Personal service is key to success at Edwards, Faust and Smith

By Mike Lange
Staff Writer

    When John Baiamonte ran a small business in Alaska, he learned early on that it’s important to develop a working relationship with a banker and an accountant. “A banker can help you with financing,” said Baiamonte. “But an accountant helps you make sure you develop your business and understand the accounting and tax strategies.” Baiamonte, who has lived in Dover-Foxcroft for 10 years, brought a wealth of experience from the Last Frontier to Edwards, Faust and Smith, Certified Public Accountants, of Bangor.

    Now, the company — whose slogan is “Small firm, big experience” — is focusing on the Piscataquis County region. “When you’ve lived in remote places like Barrow and Bethel (Alaska), you get an appreciation of rural life,” Baiamonte said.
    “We have had a number of clients in the Dexter, Dover-Foxcroft and Guilford area for a number of years,” said managing partner Scott Edwards. “There seems to be a need for CPAs in that area, and we’re filling that need with John.”
    Baiamonte, who is also a commercial pilot and former parole officer, said that community involvement is very important to Edwards, Faust and Smith.
    “I served on the Dover-Foxcroft Budget Committee and I plan to be active with the Piscataquis Chamber of Commerce,” Baiamonte said. He also coaches a high school-age soccer travel team.
    If someone wants the services of Edwards, Faust and Smith and can’t make it to Bangor, Baiamonte will come to them. “There are always enough people in the Bangor office to take over for me if I need to see clients. The company was built on personal service, so this is an important part of it,” he added.
    Edwards, Faust and Smith was formed in 1991 by CPAs who came from a large reputable firm and wanted to provide accounting, audit, tax, and consulting services to small and mid-size businesses and individuals at the same professional standard provided by larger firms. Their first office was in the garage of one of the founding partners, Bryan Smith, in Old Town.
    By 1993, the firm had grown from small beginnings to the current office Union Street in Bangor. A few years later, EFS had developed into one of the 20 largest firms in Maine, through regular growth, acquisitions of other firms and successful referrals. Their staff now has nine full-time employees and one part-time.
    About 60 percent of Edwards, Faust and Smith’s business is auditing and 40 percent is tax preparation. But their clientele is split evenly between business and individual.
    Anyone seeking the services of a CPA for the first time is advised to bring tax returns and financial statements for the past three years and a description of the type of accounting system their using and how they’re operating, Edwards said. “Bring a copy of your articles of incorporation and documents, so we have some history of the company,” he added.
    Edwards, Faust & Smith works hard at keeping up with both the ever-changing accounting standards and tax laws. They spend a lot of time and money every year on continuing education and professional materials to stay at the top of their game.
    Changes in tax laws, affordable health care and deductions are always evolving, Edwards noted, but the company has the expertise and experience to deal with it. “Many new laws are starting to impact businesses this year. It’s the nature of the beast.” Edwards said that some clients have inquired about the federal Affordable Care Act (ACA) since there are different guidelines for companies, depending on the number of employees. “Many have to make a decision on whether they’re better off covering their workers or letting them get health care coverage on their own,” Edwards said.
    “There are some financial implications in the act. We, as a company, put in a fair amount of time going to seminars and workshops to keep up with the changes.”
    As a firm which provides audits, EFS undergoes a peer review every three years where an outside firm examines their work and submits their findings to the regional overseers, New England Peer Review and the American Institute of Certified Public Accountants. EFS is proud of the fact that they have passed every review since their establishment with the highest rating.
    For those who would like to learn more about Edwards, Faust and Smith’s personalized service, there will be a “meet and greet” open house with all the staff on Tuesday, Jan. 28 at Center Theatre in Dover-Foxcroft from 4-7 p.m.