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NOVEMBER 2015
Reaping The Rewards Of ‘A Necessary Evil’ Through
Cloud-Based Accounting Services
November 2015
Vol. 29, No. 11
PROCESS IMPROVEMENT
Positive Problem-Solving
4
BENCHMARKING
Measuring Profitability
In Your Firm
5
CYBER SECURITY
Credit Card Use
Under Scrutiny
8
If
there’s truth to the adage that one person’s trash is another person’s
treasure, the evidence may be found in CPAs’ attitudes toward client
accounting services.
Many believe these services require low-level
bookkeeping skills and high levels of patience.
Offering basic accounting services to clients is timeconsuming, irritating and brings in far less revenue
than traditional audit and tax services, they say.
FIRM ADMINISTRATION
The 2015 Firm
Administration Report
Summary
11
OTHER NEWS
Mergers In The News
People In The News
Firms In The News
Passings
15
18
20
21
Technology has changed all that, and while the
negative attitudes persist, some are seeing numerous opportunities – and
steady monthly income – in what’s been considered the “necessary evil” of
CPA firm services, says consultant Gale Crosley, Crosley Company.
“The cloud has changed everything,” Crosley says. Firms can provide these
services faster, better and cheaper than their clients can. As a result, some are
saying, “Wait a minute, this doesn’t have to be a cost center, this can be a
revenue stream.”
In fact, Crosley goes so far as to say that market conditions REQUIRE the
majority of firms to get into client accounting services or risk being left
behind by their competitors.
What Are Client Accounting Services? Cloud-based accounting services are
relatively new, so there’s no agreement on terminology. Many are describing
the offerings as client accounting services or CAS, but other names include
finance and accounting outsourcing (FAO), business process outsourcing
(BPO), virtual CFO, outsourced CFO and virtual controllership services.
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CAS can include bookkeeping, write-ups, payroll, collections and cash
management. A higher level of service can include financial statements and
monthly closings, and virtual CFO-type services can include advisory work,
goal-setting, performance reviews, managing and predicting cash flow, and a
range of other offerings that vary according to the client’s needs.
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Many clients are clamoring for help. “I think that clients know they want more, and a lot of
firms don’t know exactly what that extra step should be to help the businesses look into the
future,” says Christian Wielage, CEO of Plan Guru, which helps accountants sell and
deliver what he calls outsourced CFO services. More than 1,000 firms are using Plan Guru
software, and Wielage says sole practitioners are jumping in, successfully working with
clients to build budgets, set targets, provide performance reviews and forecast the future.
Firms founded in the last 10 years are aslo aggressively pursuing the model, but part of his
mission, Wielage says, is to urge well-established, larger
firms to see the opportunities in these services as well.
Wielage says the new generation of businesses wants to
extract information from their financial data, but find it’s not
feasible to hire an employee(s) to do so. Savvy about the
technological tools available, they are seeing that it’s
possible to get sophisticated budget forecasting and other
services that were affordable only to big companies just five
years ago. “It’s not just running historical numbers through a dashboard and giving historical
data,” Wielage says. Instead, clients get access to reliable information and expert advice to
help them make forward-looking business decisions, such as whether to finance a new piece
of equipment. “Usually a decision like that gets made on the back of an envelope,” he says.
Forces Are
Converging
The environment is ripe for CAS, as favorable market conditions combine with technological
advancements. “The competition is not all that significant relative to the demand that’s out
there,” Crosley tells IPA. In addition, cloud-based technologies are creating incredible
efficiencies. Manual data entry (and the risk of error) has been replaced by digitized financial
data that is accessible anywhere, anytime, by clients and accountants alike on a shared
database. Software that automates processes can be provided on a scale that allows firms to
serve many clients at once, generating revenues that were impossible in the past.
Crosley says that firms willing to ditch their “intellectual snobbery” can consider the
following benefits of CAS, Crosley says:

An easier tax season. Jody Padar, author of “The Radical CPA,” tells Crosley that 80%
of work once concentrated in the busy season is now spread out through the year because
of online automated processes.
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
How To
Develop A
CAS Niche
INSIDE PUBLIC ACCOUNTING / 3
Improved recruitment and retention. Rather than being locked in a back room doing tax
returns for three years before interacting with clients, young professionals enjoy working
directly with clients, perhaps over Skype, discussing the numbers and improving clients’
businesses.
An easier transition to value pricing. Because firm professionals may now have
continuous, rather than episodic, contact with clients, it may make more sense to move
away from by-the-hour billing.
A technological advantage. The profession is becoming increasingly specialized, and the
firms that embrace these kinds of services and cutting-edge technology tools have a
strategic advantage over their competitors.
Crosley advises firms to first think about the client accounting services
they’re already providing in tucked-away corners of the firm – the CPA
in the business management group who’s doing cash management or the
tax practitioner who’s doing financial statements. Crosley contends firms
should consider pulling these services together under one umbrella,
giving it a name and selecting a leader to head it up.
Improve internal efficiencies, she says. Ensure software programs are up to snuff and
processes are streamlined, then evaluate the market to determine where the firm wants to
grow before picking the platform that makes the most sense for that market.
“Most firms do it wrong, they look at their client base but they never look at markets out
there that have future potential,” Crosley says. According to the AICPA’s CPA.com, which
offers many resources in this area, the most popular industries seeking CAS are professional
services firms, followed by construction, retail and nonprofits.
CPA.com produced a white paper on McGladrey’s successful foray into what they call
finance and accounting outsourcing (FAO) in several markets. Jim Cashin, the national FAO
leader, says the firm developed a solution that was replicated within different industries.
“Today, we support several vertical markets with FAO services, and can easily market to
these industries because we understand the external market factors, business information
needs, and services required to support accounting functions for each industry,” Cashin says
in the white paper.
Plan Guru’s Wielage says these services don’t work for every firm. One big concern is
auditor independence, so these services should not be offered to audit clients. CAS might not
make sense for firms with large audit engagements, but firms that are interested in CAS can
start small. He suggests working on a couple of test cases for existing clients and eating the
costs for a few months. Any firm with a significant customer base likely has a decent
percentage of good candidates that could end up paying $1,500 to $2,000 a month for years
to come.
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Commoditization of services is only going to increase, Wielage says, so firms that shift
focus, accept that their clients want to work virtually with their accountants, and clearly
articulate how they can add real value to business owners, “will gobble up all the clients.”
Crosley believes CAS is only the beginning of the outsourcing movement as companies shed
tasks that are outside their core business. Cloud-based applications and data are the future,
with technology at the epicenter of growth.
“That’s the silver bullet in this whole thing,” Crosley says. “These people in client
accounting services are going to be years ahead of the johnny-come-latelys who aren’t
participating in it.” Watch out audit and tax! “This CAS segment is a harbinger of what’s
coming down the pike in your segment.” IPA
Let’s Take A Look At Problem-Solving: Accentuate The Positive
A
conversation about emergency room medicine got Patrick Pruett of The Rainmaker
Companies thinking about the “fix-it” approach to firm management.
