BerryDunn Named to List of Top 100 Accounting Firms
2011-11-01
BerryDunn, the largest certified public accounting and management consulting firm headquartered in Northern New England, has once again been named to INSIDE’s Public Accounting 2011 List of Top 100 accounting firms, moving up 21 spots from last year’s ranking. Jumping from 97th in 2010 to 76th in 2011, reflects the firm’s 14% fiscal year growth.
“We are pleased to be listed in the IPA 100 again this year,” said John Chandler, BerryDunn’s Managing Principal. “Our new ranking reflects how our firm continues to grow even when faced with a very challenging economy. Our professionals have done tremendous work providing specialized services to help our clients continue to add value to their organizations.”
Published by The Platt Group and in its 21st year, the report is the most current snapshot available of the financial and operational health of the largest accounting firms, offering a “state of the union” of the accounting profession as it emerges from the recession.
Due to mergers among the IPA 100, and continued shrinking of the top line for many firms, the minimum net fees for the IPA 100 this year are $28.1 million, down $1.5 million from last year and down $2.7 million from the 2009 high of $30.8 million.
“Though IPA 100 firms saw only a 1.0% increase in net revenues over last year, with 41% reporting a decline in net revenues from the previous year, there are flickers of hope,” said Kelly Platt, managing editor and publisher of IPA. “Firms with a year-end prior to November 2010 reported an aggregate growth rate of -2.9%. For those with a December 31 year-end, the growth was 1.1%. For those with a year-end of May or June 2011, growth came in at 3.5%. So there are signs that we’re turning a corner.”
According to the report, both east and west coasts are bouncing back from the recession faster than other areas. Eighty-five percent of firms with the largest increase in charge hours are from major metro areas on both sides of the country – Boston, New York, Washington D.C., San Francisco and Los Angeles.
Some other key metrics to consider among the 2011 INSIDE Public Accounting 100:
1.0% - Average revenue growth (excluding mergers)
3.0% - Average net income growth (highest since 2008)
15.6% - Average staff turnover (about 13% higher than last year, showing
signs that the job market is recovering for professionals)
29.8% - Average margin (net income as a percentage of net revenue) –
highest since 2008
$79,923 - Average pay for professional staff (down from $200 last year).
$368 - Average partner billing rate (no change from last year)
$521,619 - Average equity partner compensation (down $63,000 from the
peak three years ago)
