INSIDE Public Accounting Names the 25 “Best of the Best” CPA Firms

This is the 14th year INSIDE Public Accounting has named the best-managed accounting firms.

Two hundred fifty firms participated in this year’s IPA Annual Survey and Analysis of Firms. Each of the firms is eligible for the IPA Best of Best honor, regardless of size.

“Best of the Best firms represent the top 25 accounting firms in the nation who each demonstrate the right combination of vision, planning, and execution to deliver superior performance,” said Michael Platt, principal of the Platt Consulting Group and publisher of INSIDE Public Accounting.

The 2008 Best of the Best firms range in size from $6 million to $275 million in revenue; represent nine states; have practice mixes ranging from audit specialists (as high as 93 percent of net fees) to tax specialists (71 percent of net fees) and everything in between. Eleven of the 25 firms are from the West, and 10 of those 11 firms are based in California, primarily clustered around San Francisco and Los Angeles.

With revenue growth of the group at 24.2 percent and income growth at 27.8 percent, Best of the Best firms turn in a scorecard that is the envy of their peers. They carefully weave together benefit packages, staff salaries, expense management, staff leverage, training, strategic planning, investments in their future, and the right feedback systems to accelerate growth of their firms. Not only are their growth rates strong, but they are able to pay partners on average 75 percent more than their peers - with average partner compensation crossing the $700,000 threshold for the first time in IPA history.

The Best of the Best Firms, in alphabetical order:

Amper, Politziner & Mattia / Edison, NJ
Argy, Wiltse & Robinson / McLean, VA
Armanino McKenna / San Ramon, CA
Aronson & Company / Rockville, MD
Beers + Cutler / Vienna, VA
Burr, Pilger & Mayer / San Francisco
Feeley & Driscoll / Boston
Frazier & Deeter / Atlanta
Gerson Preston Robinson & Co. / Miami Beach
Glenn M. Gelman & Associates / Santa Ana, CA
Grassi & Co., CPAs / Lake Success, NY
Greenstein, Rogoff, Olsen & Co. / Fremont, CA
Hein & Associates / Denver
HMWC CPAs & Business Advisors / Tustin, CA
Holthouse Carlin & Van Trigt / Santa Monica, CA
Johnson Lambert & Co. / Raleigh, NC
KMJ Corbin & Company / Irvine, CA
Marcum & Kliegman / Melville, NY
Morrison, Brown, Argiz & Farra / Miami
Novogradac & Company / San Francisco
Reznick Group / Bethesda, MD
SC&H Group / Sparks, MD
Seiler LLP / Redwood City, CA
Squar, Milner, Peterson, Miranda & Williamson / Newport Beach, CA
The Schonbraun McCann Group / New York City

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Posted on October 22, 2008
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Six Steps Toward a Less-Paper Office

Tax season checklist. Already?!

Yes. Now is the time to start planning for next tax season. In this month’s Accounting Technology, associate editor Alexandra DeFelice covers the waterfront. She includes this handy sidebar, listing six items to consider in going, well, if not exactly “paperless,” then at least “paper-less.”

Going Paper-Less

  1. Scan source documents the start of the process instead of waiting to scan returns.
  2. Dual or triple monitor can serve as the “paper” staff is used to holding.
  3. Save returns to PDF instead of printing copies.
  4. Client portals offered by some tax software vendors and third parties help accountants and clients share and store documents online.
  5. Workflow software can serve as an electronic routing sheet and provide a common view of the stage of all of the firm’s returns.
  6. Use extensions as a time to experiment and to train staff on new technologies and procedures.

Alexandra rounds up a great cast of characters for the article, including:

Happy reading in Accounting Technology at WebCPA here….

Posted on September 11, 2008
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U.S. colleges unprepared for IFRS

Only a small number of colleges and universities are ready to teach IFRS.

Relatively few universities currently have a strategy in place to incorporate International Financial Reporting Standards (IFRS) into accounting curricula in the 2008-2009 academic year, according to the results of a survey of accounting faculty conducted by the American Accounting Association and KPMG LLP, the audit, tax and advisory firm.

In the KPMG-AAA IFRS Faculty Survey, conducted during July and August, only 22 percent of the 535 professors surveyed indicated that they can incorporate IFRS into curricula this year in any significant way. Sixty-two percent said that they have not taken any significant action steps.

Related: Ohio State University’s business school is among a few nationwide taking the lead in teaching a new language of business. Read it here.

Read more

Posted on September 9, 2008
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Is it time to scrap ‘independence?’

For comps and reviews, maybe.

Who really needs or wants an “independent” accountant, anyway?

Leading accounting firms are pushing a revamp of the rules for compilations and reviews that would drop the traditional ‘independence’ requirement and replace it, instead,  with a new standard aimed at reliability. The idea has been cooking for a couple years, but it’s only now starting to get some buzz in the profession.

The AICPA’s powerful Accounting and Review Services Committee is now looking at the idea, pushed there by an ad hoc Reliability Task Force of the AICPA PCPS executive committee.

Read more

Posted on August 26, 2008
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U.K. accountants fear graduate exodus

Starting salary too low

Nearly one third of accountants fear that graduates entering the profession will leave within just two years of qualifying.  Only 27% of graduates are expected to stay in the profession for five years or more.

