L.A. CPA Derek Davis left the Big Four to launch a smartphone app, even before renting an office for his new firm
New global study shows 43 percent of accountants are ready to jump ship. Here’s why. By CPA Trendlines Research The war for top talent in the U.S. accountancy profession is spreading worldwide, fueled by growth and increased confidence, according to a new global study obtained by CPA Trendlines. Some 43 percent of accountants at multinational firms say they’ll probably leave their jobs within the next year or two, seeking more pay, better opportunities or both. The figures closely follow those found by CPA Trendlines in U.S.-focused studies (CPA Firms Paying Top Dollar for Talent in Nationwide Hiring Binge). GET THE INSTANT DOWNLOAD of the FULL-SIZE INFOGRAPHIC:
It’s a 1.8 percent hike from boom times. We’ll take it. The U.S. tax, accounting and bookkeeping industries have fully rebounded, surpassing the previous January 2008 peak, according to CPA Trendlines sources. Here CPA Trendlines reports on: Current hiring trends in each of the bookkeeping, tax, payroll and CPA segments of the industry. Average hourly wages for key segments. Typical hours worked per week. And trends concerning women in the accounting workforce. While cheering the recovery, the new employment trends represent intensifying competition for talent, as well as clients.
The compensation trap that turns winners into losers. By August Aquila Creating the Effective Partnership The focus on most CPA firms is on billable hours. While there is nothing inherently wrong with this focus, it has become the overriding focus of firms. There is nothing wrong with making money today, but what about building for the future? With “today” being the dominant focus, what is the encouragement to CPAs to innovate? In most firms there is no alignment with innovation and compensation. You will never have innovation unless you allocate some time and reward to making it happen.
Readers’ Forum: Hours worked. Firing clients. Setting prices. Chris Basom, managing partner of Your Money Matters in Mission Viejo, Calif., wants to know the “one thing you wanted to implement before tax season but just couldn’t get to.” “Is cash still relevant?” asked solo practitioner Roxann Otto of Otto Tax & Accounting Services in Slinger, Wis. Charles G. Read in the Melbourne, Fla., area would like to know how other accountants arrive at the charges they present. Deborah McDowell Cain of her eponymous firm in Fort Worth, Texas, asked, “Does your firm work five, six or seven days a week? Is overtime for staff mandatory? Are senior staff hourly, salaried, offered overtime or comp time?” And harking back to the busy […]
The 9 essential elements for a successful partner comp plan. By Robert J. Lees and August J. Aquila Creating the Effective Partnership Every compensation plan should be constructed to help the firm achieve its strategic goals, including servicing its clients and attracting and retaining the right people.
How to create a fair and effective comp plan that unites partners and pushes the firm forward. By Robert J. Lees and August J. Aquila Creating the Effective Partnership The right partner performance bonus plan encourages and rewards partners for achieving firm, team and individual goals, enabling the partners to see a clear cause-and-effect relationship between what they do, what it means to the firm and how they get rewarded. Unfortunately, in too many firms, partners can’t see these linkages. The compensation system is a failure. Consider, for a moment, these six questions for your firm: