Abercrombie & Associates, LLC
Tim Abercrombie, CPA
Accounting and IT Services
Getting Started
We opened the company in 2004. Previously, I worked in public accounting for a national firm for about 5 years, then later for several other local firms. So I had learned the range of financial services for businesses: auditing, issuing financial statements, etc., until in my last job, I reached the level of CFO (Chief Financial Officer).
But I had also gained experience working on behalf of the general public – and I realized I missed public accounting. At that point, I weighed the risks of going out on my own. My supportive family and close advisors convinced me that I could do it. I saved up 6 months of living expenses, and in March 2004, I took the leap. We started operating out of the basement of my home and began picking up clients along the way.
Our Landscape Today
Today, 85% of my clients are nonprofits. My network when I started out was the nonprofit sector. One of my last employers – who became one of my first clients while they found my replacement – was a nonprofit, and I liked working for purpose-driven organizations. A lot of nonprofits have inspiring missions. I realized that in our business, the debits and credits are going to be the same – but it’s maybe the people you work with and the missions you serve that lend some weight to the job and give me satisfaction.
We have all kinds of clients: some who are mentoring folks, some working with formerly incarcerated citizens, and some serving homeless people. So there’s a purpose to their work – beyond just making money. We like that side of it. There are other groups that serve and advocate for nonprofits – we like to work with them too.
About 4 years ago, we created a strategic plan. One of our goals is to be better known in the nonprofit sector for the services we provide and to be better known in DC Metro in general, where I’m from and where I still live and work.
We offer
- Outsourced accounting services
- Financial statement audits
- Tax return preparation
- IT Project Management
After 18 years in my own business, we have 9 employees and offices in downtown Silver Spring. The services are pretty similar to those we offered back when we started out, just on a larger scale. My wife (PMP Certified) is now my business partner, and she provides IT (information technology) Project Management services.
Our new business comes from
- Referrals
- Organizations where we hold memberships
- Certain lists from which, as a certified MBE, we receive invitations to bid
We keep developing ourselves. I have done a couple of SBA trainings on contracting and 8(a) certifications in the last couple of years.
Advice for Early Stage Businesses
My advice is to go out to your network when you’re getting started, so they understand what you’re going to do.
Secondly, have a strong website and a professional domain name. These give you a more professional business presence, and you’re going to be taken more seriously by those who don’t already know you.
Thirdly, get your external team together to make sure you’re formed properly from the start: line up an accountant and an attorney. This will save you time and money over the long term and bring more – and better – business your way.
