Payroll services hours take some wild swings.
By Beth Bellor
What would help recruit more people to the accounting profession? How about that trusty standby, more money?
Most accountants are bringing home more in hourly earnings, according to the latest available data.
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For the accounting profession overall, hourly earnings hit a new high at $41.39, up 35 cents or 0.9 percent for the month and $2.32 or 5.9 percent for the year. Staff earnings hit a new top mark at $31.76, up 20 cents or 0.6 percent for the month and $1.64 or 5.4 percent for the year.
At CPA firms, earnings slipped to $43.32, down 11 cents or 0.3 percent for the month but up $2.19 or 5.3 percent for the year. For staff at CPA firms, earnings of $33.41 were up 31 cents or 0.9 percent for the month and $1.49 or 4.7 percent for the year.
Payroll services hourly earnings rose to $36.81, up $1.32 or 3.7 percent for the month but down $1.88 or 4.9 percent for the year. Payroll staff earnings hit a new high of $32.11, up 79 cents or 2.5 percent for the month and $1.14 or 3.7 percent for the year.
How many people does this affect? Employment in the accounting profession took a slight step back in July after six straight months of growth. It now stands at 1,161,200, down 400 or statistically flat for the month but up 40,800 or 3.6 percent for the year.
Nationwide, total employment increased by 187,000 in July, with 5.8 million still unemployed. The unemployment rate was unchanged at 3.5 percent; since March 2022 it has ranged from 3.4 percent to 3.7 percent. The professional and business sector had averaged 38,000 growth the previous 12 months, but lost 8,000 jobs in July. How long does it take to make these higher earnings? Accounting employees overall averaged 35.6 hours per week, unchanged for the month and down 42 minutes or 1.9 percent for the year.
Staff numbers reached a record 845,300, up 2,800 or 0.3 percent for the month and 28,900 or 3.5 percent for the year. They put in 35.4 hours – a high for 2023 – up 30 minutes or 1.4 percent for the month and 12 minutes or 0.6 percent for the year.
CPA FIRMS
CPA firms employed a record 554,400, up 1,400 or 0.3 percent for the month and 27,800 or 5.3 percent for the year. They averaged 36.9 hours, unchanged for the month and down 12 minutes or 0.5 percent for the year.
Staff at CPA firms also hit a new high in three months of growth at 381,300, up 2,700 or 0.7 percent for the month and 20,300 or 5.6 percent for the year. They worked 35.6 hours, up 12 minutes or 0.6 percent for both the month and year.
TAX PREP
Tax preparation services employed 94,900, down 1,800 or 1.9 percent for the month and 15,000 or 13.6 percent for the year.
PAYROLL
Payroll services declined to 225,900, down 1,500 or 0.7 percent for the month but up 14,900 or 7.1 percent for the year. Time clocked was volatile as employees averaged 34.1 hours, up an hour and a half or 4.6 percent for the month, but down 2 hours 18 minutes or 6.3 percent for the year.
Staff in payroll fell to 187,500, down 4,200 or 2.2 percent for the month but up 9,000 or 5 percent for the year. Their hours leaped to 36.4, up 5 hours or 15.9 percent for the month and 18 minutes or 0.8 percent for the year.
BOOKKEEPING
Other accounting services have stayed the same or increased for seven months and set a record high at 290,600, up 1,200 or 0.4 percent for the month and 7,700 or 2.7 percent for the year.
WOMEN
Women in the profession reached a record mark of 730,700, up 2,700 or 0.4 percent for the month and 20,700 or 2.9 percent for the year. A new high also appeared at CPA firms, 328,800, up 3,500 or 1.1 percent for the month and 12,900 or 4.1 percent for the year. At payroll services, women numbered 110,600, up 7,600 or 7.4 percent for the month and 8,900 or 8.8 percent for the year.