HMWC Conquers Big Sur Hike, Its 41st Team-Building Event

Professionals, friends and clients of Tustin, Calif.-based HMWC CPAs & Business Advisors (FY19 net revenue of $17.9 million) have covered 15 miles of hikes in the Big Sur area of the central California coast, marking the firm’s 41st annual team-building hiking trip.

The hike, which was held over several days and included participants aged 5 to 76, is part of an effort to create a work environment that fosters “trust, initiative, loyalty, work/life balance, and mutual employer/employee success,” the firm says.

The annual “Death March,” so-named because of the physical challenges, was started in 1979 by then-MP Gerry Herter, who has attended all 41 outings. According to Herter, the event is rigorous but fun. “With the intense demands placed on members of the accounting profession nowadays, the Death March provides an enjoyable opportunity for team-building amidst some of the most spectacular scenery North America has to offer,” says Herter, who wrote a book about the tradition: Ledgers to Ledges, Four Decades of Teambuilding Adventures in America’s West.

Previous Death March events have been held in national park around the West: Yellowstone, Grand Teton, Grand Canyon, Glacier, High Sierra, Yosemite, Sequoia, Channel Islands and Crater Lake. Hikes have also covered portions of Kauai in Hawaii, Rogue River-Siskiyou National Forest in Oregon and California, and Banff National Park in Alberta, Canada.

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INSIDE Public Accounting Releases Annual Ranking of the Top 400 Accounting Firms

The publishers of INSIDE Public Accounting (IPA), the award-winning newsletter for the public accounting profession, today released the annual ranking of the nation’s 400 largest public accounting firms.

Rankings of The IPA 100…Now in its 29th year, the IPA 100 lists the 100 largest public accounting firms in the U.S., by net revenue. The IPA 100 is made up of the Big 4, which collectively generated over $60 billion in U.S. revenue last year, and 96 national, regional and local firms. The annual rankings and accompanying analysis paint a comprehensive picture of the state of the profession.

Newcomers to The IPA 100…Three firms debuted on the IPA 100 in 2019: No. 91 Tulsa, Okla.-based HoganTaylor LLP; No. 98 Houston-based Briggs & Veselka Co.; and No. 99 Clifton, N.J.-based Sax LLP.

The 2019 IPA 400 Firms…IPA also ranks the next tier of accounting firms, Nos. 101-400.

The 2019 IPA 400 rankings can be accessed here.

Highlights of the 2019 IPA 100 Public Accounting Firms…The Big 4, Deloitte, PwC, EY and KPMG collectively make up nearly 75% of the total U.S. revenue of this year’s IPA 100. Due to their size, IPA excludes metrics of the Big 4 in its analysis. The remaining 96 firms represent $22.2 billion in total revenues and employ more than 100,000 staff. Excluding the Big 4, 45 firms are represented in the IPA $100 Million Club, all with annual revenues exceeding $100 million.

  • Organic growth (excluding mergers) grew this year to 6.7%, up from 6.3% in 2018.
  • More than 110 acquisitions (both traditional CPA firms as well as other non-CPA firms) were reported, pushing the overall growth rate to 9.9%, also up slightly from the 2018 all-growth rate of 9.4%.
  • Organic growth in net income grew to 9.9% this year, an increase from 6.4% in 2018. Factoring in acquisitions, net income growth is up to 12.2%.
  • Average equity partner billing rates now top $450 per hour for the IPA 100.
  • Professional staff turnover (CPAs and other client-serving staff) averaged 16.2% for the IPA 100; with 1 in 5 IPA 100 firms averaging more than 20% professional staff turnover.
  • Eight female managing partners are now at the helm of the IPA 100 firms for the first time since IPA began tracking this data.
  • Average annual equity partner compensation at the IPA 100 is now $660,000.
  • One out of 11 equity partners / owners in a CPA firm are not licensed CPAs.

“As firms continue to expand service lines and seek to hire the most qualified staff to serve clients in many non-traditional services, we’re seeing more non-CPA professionals in the ranks of the IPA 100,” says Mike Platt, principal with INSIDE Public Accounting. “In fact, we discovered that 28% of all client-serving professionals at IPA 100 firms indicated they have no intentions of pursuing a CPA license.”

In-Depth Financial and Operational Benchmarking of the Accounting Profession…Financial and operational analysis of 550 public accounting firms will be published in late September in the 2019 INSIDE Public Accounting National Benchmarking Report.

