A Chattanooga-based accounting firm has for the first time entered a key top 100 list nationally as the company expands its employee headcount to meet demand and opens a new office next week.
HHM CPAs is ranked No. 94 among the top 100 largest accounting firms by Inside Public Accounting for 2022, said Donnie Hutcherson, managing partner at the firm’s Chattanooga office.
“It’s our people,” said Hutcherson during an interview about why the firm has made the list. “It’s that personal attention.”
HHM posted revenues of $48.6 million in 2021, according to the newsletter for the public accounting profession. Hutcherson said 2022 revenues will top more than $50 million.
Will Clegg, a partner in the firm, said 95% of HHM’s growth is organic rather than boosting revenues from acquisitions.
“It’s not purchased growth,” he said in an interview about the firm that services segments such as health care, manufacturing and distribution, auto dealerships, real estate and construction.
Hutcherson also cited the area’s business climate as helping to fuel growth.
“What’s not to like about Chattanooga’s business community?” Hutcherson asked.
He said the firm, which also offers services such as mergers and acquisitions, business evaluations and tax planning for high net worth clients, is adding about 38 new associates this month, many of which are from local colleges and universities.
The newcomers will work in Chattanooga as well as offices in Memphis and in Cleveland, Tennessee, and put the firm at about 238 employees.
Trip Farmer, a partner, said the firm is moving into the Cleveland site next week into what had been a longtime pharmacy on Inman Street.
“It’s an old historic building,” he said in an interview, adding the Chattanooga office in the vintage Freight Depot building off Market Street downtown is “busting at the seams.”
Farmer said work will start soon on a $10 million, four-story building near the Freight Depot as HHM grows its office footprint in the largest such expansion in its 42-year history.
“Cleveland opening up next week is great timing,” he said about that office which is to hold 12 to 15 people.
Catelyn Millaway, a senior accountant for the firm, said new employees can work in either the tax side of the business or in auditing, or both.
“You get a feel,” she said in an interview. “You get experience in both. By year three or four, what would you rather do?”
Officials said a number of new employees are interns who’ll learn what the job is all about.
Joey Burd, a staff accountant, said the company is able to recruit off college campuses due to its culture.
Also, he said, the firm doesn’t require the interns to work full time, so they can keep up with their studies at school.
According to HHM, the company has at least a couple of initiatives aimed at attracting prospective employees.
One called HHM Experience is an annual two-day program of education and interactive discussion for aspiring accounting professionals, the company said. They gain a perspective on professional life through panel discussions, exposure to clients, a variety of work experiences, team building and community service projects.
Also, the company provides a student open house to tour the office and learn about the firm’s culture. In 2022, 100 students over 12 universities attended and 20 were hired into either intern or full-time roles, according to the company.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318.