Accounting firms are like people—each one has its own situation, its own problems, its own goals, and dreams. It’s no surprise, then, that when asked for the essential ingredient to achieving their goals this year, CPAs offer a wide assortment of answers. But six topics emerge clearly as the most oft-cited.
The question is one of several put forth in an ongoing CPA Trendlines survey being conducted in conjunction with the Ohio Society of CPAs and consultant Michael Ramos. READ MORE →
Researchers at MIT have developed a device and software that could figure out exactly how much power is being used by every appliance, lighting fixture, and device in a home, with pinpoint accuracy and at low cost. Photo: Bryce Vickmark
One of the issues that are often discussed when talking about smart homes is the ability to monitor energy consumption down each appliance and light fixture.We covered a story about Sense, a gadget that is supposed to diagnose your electrical usage – by appliance.
Privately held accounting-related companies – accounting, tax preparation, bookkeeping and payroll service companies – are the most profitable, with net profit amounting to 18.3 percent of sales, on average, based on a financial statement analysis for the 12 months ended June 30.
To be sure, if you ask two accountants how profitable they are, you’ll get three answers. READ MORE →
The ongoing survey on professional development strategies, conducted in conjunction with the Ohio Society of CPAs and consultant Michael Ramos, is asking in what areas accountants plan to beef up their capabilities this year. The survey touches on two dozen aspects of practice management and skill development. Among them, the not-for-profit niche is emerging as the hottest specialty niche, followed by personal financial planning and business valuation.
As might be expected, preliminary results are showing most efforts to be in the standard professional missions: accounting, financial statements, audits, and tax preparation. The survey is also asking about specific specialty skills. The results may be indicating the true scope of today’s—and tomorrow’s—accounting industry. Every skill mentioned was being pursued by at least quite a few respondents. READ MORE →
Sharing skills and knowledge with the next generation of leadership.
Harry Moehringer, managing partner of Marks Paneth
By CPA Trendlines Staff
Harry Moehringer, managing partner of Marks Paneth, the nation’s 34th largest accounting firm, expects the business to grow by deepening the expertise in its specialty services while it also reaches out further to attract younger professionals and staff workers.
“The most important issue facing accounting firms like ours is creating an environment that fosters long-term organizational growth and prosperity,” he says. “This requires recognizing that, as the Baby Boom generation continues to age and retire, high-level knowledge and expertise in the profession will need to transition to dynamic and younger owners of the firm.”
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Of course, that’s pre-tax.
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