In this year's IAB survey of the U.S. accountancy market, we are delighted to report that INPACT positioned in 14th place among the associations of independent accounting firms with combined annual revenues of US$104.7 million.
This ranking positions INPACT as one of the world's leading associations of accounting firms, ahead of a number of our competitors. INPACT has 41 member offices in the U.S. with a further seven member offices located across Mexico and Canada.
This a good performance in a market described in the report on the world's leading accounting networks, associations and firms as "intensely competitive".
Recruitment and retention issues continue to be a problem
The report also mentions the ongoing problems related to recruiting and retaining highly skilled staff given the salaries being offered by private and public companies as the compliance burden increases.
The importance of innovation
Many of the networks interviewed in the survey commented on how they are focusing on innovation and the enhancement of their services for specific industries.
Audit fee pressure from clients
The audit market is described as a relatively stable, but also difficult service line with downward pressure on fees but also increasing regulatory demands and subsequent costs.
Tax and advisory work going well
Tax has performed well as a service line, while business advisory has been doing well among those firms that have the know-how to help clients with complex change management projects.
Corporate finance on the up?
Some interviewees also felt that corporate finance activity was also picking up, with deals being made and an increasing interest in public offerings.
Look to your alliance counterparts for strength
INPACT members should note one comment in the report that states that firms serving mid size companies must look carefully at their service offering and the fact that they simply can't provide all of the services a client will need on their own: "No one firm, no matter how large you are, can have every service a client will need, but via our network we can meet those needs."
INPACT has performed well and we look to 2013-2014 with confidence.