Hiring Trends Flash Warning Signs of Slowdown in Tax & Accounting

CPA firm staffing and wage growth signal weakness.

By Beth Bellor

Not only are several sectors in the tax and accounting industry charting new records in employee numbers, but wages often are up as well, according to new CPA Trendlines research.

MORE ON JOBS: CHARTS: Tax & Accounting Among Biggest Jobs Creators in U.S.
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But key indexes are flashing signs of a decelerating expansion, possibly augering a slowdown, or even cutbacks, in the months to come.

In this report, CPA Trendlines highlights:

  • Current hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry (all data seasonally adjusted)
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

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CHARTS: Tax & Accounting Among Biggest Jobs Creators in U.S.

Also: who’s hiring, who’s not among client business sectors.

By CPA Trendlines Research

The tax and accounting industry is adding jobs at the rate of 37,000 per year, according to the latest data available, making the profession one of the fastest growing sectors of the U.S. economy.

At the top of the jobs ranking are individual and family services, computer systems design and related services, amusements, gambling, and recreation, home health care services, and warehousing and storage.

Meanwhile, if you have clients in apparel, printing and related support activities, commercial banking, department stores, electronics and appliance stores, telecommunications, sporting goods, hobby, book, and music stores, the outlook is not so rosy — They’re all trimming payrolls.

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Hiring Surge Powered by Growth in Payroll Agencies

Join the survey; get the results

Tax & accounting industry adds 40,500 new jobs to hit new record.

CPA Trendlines Jobs Report
Who’s hiring, who’s not, and why?
Who quitting for a new job & when?
Join the survey; get the results

By Beth Bellor

Payroll is proving to a bright spot and women are making some impressive gains in our look at employment in the accounting profession. The latest CPA Trendlines Jobs Report also finds that tax preparation services employment spiked in March, even when seasonally adjusted.

MORE ON JOBS: Tax Shops Bulk Up for Big Busy Season | Jobs Report: 43,000 New Hires | Tax Shops Cut 6,200 Jobs | Tax Shops Cut Staff by 10% | Benefits, Perks, and Incentives: The Happy-Packs of Employee Satisfaction | Salary Survey: Top Skills Getting Top Pay

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In this report, CPA Trendlines highlights:

  • Current hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry (all data seasonally adjusted)
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

Typically, one respondent tells the CPA Trendlines Jobs Report said she’s “Not actively looking” for a new job, “but maybe I could be persuaded.” The reason: “Not comfortable with direction firm is taking.”

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Tax Shops Bulk Up for Big Busy Season

Wages hit new highs.

By Beth Bellor
CPA Trendlines

New hiring in the tax and accounting industry may be slowing in many areas, but the latest CPA Trendlines Jobs Report finds gains overall. Up is up and we’ll take it.

MORE ON JOBS: Jobs Report: 43,000 New Hires | Tax Shops Cut 6,200 Jobs | Salary Survey: Top Skills Getting Top Pay | Accounting Wages Set New Record | All Staffed Up? New Tax Prep Hiring Stalls on Eve of Busy Season | The Myth of the Staff Shortage
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Jobs Report: 43,000 New Hires

Hourly pay averages $33.53, up 4%.

By Beth Bellor
CPA Trendlines

As 2019 dawns, the most stunning trends in hiring in the tax and accounting industry is in payroll services, which shows year-over-year increases of 7 percent or more in overall employment, according to an exclusive CPA Trendlines analysis. Meanwhile, tax prep continues its slow slide.

MORE ON JOBS: Tax Shops Cut 6,200 Jobs | Tax Shops Cut Staff by 10% | Benefits, Perks, and Incentives: The Happy-Packs of Employee Satisfaction | Salary Survey: Top Skills Getting Top Pay | Growth Slowdown: Tax & Accounting Hiring Rates Hit Headwinds | Steady Gains in Hiring at Accounting Firms | Accounting Wages Set New Record
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In this report, CPA Trendlines reports:

  • Current hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry.
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

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Tax Shops Cut 6,200 Jobs

Signs of a hiring slowdown? Payroll agencies trim hours.

By Beth Bellor
CPA Trendlines

Are the heady days of hiring spikes over? Maybe, but the accounting profession still scores far more positives than negatives, according to a new CPA Trendlines analysis.

MORE ON JOBS: Tax Shops Cut Staff by 10% | Benefits, Perks, and Incentives: The Happy-Packs of Employee Satisfaction | Steady Gains in Hiring at Accounting Firms | Tax Prep Services Slash 10,000 Jobs as Busy Season Begins | Tax & Accounting Wages Up 4% | Accounting Profession Shows Steady Growth | Accounting Profession Growing, But Slowly
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New records are being set in overall staff, in payroll staff, and in bookkeeping. Tax preparation services, meanwhile, continue to shed employees. And payroll agencies are cutting back on hours worked.

In this report, CPA Trendlines highlights:

  • Current hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry.
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

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Tax Shops Cut Staff by 10%

Is this any way to prepare for tax season 2019?

By Beth Bellor
CPA Trendlines

Accounting remains part of the general upturn in professional and business services employment, according to the latest data from CPA Trendlines research. Payroll remains a bright spot, especially for women, while tax prep grows ever gloomier.

MORE ON JOBS: Benefits, Perks, and Incentives: The Happy-Packs of Employee Satisfaction | Salary Survey: Top Skills Getting Top Pay | Accounting Wages Set New Record | All Staffed Up? New Tax Prep Hiring Stalls on Eve of Busy Season
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Chart of overall profession employment
^ Overall profession employment

 

In this report, CPA Trendlines highlights:

  • Current hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry.
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

READ MORE →

Growth Slowdown: Tax & Accounting Hiring Rates Hit Headwinds

Women leaving payroll agencies in huge numbers.

By Beth Bellor
CPA Trendlines

Growth in the tax & accounting sector continues, but at a snail’s pace, with figures like 0.3 percent dotting the plus side.

MORE ON JOBS: Steady Gains in Hiring at Accounting Firms | Accounting Wages Set New RecordAll Staffed Up? New Tax Prep Hiring Stalls on Eve of Busy Season | The Myth of the Staff Shortage | Wages Up, Headcounts Down at Tax & Accounting Firms
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

In this report, CPA Trendlines highlights:

  • Current hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry.
  • Average hourly wages for key segments
  • Typical hours worked per week
  • Trends concerning women in the accounting workforce

READ MORE →

Deciding How to Allocate Partner Income

Gavel resting on $100 bills8 aspects that might fall to your compensation committee.

By Marc Rosenberg

CPA firms have a habit of making frequent changes – some major and some minor – to their system and methodology of allocating partner income, just as a baseball team tweaks its roster of players during a long, grueling season.

MORE: Principals Who Aren’t CPAs | Non-Equity Partners: Why Have Them? | Why You Might Want an Executive Committee | Buyout When a Partner Dies | Why and How New Partners Buy In
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Because of this, firms are advised to keep the wording on partner compensation in their partner agreements as general as possible. This avoids the need to change the agreement every time the income allocation system is modified.
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