Archive for the ‘Economy’ Category
Wednesday, March 15th, 2017
Dan Hood, Accounting Today
“There are lies, damned lies and statistics.” – Mark Twain
Those of us working in, or affiliated with, the world of public accounting are always interested in the performance of CPA firms across the country. What are they doing that we could do? How do their numbers look compared to ours? What new trends should we be aware of?
That’s why I wanted to share a link to a podcast from Dan Hood, Editor In Chief of Accounting Today. Their annual ranking of leading firms in the profession offers up a host of insights and secrets; in this podcast, Hood shares some of the most interesting, such as, over-all growth in revenue was 8.8%
If you don’t have time, right now, to listen to the entire 13 minute podcast, bookmark this page and take time over the weekend (or after mid-April) to listen and learn.
Here a link to the podcast, A Deep Dive Into The Top 100 Firms.
It is the mark of a truly intelligent person to be moved by statistics.
George Bernard Shaw
Tuesday, January 10th, 2017
“Perseverance is the hard work you do after you get tired of doing the hard work you already did.” – Newt Gingrich
As you already know, nearly every CPA firm is looking for new talent. It’s truly turned into a war for talent in the public accounting profession.
It’s not just public accounting, of course. According to Glassdoor’s newest report on job trends, there is a record number of unfilled jobs – 5.85 million as of April 2016 – which represent the most since BLS started tracking job openings in 2000.
Andrew Chamberlain, Glassdoor’s chief economist, shares some 2017 job trends:
#1 HR will transform itself into “people science.”
#2 Many things get automated but we don’t lose our jobs.
#3 Nontraditional benefits will become less popular.
#4 We’ll make progress narrowing the wage gap.
#5 The Gig economy will slow down.
Read more about each trend here. I know you will be interested in #3!
No one can make you feel inferior without your consent.
Friday, September 23rd, 2016
It’s September and I just received my copy of the 2016 issue of The Rosenberg Survey. It is the 18th Annual Edition. The Rosenberg Survey is one of the most popular and widely respected national MAP surveys for the CPA profession.
Comments and insights from many well-known CPA management consultants are included. Look for my comments on Page 21.
The survey includes numbers from:
- Firms with over $20M in fees
- Firms with fees of $10-$20M
- Firms with fees of $2-$10M
- Firms with fees under $2M
- Sole practitioner firms
Order yours here.
Everybody gets so much information all day long that they lose their common sense.
Tuesday, July 21st, 2015
If you follow this blog regularly (you can sign-up for email updates on the right side of this page), you know I have been on vacation.
On the long drive home, I caught up on some reading. Yes, I actually had the paper copy of Accounting Today with me.
I really enjoyed the article by Tamika Cody titled, A CPA For The Shared Economy. Be sure to read it!
Derek Davis, discovered a need, an opportunity and pursued it! People working in the shared economy as independent contractors, need professional advice. He realized the confusion they faced with taxes. So, he left his Big Four position, followed the road to independence and launched a virtual accounting practice.
Stories like this are unfolding across the country. “Traditional” CPAs are becoming “New Age”!
How about you? No matter what your age – new opportunities, many that are actually more challenging, interesting and exciting are developing.
Are you and your firm ready for the future?
In case you never get a second chance: don't be afraid! And what if you do get a second chance? You take it!
C. JoyBell C., author
Tuesday, January 27th, 2015
I really like it when CPAs get some big-time exposure and are acknowledged for the incredible vastness of their knowledge.
I also find things like the “Jock Tax” very interesting and definitely controversial.
Here’s a link to where my friend, Robert Raiola (@SportsTaxMan on Twitter) was featured on Bloomberg TV last week, discussing the tax.
Check him out on Twitter for a lot of tweets about the Super Bowl jock tax consequences.
Aren't we all striving to be overpaid for what we do?
Friday, September 13th, 2013
I always try to keep my clients informed about trends in salaries in public accounting. Today, I thought I would share some information with all readers of this blog.
Offers to new hires, annual salary increases and various salary ranges are always a hot topic in CPA management circles. But, please remember…. it takes more than money to keep great talent satisfied.
