Schneider Downs Company Profile

Background

Founded in 1956, Schneider Downs & Co., Inc. is a prominent independent Certified Public Accounting (CPA) firm headquartered in Pittsburgh, Pennsylvania. The firm offers a comprehensive suite of services, including accounting, tax, audit, and business advisory solutions, catering to both public and private companies, not-for-profit organizations, and global enterprises. With additional offices in Columbus, Ohio, and McLean, Virginia, Schneider Downs serves clients across Pennsylvania, Ohio, West Virginia, New York, Maryland, and beyond.

Key Strategic Focus

Schneider Downs is committed to delivering personalized and innovative solutions that address the unique challenges of its diverse clientele. The firm's strategic focus encompasses:

Assurance and Tax Advisory: Providing comprehensive audit and tax services to ensure compliance and optimize financial performance.

Business Advisory: Offering strategic guidance to enhance operational efficiency and drive growth.

Corporate Finance Advisory: Assisting clients with mergers and acquisitions, capital raising, and financial restructuring.

Technology Advisory: Implementing cutting-edge technological solutions to streamline business processes.

Wealth Management Advisory: Delivering personalized financial planning and investment management services.

The firm leverages advanced technologies, including cloud-based platforms and data analytics, to provide tailored solutions that meet the evolving needs of its clients.

Financials and Funding

As of 2024, Schneider Downs reported a record revenue of $124 million, marking a significant increase from $113.2 million in the previous year. This growth underscores the firm's robust financial health and its ability to expand service offerings and invest in innovative solutions.

Service Development

Schneider Downs continually enhances its service portfolio to address emerging client needs. Notable developments include:

Schneider Downs Capital LLC: Launched in July 2024, this subsidiary focuses on guiding mid-market companies through growth strategies such as mergers and acquisitions, offering services from early-stage planning to final transaction execution.

SD Digital: Introduced in February 2024, SD Digital provides digital consulting services, assisting clients in leveraging technology to drive business transformation.

Technological Platform and Innovation

Schneider Downs distinguishes itself through the integration of advanced technologies and innovative methodologies, including:

Cloud-Based Solutions: Utilizing platforms like Google Cloud to enhance service delivery and operational efficiency.

Data Analytics: Employing data-driven insights to inform strategic decision-making and provide clients with actionable intelligence.

Corporate Performance Management (CPM): Partnering with Solver, a leader in CPM software, to offer clients advanced budgeting, forecasting, and reporting solutions. In 2023, Schneider Downs was recognized as Solver's Breakout Partner of the Year for its remarkable performance and rapid growth in this area.

Leadership Team

Schneider Downs is led by a team of seasoned professionals, including:

Steven Thompson: Co-CEO, overseeing strategic initiatives and firm operations.

Chris McElroy: Co-CEO, focusing on client service excellence and business development.

Peter J. Lieberman: Managing Partner of Schneider Downs Capital LLC, leading the firm's corporate finance and investment banking services.

Thomas L. Springer: Managing Partner of Schneider Downs Capital LLC, specializing in strategic planning and value maximization for middle-market clients.

Leadership Changes

In May 2023, Schneider Downs expanded its leadership team through the strategic acquisition of Springer Lawson & Associates, bringing Thomas L. Springer and Stuart Lawson into key roles within the firm.

Competitor Profile

Market Insights and Dynamics

The accounting and business advisory industry is characterized by robust competition, with firms striving to offer comprehensive services and innovative solutions to meet client demands. The market is experiencing growth driven by increasing regulatory complexities and the need for digital transformation across industries.

Competitor Analysis

Schneider Downs operates in a competitive landscape alongside firms such as:

PKF O'Connor Davies: A firm with approximately 1,500 employees and revenue of $317 million, offering a range of accounting and advisory services.

LUTZ: Employing around 429 professionals with revenue of $63.9 million, providing accounting and business solutions.

Barnes Dennig: With 175 employees and $26.1 million in revenue, specializing in accounting and advisory services.

Postlethwaite & Netterville: A firm of 387 employees generating $70.4 million in revenue, offering comprehensive accounting services.

Briggs & Veselka: Employing 293 professionals with $52.1 million in revenue, providing accounting and consulting services.

Strategic Collaborations and Partnerships

Schneider Downs actively engages in strategic partnerships to enhance its service offerings, including:

PrimeGlobal Membership: As a founding member of PrimeGlobal, one of the largest associations of independent accounting firms, Schneider Downs leverages a global network to meet international client needs.

Solver Partnership: Collaborating with Solver to provide clients with advanced Corporate Performance Management solutions, earning recognition as the 2022 Breakout Partner of the Year.