Bonadio Group rises in accounting publication’s list of nation’s Top 100 firms

ROCHESTER, N.Y. — Moving up two spots, the Bonadio Group is now listed at number 38 on the 2016 list of Top 100 accounting firms in the publication Accounting Today.

Bonadio moved up from its number 40 ranking on the 2015 list, the firm said in a news release issued Thursday.

Accounting Today, a bi-weekly magazine for the accounting industry, uses revenue generation to determine its annual ranking of the largest U.S. accounting firms.

Rochester–based Bonadio Group describes itself as upstate New York’s “largest independent provider of accounting, consulting, and financial services.” The company is the highest-ranking accounting firm on the list from upstate New York, it noted.

Accounting Today first listed Bonadio on the Top 100 list in 2007. Since then, the firm says it has generated revenue growth for nine consecutive years,

Bonadio reported a 21.5 percent increase in projected revenue over fiscal-year 2014. The firm projects revenue of $102.3 million for fiscal year 2016.

“We are very proud to be in the exclusive club of the top 38 … which includes all CPA firms with more than $100 million in annual revenue,” Thomas Bonadio, CEO and managing partner of the Bonadio Group, said in the firm’s news release. “Over the past few years, we’ve dedicated our efforts to growing the firm with new offices, partners, and services to support our expanding roster of clients. In 2015, we focused on developing our people and recruiting new talent, and our clients are seeing the results in our high levels of service and expertise.”

The Bonadio Group added 183 new employees in 2015, including 52 recent college graduates.

The firm now has more than 700 employees across New York state, including offices in Rochester, Syracuse, Utica, Albany, Batavia, Buffalo, East Aurora, Geneva, New York City. It also has an office in Rutland, Vermont.

The Bonadio Group says it has more than 20,000 clients.

M&A activity
The Bonadio Group has used mergers and acquisitions to grow its business in the last few years.

The Bonadio Group and Testone, Marshall & Discenza of Syracuse merged on Jan. 1, 2015 to form Central New York’s largest accounting firm.

In 2014, Bonadio had reached an agreement to merge with Bevilacqua & Co. in the Buffalo suburb of Orchard Park.

The Bonadio Group in September 2013 agreed to merge with Gaines Kriner Elliott LLP (GKE), Buffalo’s 11th-largest accounting firm at the time.

The firm in April 2013 also acquired a Vermont firm for its first deal outside New York.

Contact Reinhardt at ereinhardt@cnybj.com