CPA Trendlines finds a wealth of information in the new Rosenberg Survey, the leading national compendium of financial and operating statistics for CPA firms. A host of consultants points out some of the things they see CPA firms doing right and wrong.
Ask Carrie Steffen of The Whetstone Group where accounting practices are going in 2018 and beyond, and you'll probably get at least three key issues that are being addressed at some forward-thinking firms.
Accounting professionals have every right to expect excellent compensation. They work very hard, they need a huge body of knowledge, their ranks barely fill available jobs, and the firms that hire them are desperate to attract and retain them. It shows.
High turnover has practically become synonymous with the larger public accounting firms, with turnover rates reaching as high as 30 percent. The AICPA Top Issues Survey says quality staff ranks as the top concern for U.S. accounting firms, hitting number one for the first time post-recession in 2015, and among the top ever since.
How CPA firms can muscle up in the war for talent.
By Rick Telberg CPA Trendlines
It takes more than a steady paycheck to attract new talent and keep good staff happy in today’s tight candidate market. But there's a huge gap between what firms are offering and what top candidates expect, according to a CPA Trendlines analysis of a new nationwide compensation study.
In a new survey of the most common benefits, perks, and incentives offered by companies and accounting firms, Robert Half, the nationwide recruiting agency, finds many tax, accounting, and finance employers are offering less than competitive benefits, perks, and incentives.
In a war for talent, you need all the ammunition you can get. Accounting and audit firms work with high-caliber professionals. These professionals are looking for packages. Salaries are a good start, but firms that want to attract and retain the best need to consider what really appeals to them.
What do candidates want and what are firms offering? Here are the details:
Bonus Checklist: Five keys to winning the talent wars.
By Rick Telberg
The digital transformation of the accounting profession is creating a surge in demand for high-skilled, business-savvy professionals, and firms are clearly willing to pay top dollar for the best candidates, according to a CPA Trendlines analysis of new research.
Pay rates and headcounts appear to be rising in tandem at leading firms, according to data gathered by one of the leading recruiters in the business.
Thousands of accountants and finance executives are gathering in New York this week for the inaugural launch of the new Accounting & Finance Show produced by Terrapinn Holdings, which has completely revamped the meeting since acquiring it last year from Flagg Management.
Since so many of the headline speakers are part of the CPA Trendlines brain trust, the event offers a special opportunity to meet some of the profession's most renowned commentators and experts – live and in-person.
Change and uncertainty are constants in the tax prep business, and this year’s busy season indicates no exception. This tended to be a good year, according to the annual CPA Trendlines Busy Season Barometer, with a majority of America’s CPAs foreseeing a better than average busy season.
But 31 percent see themselves suffering a worse season. Their definition of “worse,” however, swung between two opposites. Mosty of it boiled down to clients – late, unprepared, annoying, questioning, fee-resisting clients. READ MORE →
More work, more clients, more fees, more profits. So who's complaining?
By Rick Telberg CPA Trendlines
Despite beginning in chaos and uncertainty with the biggest tax-law change in three decades, Busy Season 2018 may go down as a banner year in the books for the tax profession – one of the best ever, according to the annual CPA Trendlines Busy Season Barometer.
Kathy J. Scroggs, of Scroggs & Associates in Montecito, Calif., says, “My team is working like a well-tuned grand piano.”
Almost half of all CPAs report a busy season better than last year, with more work and higher profits. Additionally, two-thirds cite gains in revenue and in the number of clients.
One tax practitioner, reporting a “much better year,” is riding a wave of shifting clientele. “I'm having more people coming in to prepare and use e-file, more than last year,” he tells CPA Trendlines, “especially new business owners opening LLCs.”
The so-called Tax Cut and Jobs Act won't officially take effect until next year, but professionals are already reporting that it's causing problems and depressing their forecasts for this year's busy season results.