Last month, nine accounting executives met for a roundtable discussion about the current state of the industry, particularly in Nevada. Among the participants was the CEO of our Las Vegas CPA firm, Curt Anderson.
The following summarizes the takeaways gained from this insightful meeting:
The companies’ leaders agreed one of the main concerns in the accounting industry today comes in the form of financial statements. Post-recession, many business owners have had trouble shedding their do-it-yourself habits that were forged when cutting costs in every corner was essential to staying alive. These DIY methods, however, are costing businesses more in the long run, as a result of the significant time and effort required to clean up the records by accounting professionals upon submission of the documents.
Companies should consider employing a Las Vegas CPA firm throughout the lifecycle of their operations to ensure quality financial statements are produced from the onset, thus minimizing costs and trouble when it’s time to file taxes, apply for loans, or respond to audit findings.
The New Tax
As the tax law landscape continues to change and evolve, the accountants expressed concerns over Nevada’s new tax on business gross receipts. The consensus points toward much of the interpretation of this law being left in the hands of the courts, as case law will begin to bridge the gaps in the bill itself.
Many businesses will likely need the help of a Las Vegas CPA firm to interpret exemptions, rates, classifications, and filing requirements. As the courts hand down judgments relative to this tax, leaders will need the assistance of tax-educated professionals who understands how the rulings affect individual businesses.
Projections for accounting jobs in Nevada are strong, which means nearly every Las Vegas CPA firm will be on the lookout for quality talent to add to its staff. The executives expressed pleasure when asked about today’s students and educational environments, stating Nevada’s high schools and universities have begun to take proactive and interactive measures to guide students toward success. Student attendance at career fairs has been high, and accounting interns have been eager to learn their chosen craft, both of which are signs of success for the future.
It’s a common misconception that Millennials don’t want to work, but the fact of the matter is today’s students and young professionals just work differently from their predecessors. During the roundtable discussion, the executives agreed that modifying a company’s culture around the way Millennials think can lead to increased productivity and success for the employing company.
Among the points discussed, the team acknowledged successful firms understand Millennials’ needs for:
- Work/life balance
- Community involvement
- Professional engagement on a personal level
Increased longevity and decreased turnover in the long run will result when decision-makers lead by example, find ways to fit a life balance into their own careers, and set aside the time and money necessary to educate their firms’ future leaders.
State of the Industry
Mergers and acquisitions are common within the accounting industry but not likely more so than many other industries. The shift from general knowledge to very specific focuses within the individual firms makes partnerships more likely than mergers or competition in many instances. Nearly every Las Vegas CPA firm has a list of trusted “competitors” to whom it refers its own clients to ensure accounting needs are properly met by the right team of specialized experts.
As the industry continues to experience significant growth, these alliances will likely continue to build and strengthen. Continued expansion of client bases is indicative of a continually growing need to attract and hire top talent, bolstering the economy from all angles.
To read an excerpt of responses obtained from each of the nine Las Vegas CPA firm’s participants, head to Nevada Business Magazine.