pay & compensation

firms battle staff shortages with pay hikes

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except at payroll agencies, where wage gains are dipping.

cpa firm wages: up 9.8% from a year ago.

by beth bellor

let’s talk about earnings, because the latest national data shows some good news on that front. hourly earnings in the accounting profession have nudged above $39 for the first time, to $39.09, up 81 cents or 2.1% for the month and $2.48 or 6.8% for the year.

more: tax & accounting firms beef up wages and headcounts | cpa hiring rises as number of new grads continues to decline | staffing crisis: 40% are looking for new jobs

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another new high came at cpa firms, where they topped $41 for the first time at $41.61, up $1.23 or 3% for the month and $3.70 or 9.8% for the year. staff at cpa firms followed the trend with $31.84, up 53 cents or 1.7% for the month and $2.02 or 6.8% for the year.

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cpa roi doa: why the next-gen accountant won’t be a cpa

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extinction ahead: the next generation of would-be cpa could be one of the last.

it doesn’t add up: college students doing the math say the cpa exam is too tough (54%) and too time-consuming (54%). (icpas)

by 卡塔尔世界杯常规比赛时间

is the cpa profession doomed to die out?

it’s too soon to say, but the signs aren’t good. the need for public accountants is bound to continue, but will there be accountants to fill that need? it’s already hard to find qualified, certified professionals, and a peek in the pipeline shows no improvement.

related: matt wilkinson: think small to think big | how to communicate your value  | payroll services rocket with u.s. economy | internal communication can’t be overlooked | top issues: talent, time, and transformation |  the disruptors: re-inventing accounting with tyler anderson |  making partner: the essential metrics |  stop complaining and start innovating |  staff retention for remote workers | 4 top communication habits  | how to measure partner potential  | staffing shortage cripples growth at 40% of firms | is it time to outsource?

more in recruiting  & talent management

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the aicpa has been warning us about this trend for several years. the aicpa trends report of 2019 saw bachelor’s, master’s and ph.d. accounting enrollments down four percent, six percent and 23 percent from the already low levels of 2018. meanwhile, the illinois cpa society reports that less than half of all accounting graduates even bother sitting for the cpa exam.

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inside a partner comp committee

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how buyout was affected.

by marc rosenberg
the rosenberg practice management library

we worked with a 10-partner cpa firm a few years ago to change their income allocation method from an incredibly complicated formula that was deeply flawed to a compensation committee (cc). we talked to the partner group recently to get their feedback on how things worked out.

more: rewarding partners for seniority: pros and cons | what if founders don’t want to buy each other out? | when cpa partner votes go wrong | why billing less may mean earning more
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why did you adopt the cc? it embraces the fundamental concept that an accounting firm’s success depends on its partners’ production and intangible attributes such as management, leadership, mentoring staff, and teamwork, among others.
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payroll services rocket with u.s. economy

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cpa firms expand by 6%. tax prep takes losses.

line graph
^ staff employment in payroll services

new highs in headcounts and hourly wages.

by beth bellor

there were bright spots in several sectors of the latest employment figures, but let’s get the ball rolling with the most gleaming: payroll services, which set a couple of new highs on the way to positive year-over-year marks in every measure but hours.

and by “positive,” we mean the likes of 16 and 17 percent.

more on staffing: the disruptors: re-inventing accounting with tyler anderson | stop complaining and start innovating | staff retention for remote workers  |  staffing shortage cripples growth at 40% of firms  |  is it time to outsource?   |  the six essential kpis for managing partners  |  competing for talent in a private-equity world  |  the great resignation: five reasons accountants are quitting  |  a tech stipend for employees? why not?  |  five ways to get staff to own their work

 goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

payroll services overall hit a new high of 192,300 employees, up 1,500, or 0.8 percent for the month, and 28,800 or 17.6 percent for the year.

those employees worked 35.8 hours, up 12 minutes or 0.6 percent for the month but down 2 hours 6 minutes or 5.5 percent for the year.

their earnings set a record at $40.53, up 20 cents or 0.5 percent for the month and $5.18 or 14.7 percent for the year.

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what makes a partner

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checklist: the 16 big responsibilities for any partner.

by marc rosenberg

when managers become new partners, they face numerous changes.

more: the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner
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those include some things they’re entitled to … and not. read more →

turn your business model upside down and reap the rewards

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illustration of man pushing "services" buttonyour secret weapon to exponential profits.

by matt solomon

learning to price, sell, and deliver through a simple, proven process streamlines the way you communicate your value and makes it easy for clients to say yes. it’s your secret weapon.

more: shift 2: step into the role of a business advisor | shift 1: stop depending on compliance work | take the nine-point practice checkup | three ways to leverage today’s uncertainties for renewed growth
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

with practice, your ability to price, sell and deliver will be as routine as a 1040

but it’s worth a whole lot more: between $36,000 and $180,000 per year, per client.
read more →

rewarding partners for seniority: pros and cons

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stressed person looking at graph.what best serves the firm?

by kristen rampe

in our work with cpa firms on partner compensation, we have asked countless partners what they think about various performance criteria and whether or not they should factor into a partner’s allocation of income. some examples of the performance criteria include firm management, business development, client service and billable hours. another criterion we ask about is seniority or tenure.

