Employment

Accounting Firms Expand at 5% Rate

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cpatrendlines jobs report tiltBut why is hiring up and wages down?

By CPA Trendlines

Accounting employment in most sectors once again hit new highs, according to new CPA Trendlines research.

Gains over 5 percent were seen year over year in overall staff employment; CPA staff employment; women overall, at CPA firms and in payroll; payroll overall and staff numbers; and payroll staff hours. Unfortunately, that last group saw their earnings swing down even more.

The CPA Trendlines Monthly Jobs Report has been following a decline in wages and a simultaneous increase in headcounts, which may signal a new dynamic at play in the industry. Robert Fligel, president and CEO of RF Resources, the leading New York CPA firm M&A broker and executive recruiter, suggests several factors may be the cause. “I think firm are hiring more lower level people, like more new college grads; more home-grown talent; and the effect of outsourcing.”

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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NEW RESEARCH: CPA Firms Hiring More, Paying Less

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cpatrendlines jobs report tiltOverall headcounts expand as average wages decline.

By CPA Trendlines Research

The accounting profession is on a roll, at least where employment is concerned. Record highs are being set for all sectors except bookkeeping, which tied May’s mark, and tax preparation, which has fallen for two months.

Meanwhile, women continue to make strong gains, with year-over-year increases ranging from 6.8 to a staggering 23.8 percent. And payroll continues the same path it’s been on for months: more employees, who work longer and make less.

The rise in demand for labor while prices decline would seem to defy the laws of supply and demand.

One or more of several factors may be at play. Labor supply may be suddenly expanding as new workers enter the market from the sidelines. Or, CPA firms may be throttling wages in order to increase partner incomes, a key factor in potentially lubricating the M&A frenzy as partners age out. Or, it could mean firms are replacing high-wage workers with new technologies and pushing more work down the pyramid, raising partner-to-staff leverage — a trend detected in other research studies. In any case, it’s a phenomonon CPA Trendlines is investigating.

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

Professional and business services remain one of the bright spots in U.S. employment, which rose by 161,000 in October. The sector rose 43,000 during the month and has added 542,000 jobs over the course of the year. Unemployment overall was little changed at 4.9 percent.

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JOBS REPORT: Hiring Up. Wages Down.

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cpatrendlines jobs report tiltHourly earnings drop everywhere.

By CPA Trendlines

Maybe it’s the restlessness that comes with the shift from summer to fall. Employment figures were up and down all over the place, according to new CPA Trendlines research.

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Still, the industry as a whole hit a new high. And women are making huge gains – in accounting overall, in CPA firms and especially in payroll, where their jump from a year ago is an astonishing 16.2 percent.

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, and
  • Trends concerning women in the accounting workforce.

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Women, Tax Prep See Workforce Growth

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cpatrendlines jobs report tiltSorry, payroll. Life remains tough for you folks.

By CPA Trendlines

The tax preparation sector of the industry is adding employees. Hmm, why could that be?

Payroll continues its swings, with numbers and hours up while earnings are down. Women continue to see gains both overall and in CPA firms, while their numbers in payroll increased by double digits.

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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
  • Average hourly wages for key segments
  • Typical hours worked per week, and
  • Trends concerning women in the accounting workforce

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Accounting Industry Sets New Hiring Record

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cpatrendlines jobs report tiltVolatility in payroll sector keeps rolling.

By CPA Trendlines

Payroll hit a new high in hours worked even as hourly wages continue to slide, according to new CPA Trendlines research. For payroll staff, numbers and hours are up at about the same rate that wages are down. Meanwhile, women keep making huge gains.

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, and
  • Trends concerning women in the accounting workforce.

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Tax & Accounting Industry Charts 4% Annual Growth Rate

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cpatrendlines jobs report tilt
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One big exception in the million-person workforce: Payroll agencies.

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By CPA Trendlines

Want to work 4.2 percent longer but make 8.2 percent less? No? Then you probably should avoid a payroll staff position, according to new CPA Trendlines research.

Women continue to make gains, even hitting double digits in one sector.

The tax and accounting industry’s latest gains mark the 41st month in a row of year-over-year employment expansion, the longest continuous growth streak since the 45-month period that ended October 2008 with the global banking collapse. Before that, the longest uninterrupted expansion lasted 93 months, ending September 2001 with the attacks of 9/11.

Magid
Magid

Among those firms expanding their rosters, they’re hiring at the five-person Magid Stroud Accountancy Corp., near San Francisco.

Magid Stroud principal Sandy Magid tells CPA Trendlines he’s “seeking qualified applicants, one a seasoned tax-oriented manager and the other a semi-senior.” Magid will even kick in a “contribution to your favorite charity if you refer someone whom we hire.”

Noeldner
Noeldner

He adds, “We emphasize a team approach to all projects, provide a lot of life-work balance, and provide individually based continuing education.”

They’re hiring in Grand Rapids, Mich. Administrative assistant Stephanie Noeldner tells CPA Trendlines that 15-person Baker Holtz is looking for new people. “I have a job that challenges me and I enjoy,” Noeldner says. “I love the people I work with and I work for an amazing company that appreciates their employees.”

Adams
Adams

And they’re hiring in Ridgeland, Miss. At 30-person Matthews Cutrer & Lindsay, audit manager Shannon Adams says, “I’ve been with my company since I graduated college. The top management at my company has been actively involved in helping me succeed in my goals and has given me the support I need. My firm appreciates its employees and values them and their families.”

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, and

– Trends concerning women in the accounting workforce.

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Payroll Workers Still on a Roller Coaster

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cpatrendlines jobs report tiltIndustry employment rises, with women seeing huge gains.

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By CPA Trendlines

Industry hiring is moving ever higher but wages aren’t keeping pace, according to new CPA Trendlines research.

Sole practitioner Joshua Giminez of Fair Winds Tax and Financial and Columbus counted himself among those in a the latest CPA Trendlines survey probably willing to consider a new job and keeping his eyes open. “Opportunities to increase my income level abound,” he explained.

Numbers are growing in nearly all sectors of the tax and accounting industry, with women in particular advancing 5.9 percent annualized and even higher in CPA firms and payroll.

Yet, payroll remains volatile. Workers are finding more opportunities, with 9.7 percent growth, but hourly pay for staff is off by 6.6 percent.
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Women Gain Jobs, Payroll Up and Down

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cpatrendlines jobs report tiltOverall industry employment continues to rise.

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By CPA Trendlines

Women are outpacing men as new hires in the tax and accounting industry today, according to new CPA Trendlines research.

Female headcounts are advancing at annualized rates of 5.5 percent in overall employment, 7.3 percent at CPA firms, and 10.6 percent in payroll services, according to CPA Trendlines research.

At the same time, payroll is emerging as one of the most volatile sectors, with staff up 7.5 percent in the latest month, while wages dropped 8.8 percent year-on-year.

In Metairie, La., a source at a three-partner partner firm reports they are looking for a CPA with the right “mix of technical skills and communication skills.”  “It’s very important to be able to communicate issues with both management and clients,” the source tells CPA Trendlines. At the same time, work at the firm has its challenges. “Although we strive to give clients the best service possible, it is sometimes to the detriment of our work/life balance.”

At a 12-partner CPA firm with offices scattered across Colorado, CPA Trendlines hears from an insider that they are seeking to promote from within. “We are cultivating staff-level employees because we need middle managers and supervisors who already have some experience.”

In the rest of this report, CPA Trendlines delves into:

  • 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.
  • And trends concerning women in the accounting workforce.

READ MORE →