As a follow up to the very popular blog post “Corporate Tax Professionals Surprised By Stunning ‘Spans & Layers’ Report By Bain And Company“, I want to share with you several people sent me private emails commenting on the blog post because they did not want to post publicly. However, they wanted to acknowledge the article as something that hit a nerve for them. One comment that covered the thoughts of many was “It is much harder in corporate these days as the expectation is to do much more work with much less in-house support.” Corporate tax leaders are often pushed to the limit in a more complex tax environment. As a result, the future winners will inevitably be the tax services and advisory firms.
As I was researching growing firms in the tax and advisory services profession, I came across a report published on mergers and acquisitions of growing firms. Clearly, Chief Executive of BDO USA LLP, Wayne Berson has set BDO USA LLP on the leading path to growth with a 26% jump in annual revenue. BDO is also known for it’s “people first” culture. This goes along way to attract professionals from other organizations, and it is evidently working. It has resulted in one of the happiest and most productive groups of professionals in public accounting today. How do I know that? After 30 years in retained search for tax professionals, I have had numerous private conversations with professionals who left other firms to join BDO and they are very happy. When you combine that internal happiness culture with strategic acquisitions and growth strategy and reducing layers in corporate tax departments, I predict BDO USA LLP has a very bright future.
Many tax advisory services firms are positioned to benefit from the additional work that will flow out to them as corporations continue to cut overhead costs. The upside for consulting firms is corporate clients need to rely more heavily on outside tax consultants to get the work done on time. The Elephant in the room is that if companies reduce their attention to numerous new tax rules and regulations, it is low hanging fruit for International, Federal and State Auditors searching for more revenue. Having the right tax experts on your team matters. Companies who do not pay attention to their tax matters will pay a higher price.
For those of you not yet registered for the exciting and historical Internet Tax Summit, it will be held online September 21-23rd 2015. You are invited to attend for FREE where you will hear real stories of individuals and businesses being pursued to collect more tax revenue. Register for a FREE TICKET to the online Internet Tax Summit at:
Subscribe to TaxConnections Blog
Enter your email address to subscribe to this blog and receive notifications of new posts by email.