Platform Accounting Group has added two more accounting firms, based in Indiana and Illinois, bringing the total firms that have joined the Utah-based company this year to 12.

Platform Accounting Group, founded in 2015, invests in and acquires small accounting firms, and announced it received an $85 million minority funding round to support its expansion in February. 

Midwest Advisors, formerly known as Philip+Rae & Associates, is headquartered in Naperville, Illinois, and has provided fractional CFO roles, controllership and back-office accounting operations for more than 30 years. Additionally, the firm offers tax preparation, accounting and auditing, financial planning, estate planning, payroll services, small business consulting, bookkeeping, back-office accounting, small business consulting and more.

In operation for 30 years, Indianapolis-based Crossroads Advisors, formerly Peachin Schwartz + Weingardt, serves high-net-worth individuals, closely-held businesses and not-for-profit organizations. The firm supports clients throughout their life cycle, from the startup phase to mature businesses seeking an exit or succession strategy.

“Because of my experience and time there, I deeply value the tight-knit community and small-town feel of the Midwest,” said Reyes Florez, CEO of Platform Accounting Group, in a statement. “We are thrilled these firms, who like us, prioritize relationships and roots, are joining our group and will be able to invest even further in their clients and communities.”

Platform Accounting Group has nearly 1,000 employees across 12 states and expects to add a few more accounting firms in January, the company said. 

The Securities and Exchange Commission today voted to approve the Public Company Accounting Oversight Board’s 2025 budget and the related accounting support fee. 

The budget totals $399.7 million, which funds 945 positions. The accounting support fee totals $374.9 million, comprising $346.1 million for public company issuers and $28.8 million for registered broker dealers.

The 2025 budget is a 3.8% increase from this year’s budget of $384.7 million in 2024, and the ASF is a 4.5% increase from this year’s $358.8 million.

“Well-functioning financial markets are built on trust,” SEC Chair Gary Gensler said in a statement. “Critical to such trust are disclosures – including financial statement disclosures made by issuers and broker-dealers to the investing public. I have seen since the passage of Sarbanes-Oxley 22 years ago the importance of that law in promoting trust in public company figures. This trust, though, can easily be taken for granted. The PCAOB — an important reform of the George W. Bush Administration — writes the standards for auditors and audits the auditors. That’s the core of what it does, and it’s every bit as important now and into the future.”

“While the 2025 budget assumes a necessary increase in the ASF overall, we anticipate the smallest billable issuers will see no increase, while the median difference per bill for issuers will likely be only $100, “PCAOB chair Erica Williams said in a statement.

Williams added, “This budget enables us to both provide our staff with competitive compensation that acknowledges their extraordinary work on behalf of investors and retain them, as well as attract new, expert talent to help us meet our investor-protection mission.”

The Sarbanes-Oxley Act of 2002 provides the SEC with oversight responsibility over the PCAOB, including reviewing and approving the PCAOB’s annual budget and accounting support fee.

Patrick Mouzawak/Bloomberg

Manufacturing Digital highlighted some of the most innovative cloud ERP companies in 2024. Examples include Microsoft Dynamics 365 Business Central for its comprehensive features and integration with Microsoft applications, while Odoo offers extensive customization options, allowing businesses to tailor the ERP system to their specific needs. SYSPRO specializes in manufacturing ERP, providing robust solutions for manufacturers and distributors. NetSuite is the ideal system for global operations, offering scalability and extensive features for large enterprises. To see the entire list, visit the link. (Source: Manufacturing Digital) 

Why this is important for your firm and clients: If your clients are small businesses using small-business accounting software, and they grow, then they’ll find themselves in need of a more enterprise, scalable platform. If they’re manufacturers, their needs will be that much more unique. This is a great list of current platforms specifically focused on midsized manufacturers that need to address standard and job costing, bills of materials, process manufacturing, ordering, inventory management and other challenges for this industry.