But how are firms preparing for busy season? Join the survey, get the answers.
by Rick Telberg
CPA Trendlines
News and data are streaming in to CPA Trendlines showing widespread signs of strength and recovery in the tax and accounting business.
Rick Telberg
President / CEO
CPA Trendlines
We?re seeing rebounding revenues, profits and incomes from two of the leading MAP surveys, one here and here.
Hiring at accounting firms is strong and trending stronger, suggesting real confidence in an improved busy season, on top of last year?s blockbuster.
Billing rates and prices are suddenly surging upward, indicating amenable clients and more of them.
To be sure, of course, prosperity brings it?s own perils. Competition is getting even tougher, with more firms reporting even more aggressive business development plans. Profits could be pinched soon, particularly in forensics, as the growth rate in starting salaries returns to pre-recession levels.
And the avalanche of mergers, acquisitions and consolidation that is restructuring the profession will only accelerate. By one estimate, a third of the CPA firms in New York City alone will change hands in the next five years.
At the same time, the rate of new firm formation appears to be running at record levels. So for every firm that disappears off the radar screen through shakeout, you can probably count a dozen new firms forming ? with nothing but a shingle and an internet connection, or a corner table at Starbucks.
It?s a great time to be bullish on accounting.
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Source: http://cpatrendlines.com/2012/10/22/bullish-on-the-accounting-business/
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