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About

Firm Profile and Credentials

In additional to providing traditional audit and accounting services, NR Smith and Associates sets ourselves apart from other accounting firms by specializing in all aspects of financial planning including investment management.

Our practice emphasizes proactive service in all areas. With the bigger picture in mind, we provide services tailored to help our clients achieve their goals.

Our team, many of whom hold multiple credentials, provides professional accounting, tax and financial planning services to over 500 clients, including individuals, non-profit organizations, and businesses.

To serve you at the highest possible level, we are:

  • Certified Public Accountants
  • Certified Financial Planners
  • Licensed as registered investment advisor representatives with the Washington
  • Department of Financial Institutions
  • Yellow Book qualified to perform single audits
  • Successful participants in Peer Review since 1978

Our adherence to the highest professional standards is evident in memberships in these prestigious organizations:

  • American Institute of Certified Public Accountants
  • Washington Society of Certified Public Accountants
  • AICPA Governmental Audit Quality Center
  • Association of Certified Fraud Examiners
  • Personal Financial Planning Division of AICPA
  • National Association of Personal Financial Advisors
  • Institute of Certified Financial Planners

Our History

NRSmith & Associates, PS has been providing traditional public accounting services to the South Puget Sound area for over 70 years. The firm was founded by Elliot Spring in 1941. From 1941 to 1958 the firm provided accounting and tax services. In the beginning, the practice provided extensive services to contract loggers, timberland owners, and Christmas tree growers in the south sound area. Clients included one of the largest Christmas tree growers in the world.

From 1958 to 1974, management went through a number of transitions but maintained its industry position and stable operating staff. However, the local economy was changing.

In 1974, Norman R. Smith became resident manager and then purchased the practice in 1976. In 1978, he consolidated offices in Shelton and Lacey into one location in Olympia, Washington to realize operating efficiency.

By this time it was apparent the timber industry was transitioning. With the “Spotted Owl” decision, the ecology of timber harvest changed. The availability of area harvestable resources was contracting. Equipment technology was improving and the relationship between contract loggers and timber owners was changing.

With these changes, the client service model of NR Smith and Associates, PS needed to change. Based on close relationships established in the 1940’s, the model needed to be modified to include sophisticated tax controversy and financial planning services sensitive to client needs.

As our clients adapted to the changing economy, buy/sell questions occurred more often. Assistance with management issues, capital formation, intergenerational transfers, and entity selection services were sought. Other frequent topics included how to use qualified retirement plans, withdrawal from their business, general retirement planning, and effective long-term income and estate tax planning.

Financial planning and investment services were needed for wealth preservation. We developed good financial plans, which included tax planning, but were frustrated when we tried to gather appropriate financial vehicles only to discover that local financial vendors would substitute their products. While not intentional, it was driven by a commission-based mentality. The conflict of interest was apparent. In the mid 1980’s our firm entered into an institutional relationship with Charles Schwab and where we have actively managed investment portfolios for the last 30 years. This Schwab relationship allows us to provide our clients with objective, fee-only investment management, preserving a fiduciary relationship.

Our firm’s President, Norman R. Smith, brings an extensive background in providing management, audit, accounting services, a full range of tax services, and personal financial planning including investment management, using not only experience acquired with firms like Peterson and Sullivan and Pricewaterhouse Coopers, but also using the many years of working with auto dealerships including a primary relationship with Dealer Development Division of Ford Motor Company, various construction, and governmental agencies. Norman works closely with his staff to provide supervision and training for extensive services under the single audit act, as well as specific agreed upon procedures. His goal is to have a well-trained staff to build relationships with our clients, partnered with excellence in service and have our firm be a good contributor to the growth and well-being of our community.

Meet the members of our team.