First the mid-market firms sell out to PE, then Deloitte cuts benefits, and now this. Is the public accounting just a race to the bottom now?

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We prefer “Big 4 alternative” vs mid-market :) But yes, seems that way!

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Or as Crowes old slogan was “a unique alternative to the big4” 🤣

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Correct me if I'm wrong, but Deloitte benefit cuts were not for client serving professionals, but instead were for back office people like IT support and back office administration. It still sucks, but let's not mislead people into thinking Deloitte is directly impacting the people in this bowl.

likesmart

Rumor is that they will start hiring new “delivery center” types onshore into that vertical. They won’t interact directly with clients so they’ll get those worse benefits. It’s like PwC’s centers of excellence that they use to audit things like cash and AR. Not sure if they’re still trying to use those CoEs to do tax though.

Yes. Also add that firms of all sizes have increased presence in India.

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Accounting has become a relatively commoditized service. India and AI are definitely turning this totally into a race to the bottom.

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Hasn't it always been something of a race to the bottom...

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Center of excellence....if you need to call it that...then it's not excellent

likefunny

Jack Reacher getting his revenge omg

funny

Don't call Jack Reacher if you can't finish the fight!

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Accounting has been a race to the bottom ever since we moved to fixed fees. We no longer value our time

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I don't think it's a fixed vs variable issue. I think it's that accountants don't do a good job of communicating and competing on value. And are to willing to say yes when they should be saying no to some requests.

I personally like fixed fee as long as it includes a good understanding of scope. Then out of scope work is requested it should be communicated with the client and billed accordingly.

And frankly we should be quicker to fire some clients. The 80/20 rule is real. Less than 20% of my clients cause 80% of the headaches and consume most of the time. And those clients are generally not as profitable too.

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Nice!!!!

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Trap, trap money Jamie
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