The good news: 10,700 accountants hired. The bad: profit pressure. The U.S. tax, accounting, and bookkeeping industry added a seasonally adjusted 10,700 jobs in March, the ninth straight month of year-over-year expansion, according to CPA Trendlines sources. Women and non-exempt employees are making up the bulk of the workers returning to the industry, but not, it seems, to CPA firms, where caution seems to be continuing. At the same time, CPA Trendlines finds renewed pressure on fees and pricing while utilization rates and salaries continue to increase. – Rick Telberg CPA Trendlines Research In this report: Overall hiring trends Women employment CPA firm hiring Overall trends in pricing and billing rates CPA firm pricing trends Tax prep pricing Pricing for [...]
At Microsoft, they worry about motivation, says Bruce W. Marcus, author of Professional Services Marketing 3.0. When everybody who holds any kind of a responsible job is making more money than any of them ever dreamed they would, and when they’re in an industry that would pay anything to hire them away, how do you motivate people? How do you get them to stay, and to produce at the high levels demanded by Microsoft and other high tech companies? Two ways. In this report: Five mistakes firms make. Four strategies that can’t miss.
Lessons from the best-managed firms. By Marc Rosenberg Author of “CPA Firm Management and Governance: The Managing Partner’s Guide to Running a CPA Firm Like a Business.” Baby boomer partners are rapidly approaching retirement age, resulting in a dramatic increase in new managing partners at firms. In fact, CPA Trendlines estimates that up to 25% of multi-owner firms are operating under managing partners who are relatively new to the job, with tenures under three years. And over the next five years, one-third of multi-owner firms will undergo a change in ownership and/or control.
Finance and Accounting Professionals Forecast Improving Job Prospects through 2013 [PRO Member Exclusive]
Rebound in confidence after two quarters of decline. Next Question: What’s your best career advice? Join the survey; get the answers. A leading measure of overall confidence among U.S. finance and accounting workers, rose 5.4 points to 55.8 in 4Q 2012 — ending a two-quarter decline, according to new data reported by CPA Trendlines. The new survey finds growing confidence in job availability and in workers’ personal employment situations, despite continued tepid sentiment in the strength of the economy.
And a couple more ideas for high performing firms. by Ed Mendlowitz Tax Season Opportunity Guide If you have staff, have happy, cheerful, helpful people. Don’t surround yourself with downers and nay-sayers. Make sure they are team players. Part of this is your firm’s culture. It takes work to get people to work together and to focus on doing what it takes to service the client fully, properly and timely. Everyone working together gets it done. You need to create that atmosphere. Here are three things that might help:
Not when, but how? Question: I want to improve my firm’s review and quality control. Do you have any suggestions? Ed Mendlowitz responds: This is a recurring issue for most firms. Every CPA practice needs quality control. The issue is whether a dedicated quality control (“QC”) person is needed and, if not, how the QC can be done without one. A practice is a business and every business must be run efficiently and profitably. QC is an area that I have found many firms getting tied up in and either spending nothing or much more than they should. More Ed Mendlowitz: FREE INSTANT DOWNLOAD: Sample fee schedule for 1040s | Tax Season Opportunity Guide 2013 | 12 Reasons to Love [...]
Hint: Start linking it to compensation. by Marc Rosenberg, CPA Author of “CPA Firm Succession Planning” It’s common sense that the key to succession planning is developing future leaders, a practice at which the vast majority of CPA firms billing under $15-million-a year struggle with. More on CPA firm management and leadership for PRO members [Go PRO here] : CPA Firm Merger “Non-Negotiables” • The “Aha Moment” in CPA Firm Leadership • Leadership Is Overrated: It’s Good Management that Makes Successful Firms • 40 Great Ways to Improve Firm Profitability • Four Management Metrics that Fool Even the Best-Run Firms • 19 Ways to Improve Accounting Firm Profitability • De-Bunking the Myth about Niche Marketing for Tax and Accounting Firms [...]