Subscribe to the IPA newsletter to receive the upcoming benchmarking analyses and in-depth interviews with key leaders within the profession. IPA offers a complimentary news source, the IPA INSIDER E-News Update. Sign up online.

Purchase any of the 2019 IPA benchmarking products, including the IPA National Benchmarking Report, to gain insider strategies.

To interview or engage the partners at INSIDE Public Accounting, please contact Chelsea Summers at (317) 733-1920 or csummers@plattgroupllc.com.

DWC Announces New COO

Vicki Goetter

Grand Junction, Colo.-based Dalby Wendland & Co. (FY18 net revenue of $13.0 million) announces that Vicki L. Goetter has joined the firm as its new chief operating officer.

Goetter has 20 years in the public accounting and consulting industry, specifically in the New York/New Jersey metropolitan area. In addition, she has 10 years’ experience in private business in the U.S. and U.K.

“She has been able to assist in increasing overall firm morale and employee retention, improvement of firm workflow in tax, redefining processes and procedures across firm lines to increase firm profitability, and project leadership through effective planning and communication in desired areas such as human resources, marketing and technology,” the firm announced.

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DMJ Announces Professional Promotions

Greensboro, N.C.-based DMJ & Co. (FY18 net revenue of $13.3 million) announces several promotions in its headquarters office.

Alicia Williams has been promoted to chief human resources officer. She joined DMJ in 2011 as a human resources administrator. She specializes in talent management, customer service, deferred compensation, employee benefit design and new hire orientations.

Caren Rodriguez has been promoted to chief marketing officer. She joined DMJ in 2006 as a director of marketing. She manages firm-wide marketing and business development initiatives that span three office locations across North Carolina. Her responsibilities include communications, public relations, brand development, strategic and industry partnerships, marketing strategy and digital media efforts.

Shirley Weigel, a partner, has been promoted to chief operating officer. She joined DMJ in 1990. She has worked in the accounting and auditing department and was admitted to the partnership in January 2011. She is responsible for planning and supervising engagements of various businesses in the areas of distribution, non-profit organizations, manufacturing, professional services and construction.

Construction Begins on New Headquarters for Maillie

Mont Clare, Penn.-based Maillie LLP (FY18 net revenue of $19.1 million) recently broke ground for a new headquarters in Limerick, Penn., which will replace the Mont Clare office.

The new location, the firm says, is more visible, easily accessible from Route 422, and will offer more advanced technology.

The 25,000-square-foot facility is initially planned for 75 employees, with capacity for growth. The two-story building will have multiple conference rooms with video conferencing capabilities, training areas and an employee lounge.

“Building a new facility with the latest technological advancements and enhanced employee accommodations is crucial to our firm’s long-term success,” says MP Robert L. Caruso.

Firm leaders expect staff to move in next summer.

Mueller Prost Gains Three New Partners

Caty Beilsmith

St. Louis-based Mueller Prost announces that three professionals have been admitted to the partnership: Caty Beilsmith, senior manager, business services, and Stacy Campbell and Joel Hundelt, both senior managers in tax services.

Beilsmith has over 10 years of experience in public accounting and specializes in working with companies in the construction, health care and manufacturing industries. She works with corporations and closely held businesses and has a focuses on audit, HUD compliance and employee benefit plan audits. She also works closely with college campuses across Missouri and Illinois to attract and recruit top talent to the firm.

Stacy Campbell

Joel Hundelt

For 20 years, Campbell has been working with individuals, partnerships, corporations and closely held businesses on tax planning and compliance, accounting and consulting. Her specialty is the real estate and construction industry. She also serves on the tax committee helping to develop policies and procedures for the department and coordinating continuing professional education. She also helps attract new talent to the firm as a member of the recruiting committee.

Hundelt has spent 10 years at the firm, working with individuals, partnerships and corporations, assisting them with tax planning and compliance, accounting, consulting and mergers and acquisitions. He specializes in the manufacturing and distribution industry, and has focused knowledge in state and local taxation.

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Apple Growth Partners Announces New Leaders

Akron, Ohio-based Apple Growth Partners (FY18 net revenue of $17 million) has announced recent appointments to the leadership team.

Audit and assurance services director Susan Burnoski has been admitted as a principal. Burnoski joined the firm more than 12 years ago as an audit associate. Burnoski leads the firm’s auditing team and is an expert in assurance compliance requirements to improve internal processes. She is also actively involved in community organizations.

Along with the newest principal appointment, the executive committee welcomed four new principals to the firm’s guiding board.