Pruett’s sister-in-law, an emergency room doctor in New
Zealand working on her doctorate, told Pruett about her work
studying whether medical treatment can be improved by not
only looking at what’s wrong with a patient, but positive
health attributes as well. If a positive approach can improve
medicine, Pruett thought it could it help CPA firm
management too.
Figuring out the problem and finding a solution – it’s what
accountants do for their clients. Managing the firm is often the
same. Within the world of organizational development this is
Patrick Pruett
called a deficiency model, whereby change comes about through
problem-solving – determining what’s wrong, what caused it and what needs to be fixed.
Some say that approach is limiting. They say studying the best of what exists and imagining
what could be possible can produce longer-lasting, faster, more positive change.
“If all you’re ever doing is searching for problems, it’s very easy to just continue down that
track,” says Pruett, executive vice president of the Rainmaker Companies. “Before you
know it, you have a basketful of problems and you have no idea where to start. You then lose
track of all the good things that are happening.”
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How about asking about what’s going right and expanding on the things that work well?
Instead of fixing what doesn’t work, build on what does. The approach is called Appreciative
Inquiry. When Pruett spoke with IPA, he had just finished talking with a leader of a small
firm with a strong specialty in nonprofits, which make up nearly 95% of her business. She
was asking Pruett about whether to expand into another vertical.
“I know so many generalist firms that would kill to have that deep a niche,” he says, adding
that he asked her to think about all the great things going on within her niche. Taking the
expertise and expanding into a new sector within nonprofits – churches, for example – might
be the way to grow.
Here are a few examples of how firm leaders can reframe their thinking, from fixing a
problem to moving forward using what’s already working well.

If the issue is growth, Pruett suggested leaders examine why their relationships with their
best clients work so well. Is it because your firm has great expertise? If so, consider
complementary services in untapped areas to bring additional experience and services to the
client. This approach can work with potential clients too by showing how successes with
existing clients may work for them.

If the issue is recruitment, don’t focus too much on how competitive the marketplace is and
how hard it is to find the right employee. Instead, look at your “A” players. How did the firm
woo those employees? What worked? What helped keep them happy at the firm?
Pruett is quick to add that no firm leader should go all one way or the other: too negative or
too positive. He noted that accountants are already looking at what works well by sharing
best practices – at conferences or through
information exchanges within associations,
networking
groups
and
the
like.
Additionally, problems need to be identified
and fixed – that won’t and shouldn’t go
away – but uncovering issues does not have
to be a negative exercise.
“In this world today, not just in accounting,
but everywhere you turn, there are always
these problems and a focus on the negative,”
Pruett says. “I think it’s great to stop and
focus on the positive sometimes.” IPA
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Benchmarking 101: How Do You Measure Profitability?
By Michael Platt, publisher, INSIDE Public Accounting
As we wind down the 25th annual INSIDE Public Accounting Survey and Benchmarking
season, we want to dig a bit deeper into what seems to be two universal questions: How
profitable is my firm? How do I compare against my peers? It seems pretty basic, and given
the fact that we are part of a community of CPAs, you would think the answers would be
straightforward. But you would be wrong.
CONSIDER THE FOLLOWING
COMPENSATION STRATEGIES
Pay a small livable wage as a draw
and motivate partners by splitting
up a larger piece of the profits at
the end.
Assume that the firm will be doing
well and pay partners a higher
wage during the year.
Take profits and fund a deferred
compensation program.
Reinvest in the firm by taking some
profits off the table.
Distribute all profits to equity
partners each year.
After reviewing more than 500 surveys, talking with
MPs around the country and fielding questions for
months, it is quite clear that “profit margin” means
different things to different people.
If profit margin (net income as a percentage of net
revenue) is the gold standard of measuring
profitability, the fact remains that there are many
variables that firms consider when coming up with
their “number.”
The biggest variable comes in defining what net
income consists of. Traditional measurements of net
income assume that net income is measured before
any compensation, draw, bonus or salary is paid to
equity partners. IPA has used this measurement in its
National Benchmarking Report for years because it
eliminates the many effects on net income of the
different approaches firms take regarding partner
compensation (see sidebar, left).
The flaw in the traditional measurement of net income is that it assumes the cost of partner
labor is zero. Leverage, therefore, plays a big role in defining profitability based on this
approach. In firms with lower leverage, where partners are responsible for a larger share of
the billable time, profitability will be significantly higher than in firms with greater leverage.
Does that mean a low-leveraged firm, which is “more profitable,” is actually doing better?
Maybe not.
By promoting a manager (where cost of labor is counted as an expense) to an equity partner
(where cost of labor is not counted as an expense), profit margin will increase, and net
income per equity partner will decrease (everything else being equal). Is the firm doing better
or worse as a result? We need to find a way to level the playing field so that leverage does
not skew comparisons inside firms and between firms.
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Many Ways To Calculate The Cost of Partner Labor
If partner labor is included as part of “cost of goods sold” in an accounting firm, a clearer
picture of true profitability emerges. IPA recently began looking at this critical number in
different ways.
Consider these three ways to measure the cost of partner labor:
Method 1 – Assign a flat rate per equity partner for labor
costs. If a senior manager costs the firm $150,000 a year,
assign a flat rate for partner labor of $200,000 per year. This
is a simple, straightforward approach that approximates the
cost of labor quickly and easily.
Method 2 – Calculate a cost to the firm of partner charge hours: For every hour billed by a
partner, divide the billing rate by the selected billing multiple of the firm to determine the
cost of labor for those billable hours, and only count the cost of billable time. For a partner
charging $400 per hour, this would likely be around $100. The average equity partner may
charge 1,000 hours, so the cost of that labor would be $100,000 per equity partner.
Method 3 – Calculate the cost to the firm of all partner hours: Presumably, non-charge hours
are being spent productively and are of value to the firm, whether it is in relationship
building, client acquisition, referral relationships, staff development and mentoring, etc. Take
that same $100 and multiply it by total work hours of equity partners. For a firm with average
partner work hours of 2,400, that would represent a cost of labor of $240,000 per equity
partner. (Note: Some partners wear their work hours as a badge of honor, with some
indicating they work 2,800 to 3,000 hours annually. The cost to the firm should reflect that
total time commitment for a truer picture of partner labor, so $300,000 for those partners is
not unreasonable.)
In my opinion, Method 1 is the simplest and Method 3 is
the most accurate. Method 2 discounts the value of noncharge hours and is not reflective of the value of labor
provided by partners.
Adding this extra calculation to compare profitability
from one year to the next internally, and in comparison
to other peer firms, gives you a much clearer view of
how well you are doing. It is well worth the extra time to
get a much more accurate view of how profitable your
firm really is. IPA
Mike Platt
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Credit Cards Still Widely Accepted, But More And More Firms
May Start Dumping Them
Credit
card payments – a longtime option for accounting
firm clients – are becoming less attractive for the firms that
offer it.