15 strategies for a first-time supervisor’s success. Here at CPA Trendlines, Ed Mendlowitz answers some of the toughest questions practitioners can throw at him. He’s the right one to ask. After more than 40 years in the business – building his own practice, running the firm, and eventually selling it to a major regional firm, WithumSmith+Brown, where he remains a senior partner and consultant to professional services clients – he has the answers. We’re happy to have him at CPA Trendlines. Send your questions for Ed here, or chime in with Comments below. More from Ed Mendlowitz, The Practice Doctor Q&A: Why No One Listens to You | Fun Reads for Busy Season | When NOT to Offer a Free Initial [...]
They work at Walmart. Here’s how to make them work for you. by August J. Aquila Aquila Global Advisers If they were good enough for Sam Walton, shouldn’t they be good enough for you and me? Is there anyone who wouldn’t want his or her firm to be as successful as WalMart? More August Aquila on CPA Trendlines: Nine Steps to Effective Succession Planning for the Small Firm | Thinking Merger? Look Before You Leap | Four New Checklists for Succession Planning | Partner Accountability: Seven Signs Your Firm May Be in Trouble | Of course, we can’t guarantee your success, but you are more likely to achieve it if you follow Walton’s ten rules.
“Knowledge Gap” method uses a client-centric approach. Ed Mendlowitz answers some of the toughest questions practitioners can throw at him. He’s the right one to ask. After more than 40 years in the business – building his own practice, running the firm, and eventually selling it to a major regional firm, WithumSmith+Brown, where he remains a senior partner and consultant to professional services clients – he has the answers. More for CPA Trendlines PRO Members: What Do You Think You’re Doing? | Can You Teach Judgment? | Clients’ Calls At Home | What You Need to Know before Expanding into Business Valuation | Asking an Attorney for a Referral Fee | Are Partner Retreats Really Worth the Cost? | Audit [...]
Attract and retain the best and the brightest. by Jean Caragher Capstone Marketing Daniel Burrus, considered one of the world’s leading technology forecasters and business strategists and author of six books including “Flash Foresight: How to See the Invisible and Do the Impossible,” was the opening speaker at the 2012 CCH User Conference held this week in my new hometown of San Diego. Complete conference coverage: Cloud & Mobile Technologies Drive Change in Tax and Accounting | How Apple Is Changing Your Business | 10 Ideas to Keep Your Firm Moving Forward | Given the rapidly changing world in which we work, Burrus challenged us to look into the future to determine those hard trends (those that will happen whether [...]
The ideal management structure for a profitable CPA firm…
Business demand drives hiring, new competition for talent. Special to CPA Trendlines Fueled by new demand from business clients, CPA firms of all sizes are looking to expand audit and tax practices and pursue new new market segments, according to a fresh report on the accountant jobs market. (PRO members: Get the full report, courtesy CPA Trendlines.)
One of the key ways to improve client and workplace relationships is by showing appreciation. “Too often” Leo Buscaglia, the author, once said, “we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.” We can extend appreciation anywhere and everywhere — at home, at work, at school, and wherever you want to acknowledge those who make your life brighter. Here are a few ideas that might work for accounting firms:
Business is good, but CPAs say the workload never eases up. by Rick Telberg CPA across all areas of the profession this summer are confirming the best hopes and worst fears that the profession felt when the year was beginning. Yes, business is up across all sectors and should continue to improve, especially for public practice firms, but there are not enough people to handle the work. Our readings are showing that two-thirds of CPAs in all sectors of the accounting profession are enjoying better business than last year. Asked to look 12 months into the future, roughly the same number expect their business conditions to be even better, although members in public practice are slightly more optimistic than members [...]
Marking the fourth consecutive month of decline, the bookkeeping and accounting industry contracted in June, shedding 4,200 full-time employees from May, ending at total employment of 954,800 workers and professionals, according to new data available to CPA Trendlines. Still, June’s employment level represented a 2.5% expansion over the June 2011 level, representing the 16th consecutive month of year-over-year gains for the industry. Overall, the nation’s unemployment rate remained unchanged in June at 8.2% as the economy added about 80,000 new jobs, far short of making a dent in the 13 million jobs lost beginning five years ago with a mortgage meltdown and a financial crash.