The Milwaukee accounting firm Ritz, Holman, Butala, Fine LLP changed its name to RitzHolman CPAs this week.

The firm, founded 51 years ago, was originally named Ritz Holman and Company, said Andrew Holman, partner in the firm. And most of the firm's customers use its original name, said Tricia Knight, another partner in the firm.

"We were going through a branding process, and we asked, 'What do people know us as,'" she said. "They all know us as RitzHolman, and now we don't have to tell them it's wrong any more."

The firm, which has 31 employees, is working now to expand some of the areas it has built expertise in, including professional service businesses such as physicians groups, attorneys and law firms, its partnership real estate area, divorce taxation and other personal lines. The firm is also looking to further develop its outsourced bookkeeping and accounting services that it offers to clients.

"It changes the accounting model… offering more of a longer term shared responsibility between the professional and business or nonprofit," Holman said. "Because of the technology changes, it changes the whole dynamic."

Between 2006 and 2007, RitzHolman grew its revenues by about 6 percent. The company had about 13 percent revenue growth by the end of July.

"Most of it has been in the nonprofit, audit and outsourcing areas," Holman said.

The firm's web site has been changed as well, to www.ritzholman.com.

The Wisconsin Women's Business Initiative Corp. was awarded $1.1 million by the U.S. Department of the Treasury's Community Development Financial Institutions Fund late last week, which the organization will use to build its revolving loan fund, build capacity and expand programming.

"This award will allow our customers to create and grow small and micro-businesses and create new jobs," said Wendy Baumann, president and CEO of WWBIC. "It will help them generate economic self-sufficiency for themselves and their families."

A total of $54.2 million was awarded to 44 organizations by the Department of the Treasury fund. WWBIC was one of three organizations around the country to receive $1.1 million, the maximum award.

For more information, visit www.wwbic.com.

Jefferson Wells acquires New Jersey firm
Jefferson Wells, a Milwaukee-based global provider of tax, finance and accounting, internal audit and controls, and technology risk management-related services, has acquired The Gelber Organization, an Edison, N.J.-based state and local tax consulting firm.

Jefferson Wells said the acquisition will enhance its rapidly growing tax practice by expanding its services and capabilities in the highly technical arena of state and local taxation.

"Jefferson Wells is in a unique position to enhance our clients' tax functions with The Gelber Organization's deep expertise and talent, extending our services and expanding our ability to meet the growing client demand for state and local tax consulting," said Michael Touhey, president and chief operating officer of Jefferson Wells.

"By joining Jefferson Wells' global network of highly experienced professionals, resources and service offerings, this move allows us to better serve our clients," said Arthur Gelber, president of The Gelber Organization.

In conjunction with the acquisition, Jefferson Wells is formally establishing its third Tax Center of Expertise, which will focus on client needs.

Jefferson Wells is an independently operating, wholly owned subsidiary of Milwaukee-based Manpower Inc.

Joy Global subsidiary to acquire Chinese company
China Mining Machinery, a wholly-owned subsidiary of Milwaukee mining equipment manufacturer Joy Global Inc, has entered into a definitive agreement to acquire all of the outstanding shares of Wuxi Shengda, a Chinese manufacturer of longwall shearing machines, for $22.0 million, excluding closing costs.

Wuxi Shengda primarily serves the markets for provincial mining companies and employs approximately 450 at its facility in Wuxi, China. Completion of the transaction is subject to customary regulatory approvals and other closing conditions and is expected to occur during the fourth calendar quarter.

Mike Sutherlin, president and chief executive officer of Joy Global, "The acquisition of Wuxi Shengda provides us with a foothold in the China market for domestic equipment and will allow us to better serve that country's local and regional mining industry."

"We see opportunities to grow revenues and margins at Wuxi Shengda by enhancing its existing product offering through newer shearer technology, improving operational efficiencies and establishing our service/aftermarket capabilities," said Ted Doheny, president of Joy Mining Machinery, Joy Global's underground mining business.

Tax rebates gave temporary boost to GDP
The U.S. Department of Commerce reported last week that the national gross domestic product (GDP) increased by 3.3 percent annual rate in the second quarter, revised from the government's previous estimate and exceeding economists' expectations.

The growth was fueled by additional consumer spending after the federal tax rebates and by the continued declining value of the U.S. dollar that made American products more price-competitive.

The rebound came after two dismal quarters. The economy shrank in the final three months of 2007 and grew in the first quarter at 0.9 percent pace.

Federal Reserve Chairman Ben Bernanke recently warned that the economy will be weak through the rest of this year.

Economist Peter Morici, who is ranked as the most accurate economic forecaster at Marketwatch.com, predicts the economy will hit another pothole in the second half of the year, as the impact of the tax rebates subsides.

"Consumer spending was given a big bounce from the stimulus package tax rebate checks, especially during May and to a lesser extent in June. However, the effects of that stimulus package have now worn off and consumer activity is slowing," said Morici, professor at the Robert H. Smith School of Business at the University of Maryland. "My forecast is for a very small gain of 0.2 percent in July but that still would not be enough to offset the effects of inflation. Real consumer spending appears to be contracting  … The good news is that productivity growth remains strong, American industry continues to bang out new creative and attractive products, and the economy is likely to have only a shallow recession. The economy should bottom out in the fourth quarter of this year and the first quarter on 2009, and then recover. Don't look for the Federal Reserve to raise interest rates before 2009."

Fiserv's Facebook product wins banking technology award
Fiserv Inc., a Brookfield-based provider of information technology services to the financial industry, announced that its MyMoney convenience banking application on the Facebook Platform has won The Banker Technology Awards 2008 Retail Award for Online Innovation.

The Banker Technology Awards seeks to identify and celebrate excellence and innovation in banking technology. The awards are presented by The Banker magazine.

MyMoney enables companies and developers to build applications for the Facebook website, where all of Facebook's 100 million users can interact with them.

Recognizing the popularity of Facebook among Gen Y consumers, who are desirable prospects for many credit unions, Fiserv developed MyMoney to enable Facebook users to search for and join a credit union and manage their funds via the familiar Facebook interface.

Using MyMoney, they can view account balances, history and transfer funds right from their Facebook profile, with multiple layers of security protecting their data and accounts.

"At a time when financial institutions are competing to gain the wallet share of Gen Y consumers, Fiserv's MyMoney can serve as a strong differentiator, making it easy to reach this growing market through the increasingly popular vehicle of Facebook.," said Tom Neill, president of Fiserv Depository Institutions Group.

MyMoney, which launched in February 2008 with about 40 credit unions, is now being sold through all of the Fiserv credit union companies.

Sadoff honored by Barron's
Ronald Sadoff, founder of Sadoff Investment Management LLC in Milwaukee, was recently named 79th of the top 100 financial advisors in the U.S. by Barron's magazine. Sadoff was the only advisor selected from Wisconsin in Barron's annual survey, and this was the second year in a row that he was named to the list. "We have an excellent track recod that spans three decades," Sadoff said. "Our goal is to provide clients with a comfort that they can attain their investment goals with reduced risk."

The Brookfield accounting firm of Winter, Kloman, Moter & Repp, S.C. recently promoted Rachel Stawicki to Senior and Renee Bardenwerper, CPA to Supervisor. Stawicki works from the firm's Brookfield office and Bardenwerper works from its Oconomowoc location.