Regulations put in place Oct. 1 are designed to make retail
transactions more secure to limit breaches of customers’
data, such as the high profile ones that occurred at Target
and Home Depot.
The new EMV standard, a joint effort of Europay, MasterCard and Visa, applies to all
merchants that accept credit card payments. The new rules will end the traditional “swipe and
sign” payment method because issuers are switching from cards with magnetic strips to those
with square, metallic computer chips, which eventually will require PIN numbers rather than
signatures. The chip technology is already widely used in Europe, and Visa says more than
575 million credit and debit cards embedded with EMV chips should be in consumers’
wallets by the end of the year.
Every time the card is used for payment, the computer chip creates a unique code that’s only
good for that particular purchase, making it harder to create counterfeit cards. By contrast,
the magnetic strip on traditional cards contains unchanging information.
The security enhancements, however, won’t help most accounting firms because they aren’t
physically handling credit cards, but accepting information over the phone, online or through
recurring billing systems. No additional security is afforded for so-called “card not present”
transactions, says Sarah Ference, the risk control director of professional services at CNA
Insurance. These types of transactions are the fastest-growing form of fraud in countries
using EMV.
While the old swipe-and-sign method will still be available after October, the merchant using
the old machine will be liable for any fraudulent transactions if the customer has a chip card.
The bank would be liable if it does not offer the new card. “When the liability shift happens,
what will change is that if there is an incidence of card fraud, whichever party has the lesser
technology will bear the liability,” says MasterCard’s Carolyn Balfany in the Wall Street
Journal. Costs to deal with a large data breach would be much higher for those who are not
compliant as well. Firms that use card terminals, therefore, should make the change.
Credit card numbers, like Social Security numbers, are generally considered personally
identifiable information and require protection under most state breach notification statutes,
Ference says.
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“If this information is breached, the applicable state statute – which is based on the breached
individual’s state of residence, not the location of the firm – likely requires the firm to notify
the individual in a timely manner and
perhaps
provide
credit
monitoring
services.” The time spent handling the
breach could be used delivering services to
clients and generating revenue for the firm.
Nevertheless, credit cards are widely
accepted for payments from firm clients. In
fact, they are accepted by 84% of the firms
that participated in this year’s IPA Firm
Administration Survey. The lowest rate of
acceptance was 73% of the $50 million to
$75 million firms; the highest was 95% of
the $15 million to $20 million firms.
Source: creditcard.com
One up side of accepting credit card payments is it limits the collection risk on the part of the
firms, Ference says. It’s also convenient for clients. “If they’re doing this solely for the
convenience of their customers – which I understand – is it really worth the additional risk
and the compliance associated with accepting the credit card payments?”
Gretchen McCole, a cyber specialist and assistant vice president from Aon, recommends
reviewing merchant agreements so firms fully understand the security standards, conducting
a self-assessment of onsite data security using readily available security questionnaires and
reaching out to the payment card companies themselves to ensure compliance.
McCole adds that a growing number of firms are purchasing cyber insurance to protect them
in case of a cyber crime, or accidental losses of laptops or other mobile devices.
Firms are sensitive to the costs associated with dealing with data breaches, and that’s not just
the typical costs of notification but also the costs of the loss of goodwill and the reputational
damage that can result, she says. Cyber insurance coverage can include a “breach coach”
who can help firms understand the numerous actions that have to be taken after the fact, and
the regulations that differ from state to state.
Insurance against cyberattacks is now just a part of the cost of doing business, Duncan
Stewart, director of technology research at Deloitte, told The Canadian Press. “You wouldn’t
have a factory and not have fire insurance, so why would you think about not having cyber
insurance?”
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IPA Most Recommended Consultant, Roman Kepczyk, urges firms to consider cyber
insurance. “The cost of this insurance has come down considerably in the last decade and
firms should evaluate both first-party insurance to cover the firm’s direct losses resulting
from the breach (downtime, recreation of data, direct remediation costs) and third-party insurance
to cover any damages to clients whose data may have been compromised,” he says in an
article for the AICPA.
Kepczyk, a technology consultant with Xcentric who works exclusively with accounting
firms, says in his blog that most firms accept the credit cards reluctantly, don’t advertise the
option and use it for smaller invoices or hard-to-collect receivables. One reason is the credit
card merchant fees, which typically range from 3% to 7%.
How One Firm
Handles Credit
Card Risk
IPA 100 firm, Minneapolis-based CliftonLarsonAllen (CLA) (FY14 net revenue of $598
million) stopped accepting credit card payments on July 1, but not because of fees.
Denny Schleper, CEO of CLA, says the processing fees were secondary to the compliance
and security issues. Earlier media reports, quoting an internal email, says Visa, MasterCard
and American Express fees amounted to more than $5 million in a six-month period at the
firm. “That may be accurate,” Schleper told IPA, “but it’s
a small percentage of total revenue.”
Schleper says the firm examined its processes for obvious
risks, and credit card processing arose as “one of those
that made us say, let’s eliminate that as a security issue.”
Credit card payment compliance issues are difficult when
dealing with 90 office locations. In addition, the policy
change was part of the firm’s commitment to keep clients’
personal data secure, he says.
Complying with the rules means collecting, retaining and destroying the information in
specific ways that are complicated and expensive. Even if all compliance issues are met, it
doesn’t mean the information is safe, he says.
Clients immediately understood that the firm was trying to make their information more
secure, so the shift away from credit cards was fairly easy, Schleper says. In lieu of credit
card payments, CLA accepts checks and Automated Clearing House (ACH) payments.
‘Why Collect
Data You
Don’t Need?’
Ference says firms should conduct an analysis of the types of data that’s needed to perform
client services. Firms may be collecting unnecessary data – requiring high levels of protection.
As an example, she cited the work of an audit team testing credit card receivables for a credit
card issuer. They selected a sample of credit card accounts, which included full credit card
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numbers that were documented in the workpapers. After the audit team left the field, the
workpapers where shipped back to the firm’s office, but the shipment went missing in transit.
“After a few anxiety-ridden days worrying about the need to notify the client that the team
may have breached the client customers’ information and the potential liability for doing so,
the shipment arrived undisturbed,” she says. Following this incident, the audit team decided
it no longer needed full credit card numbers from the client to complete the testing, as it was
an unnecessary level of detail.
Our question is, “Why would CPA firms collect credit card data if they don’t have to?” IPA
The 2015 IPA Firm Administration Report Summary
The recently published 2015 IPA Firm Administration
survey, with participation from 121 accounting firms,
shows organic growth averaging 5.3% and 7.2% if
mergers are included.
The report contains more than 70 pages of tables and
graphs, and includes information from 51 firms above
$20 million, 47 firms between $10 million and $20
million, 10 firms between $5 million and $10 million, and
13 firms under $5 million.
A few observations are worth noting.
CLIENTS / WORKFLOW / ACCOUNTS RECEIVABLE







Less than 1% of participating firms guarantee a specific turnaround time for tax
returns. This could present an opportunity to differentiate your firm.
