HiAccounting acquires WR Financial
HiAccounting has acquired the CPA firm WR Financial, effective June 30, 2017, expanding its presence in Hawaii.
WR Financial, also known as WR Consulting, is based in Oahu and provides accounting, bookkeeping, financial consulting, and tax planning and preparation services to businesses and nonprofit clients. WR was founded in 2000 and had 251 clients last year. Approximately three-quarters of its business is devoted to tax services, while the remainder is accounting and other services. HiAccounting currently services 50 clients and has served 112 unique clients since it was founded in 2009.
“It is a wonderful fit, as WR Financial is primarily a tax firm with some accounting services, and HiAccounting has been to date primarily focused on accounting and advisory services, with some tax work,” said Matthew Delaney, president of both HiAccounting and The Hawaii Group, in a statement. “When we merge the two businesses together, the result will be approximately two-thirds accounting and advisory services and one-third tax services.”
Financial terms of the deal were not disclosed. HiAccounting’s revenues last year were $972,210, while WR Financial’s were $521,471. The firms estimate their combined revenue by the end of this year will grow to $2,066,581.
HiAccounting has 12 employees, while WR Financial has four. Six of the 16 team members at the combined firm are CPAs. WR’s four full-time employees will all join HiAccounting, and WR’s owner and president, Janet Williams-Reyes, will join HiAccounting as director of tax services.
By October of this year, the rest of WR Financial’s employees will be moving into HiAccounting’s newly expanded office space. HiAccounting, short for Hawaii Accounting LLC, has offices in Oahu, Kauai, Maui and Hawaii Island. It is part of The Hawaii Group of companies.
Williams-Reyes started her accounting career with Arthur Andersen. She moved to Los Angeles in 1984 where she started and led the financial analysis department for Sebastian International. She later entered the restaurant industry as chief operating officer of City West Restaurant Group in LA and then moved to Hawaii in 1995. She is a past president and current board member of the National Association of Tax Professionals.
“The company cultures are a great match because at WR Financial we view every client relationship like a partnership,” said Williams-Reyes in a statement. “We genuinely care about their well-being and work diligently to help them succeed personally and professionally. I feel like HiAccounting holds to that same philosophy.”