Channeling His Enterpreneurial Spirit

With a mother as a physician, a younger sister who became a doctor, an older brother who became a dentist and many family friends and acquaintances who started their own businesses, it was not as much of a surprise when Andrew Coombs started his own accounting practice — it was almost expected.

That entrepreneurial spirit helped Coombs, CPA, MBA, MST, partner and founder of Coombs CPA, PC, set up his accounting advisory in Newark, where he and his nine-member team provide audit services, tax services, bookkeeping and accounting consultation. Since 2018, his practice has grown from seven clients to more than 1,000 clients, which run the gamut from private equity and portfolio- based clients to nonprofits and real estate developers. "I get a lot of excitement out of helping clients reach their goals and watching them grow. It's really fulfilling to see people progress," he explains.

He also chooses to grow his firm the right way. "I was always willing to pay myself less and pay others in order to grow the firm and to make sure the product is better. You have to think about your business long-term and your longevity. If people perform, you have to make sure they are being compensated," he says.

And his firm could eventually be more regional though the motivated owner wants to pace himself first. "I don't want to spread myself too thin," Andrew admits.

Enhancing Financial Literacy

Having witnessed some financial challenges growing up, Andrew, who hails from an area 15 minutes outside of Boston, considers giving back to the next generation a big part of who he is. Every year, Andrew distributes $10,000 in accounting scholarships to underprivileged students through Loyola University of Chicago, his alma mater. "It often happens that students don't have enough to make it to the next semester," he explains.

Andrew's firm also hosts seminars on financial literacy in Newark and the sur rounding communities. He speaks at various schools, libraries and local events and sits on the boards of Caldwell University and Loyola University Chicago Business School. "We teach about home ownership, interest rates and mortgages to educate people and progress them forward," he says. Andrew also speaks at the Knowledge is Power Program (KIPP) Public Charter Schools in Newark annually to educate young adults on the accounting profession and basic financial information.

Many Influences

Dr. Shirley Hunter, formerly an accounting professor at Tufts University and now retired from the University of North Caro lina, first piqued his interest in accounting in high school. "She introduced me to it, and I went into accounting because I like numbers," admits Andrew, who obtained his MBA from Columbia Business School. Both his siblings, who were in graduate programs at Tufts — a sister at Tufts Medical School and a brother at Tufts Dental School — also supported his CPA choice. Andrew's father also favored it, even though he was in engineering and switched into IT.

Obtaining the CPA license was never in doubt for Andrew; he achieved it during his three-year stint at Deloitte. "I would take PTO before the sections and study," he explains. "I wanted something that, when I graduated, I would have some job stability. With accounting, as long as you passed your CPA, you could make a good living and not have as many student loans."

Prior to Deloitte, Andrew worked at EY in New York doing financial reporting and then at a medical device company in Franklin Lakes, eventually moving to Jersey City. Though he originally wanted to start his own accounting practice in Harlem, the startup costs were too high in New York. After much contemplation, he saw Newark as a great base for his mostly referral-based business. "If one client tells three other people, plus someone will tell 10 other people, that s how a firm grows. Good people bring other good people," he adds.