  • Bob Nemeth, who leads the firm’s forensic accounting specialty.
  • Jeff Brooks, who specializes in tax and advisory solutions for privately held businesses, including mergers and acquisitions.
  • Mark Lapikas, who specializes in tax and advisory services for manufacturers.
  • John Valle, who specializes in construction, real estate and transportation

“With Susan’s appointment to principal and the addition of Bob, Jeff, Mark and John to the executive committee, our firm is poised for continued growth and success,” says Chuck Mullen, chairman. “Expanding our leadership team to include the diverse backgrounds of these leaders impacts not only our client service offerings but also our internal culture.”

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Pease & Associates Appoints Kuno Bell as MP

Kuno Bell

Cleveland-based Pease & Associates (FY18 net revenue of $15.7 million) has announced the appointment of Kuno Bell as MP, replacing founder Joe Pease, who will step away from the MP role but remain as chairman and a member of the executive board.

Bell directs the tax department, and has led the team’s growth efforts. He joined the company as an intern in 1990. While still employed at Pease, Bell went on to earn a Juris Doctor degree from Case Western Reserve University School of Law.

In his new role, Bell will be instrumental in the firm’s continued growth and success. His key areas of expertise and experience are in the manufacturing, real estate and nursing home practice areas. He is responsible for originating and growing the health care niche at Pease, which is now nearly half the firm’s revenue.

“We are excited to have Kuno assume the role of managing partner, and continue the memorable journey we began decades ago,” says Pease, who at 62 decided the time was right to hand over the reins to the next generation. “Kuno aspired to be in this role from the time of his interview way back as an intern, and now it has become a reality.”

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L. Peyton Humphrey Celebrates Milestone at Hantzmon Wiebel

L. Peyton Humphrey

L. Peyton Humphrey

Half a century. That’s how long L. Peyton Humphrey has been with Hantzmon Wiebel (FY18 net revenue of $12.8 million) of Charlottesville, Va.

On Sunday, July 14, Humphrey will celebrate his 50-year anniversary in typical fashion, at the office. Even though he retired from the partnership a few years ago, he’s still an active team member and comes into the office around 6 a.m., the firm says.

“Time flies when you’re having fun,” says Humphrey. “If you surround yourself with people smarter than you, it’s a good deal. The firm has been a good, fun place to grow and have a long career. We have a lot of smart, hard-working people here. I’ve just been along for the ride.”

CEO Jennifer Lehman says, “Peyton embodies all that is good about our profession. He is incredibly intelligent, has the highest moral code and builds long-lasting relationships with his clients. They are friends as well as clients and that helps him to best meet their needs.”

Humphrey’s journey with the firm started in 1969, one year after passing the bar exam. He says he never seriously entertained opening a law firm, but instead used that knowledge as an additional tool to help his accounting clients.

“People rely on you for advice. I’ve evolved with my clients who were starting their businesses, to running their businesses, to selling their businesses, to retirement. I’ve been with them from startups to retirement homes,” says Humphrey.

He has many fond memories, including a few years where he and his wife Cherie stayed in Germany to help a client. “It was a good opportunity. I had that opportunity because Mr. Hantzmon had the connections. He was one of the smartest guys that I’ve ever met,” says Humphrey.

Humphrey is a quiet person with a gentle kindness, the firm says. “It’s easier to get along in this world if you’re kind,” he says. “We need more kindness.”

Bowman & Company LLP Celebrates 80 Years of Serving Southern New Jersey

Voorhees, N.J.-based Bowman & Company (FY18 net revenue of $12.8 million) announces the celebration of its 80th year of providing accounting, audit, tax and consulting services in southern New Jersey.

Founded in 1939, Bowman & Company LLP has partnered with local governments, not-for-profit organizations, commercial entities and individuals, and is one of the largest firms in the region.

“As Bowman prepares for our ninth decade, it’s immensely gratifying to look back and see how our friends, neighbors and clients have grown along with us,” says MP Michael D. Cesaro. “We love our community, and we are proud to be an integral player in its development. From our peerless client service to our countless charitable activities, we are honored to have helped so many people and businesses along our journey, and we look forward to making the next 80 years every bit as exciting and rewarding.”

Bowman & Company LLP specializes in providing audit, accounting and tax services, as well as employee benefit plan administration and management consulting services. Bowman also has a well-established governmental services department, serving county and local governments, school districts and authorities providing audit and accounting expertise, as well as bond support.

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