Abacus CPAs, LLC’s Post

In spite of the CPA shortage, we seem to be in one heckuva growth era for public accounting firms. Accounting Today released its annual “Top 100” ranking issue for International, National and Regional CPA firms. The overarching theme is definitely – Growth. Revenue Growth, Service Offering Growth and yes – Employee Growth. 📈 All this on top of a banner year in 2022. AT reports that revenue growth for the Top 100 firms increased by 12.88% in 2023. Down from 18.55% in 2022. The report also details that there are now 16 firms with revenues in excess of $1B. CohnReznick and Plante Moran crossed the line and joined the club in 2023. The threshold to make it into the Top 100 also increased from $50.1M in 2022 to $57.8M in 2023. For further contrast, going back to the beginning of the decade, the 100th ranked firm reported $43.7M in revenue in 2020. ⬅️ The report goes on to explore the areas where this growth originates. AT had a detailed section on CAS (Client Accounting Services) discussing the growth of that service line throughout the profession due to it’s profitability. 80 of the 100 Top Firms responded to the survey and 84% of those firms reported higher demand and revenue growth in the CAS service line. Some of the other service lines reporting greatest growth were SALT, Estate & Trust Tax Planning, M&A (TAS), Int’l Tax, etc. 🧾 🐊 Looking closer to home, only three of the top 100 are HQ’d in Florida. Schellman (Tampa) was ranked 47th ($149M & 526 employees)for the #1 ranked Florida firm. Berkowitz Pollack Brant (Miami) came in at 51st with $141M in revenues & 413 employees. Kaufman Rossin Group (Miami) came in at 57th with $130M in revenues and 531 reported employees. If you are interested in the full report, head over to the Accounting Today website. (But you’ve got to be a subscriber to download the report.) #cpacareers #publicaccounting #cpafirms

It is crucial to showcase the exciting and diverse opportunities that a career in accounting offers and dispel misconceptions about the profession. (From The CFO Digest)

🔍 Finding Qualified Staff: The Top Issue for CPA Firms in 2024 As we navigate 2024, CPA firms are facing a significant challenge: finding qualified staff. This critical issue impacts growth, client service, and overall firm success. 🌐💼 Discover the latest insights and strategies to tackle this pressing problem in the accounting industry from CPA Practice Advisor. 📈 Read the full article here ➡️ Finding Qualified Staff is the Top Issue Facing Most CPA Firms in 2024 https://lnkd.in/gRbDPwXM #Accounting #CPAFirms #StaffingChallenges #PracticeManagement #ProHorizons

The worst of times: Issues in accounting in 2024 It's a great time to run an accounting firm — except for how hard it is. Even before getting into the issues that are specific to accounting, leaders from some of the most successful firms in the profession noted the atmosphere of economic risk that is enveloping the country — and, indeed, the world. "The uncertainty of the marketplace remains a challenge for firms across the globe," explained David Kessler, CEO of New York City-based CohnReznick. "We enter our fiscal 2025 with many of the socio-economic issues we had in fiscal 2024: high inflation and interest rates, tightened lending, uncertainty in the real estate markets, global conflicts." Paul Knopp, chair and CEO of Big Four firm KPMG, concurred, framing the issue as "a combination of near-term risks to growth like geopolitics and political uncertainty and structural changes like sticky inflation, high cost of capital, and labor market shifts that raise the cost of doing business, with little margin for error on strategy development and execution." See link for more information: https://lnkd.in/gpzqs_5M

Check out this featured article on Inside Public Accounting discussing BE's newly appointed CEO, Laura Sprouse and her vision for Brown Edwards. #NewCEO #IPA100 #TopAccountingFirm https://hubs.li/Q02DBBG-0

Thanks CPA Practice Advisor for publishing our CEO Reyes Florez' insights into what the next generation of accounting looks like! "Helping small firms evolve into the future can be complex, but is undeniably powerful when done the right way." Check it out here: https://lnkd.in/esaFVm4e #nextgenaccounting #thefutureishere #boutiqueaccounting #21stcentury

I had no idea there was a staffing crisis for Accountants. This article includes a graph of people writing the CPA exam…lowest numbers in 17 years. 😳 https://lnkd.in/gMZq7uCS?

If you're interested in finding out more about addressing the accountant shortage, check out this great new blog post from the Palm Desert-based CGC Accountants & Advisors. Just click below.

Fifteen public accounting firms in the U.S. made $1 billion or more in revenue during their most recent fiscal year, according to the newly released top 500 firms ranking for 2023 from INSIDE Public Accounting. (From CPA Practice Advisor)

Good read “Second, there are only a few careers that have the power to transform generational wealth status in a single lifetime. Accounting is one of them. By giving young people of color access to these job pipelines, economic mobility catalyzes.” #accounting