According to the most recent salary survey conducted by the National Association of Colleges and Employers, the average starting salary this past recruiting season for accountants was $45,656.With starting salaries at these levels, and escalating salaries for experienced staff, firms should be reviewing their economic model. Too often, partners and owners are busy working in the business rather than working on the business. Is your firm still using billing formulas that were developed prior to the current investment levels in technology and the shortage of accountants?
I often hear firms say they are using the old mark-up formula of three to four times the hourly cost. Are your margins shrinking, and do your partners understand the economics of managing a profitable firm in today's global economy?
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