Glassdoor is just one resource I use. I am providing a link to current salary information from Glassdoor. If you follow this link, you will be permitted access without being a Glassdoor member.
Glassdoor often shares salary information specific to CPA firms. Please keep in mind that when assessing your firm’s salary ranges that geographic location is a major factor.
For I don't care too much for money, for money can't buy me love.
Thursday, April 12th, 2012
I’m in New York City this week attending the Spring meeting of the New Horizon Group of CPA management consultants.
Fourteen of us have gathered for 2 days to talk about how we can be a positive and supportive influence for our many clients and all CPA firms across the country.
Today Barry Melancon, CEO of the AICPA, will be meeting with us and giving us an update/status report on the many issues the Institute is addressing.
I’ll be writing more about current trends in the days to come. For now, here’s a tidbit: All of us are seeing firms being much more proactive in addressing their succession issues. Members of the group also reported that their clients (CPA firms) seem “moderately optimistic” about improved growth and success for their firms this year.
If you can count your money, you don't have a billion dollars.
J. Paul Getty
Wednesday, February 15th, 2012
For some CPAs in public accounting, cloud computing is still somewhat of a mystery. But for many other progressive CPA firms, they are already living in the cloud and loving it.
I hear it over and over again at management conferences – “We have these small firms in town, and even some larger ones, who are under-cutting our fees. We simply can’t do it for what they are quoting.”
Small to medium-sized enterprises (SMEs) are looking to cut expenses any way they can and accountants can offer more value-for-money services to these SMEs by being prepared to offer interactive services rather than the traditional yearly engagement and related discussions. Cloud computing is slowly transforming the accounting industry by offering to streamline accounting processes in order to cut costs and adopt services which add value in a subscription-based scheme.
The big hurdle is that accountants must be able to view cloud computing as a big opportunity rather than a threat. They must be willing to take the lead in this new phase of business.
With this new technology, an accountant can provide timely reports and advice to SMEs so they can stay in business during these tough economic times.
Read more about How the Accounting Industry Is Being Changed By Cloud Computing in this informative article from CloudTweaks.com.
Don’t be like Mark Twain…..
I was seldom able to see an opportunity until it had ceased to be one.
Monday, December 12th, 2011
I was reading Time magazine and noticed a short article under their “Briefing” section, titled: Getting Yours. Even in a down market, some jobs still command pay hikes.
Over-all wages have remained stagnant. Pay increased just 1.8% in the past year, about half as much as inflation. That may be changing, if you are one of the survivors, your employer doesn’t want to lose you. (I definitely think this applies to CPAs.)
A graph in the article shows professions with the biggest raises since the recession began. The fastest wage growth category? Tax preparers.
Just a heads-up for you. Be sure to take care of your best performers.
Did you ever notice that when you put the words 'The' and 'IRS' together, it spells THEIRS?
Tuesday, August 16th, 2011
Are your team members once again concerned about their jobs? Are they worried that the roller-coaster stock market might mean another ride on the recession merry-go-round?
Yesterday, I posted that many CPA firms are seriously looking for people to aid in maintaining their high-level of client service during the first quarter of 2012. However, will the recent downturn in the market cause firm leaders to go through another season of cautious hiring and expense belt-tightening?
In a WSJ article titled, Memo to Staff: Don’t Panic, it notes that corporate leaders are looking at how they can jack up morale in the work place via town hall meetings and company wide memos.
If your team has been operating “lean and mean” for the last couple of years (or even if you have been adequately staffed) please keep the lines of communication open so that your team knows what to expect in the coming months. It is probably too soon to tell if you will change your strategy. If that is so, then communicate what you are thinking. Keep in mind that team members inside CPA firms are tiring of the excessive workload because firm leaders have not been replacing people who were let go or left on their own.
It seems the need for top talent never goes away in the accounting profession. Communicate that to your team and do it often.
It is also always important to deal with those who are NOT top talent, counsel them on how to become a star performer then if they fail, they won’t be surprised.
I always feel like I'm on a roller coaster, but I never want to get off. There's a certain high you're always on.