Fresh Data Spell New Staffing Issues at Tax & Accounting Firms

cpa trendlines jobs reportHiring and wages are up. Utilization rates are down.

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By CPA Trendlines

Most workers in the tax and accounting industry are working fewer hours than a year and a half ago, according to CPA Trendlines sources, a potentially troubling sign of unsustainable hiring and management practices.

In addition, year-over-year increases of 5 percent or more were seen in

  • number of overall staff;
  • number of CPA firm employees, both total and staff;
  • payroll staff;
  • and women overall, at CPA firms and in payroll

The really bad news comes in payroll agencies, where positions are at their second highest level ever, but wages are plummeting.

With the new data, the monthly CPA Trendlines Jobs Report projects a new surge in turnover with the end of busy season. There will be winners. And there will be losers. Savvy, growing firms will be well-positioned to attract the under-leveraged talent that slow-footed firms can’t handle or afford. Top talent will be making lateral moves, as much for more supportive cultures and future opportunities as for a quick pay increase, according to the CPA Trendlines analysis.

In this report, CPA Trendlines provides additional detail and analysis on:

  • current hiring trends in each of the CPA, tax preparation, payroll and bookkeeping segments of the industry;
  • average hourly wages for key segments;
  • average hours worked per week;
  • and trends concerning women in the accounting workforce.

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Accounting Industry Extends 5% Growth into Busy Season

SOURCE: CPA TRENDLINES
Source: CPA Trendlines

A great time to be an accountant.

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The secret to success in the accounting business?
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By CPA Trendlines

Have we mentioned it’s a great time to be an accountant?

We have, of course. But the good news shows no signs of slowing. According to CPA Trendlines sources, increases of 5 percent or more were seen in

  • overall staff employment;
  • CPA firms, both overall and staff;
  • payroll, both overall and staff;
  • women overall, at CPA firms and in payroll;
  • and tax preparation, which skipped into double digits.

Payroll staff saw the steepest decline, in hourly wages.  The new CPA Trendlines Careers and Hiring Outlook survey results come amid a tax season, which by most measures, is much improved over last years.

MORE on TAX SEASON for PRO MEMBERS (Go PRO here)Busy Season 2016: More Clients, Fewer Problems  |    Problem Clients Causing Big Trouble  |  Most Tax Professionals Call 2016 Busy Season Much Improved over Last Year | Stress Less This Tax Season  |  Is Tax Season the New Fraud Season?  |  5 Tax Season Motivation Tips  |  Recognize Your Tax Season Resources  |  Tax Season 2016: IRS in Crisis  |  Eliminate Tax Season Excuses  |  Record Pre-Season Hiring Surge: Ready for Biggest Tax Season Ever?  |  16 Qualities of a Good Tax Season Client  |  8 Ways to Delight Tax Season Clients  |  Small Tax Season Leaks Can Cause Great Damage  |  5 Ways Thorough Beats Sloppy In Tax Season  |  Tax Season Management: Multi-Tasking Is a Myth  |  Digital Workflow Systems Make Tax Season Easier  |  Why CPAs Need to Worry about Cyber Crime (Especially in Tax Season)

Here CPA Trendlines reports on:

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

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Strong Industry Growth Fuels Wage and Retention Issues for Firms

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As growth breeds competition, job-seekers gain the upper hand.

What drives staff turnover?
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By CPA Trendlines

The nation’s tax and accounting firms are enjoying one of their most prolonged periods of growth since CPA Trendlines started keeping track with the Careers and Hiring Outlook Survey 15 years ago, but pressures are building in staff retention and compensation.

This month’s CPA Trendlines Jobs Report covers:

  • Current hiring trends in each of the bookkeeping, tax, payroll 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 Expands at 5% Annual Rate

cpatrendlines jobs report tiltPayroll agency hiring surges. Wage growth slows at CPA firms.

Who’s hiring? Who’s not?
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By CPA Trendlines

The U.S. tax, accounting and bookkeeping industries are turning out to be one of the brightest spots in the nation’s economy, growing at about 5 percent a year, with payroll agencies now turning in the strongest performance.

Wage growth, on the other hand, is showing signs of slowing down.

This month’s CPA Trendlines Jobs Report covers:

  • Current hiring trends in each of the bookkeeping, tax, payroll 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 →

Record Pre-Season Hiring Surge: Ready for Biggest Tax Season Ever?

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New jobs pace sets stage for record-high revenues – or disastrous disappointment.

Who’s leading the charge?
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By CPA Trendlines Research

Tax and accounting industry growth is on a tear with no signs of slowing down, according to CPA Trendlines sources.

In most segments, people are working less and earning more, with payroll a notable exception.

And new data show the industry gearing up for a huge tax season, with tax prep employment leaping 22.5 percent over the same period last year.

Here CPA Trendlines reports on:

  • Current hiring trends in each of the bookkeeping, tax, payroll 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 Employment Hits New Highs

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By CPA Trendlines

The number of employees in the accounting industry keeps climbing and toppling old records. The latest data from CPA Trendlines shows more than 40% of firms are hiring.

The CPA Trendlines Careers and Hiring Outlook

TODAY’S BONUS QUESTION: What’s the most important trait or skill needed to succeed in the accounting business?

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In this report, CPA Trendlines covers:

  • Current hiring trends in each of the CPA, tax, payroll and bookkeeping segments of the industry, indicating growth and shrinkage among sectors.
  • Average hourly wages for key segments, with trends in employee pay rates.
  • Typical hours worked per week, showing utilization and productivity.
  • Trends concerning women in the workforce, including hiring rates.
  • Including 25 charts and graphs

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Tax & Accounting Firms Lead U.S. Economy in Growth Rates

Employment and hours trending up.

By CPA Trendlines

Professional and business services such as accounting are emerging as a bright spot in our economy, according to CPA Trendlines sources.

The national unemployment rate remains at 5.1 percent. Total nonfarm payroll employment increased by 142,000 in September, with 31,000 of those jobs coming in professional and business services. Overall job growth has averaged 198,000 per month, compared to an average monthly gain of 260,000 in 2014. In professional and business services, monthly job growth has averaged 45,000 in 2015, compared to an average 59,000 in 2014.

Accounting and bookkeeping employment hit the 1 million mark this year and keeps climbinh.
Accounting and bookkeeping employment hit the 1 million mark this year and keeps climbing.

 

In accounting and bookkeeping services overall, the industry continued its upward climb, reaching 1,014,600 employees. The peak reflects a gain of 5,400 or 0.5 percent in the past month, and 47,000 or 4.9 percent in the past year.

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NEW RECORD: U.S. Accounting Industry Tops 1 Million Workers

Wages rise 6%. Double-digit expansion in payroll agencies.

By CPA Trendlines Research

The number of people employed in the accounting industry has topped 1 million for the first time ever.

Sounds great, doesn’t it? There are a million of us. Savor that for a moment.

Top Talent Strategies
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In this report, CPA Trendlines covers:

  • Current hiring trends in each of the bookkeeping, tax, payroll and CPA segments of the industry, indicating growth and shrinkage among sectors.
  • Average hourly wages for key segments, with trends in employee pay rates.
  • Typical hours worked per week, showing utilization and productivity.
  • Trends concerning women in the workforce, including hiring rates.

READ MORE →