Introduction to the Company
Squire is a forward integrative Certified Public Accountancy firm that is dedicated to providing financial advisory services to small businesses and industries in the state of Utah, particularly in Orem. The company has been in existence for four decades and the management has always focused on the company’s strategies and experiences to deliver a better perspective and smart vision (Wood 7). Essentially, the company’s main objective is to invest in the future of their clients.
Squire Company provides business with accounting services that deliver confidence to the clients through exceptional capacities, expertise, details and customized attention to the business needs of the customers. For forty years, the company has helped some of the finest organizations in the state. Moreover, Squire is renowned by its company executives with candid approaches to consultancy. Proficiency and excellence is the reason why the company has maintained its competitive edge over other small businesses (Squire Company 2). The entity focuses on a variety of clients including construction firms, life sciences, manufacturing and distribution, nonprofit organizations, energy and mining, government and direct sales firms among others.
Services Offered
Squire Company exercises a unique strategic approach when providing services to its clients. The business has a customized partnership between the key decision-makers and the consulting experts. The visionary process that has been trusted over the years has created a trusting working environment with business owners and entrepreneurs.
The main advisory and business services that Squire Company specialize on are:
· Outsourcing of Certified Financial Officers and Controllers
· Provision of business accounting systems
· Auditing of client’s financial statements and evaluation of internal control measures
· Providing effective business strategy to clients
· Sales forecasting, financial planning and payroll management
· Providing QuickBooks and Payroll processing online.
Whether a client is a startup or established a business, Squire Company provides a full range of assurance services. The assistance includes preparation of financial reports, auditing of previous financial statements, and preparation of financial prospective production of special attestation reports. The presence of experienced tax professionals helps in providing the clients with unrivaled services by concentrating and maintaining attention to details. The certified tax professionals offer the client a procedural accuracy, proactive and timely guidance and personalized recommendations on minimization of tax-related costs. The firm improves the client’s business and employees’ lives by providing strategy-based technology and advisory services.
Company Owners
The company was previously owned by D. Squire, a former mayor of Orem City, and his son Mike. Until his death on February 2, 2011, at the age of 91 years, the firm was run by Mike Squire. Although the company is not listed in the New York Stock Exchange and the shareholding ratio is not disclosed, the business is assumed to be fully owned by the Squire as a Limited Liability Company. In addition, Squire has 16 strong partners with Brett R. and Brandon A. as the most recent.
History of the Business
The company began in the 1970s when D. Squire and his son premiered an accounting and auditing firm in Orem, Utah. The idea was based on the conviction that success was imminent when their friends turned into clients. Squire prided of being among the forerunners of technological innovations in business. By the late 1970s, the company was using computers and trained others on how to progress in their careers through nurturing internship programs (Squire 34).
By 2000, Squire had split into specialized departments and the management ensured the employees developed specific expertise in their areas of specialization. Currently, the Squire Company comprises a proportion in each of the following areas. One-third of employees are in tax, one third are in audit, reviews and attestation services and the last third focus on advisory services. Due to the increasing needs of the business and corporate clients, the company has continuously invested in time and resources through hiring employees with experience to meet the needs.
Business Atmosphere
The company’s management has been able to create a suitable business environment that differentiates the company from its competitors. The company’s outward appearance has enabled the creation of a brand name in the market. The business premises are characterized by the color blue and cream. The color combination is magnified by sky reflection from the clear windows making it the most conspicuous color. Moreover, the color has a positive effect on the mind and body. It is very attractive and causes the body to produce a chemical that helps in calming the body and exude the feelings of tranquility. The company has a very clean and elegant backyard that presents a serene environment. It symbolizes piety and sincerity in whatever business the company engages. The corporate blue power fits in the business process of Squire Company.
The Competitive Environment
Overall Market Analysis
Although Squire Company was established in a privileged location in a city with plenty of industries and upcoming small businesses, it has been facing unending competition from local and freelance business solution firms. There are several small accounting and auditing companies that provide similar services at a relatively lower price. Even though Squire Company has better services and experienced personnel than any other competitor, stiff competition from other firms in the city is challenging.
Direct Competition
The main competitors of Squire Company in Orem include Biesinger & Kofford, CPAs, PLLC, Hawkins Cloward & Simister, Richard Reid CPA and Andersen Hans CPA.
Biesinger & Kofford, CPAs was formed in 1998 by Ken B. Biesinger immediately after graduating from the university with a Master’s degree in accounting. The firm was merged with Brian Kofford CPAs and began specializing in accounting and tax for small and medium businesses and government audits. Located in Orem, the firm competes with Squire Company for most of the small business clientele (Biesinger & Kofford CPAs 4).
Hawkins Cloward & Simister was formed in 1951 and has served the community for more than five decades. The firm has clients across the United States and concentrates more on privately held businesses by providing professional solutions for financial problems. Due to its long time of existence, the firm prepares approximately 2600 corporate tax returns per year and maintains a long-term relationship with the clients (Hawkins Cloward & Simister 2).
Richard Reid CPA is based in Proto UT and also provides accounting, tax and consulting services for individuals and business. All the services of the company are professionally designed to meet the business and regulatory needs. Although the firm may not pose a big challenge to Squire Company, the possibilities of securing clients in Proto area may be reduced by a significant rate (Richard Reid CPA 3).
Indirect Competition
The largest indirect competitor that Squire Company faces is comprised of online-based business solution firms which operate in the freelance market. The firms may not specifically be in the US but may also be available to provide professional services on tax returns, accounting, and auditing services at a lower price than Squire. Other indirect competitors include briefcase companies that are not yet registered as public limited companies. The organizations may not have a registered office since they act as a partnership or single business enterprises.
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