Please ensure Javascript is enabled for purposes of website accessibility
September 24, 2023

Number of the Day: $860,668

Things that are recession-proof during a global pandemic:

  • Amazon
  • Costco
  • Netflix
  • Alcohol
  • Public accounting firms

According to INSIDE Public Accounting, top-line growth for the top 100 public accounting firms this past year was 8.3%, which seemed like a pipe dream in March and April 2020 as the Rona was starting to rage in the U.S. Like in previous years, the top 50 firms outpaced the average, with a 9.2% overall growth rate (7% organic), while the bottom half of the top 100 grew at a rate of 7.6% (6.7% organic).

In addition, net income per equity partner averaged $860,668, up over $94,000 per partner from the previous year’s average, according to IPA.

But here’s something interesting that IPA mentioned while talking about net income per equity partner. IPA found that nearly all firms in the bottom half of the top 100 received Paycheck Protection Program loans to help offset potential losses and retain staff. But did partners benefit from unused PPP funds?

[The $860,668 amount does not] include any unused PPP loan funds that may have been distributed to the partners as well. This begs the question: Did the extra PPP money spur innovation and transformative investments to prepare firms for the future, or was it simply seen as a windfall that ultimately led to little more than a slew of new leases on Audis and BMWs, or that vacation home?

I think we can all agree that IPA answered its own question (i.e., slew of new leases on Audis and BMWs and new vacation homes).

Strong Client Demand, PPP Loans Combine To Propel Hiring And Solid Top-Line Growth For The IPA 100 [INSIDE Public Accounting]

Related articles:

Listicle of the Day: INSIDE Public Accounting’s Top 400 Firms For 2021
Here Are the Accounting Firms That Received PPP Loans Because We Know You Want to Know

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

what in the actual hell on a sign

This Shady Chattanooga Accounting Firm Just Went Down in Flames and Still Owes Staff Months of Pay

Ed. note: the original story included quoted, attributed text from Chattanooga Times Free Press. We’ve removed this quote by their request after receiving a nasty email. Chattanooga Times Free Press has written quite the story about legacy accounting firm Croft & Frost abruptly laying everyone off earlier this week after months of issues making payroll. […]

Burnt and melted trash bin from fire

The SEC Has Charged Marcum’s Former National Assurance Services Leader With Being Ass at His One Job

The SEC’s rock-hard justice boner for Marcum continues, this time it’s charges against the firm’s former national assurance services leader for “causing widespread quality control deficiencies.” Or in casual parlance, “totally fucking up.” From today’s news release: The Securities and Exchange Commission today charged Alfonse Gregory Giugliano, CPA, the former National Assurance Services Leader at […]