Even as firms continue 15-month expansion trend.
While CPA firms struggle through a shake-out. READ MORE →
Bold growth tactics, big partner cuts.
The nation’s 100 largest tax and accounting firms have reversed revenue losses and are accelerating growth in a highly competitive market by relying on a mix of merger, acquisition and selling strategies, according to a new survey and analysis.
In a year marked by “blockbuster mergers,” Accounting Today reports top-line revenue advanced 7.9% for the 100 largest firms operating in the U.S., clocking in total fees of $45.8 billion. Among the Big Four, revenue grew 8.2% to $436.2 billion.
This year’s advances mark a turnaround from back-to-back retreats.
Four in five expect the same or better than last year’s busy season.
by Rick Telberg
As Busy Season 2012 gets into full gear, tax and accounting professionals are holding steadfast to their confidence that this year’s results could show a marked improvement over last year’s, according to current readings of the profession by CPA Trendlines.
With January 2012 just beginning, 55% of accountants expect 2012 to be overall “somewhat” or “much” better than 2011, which is relatively unchanged from readings in November and December. To be sure, 26% expect no change from last year, and 19% are bracing for “worse.”
In other findings from the CPA Trendlines busy season barometer and related reports:
- Accountants Expecting a Better Busy Season in 2012
- For 2012, CPAs Look to Technology to Build Stronger Firms, More Balanced Lives
- Billables Look Good for Busy Season
- Busy Season Prices Heading Up 4.1%
- Tax Season Outlook: Watch those Extenders
- Will a Jobs Plan Wreck Your Tax Season?
- Video Roundtable: Tax Season 2012 Outlook
- Soloists Set to Step Up Marketing for Tax Season
- Accounting Industry Goes Hiring; Wages Gain, Too
Complete findings are published in The CPA Trendlines Practitioner’s Tax Season Performance Review and Outlook Report. (Learn more here)
The economy turns a corner.
According to a survey of U.S. accounting firms by Sageworks, 92% of financial professionals believe that businesses will either maintain or increase their employee count in 2012.
Strategy 2012: Battling for Market Share
What are your critical challenges for 2012, and what can do you about them? A number of the profession’s leading lights have been sharing their thoughts with Accounting Today. Here’s one:
Santos Postal & Co.
We see a shrinking market share of small and medium-sized businesses with the need for premium accounting services caused by increased competition from larger firms with greater resources.
Even as CPA firms shrink by 1,100.
The nation’s accounting and bookkeeping sector accounted for 2,000 of the 80,000 new jobs created in October, according to new preliminary and seasonally-adjusted data from the U.S. Labor Department.
For the nation, the jobs gain pushed the unemployment rate down to 9.0% from 9.1%.
For the accounting and bookkeeping sector, October’s performance represents a third straight month of gains and a year-to-year gain of 60,800 jobs, bringing the industry’s payroll to 932,200 employees.
Millions of “help wanted” ads surveyed and indexed.
Indexed to February 2010, the number of open “accountant” jobs has increased 64% and the number of open “CPA” jobs has declined 11%, according to data from Simply Hired, a job search engine affiliated with CPA Trendlines. The graph displays the percentage of jobs with the search terms anywhere in the job listing.