more: what if founders don’t want to buy each other out? | when cpa partner votes go wrong | when managing partners can’t | covid-19, adversity and innovation | is mandatory retirement a best practice?
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some partners respond to our questionnaire indicating that seniority or tenure should be a factor in income allocation. many partners believe it has no place. so, who’s right?
read more →

eisneramper ceo explains the firm’s private equity deal

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卡塔尔世界杯常规比赛时间 podcasts: the next paradigm shift?
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stream or download the episode. |  follow 卡塔尔世界杯常规比赛时间 podcasts on apple here. |
or paste this rss link into the podcatcher of your choice.

eisneramper ceo charly weinstein calls the firm’s deal to take on private equity a new wrinkle in the profession’s decades-old struggle to secure fresh capital for expansion in an increasingly competitive marketplace.

staffing shortage cripples growth at 40% of firms

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on the frontlines: about 64% of firms surveyed globally by 卡塔尔世界杯常规比赛时间 are scrambling for new hires.

in the u.s., tax and accounting firms are adding jobs at a robust 7% rate, but that’s still short of what’s needed.

by beth bellor

from arizona to zimbabwe, and dublin to cinncinatti, tax and accounting firms are telling 卡塔尔世界杯常规比赛时间 that they are so short of staff they’re turning away new business.

how to face down the covid talent crunch:
join the survey. get the answers.

the scramble for talent is global and it’s forcing fundamental changes in how accountants do business.

reports are coming into 卡塔尔世界杯常规比赛时间 from around the world and they are dismally similar:

  • tucson, ariz.: at r&a cpas, chief recruiter nancy allison says they’re turning to “hiring fully remote employees, making fully remote and hybrid work permanent for existing team members, and utilizing outsourced services for tax preparation assistance.”
  • marondera, zimbabwe: accountancy consultant billy ndlovu tells 卡塔尔世界杯常规比赛时间 they are turning away new clients even as they battle the covid upheavals that are “changing how we do things.”
  • dublin, ireland: anthony casey at noone casey is staying ahead of the curve by finding productivity gains in remote working and picking up new staffers with specialty skills.
  • cincinnatti: back in the u.s., rick kruse at kruse & crawford is turning to new technology even as they trim their headcount.

卡塔尔世界杯常规比赛时间 polling shows about 64 percent of firms are seeking to add additional staffers, even as 60 percent of firms are turning away new work due to the crippling shortage of new hands.

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the six essential kpis for managing partners

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proper planning prevents poor performance.

by bill penczak

we have all heard the term, “working in the business” instead of “working on the business.”   i would suggest that most managing partners and senior leadership fall more into the “in” than the “on,” given staff turnover, busy season deadlines, exhaustion, and advancing years of many managing partners.

more: the great resignation: five reasons accountants are quitting   |  five tips for better decision-making   |  your marketing sucks: six reasons why   |  five global cpa leaders: four survival strategies    |  are you too generous with your write-offs?    |  it’s time to herd your highly compensated cats  | nine smooth moves to build client satisfaction   | five tough questions for these tough times |  i started a consulting practice the first week of march 2020

i’ve endured enough management committee meetings during which the course of conversation leans more heavily towards rat-holes than addressing key firm issues of people, technology, quality, risk management, and growth.  at the end of the day, every decision you make as managing partner foots back to one of those areas. deciding on the venue of the holiday party does not fall into that category.

peter drucker, the famous management consultant, summed it up succinctly: management is doing things right; leadership is doing the right things.

here are six ideas that managing partners should contemplate when it comes to running an effective and engaged firm: read more →

the great resignation: five reasons accountants are quitting

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and five strategies for addressing attrition – before it strikes.

gauging the staff shortage:
how are accounting firms adapting?
join the six-minute survey. get the answers.

by bill penczak

firms are getting nervous and with good cause. as they plan for the 2022 busy season, audit and tax departments are realizing they may not have the resources to staff their jobs already on the books, much less any new work that comes about in the fourth quarter of 2021.

more on the staffing crisis: the digital toolset for hiring at a small accounting firm  |  learning how to hire amid covid  | how covid rewrites the rules for recruiting | new covid strategies for staff recruiting and retention | irs has recruiting problems, too | 12 signs it’s time to outsource | how aging boomers impact the accounting profession | why remote workers need retreats |

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there’s been a lot written in the past few months about the great resignation, but the turnover problem in cpa firms has been endemic before the pandemic. one recent report finds that turnover in the top 50 firms is 17%, and one in every six firms experiences an annual turnover of 20 percent or more. that means that one out of five people who attend the busy season kickoff event won’t be around for the next one.

here are five reasons your people are quitting your firm for other firms, for a job in industry, or to become a citizen of the gig economy and work virtually from a beach in thailand:

read more →

critical pieces of your new-partner agreement

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businessman signing document as another looks onfirms: have you addressed all these items? be ready.

by marc rosenberg
the rosenberg practice management library

what is a partner agreement?

more: what new partners should know about buyouts | comp: what new partners don’t know | there are two kinds of accounting firms | how to get promoted to manager | the 17 rules for making partner at a cpa firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

according to nolo.com, “a partner agreement spells out the rights and responsibilities of the firm’s owners. without one, firms will be ill-equipped to settle or avoid conflicts because if certain key passages are missing or written improperly, the courts will intervene in ways that the partners may not like.  a partner agreement allows the firm’s partners to structure their business relationships with each other in ways that suit their desires, needs, and preferences.”
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