Credit cards are acceptable for payment by 84% of firms.
Sixty-one percent of participating firms charge interest on overdue accounts
receivables, with the average charging 1.24% monthly.
Less than one in 13 firms report outsourcing some portion of tax return processing
work, with the majority of those coming from firms greater than $30 million.
Eighty percent of participating firms have a formal client acceptance process. If yours
is one of the firms that doesn’t, consider adding one – and sticking to it.
More than two-thirds of participating firms have a formal process to prevent further
work for a client(s) that has an overdue AR balance. If you do not have one, it would
be worth considering.
Only 2% of firms indicated that they sell receivables to a third party.
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Forty-nine percent of firms do not know or do not track the percentage of annual
revenue “in the pipeline” at any given time. Of those that do track, the largest
segment (42%) indicate that the new business pipeline is between 0% and 5% of their
total annual revenue.
REVENUE GROWTH
The firms that participated in the survey attribute growth to a range of reasons:





64%
15%
9%
7%
3%
Organic growth
Economic Conditions
Mergers / Acquisitions
New Service or Niche Launched
Addition of New Partner(s) – Lateral Hires
FIRMWIDE METRICS / PROFITABILITY
Measuring your firm’s profitability beyond the firmwide number can identify strengths and
weaknesses. Percentage of firms and their means of tracking profit margin:




69%
62%
56%
39%
By Office
By Department
By Client(s)
By Staff
Philosophical differences exist among firms on what information should be shared with staff.




Fifty-seven percent of firms share top-line numbers firmwide.
Firmwide utilization is shared with all staff in 36% of participating firms.
Realization is shared with all staff in 35% of all participating firms.
Net income is shared with all staff in only one in 10 firms.
PARTNERSHIP ISSUES
Only 8% of participating firms offer equity ownership to administrative (C-suite) personnel.
This area could be a differentiating factor for firms. As the talent war becomes more crucial
to the success of firms, IPA will be keeping an eye on this number to see if it trends upward
or downward.
Partner retreats are alive and well, according to the IPA firm administration survey.



Eighty-one percent of firms report that they conduct retreats.
Of those that hold retreats, 18% report they conduct them every six months, and 73%
conduct them annually.
Of the firms that indicate they hold partner retreats, 45% of these firms travel 50
miles or more from the office. Fifty-three percent are held locally, off-site.
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More than 50% of all participating firms include a formal survey of the partner group
to gather information prior to developing the retreat agenda.
A mere 29% of participating firms solicit feedback from clients / non-partners within
the firm. This is a great opportunity to consider for your next partner retreat.
A healthy 70% of participating firms include the firm administrator in the retreat.
Less than one-in-five participating firms invite/include guests from outside the
firm (advisory board members, clients, etc.)
FIRM GOVERNANCE




Fifty percent of participating firms report that their governance structure is more like
a corporation than a partnership.
A full 85% have updated partnership agreements within the past three years with 26%
of those doing so within the past year.
Only 42% of participating firms have a written / formal succession plan in place for
all equity partners. This continues to be one of the greatest challenges in the
profession.
Only one in 14 firms indicate that they have a succession plan for their high level (Csuite) administrative staff.
THE 2015 FIRM ADMINISTRATION REPORT
FIRM MEMBERSHIP – GOVERNANCE – PROFESSIONAL LIABILITY INSURANCE – EMPLOYMENT PRACTICE LIABILITY
INSURANCE – INTERNAL AND ADMINISTRATIVE STAFFING, COMPENSATION, BONUSES, MERIT INCREASES –
PARTNERSHIP ISSUES – PARTNER RETREATS – FIRMWIDE CHARGE HOURS – CHARGE HOUR BUDGETS – ACTUAL
CHARGE HOURS, HOURS WORKED – PROFESSIONAL STAFF UTILIZATION – BUSINESS DEVELOPMENT INCENTIVES
– FIRMWIDE METRICS AND PROFITABILITY – CLIENTS / WORKFLOW / ACCOUNTS RECEIVABLES – TAX RETURN
PROCESSING AND MORE
http://insidepublicaccounting.com/survey/internal-operational-reports/
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experience integrating financial services
into established CPA firms. 1st Global’s
commitment to excellence, strategic
guidance, educational opportunities
and thought leadership were exactly
what we needed to succeed in wealth
management.
Our 15-year partnership with 1st Global
has enabled us to focus on what we do
best – provide solutions and planning to
our valued clients – and grow our financial
services business into a critical part of our
overall practice.
Patrick George, cpa / pfs
Partner, Davie Kaplan Certified Public Accountants
LEARN MORE WITH
1st Global’s Wealth Management
Feasibility Analysis & Consultation
800-959-8461
www.1stGlobalConsulting.com | [email protected]
With 22 years of research and
consulting to multi-partner
firms nationwide, 1st Global
provides a proven process for
high-performing CPA firms to
move from success
to significance.
All Rights Reserved. Securities offered through 1st Global Capital Corp. Member FINRA, SIPC. Investment advisory services offered through 1st Global Advisors, Inc.
NOVEMBER 2015
INSIDE PUBLIC ACCOUNTING / 15
Salem, Ore.-based AKT (FY14 net revenue of $42.4 million) acquired Northwest Employee
Benefits. Steve and Kevin Doty, both with a long history in the Portland employee benefits
community, will bring their decades of experience to the firm.
San Ramon, Calif.-based Armanino (FY14 net revenue of $129.5 million) acquired Cupertino,
Calif.-based The Brenner Group. The Brenner Group has a strong specialty in interim financial
management, such as interim CFO and controller services, and valuation and financial advisory
services, with a primary expertise in venture-backed technology companies.
Portland, Maine-based Baker Newman Noyes (FY14 net revenue of $29.8 million) acquired the
audit and tax practices of Shatswell MacLeod & Company of West Peabody, Mass. BNN now has a
significant stake in the New England community banking sector. The combined firm includes team
members with deep experience serving commercial and savings banks, credit unions, non-depository
trust companies and investment advisory firms. All employees of SMC’s external audit and tax
practices have joined BNN in the firm’s two new locations in Massachusetts. With this addition,
BNN has approximately 250 employees, including 38 principals.
Chicago-based Baker Tilly Virchow Krause (FY15 net revenue of $478.1 million) and York, Penn.based SF&Company (FY14 net revenue of $14.4 million) merged, expanding professional services
in central Pennsylvania and the Northeast. SF&Co. provides services to clients primarily in
Pennsylvania, Maryland and Delaware. The merger adds an accomplished team of SF&Co.
professionals to Baker Tilly, and expanded resources and specialization to SF&Co. clients.
Three Iowa and Minnesota firms, Bergan Paulsen, Networking Solutions and KDV, became
Waterloo, Iowa-based BerganKDV. The new firm offers business planning and consulting, tax, audit
and accounting, payroll and 401(k), technology and wealth management services.
