Spotlight On: HBK CPAs & Consultants, James Bartolomei, Principal

Writer: Yolanda Rivas

2 min read SEPTEMBER 2019 — Technology is disrupting every industry in the world. From healthcare to banking and finance, numerous companies are reinventing themselves to be at the forefront of technology and innovation. In the accounting and finance segments, these innovative tools are rapidly transforming customer experience and data management. The Invest: Philadelphia team recently sat down with HBK CPAs & Consultants Principal James Bartolomei to get his insights about the performance of Philadelphia’s financial sector.

In what ways is technology disrupting the accounting and finance industry?

Technology is disrupting every industry. Innovation and technology allow companies to get creative and find ways to improve processes and, more importantly, customer experience. The biggest challenge faced by the financial industry is to improve customer experience while protecting sensitive data. To assist our clients in this area we recently developed a cybersecurity offering, which has been well-received. 

With the rapid and dynamic change in technology, businesses can be eliminated and displaced very quickly today. This represents a big challenge as the value one thought was built up in their business could vanish. This is why it is vitally important for business owners to build wealth both inside and outside their businesses. Our firm combines tax and accounting services with our wealth management services to help deliver on this objective and minimize risk for our clients.

What are the services and industries where you’re seeing the most demand?

We have seen increased demand from clients looking for our advice about the effects of the federal tax reform, especially because of the substantial changes in the privately-held business area. Clients are concerned that their accountants and tax advisers fully understand the new tax law and how it impacts them. There are significant changes to the way small businesses are taxed under this new law.

Philadelphia’s real estate and biotech sectors are growing. We have numerous clients in the real estate sector and we have seen a substantial uptick in activity and development, especially in rental properties. In the biotech sector, we have seen a high amount of activity in the medical technology segment.

What is your outlook for Philadelphia’s accounting and finance sectors?

We are continuing to see growth in the Philadelphia market. We are relatively new to the market and we are expanding our client base and attracting good, young talent. We have hired a number of recent college grads over the last two years with great results. Philly is one of the strongest and youngest markets in the United States and the outlook is great for HBK and the local financial services sector. 

 

 

To learn more about our interviewees, visit:

HBK CPAs & Consultants:  https://www.hbkcpa.com/

Spotlight on: William Burns, Tax Office Managing Partner, BDO

By Yolanda Rivas

2 min read JULY 2019 — Accountants and financial professionals play an important role in the global economy and business model, taking on an array of roles within organizations in all industries. According to the Bureau of Labor Statistics the employment of accountants and auditors is projected to grow 10 percent from 2016 to 2026, faster than the average for all occupations. 

Accountants can bring a significant perspective of the economy and industries growth. Our ‘Spotlight on’ for this week brings a perspective of what are the industries looking for in regards to advisory and how the local accounting companies impact the labor pool.

BDO offers a wide range of services including advisory, audit/assurance and tax services. Which are most in demand in Philadelphia?  

The core services that we provide in Philadelphia are audit and tax, which is where we are seeing the most demand. Our recent acquisition of AC Lordi will allow us to bolster what we can do regarding advisory and scale us up to the next level. We have seen an increase in demand for our services from healthcare, life sciences, and manufacturing and distribution. In addition, we have seen an influx of people reaching out for advice regarding maximizing the benefits of tax reform. We expect to see an increased demand for advisory services related to tax reform, especially surrounding Opportunity Zones.

What are BDO’s efforts to recruit talent from the local pool?

Six years ago, BDO merged a select group of geographically close practices, retiring a number of partners and ushering in a new class. We now find ourselves in a position where we can grow exponentially in one of the largest markets in the country. Our focus on targeted growth means we are constantly adding talent as we look to expanding our tax specialties.

There is always a hunt for qualified talent. To combat that, we try to over-hire at the entry level. Turnover in our industry is relatively high and by attracting more students at the front end we have more opportunity to offer them higher positions when people decide to leave. We have partnerships with local universities and we recruit on a regional and national level. We also have a program to identify and attract students to the region from all over the nation.

What Impact does technology have on the accounting and financial sectors?

Technology has a huge impact on how we operate, since most of what we do is software driven. Data analytics is making us more efficient and many firms are using it as a tool within their audit and tax practices. Those firms that aren’t focused on using and developing technology are going to lag behind.

To learn more about our interviewee, visit:

https://www.bdo.com/about/us-locations/philadelphia-office