rosenberg map survey

rosenberg map: partner incomes surge 11.4%

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on revenue gains of 11.8%

by charles hylan
rosenberg map survey 

it’s been another amazing year for the accounting profession! but – it comes at a price. as we look at the firms in our survey with revenue greater than $2 million, income per partner was up 11.8%, and revenue was up 11.4%.

more in surveys & research: firms rev up expansion plans | overcoming the five hurdles to advisory services | research: accounting pros cautiously optimistic about generative ai | why compliance still matters. but it’s not enough. |  new businesses mean new business | how to transform your team into trusted advisors

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this is the second year in which profits grew faster than revenue.

this new revenue and additional profits are occurring amidst a severe staffing shortage, resulting in people being stretched to their limits.

so, how do we keep this going at less of a “price tag?”

doing nothing is not an option, and hope is not a strategy.

our profession is experiencing unprecedented pressure from the economy, staffing shortages, technology, and competition. read more →

pandemic highlights value of digital files

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post with two signs, "same" and "change"cpe and training needs are evolving.

by roman kepczyk

last year’s extension to july 15 made for a very drawn-out busy season but did allow firms to shift resources to assist clients with ppp loans and other compliance. second, the move to remote/cloud was forced rapidly and pointed out the advantage of firms already utilizing cloud vendors and hosting providers as their transition was seamless.

more: pandemic lesson: innovate faster | remote work success helps solve staffing shortages | firms face business realities | more complex work = higher fees, right? | you like being remote, but what about your clients? | remote work is more productive
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third, the difficulty and caution in physically meeting firm members and clients face to face forced adoption of virtual solutions such as zoom and microsoft teams and pointed out the value of having a digital workflow tool as well as the importance of having all files in a digital format accessible remotely.
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stop trying to get ‘back to normal’

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you’ll be missing opportunities if you do.

by art kuesel

the thirst for knowledge about how to manage and lead a firm in difficult times has gone through the roof, as has the focus from important to urgent. firms took a while to adjust to a fully remote work force, but many of the related challenges such as productivity and team development were met with creative and effective solutions.

more: pandemic lesson: innovate faster | more complex work = higher fees, right? | advisory services: real commitment or just talk? | 2021: you’ll never see ‘normal’ again | covid brought us more and better client communication
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it’s my opinion that several challenges have yet to be tackled, including managing 100 percent remote client engagements effectively, virtual business development and achieving a sustainable and less disruptive approach to “daily” life within the firm. everyone is dealing with so much change, and it is nearly impossible to plan long-term. we are still very much dealing with urgent issues daily, leaving important ones for another day.
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how to prosper in a pandemic

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crisis brings needed change and new opportunity.

by allan koltin

the most significant changes our profession have seen so far are remote workplaces and, not surprisingly, remote client service. i think the dust has settled at this point and firms understand that these are not flavors of the month, but rather permanent changes to the landscape of our profession.

more: pandemic lesson: innovate faster | remote work success helps solve staffing shortages | you like being remote, but what about your clients? | covid-19 shakes up m&a activity | survey: we adapted to remote work … now what?
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it’s fascinating that the covid pandemic was responsible for speeding up what otherwise would have taken 5-10 years into 5-10 weeks.
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remote work success helps solve staffing shortages

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businesswoman relaxing in the office with bare feet up on her desktax reform boosted those ready for consulting.

by carl george

the two most significant changes that i have seen so far are:

  • “covid has forced us to run our businesses better!” with so much being unknown when covid first started, many firms developed plans and forecasts under numerous disaster scenarios. accountability (and in some cases, behavior changes) of each owner was essential and i have seen many firms “pay more attention” to running the business. i believe these changes will become permanent.
  • “we became more comfortable with our technology capabilities and it saved us!”

more: covid-19 shakes up m&a activity | we’re in the fast lane… can your partners keep up? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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the most significant change we will see long-term will be a significant portion of a firm’s practice will be accomplished by a permanent remote work force – at least 25 percent. we have seen that it works, we will continue to refine the model, and firms will be more efficient and profitable once the final model is in place.
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firms face business realities

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pandemic means there’s no room for those who can’t embrace change.

by angie grissom

the working from home mandate has changed the way people think, work and communicate and has accelerated the move by four to five years (at least) over what i think would have happened without the pandemic. this has impacted the adoption of technology (teams, zoom, adobe connect, etc.) and has shown team members what works and what doesn’t work.

more: remote work is more productive | we’re in the fast lane… can your partners keep up? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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people now know how and where they are the most effective. clients are also seeing accounting providers as more essential and more as advisors, especially those dealing with the ppp loans and other programs that assist them with staying afloat during this time.
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more complex work = higher fees, right?