Enterprise, Ala.-based Carr Riggs & Ingram (FY14 net revenue of $171.1 million) has merged in
Harbeson Fletcher & Bateh of Jacksonville, Fla. The location and team now operate under the CRI
name. This merger adds to CRI’s established Florida offices in areas spanning across the Panhandle,
throughout central Florida and south to Tampa Bay. Harbeson, Fletcher & Bateh specializes in
providing services to governmental entities, construction companies, manufacturing and distribution
companies, and not-for-profit organizations.
Cleveland-based CBIZ (FY14 net revenue of $600 million) acquired Pension Resource Group,
based in Woodstock, Ga. Co-founded by Michael Croyle in 1995, PRG provides pension
administration solutions including defined benefit administration, data warehousing, benefit
communication, compensation statement and human capital services to clients ranging in size from
500 to over 60,000 participants. PRG has 35 employees and recorded approximately $4.8 million in
revenue over the past 12 months.
New York-based Citrin Cooperman (FY14 net revenue of $173 million) announced that the partners
and staff of Bethesda, Md.-based Regardie Brooks & Lewis joined the firm on Sept. 1. The addition
will bring approximately 25 new professionals to Citrin Cooperman, while expanding its reach to the
D.C. metro market. This will mark the seventh office for Citrin Cooperman, headquartered in New
York with offices in Philadelphia; Norwalk, Conn.; Livingston, N.J.; Plainview, N.Y., and White
Plains, N.Y.
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INSIDE PUBLIC ACCOUNTING / 16
Minneapolis-based CliftonLarsonAllen (FY14 net revenue of $598.7 million) acquired Fort Worth,
Texas-based Sanford Baumeister & Frazier (FY14 net revenue of $6.1 million) on Sept. 1. SB&F’s
team of 50 will join CLA’s more than 60 professionals in Dallas. SB&F MP Rick Baumeister and
partner Allyson Baumeister will assume leadership roles in CLA’s Dallas and Fort Worth, Texas,
offices, respectively. CLA also merged in Hodgson Pratt Pratt and Saunders, a staple in New
Bedford, Mass., since 1974.
Two St. Louis firms, Conner Ash and Martens & D’Angelo, merged on Sept. 1. Both John
Martens and Richard D’Angelo will become principals of Conner Ash. The combined firm will
have more than 45 employees and be located in Creve Coeur, Mo.
Orlando, Fla.-based Cross Fernandez & Riley and its 95 employees joined Chicago-based BDO
(FY15 net revenue of $1 billion). This acquisition will bring BDO’s total staff in Florida to more than
200. Cross, Fernandez & Riley previously was BDO’s Orlando office from 1970-2000, when the
partners bought the firm and changed its name. BDO will maintain all of the firm’s four offices.
Troy, Mich.-based Doeren Mayhew (FY14 net revenue of $61.2 million) acquired the credit union
CPA firm Orth Chakler Murnane & Co., based in Miami. On Oct. 1, seven partners and 60
professionals joined the firm. OCM’s co-founders, Douglas Orth, Hugh Chakler and John
Murnane, as well as the firm’s four other partners, Daniel Moulton, James Griner, Lori
Carmichael and Jack Kenney, will continue as shareholders. The firm will operate from five offices
located in Michigan, Florida, Texas and North Carolina. Doeren Mayhew also acquired Troy, Mich.based Davis and Davis, which specializes in dental clients. Davis MP Greig Davis and his associates
will become Doeren Mayhew employees and move to the firm’s headquarters. The firm will continue
operations of its satellite office in Raleigh, N.C., to serve regional clients. Davis will manage the
firm’s dental practice.
Beckman & Kunkin of Scottsdale, Ariz., joined Fargo, N.D.-based Eide Bailly (FY15 net revenue
of $224.6 million) on Nov. 2. Beckman & Kunkin shareholders Howard Beckman and Adam
Kunkin and their team will operate from their Scottsdale location under the Eide Bailly name. This
will raise Eide Bailly’s Arizona staff count to 72, and clients in the region now will be served from
two locations in the Phoenix metro area. Eide Bailly also acquired James & Co. of Ogden, Utah, on
Nov. 2. Dan E. James, president, and his team of 10 staff will join Eide Bailly’s Ogden office and
bring Eide Bailly’s Utah practice to 21 partners and 114 staff.
New York-based Grassi & Co. (FY15 net revenue of $45.6 million) acquired Rispoli and Company
on Sept. 1. The merger brings an additional three professionals to Grassi & Co.’s team, including one
new partner, Lisa Rispoli. The merger will also expand the firm’s tax expertise, specifically with
regards to trusts and estates, and Rispoli will serve as the firm’s PIC of trust and estate services.
Canfield, Ohio-based HBK CPAs & Consultants (FY14 net revenue of $51.2 million) has signed a
merger agreement with Norman Jones Enlow & Co. (NJE) of Columbus, Ohio. The merger
represents greater expansion into Ohio for HBK. The firm has offices in Florida, New Jersey, Ohio
and Pennsylvania. NJE has 20 employees and offices in Columbus and Zanesville. Its focus has been
in construction, nonprofit organizations and multi-location restaurants.
Metairie, La.-based LaPorte CPAs & Business Advisors (FY14 net revenue of $21.7 million) will
merge with Beyer Stagni & Company of Houma, La., on Dec. 1. Beyer Stagni principals Roy M.
Beyer, Arthur E. Stagni, Pam Fremen and Jodie Arceneaux will maintain key leadership roles as
directors in LaPorte.
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INSIDE PUBLIC ACCOUNTING / 17
Cleveland-based Meaden & Moore entered into a strategic agreement with Canada-based forensic
accounting firm LBC International Investigative Accounting Inc. The agreement unites Meaden &
Moore’s Investigative Accounting Group and its 11 U.S. offices and 70-member staff with LBC’s
four Canadian offices and 25-member staff, enhancing the firms’ abilities to serve common clients.
As part of the agreement, the Canadian firm changes its name to LBC Meaden & Moore International
while the U.S. firm remains Meaden & Moore.
North Hollywood, Calif.-based Miller Kaplan Arase (FY15 gross revenue of $38 million) reached
an agreement with Grand Rapids, Mich.-based Hungerford Nichols CPAs + Advisors to assume its
broadcast client relationships. Millar Kaplan Arase currently prepares market revenue share and other
reporting for a majority of the U.S. television markets and will now take on the added reporting
responsibility in about 40 television broadcast markets.
Seattle-based Moss Adams (FY14 net revenue of $429 million) acquired Curtis Consulting Group
of Issaquah, Wash. On Sept. 1, CCG personnel joined Moss Adams, expanding the firm’s IT
consulting and software development capabilities. A boutique IT consulting firm, CCG offers a broad
range of services centered on business process improvement and business process automation.
