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February 2, 2023

Accounting News Roundup: EY’s Office Space and BDO’s Revenue | 07.21.16

EY's New Jersey (or Brooklyn?) office space

Despite 39 million reasons why EY should move to Hoboken, New Jersey, the firm is still deciding on where to drop a bunch of its employees:

The accounting giant Ernst & Young is weighing whether to move more than 1,000 high-paying jobs from its Manhattan headquarters to Hoboken or to Brooklyn, with New Jersey officials trying to help it decide by offering a $39 million tax break.

On Thursday, the New Jersey Economic Development Authority approved a 10-year  tax credit for Ernst & Young under the state's Grow NJ program, which is intended to encourage businesses to create new jobs or retain existing ones in the state.

Ernst & Young, which also goes by E&Y, has told New Jersey it is contemplating moving between 1,000 and 1,300 employees from its U.S. headquarters at 5 Times Square across the Hudson River to an existing building on the Hoboken waterfront at 121 River Street.

EY told New Jersey officials that the Brooklyn location in Industry City would be cheaper than the Hoboken, plus you know, hipsters. It looks like my earlier wish for a Big 4 firm to move to Brooklyn and complete their insufferable transformation was more realisitic than I knew.

Elsewhere in EY office space: the firm is expanding at its Dallas location.

BDO revenue

BDO's self-reported revenue of $1.29 billion for the fiscal year June 30, 2016 is the third straight year of 20%+ growth. The firm reported double-digit growth across its three major service lines: 17% for assurance, 27% for tax and 31% in consulting. CEO Wayne Berson seems pleased:

"I want to congratulate all of our partners and staff on helping BDO to continue to achieve strong revenue growth across each of our business lines.  The increase has been fueled both by impressive organic growth (+13.9%) and our ongoing expansion strategy (+ 9.0%)," said Wayne Berson, CEO OF BDO USA.  "Both public and private clients are attracted to our service offerings and our industry focused approach to client service.  Moving forward, we believe we are favorably positioned to continue to build on this success."

Previously, on Going Concern…

Cristina Garza wrote about Agile Project Management for accounting firms. And in Open Items, someone's asking about experienced staff compensation.

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