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Bonadio & Co. joins international network

Bonadio & Co. LLP has inked a deal with Moore Stephens International Ltd. to join the British accounting firm’s North American network.
The move gives the Rochester-based CPA firm exclusive rights to Moore Stephens business in Upstate New York between Albany and Buffalo, Bonadio & Co.

Bonadio & Co. joins international network

Bonadio & Co. LLP has inked a deal with Moore Stephens International Ltd. to join the British accounting firm’s North American network.
The move gives the Rochester-based CPA firm exclusive rights to Moore Stephens business in Upstate New York between Albany and Buffalo, Bonadio & Co. managing partner Thomas Bonadio said.
Ranked second on the Rochester Business Journal’s May 17 CPA firm list, Bonadio & Co. presently has offices in Rochester, Canandaigua and Perry. One by-product of the new partnership could be further expansion to other Finger Lakes-area offices, Bonadio said.
Better known in Europe and Asia than in the United States, Moore Stephens is attempting to develop a larger U.S. presence with similar deals recently struck with a number of CPA firms in this country, said attorney Joseph Turri of Harris, Beech & Wilcox.
For midsize regional firms like Bonadio & Co., such partnerships are a ground-floor opportunity, he said. The partnership, for example, will enable Rochester firm to work in international markets and to pick up public-company business that it previously would have lost to Big Six firms.
Moore Stephens is “a major force internationally,” Turri said. It also has high credibility on Wall Street and thus can steer business such as initial public offering audits to Bonadio & Co., he added.
Bonadio called the partnership a “great offensive and defensive” move for his firm.
On the offensive, it will put Bonadio & Co. in a better competitive position by positioning it for the type of business Turri cited, he said. Defensively, it will help the firm keep business from existing clients who previously would have needed to go elsewhere for services in those same areas.
As part of the deal, Bonadio & Co. has formed an affiliated partnership: Moore Stephens Bonadio LLP.
As a member of the Moore Stephens network, the Rochester firm joins Moore Stephens North America Inc. Internationally, Moore Stephens makes up a multinational accounting and consulting network of more than 65 independently owned and operated member firms in 60 countries.
Industries the British-based firm is targeting in the United States–health care, construction and non-profit firms–match Bonadio & Co.’s areas of greatest concentration, Bonadio said.
A number of its accounts, for example, are United Way of Greater Rochester Inc. agencies.

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