Saginaw, Mich.-based Rehmann (FY14 net revenue of $107 million) merged in Roegiers Goldin
Chappel Nall & Associates of Stuart, Fla. The Stuart location increases Rehmann’s Florida presence,
which includes offices in Boca Raton, Naples and Vero Beach. All 20 associates with RGCN will join
Rehmann, which has nearly 800 associates in offices throughout Michigan, Ohio and Florida.
Naperville, Ill.-based Sikich (FY14 net revenue of $106.7 million) acquired the tax, accounting and
payroll services segments of Jannsen + Co. of Pewaukee, Wis. Shareholders Dan Beine and Tom
Hicken joined Sikich as partners.
West Palm Beach, Fla.-based Templeton & Company (FY14 net revenue of $8.5 million) and
Cocuy Burns & Co. of Wellington, Fla., have combined practices. Juan Cocuy and Tom Burns
became partners in Templeton & Co. The combined firm has offices in Fort Lauderdale, West Palm
Beach and Wellington with over 60 professionals and staff serving 11 defined industries and multiple
service lines.
Prism Municipal Advisors, a top municipal advisor in Ohio, and Indianapolis-based Umbaugh
(FY14 net revenue of $15.4 million) have merged. Umbaugh advises cities, towns, townships,
counties, utilities, schools, libraries, hospitals and airports regarding financing, long-range planning,
tax and utility rates, budgets, debt management, revenue forecasts, economic development and
financial management. The clients of Prism Municipal Advisors, founded in 2001 in Powell, Ohio,
include a variety of state government, county, city, higher education, school district and economic
development clients. Earlier this year Umbaugh acquired ACI Advisors in Columbus, Ohio, which
now operates under the Umbaugh name.
Two Birmingham, Ala., firms are joining – the Technology Group of Warren Averett (FY14 net
revenue of $114.2 million) and Kianoff & Associates, a business software consulting group. “The
addition of the Kianoff team grows our consulting and customer service resources allowing us to
provide clients with the highest level of solutions and service,” says Jason Asbury, president of
Warren Averett Technology Group. “Our joining together is another way that we are delivering on
our promise to help our clients thrive.”
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INSIDE PUBLIC ACCOUNTING / 18
Hartford, Conn.-based Whittlesey & Hadley (FY14 net revenue of $16.2 million) acquired
Weinstein & Anastasio of Hamden, Conn., on Sept. 1. The merger is part of Whittlesey & Hadley’s
plan to expand services, diversify geographically and continue to grow in size, services and staff. The
combined firm will have 155 people, including 21 partners located in Hartford and Hamden, and in
Holyoke, Mass. IPA
Tim Christen, chairman and CEO of Chicago-based Baker Tilly Virchow Krause (FY15 net
revenue of $478.1 million) is the new chairman of the board of directors of the AICPA. Christen
struck a tone of urgency in his acceptance speech, saying the profession should embrace change – and
do it fast – to ensure a bright future, attract the best talent and be in the strongest position to serve the
public interest. Christen was elected to the one-year volunteer post by the AICPA Governing Council.
Kimberly Ellison-Taylor, executive director of Oracle USA, was voted in as vice chair.
Aldridge Borden & Company of Montgomery, Ala., has named Dane Floyd as its new MP. He
succeeds James Blake, who has been the firm’s MP for over 35 years. Floyd serves as a partner in
Aldridge Borden’s consulting group. While reflecting on his long tenure as Aldridge Borden’s MP
Blake says, “The enduring principles that are engrained in the culture of Aldridge Boden are honesty,
integrity and objectivity. We have kept, and I believe always will keep, those as our core principles at
the firm.”
Portland, Maine-based Baker Newman Noyes (FY14 net revenue of $29.8 million) announced that
MP Eleanor “Ellie” Baker will be retiring in June 2016, after 39 years of serving individuals and
families in all areas of tax and personal financial planning, as well as being a strong voice in the
community. In anticipation of this change, Carl Chatto, director of audit, was named successor and
will be taking over as MP Jan. 1. Jeffrey Wheeler, audit principal, succeeds Chatto.
The partners of West Hartford, Conn.-based BlumShapiro (FY14 net revenue of $68.5 million)
elected Joseph Kask as MP, effective Jan. 1. Kask succeeds Carl Johnson, who has served as MP
for the past 14 years. Under Johnson’s leadership, the firm has enjoyed significant growth and new
services to meet the needs of its clients. Johnson will assume the role of COO focused on internal
operations, M&A and key talent acquisition. Kask began his career with BlumShapiro in 2007,
through the merger with Scully & Wolf of Glastonbury, Conn. He has served as leader of the
government services group, OMP in West Hartford and two terms on the firm’s executive committee.
“Joe brings a new energy and vision for our firm’s future,” the firm announced. “This, coupled with
his dynamic leadership skills, provides us with the confidence that we will be even better positioned
to serve client needs in the future.”
Buffalo, N.Y.-based Freed Maxick (FY15 net revenue of $43.8 million) has named Timothy J.
McPoland to succeed both Ronald J. Soluri Sr. as the firm’s managing director and Robert M.
Glaser as chairman of the board. Mark A. Stebbins, tax practice leader, has become vice chairman
of the board. McPoland is now responsible for the day-to-day management and operations of Freed
Maxick, furthering the firm in its consulting abilities and expanding its geographic footprint, while
Stebbins is responsible for assisting in strategic planning related to industry and service practice
areas. Soluri and Glaser will continue to stay involved in the firm, focusing on client relations,
assisting in transaction issues and furthering the success of the practice.
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INSIDE PUBLIC ACCOUNTING / 19
Senior vice chairman Stephen Chipman of Chicago-based Grant Thornton (FY14 net revenue of
$1.4 billion) has elected to retire early from the firm on Oct. 31. “I’m privileged to have worked with
exceptional professionals around the globe,” he says. “The people of Grant Thornton will always hold
a special place in my heart. While this was not an easy decision by any means, I’m excited to be
starting a new phase of my professional journey.” Chipman will act as a consultant to the firm and has
agreed to represent the firm on the boards of key Chicago organizations. Chipman is succeeded by J.
Michael McGuire, who will move from COO to CEO of Grant Thornton.
New York-based Grassi & Co. (FY15 net revenue of $45.6 million) has announced that Magda
Szabo has joined the firm as a tax partner in the New York City office.
Greenfield, Ind.-based Kemper CPA Group (FY15 net revenue of $38.7 million) has named John
A. (Tony) Rubenacker as MP. Rubenacker follows Ronald Dezelan’s eight years of leadership.
Rubenacker became a partner in 1995 and has extensive experience in taxation, including individual,
commercial, and partnership taxation. As MP, he will be responsible for strategic planning,
management of firm resources, and providing guidance as the firm seeks to meet its growth goals.
Wolfgang H. Pinther has joined Miami-based MBAF (FY14 net revenue of $89 million) as the
director of marketing. Pinther has more than a decade of experience in marketing, with specific
expertise in strategic planning, brand identity, client communication, community relations and digital
marketing. Pinther will manage the firm’s marketing team and create and execute a cohesive
marketing strategy.
