Thursday, August 10th, 2017

The 10 Most Profitable Industries

“Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn

It’s no surprise to CPA firm owners, but accounting and bookkeeping firms (along with real estate leasing companies and legal services) top the list of the most profitable industries over the last 12 months.

It’s nothing new, accounting has been at the top for several years, but I think sometimes CPA firm owners don’t think much about it, probably because they are used to the profit margins.

The information comes from Sageworks in its annual ranking of the most profitable industries in the U.S.

Most CPAs truly love the work they do. Sure, it involves some long hours, commitment and dedication to client service but being extremely profitable sure is a nice reward.

Share this information inside your firm. Perhaps it will inspire talented, young CPAs to go down the future partner track. Some partners don’t want to share this information because the staff will want bigger salaries. Maybe it is time to have that conversation inside your firm.

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  • "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1."
  • Warren Buffett

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