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PATRICK B. ARMKNECHT CPA, CITP

CONTACT
[email protected]
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Patrick has more than 28 years of experience helping clients optimize processes and leverage technology to solve problems. He has direct experience with digital transformation, process automation, project management, corporate accounting, internal audit, software selection and implementation. He has served clients in the professional services, manufacturing, distribution, not-for-profit and hospitality industries.

Patrick’s responsibilities include oversight of the firm’s Business Process Automation, Data Analytics, Digital Transformation, Software Solutions and IT Consulting Services. In this capacity, he’s required to stay abreast of the latest advancements in technology, digital trends and best practices to help identify and deliver value added solutions to clients.

Patrick’s responsibilities require significant planning and administrative skills, in addition to a thorough knowledge of specific financial, technological and operating concerns of the entities served.

Education

B.S. – Business Administraton, emphasis Accounting, West Virginia University

Professional and Community Involvement

Member—American and Pennsylvania Institutes of Certified Public Accountants

American Institute of Certified Public Accountants Certified Information Technology (CITP) Credential Holder

Member—Schneider Downs Not-For-Profit Services Industry Group

Member—Butler Country Club, Finance Committee

Member—North Catholic High School, Development and Communications Committee

Rebuilding Together Pittsburgh, Past Treasurer

Member—ISACA (Information Systems Audit and Control Association)

Board of Directors—Schneider Downs & Co., Inc.

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What was the best advice you’ve ever received?
Never be afraid to fail.

If you could go back in time, what advice would you give your college self?
Enjoy the present. The future will be here soon enough.

What is the best or most interesting thing about your career?
Technology is always changing – most of the time for the better.

What was your first job?
I was a paperboy.

Do you have a “motto?”
Do the right thing. Every time.

Do you have advice for young professionals?
Find your passion and pursue it. You spend too much of your life working not to enjoy what you do.

Our Thoughts On

FEATURED

Big Problem: The Tax Implications Of Overseas Valuations.

Big Thinking: $1 Million In Tax Savings.

Shareholder MARY RICHTER has more than 20 years of public accounting experience since joining Schneider Downs in 2002. She has expertise with domestic and international tax planning, state tax nexus, tax credits, accounting for income taxes, and specific transaction planning and implementation.
One of Mary’s clients was reorganizing their overseas operating structure and wanted to move certain assets to different jurisdictions. The client had been purchased by a Private Equity group and called us about updating a valuation we had previously done for the business. In addition to working through the valuation questions, we were able to identify an opportunity to revise their restructuring plan to avoid taxation of a significant portion of the transactions. “By asking questions, having a strong understanding of their needs, and collaborating with the client, we were able to save them roughly $1 million in taxes,” Mary said. “Plus, our plan enabled them to generate future tax deductions overseas to offset the current cost of restructuring. We also saved them substantially on fees.” Schneider Downs provides Big Thinking and Personal Focus in delivering a variety of services for large and small businesses, both publicly and privately held, as well as nonprofit organizations, government entities and more. Through our commitment to thought leadership and knowledge management, we deliver the solutions our clients need with a personal commitment to service.
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