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September 30, 2023

Accounting News Roundup: Deloitte Poaches From Ryan; Fast Forecasts; Deduct That Hot Tub | 02.16.16

Deloitte builds tax at Ryan's expense [AFR]
Ryan is an obscure but fast-growing firm out of Dallas that specializes in high-value tax services. They've managed to build a global practice that competes for some prestigious multi-national clients, but the real sign that you've made it, I think, is when a Big 4 firm is stonewalling your efforts, which seems to be the case in Australia.

Big four accountancy firm Deloitte has hired ex-PricewaterhouseCoopers indirect tax specialist Kevin O'Rourke, in a move that will hamper Texan tax brand Ryan's foray into the Australian market.

O'Rourke was "instrumental in establishing the Ryan brand in Australia" but now Deloitte is making him a partner, his wife a director and "could hire up to six ex-Ryan staff." That kind of a raid on talent might have other firms crying "UNCLE" but Ryan CEO Brint Ryan seems okay with it because "we offer services that Deloitte and other accounting firms simply don't focus on." Defiant! I like it.

Fast forecasting
If your job involves forecasting then you might interested to know that companies with the best estimates spend an average of 8 days developing them.

Businesses that take an average of eight days to develop sales and earnings projections tend to report results that deviate from their forecasts by about 6%.

Companies that spend more time preparing—an average 17 days—miss their targets by 10% or more, the consulting firm said.

“The organizations that execute a forecast faster are often more confident in their capabilities,” said Jason Balogh, who heads Hackett’s corporate-performance management team. “It’s a tighter ship.”

Hackett also tied this to talent somehow, saying that companies with better forecasts will fill their open FP&A positions "at a more-rapid clip." I suggest using this knowledge at your next interview.

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