In this Issue: December 2019

Featured this month is our annual presentation of the Rosenberg Practice Management Survey. The highlights of this national survey are presented along with a focus on New York firms. The survey found that, in many respects, public accounting firms are doing well: more effective and efficient management, increased leverage, higher utilization rates, and a focus on new services have translated into greater organic growth, increased profitability, and higher income per equity partner. There are, however, indications of clouds on the horizon. There are fewer CPAs coming down the pipeline, and firms are accelerating the hiring of non-CPA specialists. A continuing issue, made even more critical today with staff shortages, is the high turnover rate due to dissatisfaction with excessive work schedules in peak periods. Diversity efforts seem to have hit a roadblock, unfortunately. Finally, those baby boomers interested in selling their practices are receiving lower offers than before. Acquiring firms are being pickier, and as a consequence, many local firm practitioners are continuing to work past the traditional retirement age. In short, this has been a healthy year for the profession, but there are some headwinds that progressive firms will need to overcome.

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