Writer: Jerrica DuBois
2 min read January 2023 — Whether the economy is booming or is in a downturn, whether business is good or faltering, accountants will continue to be in demand. Moises Ariza, office managing partner of Marcum LLP, and Brian George, managing partner of CALAS Group, shared their thoughts with Invest: on the current state of the accounting profession and where they believe the industry is heading.
How does your firm approach its talent base?
Moises Ariza: Our culture has been pivotal in allowing us to retain talent as well as clients. In fact, we continue to have a low level of turnover relative to other firms. What holds us together is a sense of common purpose around guiding our clients and caring about their success. The camaraderie we foster has always been what keeps our team together and attracts new talent to Marcum. Every year in recent years, we’ve grown larger than the year before. That’s only possible because of our people who are often the best source of new colleagues. We reward our professionals for their performance with financial and intrinsic reward systems — not the least of which are generous incentives to recruit their friends and trusted associates.
Brian George: Most larger accounting firms have a revolving door because it is hard to find the best candidates. We’ve gone to universities, both big and small, to offer internships, participated in career fairs, and joined different associations to find out who is out there and who is looking for a job. It takes a long time, usually 90 days, for young professionals to get adjusted and for us to learn their capabilities. In most cases, that isn’t enough time, as every day is different here, so it’s hard to gauge what is understood. We also want to catch students early on to explain that accounting isn’t the tedious job it seems to be and present it as a potential career path.
What is your outlook and top priorities for the near term?
Ariza: The most critical priority will always be supporting our clients as they grow and expand. In order to succeed in the ever increasingly competitive landscape, our priorities are to differentiate our firm through culture, technology and service experience. We continuously seek out new ways to leverage technology for an enhanced client experience. Many of the ideas we embrace come directly from our people as they work diligently on engagements. Additionally, we continue to name partners in every region and we have been successful in growing our partner pipeline. We recognize every professional has a unique career path and we work collaboratively to help them succeed. There’s not one right way or one blueprint. There’s no instruction manual. Everybody has a different approach and that’s what makes Marcum attractive for so many.
George: CALAS has matured enough that our people are exactly who we need and want. So I want to hire maybe one or two more people, then spend time with the people we already have and continue watching them grow. We have a great foundation to build upon, and I would like to see everyone grow within it.
How are you advising your clients in relation to interest rates and inflation and what should they be concerned about?
Ariza: Everybody’s point of reference is the increase in interest rates. We ensure our clients comply with the tax code and relevant accounting standards. We take our role as advisors seriously, anticipating future economic struggles with inflation as we recover from the pandemic. We approach this through frequent communications, proactive discussions and strategic meetings to help our clients prepare. It’s about an ability to pivot and to flush out contingency planning. The economic projection shows that we may be going into recession, but our client base is positioned well to succeed, stay relevant and continue operations. We advise our clients on reducing costs where feasible without disrupting operations. From payroll to reducing or delaying capital investments or even curtailing some of their variable costs, which could be controlled by delaying expansions into new markets or maximizing efficiencies through technology and alternative models, we want our clients to rely on our professionals for impactful counsel in every economic cycle.
How has the current market presented opportunities for your firm?
George: As an accounting firm, you need us when times are good and when times are bad. In our case, our concern is the economic slowdown that is seemingly around the corner, so we are highly concerned and sensitive to client cash flow. We are forecasting more about what they need for the future, whether they should shrink or expand their businesses, and how they should employ people. The biggest complaint we get from clients is about how expensive things are, so it is crucial to think ahead.
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