Acumatica. “The professional services industry is an underserved market for technology companies, providing a significant opportunity for innovation. As the fourth-largest vertical of customers we already serve, our partners have expressed strong enthusiasm about the potential impact of this release.”

The business management solution was built to address the unique challenges faced in the professional services industry, such as inefficiencies in quote-to-project setup, industry-specific billing rate structures, and customer support management. Features includes project accounting, compliance management, and AI-driven workflow automation. 

Specifically, users have access to Acumatica Financial Management, which has standard financial processes (GL/AP/AR) and reports, with additional options for multi-company, multicurrency, intercompany accounting, fixed assets, and cash management. They can also access accounts payable cost transactions related to progress billing lines from the pro forma side panel for timely vendor payments and increased billing accuracy, and tie revenue recognition to project milestones or deliverables.

It can also progress billing by percentage of completion or by quantity. Users can also manage AP workflows, from entering an invoice through approval routing and checks. Meanwhile, customer billing capacities, driven by real-time project costing, provide up-to-date labor, material, equipment, and other costs, letting users identify problem areas in current jobs and improve future project estimates.

The Professional Services Edition also boasts the ability to capture time and expense from any device, entries for which then flow to project accounting for costs and expenses related to projects or specific project tasks. Billable activities can also be marked up depending on the project, task, employee, or activity performed. The solution also has integrated payment capacities that automates accounts receivable processing to reduce back-office workloads and get paid faster.

Other payment-related features include click-to-pay links, and a self-service portal which streamlines communication with push notifications, giving customers access to support cases and payment options. The software can also specify tax calculations directly in the project and automatically retrieve and calculate all invoices, purchase orders, subcontracts, and expenses.

Project management capacities include the ability to access a complete view of project details, letting users manage and track all activities, issues, and changes, including daily field reports, actual costs, and cost projections from one central area. They can also ensure resource availability to allocate staff, equipment, and technology by team, department, and timeframe, letting users assign tasks and workflows to manage project resources and tie the costs to the project budget. Field reporting and mobility features help ensure everyone has the same project data from the field or anywhere they work and remotely enter time and expense details. There are also project productivity and insights features which use side panels for a quick and comprehensive view of key project data without navigating out of the current window. 

The new edition also features embedded customer relationship management solutions that help firms to keep detailed records of client interactions, proposals, manage contracts, payments, renewals, and compliance documents. They can also control cost overruns by automating project commitments and change order processes, meaning users can manage back charges or reduction in vendor commitments through the entry of a negative change order, as well as  streamline change orders for multiple projects with unit rate changes, custom retainage, and cost-only change requests. 

“Professional services firms face intense competition and require advanced business management technology to enhance operations and drive future growth,” said Jason Leveson, principal at Revive ERP, an Acumatica partner. “Acumatica’s Professional Services Edition is a smart step in providing these firms with the tools they need to stay agile, scale effectively and maintain a competitive edge in an ever-evolving market.”

The Professional Services Edition joins Acumatica’s existing suite, which includes the Construction Edition, Manufacturing Edition, Distribution Edition, Retail Edition and General Business Edition.

Tristan Wheelock/Bloomberg

Scammers are using fake charities in the wake of Hurricanes Milton and Helene to harvest personal and financial data from unsuspecting taxpayers.

“You should never feel pressured by solicitors to immediately give to a charity,” said Commissioner Danny Werfel in a statement from the IRS, which issued the warning. “Verify if they’re authentic first.”

Tips to verify charities and spot fake ones:

• Scammers frequently use names that sound like well-known charities to confuse people. Fake charity promoters may also use bogus emails or fake websites or alter or “spoof” their caller ID to make themselves look like a real charity. Ask the fundraiser for the charity’s name, website and mailing address. Check the Tax-Exempt Organization Search tool on IRS.gov to help find or verify legitimate charities.
• Never work with charities that ask for donations by giving numbers from a gift card or wiring money. It’s safest to pay by credit card or check, and only after verifying the charity is real.
• Scammers want both money and personal information. Never disclose Social Security numbers, credit card numbers or personal identification numbers
• Scammers often pressure people into making an immediate payment. In contrast, legitimate charities are happy to get a donation at any time.

The IRS has other background on its Charity and Disaster Fraud page.