Accounting firms faring well during recession.

• Author: Heffes, Ellen M.
• Position: STRATEGY - Brief article

Despite the economic downturn, accounting firms are doing well, weathering the effects of the current slump, but there may be some challenges ahead as the economy picks up. This is according to a nationwide independent survey of 100 United States accounting firms conducted by CCH, a Wolters Kluwer business.

During the recession, the firms reported difficulty in finding good staff, and with record-number baby boomers about to retire, a talent crunch looms with the economic recovery. Despite the downturn, however, firms have been successful overall in maintaining rates, client services and staff productivity as they carefully manage their bottom lines.

Ninety-two percent of firms pointed to strong practice management as important in ensuring they can manage through the recession, and 90 percent said firms with strong...