Staff Wages Hit Record High

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Payroll services staff hourly earnings

Their bosses aren’t seeing the same increases.

By Beth Bellor
CPA Trendlines Research

Going into the New Year, the average American is doing somewhat better. Earnings are up a bit; unemployment is down a bit.

MORE: Despite Staffing Crunch, Firms Freeze Pay Raises | Tax & Accounting Firms Grow for 9th Straight Month | Tax & Accounting Profession Grows, but Wages Don’t | Tax and Accounting Pay Advancing at 5.9% Pace | Accounting Jobs Up 4% for Year
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For employees in the tax, accounting and bookkeeping business, things are more complicated. Pay for employees overall? Usually down, way down. But pay for staff in every sector? All-time highs.
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CPA Firm Wages Surge 9%

In payroll, employment is up, but earnings are down.

By Beth Bellor
CPA Trendlines Research

Want an easy way to make employees happy? Give them more money – and that’s just what’s happening in the latest jobs report.

MORE: Accounting Staffs Grow 4%; Pay Rates Surge 8% | Headcounts Grow 5%; Pay Rates Surge at 7% Pace | CPA Staff Wages Hit New High and Keep Climbing | Firms Battle Staff Shortages with Pay Hikes | Tax & Accounting Firms Beef Up Wages and Headcounts | Employee Counts, Earnings Rise
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Except for payroll services, all tax and accounting sectors are seeing higher earnings year over year. Overall pay was up 6.7 percent, with CPA firm staff pay close behind at 6.6 percent. CPA firms beat the national 7.7 percent inflation rate, increasing hourly earnings by a heady 9.2 percent.
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CPA Staff Wages Hit New High and Keep Climbing

Tax prep hiring surges.

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Earnings for staff in CPA Firms: Up 5.8 percent for the year

 

By Beth Bellor
CPA Trendlines Research

Earnings remain a bright spot in the accounting profession. We track other figures as well, of course, but when recruiting and staffing, this is the number your candidates are eyeing.

MORE: Firms Battle Staff Shortages with Pay Hikes | Tax & Accounting Firms Beef Up Wages and Headcounts | Employee Counts, Earnings Rise
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The minimum hike year over year is 4.4 percent. According to the latest data available, these are average hourly earnings:

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Firms Battle Staff Shortages with Pay Hikes

Except at payroll agencies, where wage gains are dipping.

CPA firm wages: Up 9.8% from a year ago.

By Beth Bellor

Let’s talk about earnings, because the latest national data shows some good news on that front. Hourly earnings in the accounting profession have nudged above $39 for the first time, to $39.09, up 81 cents or 2.1% for the month and $2.48 or 6.8% for the year.

MORE: Tax & Accounting Firms Beef Up Wages and Headcounts | CPA Hiring Rises as Number of New Grads Continues to Decline | Staffing Crisis: 40% Are Looking for New Jobs

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Another new high came at CPA firms, where they topped $41 for the first time at $41.61, up $1.23 or 3% for the month and $3.70 or 9.8% for the year. Staff at CPA firms followed the trend with $31.84, up 53 cents or 1.7% for the month and $2.02 or 6.8% for the year.

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Tax & Accounting Regains 3,800 Jobs

Tax prep down, payroll sees big swings.

By Beth Bellor

Some of those heady new highs the accounting profession was seeing a year ago are seeing reversals now. We’re looking squarely at you, COVID-19. Feel free to move along anytime.

MORE ON JOBS: Accounting Jobs Recovery Slows | Tax & Accounting Firms Rehire Two-Thirds of Pre-COVID Workforce | Tax & Accounting Firms Rehire Two-Thirds of Pre-COVID Workforce | New Job Cuts at CPA Firms | More Jobs Trends and Staffing
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In this report, CPA Trendlines highlights:

  • Current and long-term hiring trends in each of the bookkeeping, payroll, tax, and CPA segments of the industry (all data seasonally adjusted)
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

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COVID Impact: 17,500 Tax & Accounting Jobs Lost

Tax and Accounting Headcount, Year-to_year Percentage Change. July 2020
In the red: Tax and accounting headcounts, year-to-year percentage change.

Cutbacks fall hardest at payroll agencies.

By Beth Bellor

Overall, the total number of employees in the tax and accounting sector is dropping again, but not nearly as dramatically as at payroll agencies.

MORE JOBS & HIRING TRENDS: Firms Recall Half of Furloughed Staffers  | Covid Kills 67,600 Jobs in Tax and Accounting | Pre-COVID-19, Accounting Profession Hits New Highs | Headcounts Dip by 3,500 in Tax & Accounting | Tax & Accounting Headcounts Hit Record High  | Hiring Growth Rate Shows Signs of Leveling Off | What Staffing Shortage? | Payroll Agencies Lead Jobs Growth in the Tax & Accounting Industry  | Hiring Trends Flash Warning Signs of Slowdown in Tax & Accounting | Hiring Surge Powered by Growth in Payroll Agencies |

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The payroll segment lost almost 15 percent of its jobs in the latest data collected by CPA Trendlines Research. In some consolation, though, those who are left are seeing record new earnings.

In this report, CPA Trendlines highlights:

  • Current and long-term hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry (all data seasonally adjusted)
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

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Firms Recall Half of Furloughed Staffers

Total tax and accounting employees, in thousands, over the last 18 months. (CPA Trendlines Research)

Just in time to finish tax season.

By Beth Bellor

Got whiplash? Job sectors that saw figures plummet in last month’s report are seeing them climbing back, albeit not as quickly.

MORE: The Mystery of 10 Million Missing Tax Returns | Pro Tax Prep Stalls to a Crawl amid Covid-Extended Season | Planning for the Coronavirus Recession | The Tax Season 2020 Dumpster Fire | |  Covid Kills 67,600 Jobs in Tax and Accounting  | Pre-COVID-19, Accounting Profession Hits New Highs

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The tax and accounting industry has quickly added back about half of the jobs lost in the COVID-19 shutdown – just in time to finish the hyper-extended tax season, according to the latest CPA Trendlines Jobs Report. But what happens next is anybody’s guess.

In this report, CPA Trendlines analyzes:

  • Current and long-term hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry (all data seasonally adjusted)
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

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Covid Kills 67,600 Jobs in Tax and Accounting

Two years of steady gains wiped out in one month

Profession loses four years of job growth in the first month of the Coronavirus recession, reversing years of steady gains.

By Beth Bellor

Crushed by the Covid-19 pandemic, the tax and accounting profession has fallen below 1 million employees for the first time in two years – way below, and that may be just the tip of the iceberg, according to CPA Trendlines Research.

MORE on JOBS and HIRING TRENDS:  Planning for the Coronavirus Recession  |  Pre-COVID-19, Accounting Profession Hits New Highs  |  The Fight for New Tax Clients  |  Tax & Accounting Headcounts Hit Record High   |  Hiring Growth Rate Shows Signs of Leveling Off   |  What Staffing Shortage?   |  Payroll Agencies Lead Jobs Growth in the Tax & Accounting Industry   |
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In this report, CPA Trendlines highlights:

  • Current and long-term hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry (all data seasonally adjusted)
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

The data comes with a big asterisk.

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