The research suggests that 76% of accountants consider the £23,000 (about US$45,000) starting salary inadequate to attract a good calibre of accountant, with 26% believing salaries should increase by one half, and 29% by one quarter.

More at Accountancy Magazine, here…

Posted on August 6, 2008
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Don Snyder | Money Tips

snyder_don-cropped.jpgFour good ideas for managing small business in a slowdown.

by Donald J. Snyder, CPA
Partner
Green Hasson & Janks LLP
Los Angeles

1. Scrutinize The Budget. Review yearly budget on a monthly basis, comparing actual and budget amounts - challenge all variances.

2. Manage Cash Flow. Stretch your payables to manage your cash flow. If you’re used to paying within 15 or 30 days, Read more

Posted on June 11, 2008
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Bill.com, AICPA Form Alliance

Web-based accounting startup teams with CPA2Biz.

Bill.com, a Software as a Service (SaaS) company that provides businesses on-demand accounts payable software, has forged a strategic alliance with the CPA2Biz unit of the AICPA.

The deal provides Bill.com with a one-stop solution to its accounting marketing and gives the AICPA the opportunity to partner with a Silicon Valley star to develop some long-sought-after projects, including a CPA “dashboard.”

For accountants, it provides a simple and innovative accounting service to gain and retain clients.

The announcement was timed for the AICPA Information Technology Conference this week in Las Vegas.

Read more

Posted on June 9, 2008
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AICPA-Paychex Program Hits 20,000-Firm Milestone

Alliance launched in 2003 with CPA2Biz

More than 20,000 CPA firms nationwide are now enrolled in the Paychex Partner Program from AICPA Business Solutions. Read more

Posted on June 6, 2008
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Winning the Talent Wars

mark-koziel-mug-cropped.jpgHow small firms compete in today’s market. How are you doing? Join the study. Get the answers.

by Rick Telberg/At Large

In a time of unprecedented demand for accounting professionals, the ability to recruit and retain talent is proving to be a decisive competitive factor.

Because of the so-called staffing shortage, professionals are clocking more hours, firms are turning away work, partners are postponing retirement and mergers are surging.

Recruiting has become every bit as important to survival and growth as finding clients, according to Mark Koziel (pictured), the AICPA’s senior technical manager in charge of practice management. “Making recruiting a systemized function of the firm is critical,” Koziel says. Read more

Posted on May 27, 2008
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4 New Rules for the Tech-Savvy CPA

Plus: Four trends to watch.

How tech-smart is your firm? Join the study; get the answers.

by Rick Telberg/At Large

No CPA would think of trying to do business without a computer or mobile phone.

So why then aren’t more CPAs taking a strategic approach to their technology investments?

john-higgins-mug.jpgAfter all, most growth oriented accounting firms are already spending 5% to 10% of their revenues on IT hardware and applications, according to most studies. My own research suggests that barely one in 10 firms is following a written, strategic technology plan. For most finance and accounting organizations, that’s like piloting a ship without charts.

But where to begin? For that, we went to John Higgins (pictured), CPA, CITP. John is a strategic advisor to CPA firms through his company, CPA Crossings LLC in Rochester, Minn. He is also a past chairman of the Michigan Association of CPAs and a member of the AICPA Business & Industry Hall of Fame. Read more

Posted on May 19, 2008
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Good News on the Staff Shortage

Is the talent crisis over?

Chart: Accounting degrees awarded - 1971-2007 (Source: AICPA)

accounting-degrees-awarded-1971-2007.JPG

CPAs rate their jobs. Join the survey. Get the answers.

by Rick Telberg/At Large

Having trouble finding more good accountants? If so, you are far from alone.

For Cheryl Mills, a senior manager at a CPA firm in New York City, retaining qualified staff has become an uphill battle. “We have lost 60 percent of our workforce this year,” says Mills.”The rapid turnover makes investing in staff difficult.”

Echoing that sentiment, Neil Schembre, who works at a small firm in Fanwood, N.J., says, “Staffing is the lifeblood of my business.” Read more

Posted on May 12, 2008
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Memo to: Indiana Jones. From: His CPA

indiana-jones-harrison-ford.jpgProfessor Henry “Indiana” Jones Jr.
33 New Montgomery Street
San Francisco, California 94118

Dr. Jones,

We are in receipt of your Form 1040 for this past year, and there are several items on your tax return that the Internal Revenue Service would undoubtedly take issue with. These are items that, as your accountant, I would be greatly remiss in not bringing to your attention. While we appreciate your continued use of our qualified tax preparation team and we understand that your financial situation is far from straightforward, we are compelled to make note of the following issues:

It’s worth reading the rest at the very funny Riding with Rickey….

Posted on May 11, 2008
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Tweak Your Growth Plan in Five Easy Steps

050508.jpgCPAs update sales and marketing strategies for tough economic times

What’s working for CPA firms today? Join the survey; get the answers.

by Rick Telberg
At Large

Many accounting firms, already inundated with more than enough work, are rethinking their new business strategies and are turning away from sheer growth in fees and clients to refocus instead on sustainable profit and enterprise value.

For many accounting firms in recent years, marketing has not been a problem. New clients have been rolling through the doors. And, in fact, CPAs are working longer hours or even turning away business to handle the surge.

But with the economy shifting into low gear, more CPAs are taking a new look at their marketing and business development strategies.

Here are five fresh viewpoints to tweak your marketing strategies: Read more

Posted on May 5, 2008
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