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also: some pushback on virtual work environments.

by jeff pawlow

anytime that complexity goes up, it seems that accounting fees follow. that said, the current economic environment may not allow firms to capture as much additional work as they may have in other turbulent/changing environments.

more: remote work is more productive | advisory services: real commitment or just talk? | 2021: you’ll never see ‘normal’ again
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clearly, clients are tightening their belts, and it now becomes imperative for firms to bring more to the table than just “debits and credits.” the role of a trusted advisor is paramount in this uncertain time and firms that embrace the challenge will leap ahead of the pack. unfortunately, many firms are slow to adopt this posture. providing clear value for fees is a non-negotiable moving forward.
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you like being remote, but what about your clients?

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businesswoman with headache at laptop2020 shed new light on diversity.

by tamera loerzel

wow, we have learned so much from this pandemic. the toll of the illness, deaths and impact to our medical providers and so many more has been staggering; there are lasting lessons and change that can benefit us all.

more: advisory services: real commitment or just talk? | covid-19 shakes up m&a activity | we’re in the fast lane… can your partners keep up? | 2021: you’ll never see ‘normal’ again | survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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obviously, one of the most significant changes firms made is the swift move to remote back in march. this move to remote can be a competitive advantage for firms that truly embrace it now and aren’t waiting (or hoping) to “go back” to how it was.
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remote work is more productive

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young businessman punching and breaking clock with fistan unexpected pandemic benefit.

by chris frederiksen

after distancing (a.d.), senior people want to work at home all the time. younger staff members want to work in the office all the time. so, what is the new normal?

more: 2021: you’ll never see ‘normal’ again | survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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the most likely is a hybrid model, where people work at home most of the time but come to the office one to two days a week for meetings and team projects – with appropriate masking and social distancing. in 2020, many firms are more profitable than in 2019 because they cut costs and raised productivity.
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advisory services: real commitment or just talk?

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overhead view of two businessmen meeting in lobbyhow your answer affects growth.

by sarah dobek

the unfolding events of 2020 will continue to be the tailwind of change for the profession.

the most significant and obvious change is the forced adoption of remote/flexible work. so many firms were convinced that remote work just wasn’t feasible. the pandemic has proven otherwise.

more: 2021: you’ll never see ‘normal’ again | survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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yes, for some firms, it’s not working well. but on closer inspection, these challenges are actually bringing to light systemic management and operational issues. from today’s vantage point, long- term operational change is inevitable as firms evaluate more permanent work-from-home scenarios in both the long and short term.
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covid-19 shakes up m&a activity

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arrow rising above ever larger blocks in businessman's hand, indicating growthwant to grow? make sure your tech stack can keep up.

by terry putney

we are in a fluid environment as firms adapt and learn more about what to expect. i think earlier this year there was hope that we would emerge from this economic environment by the end of 2020. it looks now like this could definitely have an impact through 2021.

more: 2021: you’ll never see ‘normal’ again | survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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it is a mixed bag so far for m&a. some firms have pulled back and i suspect that is because, although this may not make sense logically, it may be hard to internally sell buying a firm and hiring more staff when the firm is laying off people and cutting back on partner draws. however, we are also seeing very motivated buyers and sellers because of the opportunities that appear to be available. one thing that can’t be avoided is the difficulty of negotiating and evaluating targets when you can’t meet face to face regularly.
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we’re in the fast lane… can your partners keep up?

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woman driving a sports caryou need to invest where you haven’t before.

by gale crosley

we’re operating now in the super-fast lane. the most significant change is the exposure of gaps in our firms – areas that are holding us back.

more: survey: firms must keep adapting | survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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mostly it starts with mindsets. the viability of virtual work environments is obviously a big one. tech companies have been operating virtually for over 20 years. we’re finally catching up.
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2021: you’ll never see ‘normal’ again

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businessman putting a card with text "don't resist change, embrace it" in suit pocketfirms must continually adapt to new developments even as old issues linger.

by dan hood,
accounting today

the successful shift to remote work is probably the biggest change in 2020, and firms have a right to be pleased with how well they accomplished that, and with how well they’ve handled all the other challenges and changes that came along with the pandemic. the question is whether they’re prepared to continue to adapt.

more: survey: we adapted to remote work … now what? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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lots of firms (and lots of people in general) are assuming that this will all be over at some point, and we’ll go back to something we call “normal.” but the likelihood is that we won’t return to that “normal” – instead, we’ll move on to some other new state, and then we’ll move on again, and again.
read more →