14th April 2022
In the latest edition of the International Accounting Bulletin (IAB), Lisa Hayward-England, from North America member firm Hellam Varon & Co. Inc. P.S. joins the discussion about the unprecedented demand for transactional advisory services for US accountants.
Demand for accountancy services in the US at all-time high
The US market has shown recent growth in new areas such as legalised cannabis and ESG related matters, with predictions that as more US states legalise cannabis this will continue to benefit entrepreneurial businesses and provide new service opportunities for the accounting industry. The market also continues to see steady growth in both community development and renewable energy, driven to some extent by US businesses adopting new ESG strategies to address stakeholder demands.
Investment firms look to secure deals across multiple industries
This has led to unprecedented demand for transactional advisory services, as well as higher demand for outsourced and managed services for data and technology solutions, day-to-day tax services and operational support, and a range of risk management services.
Can the accounting industry cope with added demand?
Talent shortage has been an issue for some time and the lack of students taking up accountancy majors means this shortage will likely continue to impact the industry for some time. Lisa shared her concerns with the IAB.
“The interesting thing to me is that everyone talks about how remote working expands the available talent pool. It is true that you can now find great hires outside your regional area but there is still the same number of qualified CPAs out there but now even more firms are competing for them. While we as a Seattle area firm have been able to add remote staff from other areas of the US, that means a firm in that area has had their pool reduced. That is not good for the overall industry.”
Hellam Varon & Co.
If you measure the health of the accounting industry by revenue growth driven by client demand, then the US appears to be in a very good place, no doubt helped by federal programs designed to provide businesses and individuals with Covid-related financial relief, encouraging entrepreneurs to seek further opportunities. What remains to be seen, is whether the talent shortage will impact the ability to cope with the additional demand.
MGI Worldwide is excited to see that members continue to lead the way as thought leaders within the accounting industry. Thank you Lisa for your contribution.
Visit the Hellam Varon & Co. Inc. P.S. website here or their firm profile page here.
High rankings in US and Canada
We’re delighted to reveal that our member firms in the USA and Canada are ranking highly against the other top accounting networks!
In the US our member firms are ranking a fantastic 16th for fee income and 15th for staff data while member firms in Canada rank similarly at 15th position for fee data and 16th for staff data.
MGI Worldwide with CPAAI would like to congratulate our member firms in the US and Canada who are responsible for helping achieve these impressive results.
MGI Worldwide with CPAAI, is a top 20 ranked global accounting network and association with almost 9,000 professionals, accountants and tax experts in some 400 locations in over 100 countries around the world.