Chicago-based McGladrey (FY15 net revenue of $1.64 billion) named Craig Radke to serve as MP
for its Southeast region, effective Nov. 1.
Canada-based MNP has elected a new CEO, Jason Tuffs, who will succeed Daryl Ritchie. Tuffs
says he has his eyes set on the future while remaining committed to the culture and values of MNP,
which started as a small prairie firm and is now the fifth-largest in Canada. Prior to being elected as
the fourth CEO in the firm’s history, Tufts was a member of MNP’s strategic planning committee
plotting the firm’s new five-year vision. Ritchie will remain active with the firm as chairman of the
board. Ritchie was appointed CEO in October 1998. MNP was then the 10th-largest accounting firm
in Canada, with fees of $41 million and a staff count of just over 400. Now fees are $600 million and
the staff count is over 3,500. “We underwent a rigorous process in selecting our new CEO and we
believe Jason is the right person to continue to build upon our firm’s foundation and lead our firm
into the future,” says Ritchie.
Saginaw, Mich.-based Rehmann (FY14 net revenue of $107 million) principal Randy Rupp
succeeded Steven Kelly as the firm’s CEO. Kelly will continue to serve as the firm’s chairman of the
board. “Randy has been deeply entrenched in firm operations for years and is a principal architect of
the great strides we’ve taken since he joined us more than 30 years ago,” says Kelly. “He’ll continue
helping the firm fully realize its strategic plan and ensure that Rehmann clients receive best-in-class
service.” Rupp started his career with Rehmann as an intern in 1982. In 1993, he was named a tax
principal in the firm’s Saginaw office. He joined the board in 2003 and has served as vice chair for
nearly a decade.
Joan Davidson joined Wilmington, Del.-based The Siegfried Group (FY14 net revenue of $98
million) as its newly appointed president. She will be working directly with CEO and founder Rob
Siegfried and the executive team to help the firm continue its successful growth. Over the past three
years, she has served on the firm’s advisory board, making many contributions as a member of its
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INSIDE PUBLIC ACCOUNTING / 20
leadership committee. Prior to joining The Siegfried Group, she spent nearly 20 years at The Sheridan
Group, one of the largest print and publishing service providers in its industry.
Heidi LaMarca has been elected MP of Windham Brannon of Atlanta (FY14 net revenue of $21.3
million), succeeding David Kloess. LaMarca joined Windham Brannon in 1994, and serves as a
principal and the audit practice leader for the firm’s employee benefit plan services, which includes
employee benefit plan audits, Form 5500 filings and advisement. Prior to Windham Brannon,
LaMarca worked for KPMG in Atlanta. “On a daily basis, Heidi has demonstrated exceptional
leadership skills with her teams, as well as the technical expertise and innovative thinking needed to
bring value not only to our clients but to the firm as well,” says Charles McGimsey, practice leader
for litigation and support services at Windham Brannon. IPA
Aronson of Rockville, Md. (FY14 net revenue of $49.2 million) announced that it has launched its
financial advisory services practice, which includes forensic accounting and litigation support,
valuations, transaction services, M&A advisory, corporate finance and strategic advisory services.
Cleveland-based CBIZ (FY14 net revenue of $600 million) sold its financial services practice in
Bethesda, Md., to Richmond, Va.-based Cherry Bekaert (FY15 net revenue of $143.8 million) on
Aug. 1. “Our Bethesda financial services practice was relatively small for a large nationally
recognized professional business service provider and not of sufficient size and scope to fully
capitalize on the market opportunities that exist in the Baltimore/Washington D.C. metropolitan
market,” says Steven L. Gerard, CBIZ chairman and CEO. “This transaction allowed us to place our
existing staff and clients with a firm where their needs will be better met.” The staff and directors are
now part of Cherry Bekaert’s Washington-area practice, based in Tysons Corner, though they will
remain in the same offices, the Washington Business Journal reported. “This isn’t the first time the
parties have crossed paths. The acquisition comes about 10 months after CBIZ closed its Miami
location, citing insufficient scale and resources at that office. At least two partners and 23 CBIZ
associates there joined Cherry Bekaert in the process,” the newspaper said.
Marcum Search, the executive recruiting affiliate of New York-based Marcum (FY14 net revenue
of $385.4 million), has launched a national consulting practice based in South Florida. The Fort
Lauderdale practice will be led by Bonnie Koppelman and Randi Valdes. The consulting division
will partner with clients to place certified consultants for engagements averaging three to six months,
or longer. Consultants will include accounting managers, financial analysts, directors of finance,
controllers, business analysts and project management professionals. In her role as vice president of
business development, Koppelman will connect with C-suite executives to establish relationships and
bring new project opportunities to Marcum Search. In Valdes’ role as vice president, she will be
responsible for talent acquisition within the consulting practice.
New York based-Mitchell & Titus, the largest minority-owned accounting firm in the U.S., has
ended its membership in the Ernst & Young Global network. M&T returned to being an independent,
non-network firm on Oct. 30.
Albuquerque, N.M.-based REDW (FY14 net revenue of $26.2 million) plans to offer cybersecurity
advisory services in 2016, Albuquerque Business First reported. “What we were finding was that
technology is impacting our clients and other businesses at a rapid-fire pace, so we’re responding to
our clients and the community to identify these game-changing shifts,” Marcus Clarke, principal and
director of internal technology, told the newspaper. Clarke said the firm would offer guidance in
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INSIDE PUBLIC ACCOUNTING / 21
terms of regulation, compliance and governance. As a result, the firm will be hiring three to five
people in the coming months.
Birmingham, Ala.-based Warren Averett (FY14 net revenue of $114.2 million) has expanded into
the Atlanta market. With the addition of the Atlanta office, Warren Averett Asset Management now
operates in Birmingham, Huntsville and Montgomery, Ala., as well as Pensacola and Tampa, Fla. The
Atlanta office will be led by Jim Foster, who brings with him more than 19 years of experience in
wealth advisory. IPA
Irwin Katz, 96, the founder of Indianapolis-based Katz Sapper & Miller, passed away Sept. 9.
“KSM stands for lifetime relationships, integrity and entrepreneurship,” the firm’s website tribute
reads. “Mr. Katz did more than embody these principles himself. He instilled them in his firm, and
made them an indelible part of KSM’s proud corporate culture.” After serving in World War II, Katz
joined Levy & Calderon in 1952, and his name was added to the door the same year. The firm later
became Katz Sapper Miller (FY14 net revenue of $58.5 million).
George Hillegass, a partner with Warren Averett and a founding partner of Gifford Hillegass &
Ingwersen, has died. He was 71, and had been battling pancreatic cancer. “George’s reach was
limitless and he touched many lives with his kindness and generosity,” says Karen Kehl-Rose,
president of the LEA Global.
William Vaughan, founder of the Maumee, Ohio, accounting firm that bears his name, died Sept. 12.
