IAB US Country Report (KerberRose)

Business Opportunities
April 7, 2022 - KerberRose S.C.


This article is a contribution to the International Accounting Bulletin (IAB) USA report by PrimeGlobal member firm KerberRose which was published in IAB's March 2022 newsletter. 

Please read the full article below and reach out to David B. Yeghiaian, Chief Strategy Officer, regarding any questions in relation to the article and doing business in the USA. 

Have there been any significant regulatory developments in the US over the last 12 months?

The American Rescue Plan Act of 2021 was one of the first major legislative accomplishments of the Biden administration. The Act was signed into law in March 2021 to provide financial assistance to American families struggling with the ongoing impact of COVID 19. The Act contained many important provisions aimed at providing financial relief. Some key provisions include the stimulus payments; the child tax credit, and the dependent care credit. Of course, there were key provisions that provided assistance to businesses. Some of those provisions include the extension of the employee retention credit, the sick and family leave credit, and restaurant revitalization grant program. There were continued discussions at the end of 2021 that were to provide additional relief; however, no agreement has yet been made.

How would you describe the health of the accounting industry in the US in terms of customer demand, fee pressure, and staff recruitment and retention?

This may vary by region in the US, as well as industry. Being located in the Midwest, customer demand continues to be good as customers are continually seeking to work with Trusted Advisors and value the support they are receiving. This also helps alleviate fee pressures because customers are willing to invest in valuable advice for their businesses. Staff recruitment and retention are typically the No. 1 or No. 2 most important issues facing organizations when speaking with leaders, and KerberRose is fortunate to have a Human Resources service offering to assist customers in these areas – we have prioritized recruiting and talent development with our customers and they are seeing the value in receiving assistance related to these important topics.

Have the community development and renewable energy markets grown? Are there any other services areas where demand has grown over the last 12 months?

These markets have grown in the US; however, not as prevalent in our Midwest market. We have personally seen service area demand growing in areas such as wealth management, human resources, and succession planning as business owners are continually seeking to transition business to the next generation or ensure their business is in a good position to achieve high value. In addition, the HR services are important based on the growth of our customers and increased HR policy complexity, as well as recruiting and talent development (retention) of their employees.

Has there been any significant consolidation or merger activity in the accounting profession?

There has been significant consolidation and we believe there will continue to be. This seems driven by smaller firms seeking a succession plan for aging owners and/or these firms being unable to successfully recruit good talent to keep serving customers. We believe the firms who seek strategic mergers will be most successful, meaning firms who are seeking to merge to gain good future talent and fit for overall culture. Our firm has been successful in this activity having completed six acquisitions over a 12-month period, consisting of accounting, wealth management, audit and human resources services.

What are your expectations for the next 12 months - are there any potentially significant developments in the pipeline?
David Yeghiaian Chief Strategy Officer Kerber Rose 002
We continue to see organic growth in virtually all services of our business – tax, audit, wealth management, IT, HR, and consulting. We feel we have positioned ourselves well as Trusted Advisors with our customers and they want our assistance to help grow their business. We continue to see M&A activity and will continue to see the importance of recruitment, retention and talent development of staff at all levels. David B. Yeghiaian, Chief Strategy Officer
What effect has the new administration had on business?

The American Rescue Plan Act of 2021 was one of the first major legislative accomplishments of the Biden administration. The extension of the employee retention credit, the sick leave, and other industry programs have helped businesses keep their doors open. We all remember the paycheck protection program, the first and second wave, as that program was vital for businesses to retain employees from going to the unemployment office. The Act was signed into law in March 2021 to provide financial assistance to American families struggling with the ongoing impact of COVID 19. The Act contained many important provisions aimed at providing financial relief. Some key provisions include the stimulus payments; the child tax credit, and the dependent care credit. Of course, there were key provisions that provided assistance to businesses. Some of those provisions include the extension of the employee retention credit, the sick and family leave credit, and restaurant revitalization grant program. There were continued discussions at the end of 2021 that were to provide additional relief; however, no agreement has yet been made.


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KerberRose S.C.

KerberRose is a regional firm of certified public accountants and management consultants. By providing quality, timely services to their clients, their firm has grown to include more than 200 professionals located in offices throughout Wisconsin and the Upper Peninsula of Michigan. They are a full-service firm specializing in accounting, tax, audit, wealth management, payroll, business strategy and human resources consulting, and technology services. KerberRose was listed on Inside Public Accounting's Top 200 Firms in 2021.

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