Vaughan was 84. Vaughan started the firm in 1959, three years out of college. He had a staff of 10 by
1970 and 50 by the mid-1990s, growth he attributed to “an emphasis on developing capabilities. If
you skip that step, you’re in trouble,” he told The Blade in a 1995 interview.
John D. Harris, 71, of Elm Grove Wis., and Naples Fla., died Sept. 14. Harris began his career as a
CPA for the former Geo S. Olive & Co. in 1965. He became a partner in the firm at the age of 28,
eventually becoming MP in 1989. At the end of his career he had worked for Olive more than 30
years retiring as the CEO. He was formerly a resident of Indianapolis. IPA
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EXPANSION
COMPARE Net Revenue – Operational – Net Income – Compensation Metrics
provide you with aPeople
visual
In Thesnapshot
News
16 of your firms overall performance in specific
ard:
areas.*
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Of Interest/Online
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19
That changed in 2004 when Mike Burns left Grant
Tracy Gallagher
Thornton to join Tofias. “Clearly,” says Gallagher, “Mike
put us on the map.” Today, according to Gallagher, CBIZ Tofias is the
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best practices. Knowledge gained through the benchmarking process can be
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THE 2015 IPA FINANCIAL AND OPERATIONAL REPORT CARD
PREPARED FOR
Ranking Among
All Participating
Firms
Flintstone Rubble & Company
NET REVENUE
Average All
Participating
Firms
Your Data
Net Revenue Growth Rate (Organic Only)
Net Revenue per Charge Hour
Net Revenue per Equity Partner
Net Revenue per Employee
Net Revenue per Square Foot
4.4%
$175.23
$1,376,826
$160,715
$503
278
115
300
297
280
of
of
of
of
of
507
474
500
505
469
1,281
60.1%
63.1%
79.9%
44.0%
4.0
5.4
34.3
22.7
366
375
380
376
191
348
379
76
224
of
of
of
of
of
of
of
of
of
473
468
468
472
476
503
501
480
462
Net Income as Percentage of Revenue
Fully Loaded Net Income as Percentage of Revenue
Net Income Growth Rate (Organic Only)
Net Income per Charge Hour
Fully Loaded Net Income per Charge Hour
Net Income per Equity Partner
34.8%
13.2%
-0.9%
$60.98
$20.34
$342,018
118
259
326
114
240
329
of
of
of
of
of
of
475
450
465
459
439
468
Average Equity Partner Compensation
Average Non-Equity Partner Compensation
Average Professional Staff Compensation
$283,657
$179,852
$78,258
351 of 469
250 of 307
171 of 460
OPERATIONS
Charge Hours per Professional Staff (Excl. Eq. Ptnrs.)
Utilization (All Professional Staff Incl. Eq. Ptnrs.)
Utilization (All Professional Staff Excl. Eq. Ptnrs.)
Charge Hours by Professional Staff Percentage (Excl. Eq. Ptnrs.)
Personnel Costs as Percentage of Revenue
Professional Staff : Administrative Staff Ratio
Professional Staff : Equity Partner Ratio
A/R - Days of Production Locked Up
WIP - Days of Production Locked Up
NET INCOME
COMPENSATION
SAMPLE DATA
Ranking
Among All
$10 - $20M Firms
5.0%
$146.22
$1,666,552
$182,000
$604
78
34
82
84
90
of
of
of
of
of
147
139
143
144
133
1,401
68.3%
72.5%
86.4%
49.6%
5.6
7.9
66.0
30.2
107
117
116
121
44
101
115
21
50
of
of
of
of
of
of
of
of
of
139
138
138
138
137
143
143
138
130
31.5%
13.8%
7.7%
$50.48
$23.01
$464,050
32
83
96
37
75
106
of
of
of
of
of
of
137
129
135
133
125
136
$410,556
$189,521
$73,161
109 of
60 of
51 of
135
99
133
SAMPLE DATA
SAMPLE DATA
SAMPLE DATA
Average All
$10 - $20M
Firms
Average
2015 Top 25
Best of the Best
SAMPLE DATA
SAMPLE DATA
SAMPLE DATA
SAMPLE DATA
SAMPLE DATA
SAMPLE DATA
SAMPLE DATA
SAMPLE DATA
5.5%
$165.22
$1,756,254
$185,045
$654
1,452
66.8%
70.0%
89.1%
49.5%
6.6
9.4
66.5
22.5
27.5%
14.2%
5.4%
$46.88
$24.22
$492,555
$436,598
$204,563
$77,695
16.0%
$207.66
$2,587,561
$248,569
$922
1,503
68.5%
72.0%
90.5%
43.6%
7.6
11.5
45.2
20.9
36.5%
31.6%
14.6%
$83.95
$70.55
$1,105,675
$995,856
$277,654
$92,548
Total response numbers will change due to the fact that not all respondents provided the requested data. A total of 525 firms participated in the 2015 IPA Annual Survey and Analysis of Firms. Averages exclude all Big 4 data.
KEY =
TOP 25% of
MIDDLE 50% of
BOTTOM 25% of
Responses
Responses
Responses
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SSER
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EN
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revenue
streams,
develop
or medicine
reinvigorate
niche,
expandto
Agenerate
lateral new
partner
hire can
be just
the right
for afirms
looking
geographically
or grow
withinpresident
a developing
service
According to Allan
Koltin,
and CEO
of line.
Chicago-based PDI
5
OPERATIONAL
REPORT CARD
Global, during the past five years, more partners have left the Big Four
5
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geographically
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6
6
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According to Allan Koltin, president and CEO of Chicago-based PDI
to join the Top 200 firms than ever before. It is the No. 1 growth strategy
Global, during the past five years, more partners have left the Big Four
for many firms, he says.
to join the Top 200 firms than ever before. It is the No. 1 growth strategy
for
firms,
says.
So many
how has
the he
trend
of lateral hiring gained traction? Part of it, Koltin
ORDER FORM
tells IPA, stems from the fallout at Andersen, which set the stage for
So how has the trend of lateral hiring gained traction? Part of it, Koltin
growth within other non-Big Four firms. And as firms increasingly
10
tells IPA, stems from the fallout at Andersen, which set the stage for
REGULATIONS
becoming more specialized and niche-focused, demand rises for specific
Mark-To-Market
On
growth within other non-Big Four firms. And as firms increasingly
TRENDS
expertise.
The
Hot Firms
Seat Telling
10
Some
becoming
more specialized and niche-focused, demand rises for specific
Staff “Stay Home”
11
TRENDS
expertise.
Tracy Gallagher, senior managing director of
Some
Firms
Telling
EXPANSION
Staff
“Stay
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Cleveland-based CBIZ Tofias,* sees lateral hiring as a
Doeren
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senior
managingBringing
directorin of
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tremendous
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a
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for years,
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doing it part time but it really wasn’t their specific area
Association
Bulletin
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18
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changed in 2004 when Mike Burns left Grant
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15
Tracy Gallagher
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colleges
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