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The 2024 Best Firms for Women: Freedom of choice

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There are many different ways Accounting Today’s 2024 Best Firms for Women earned the honor of being among the top 10 most female-forward workplaces, but while the individual policies and programs they employ to effectively recruit, retain and advance women vary by practice, two stand out as critical for the highest-ranked firms: flexibility and mentorship.

Both strategies also empower female employees to make critical choices for their personal and professional success.

“Mentorship is so important — it’s just the be-all, end-all these days,” said April Miller, principal at Laurel, Maryland-based Bormel, Grice & Huyett PA, a Best Firm for Women for the third consecutive year, this year ranking No. 3. “So much more focus is on mentorship and training than ever before. It has a lot to do with retaining people and a lot to do with attracting people. Most people want to grow and advance, and we really want to foster that here. It’s more important than anything else.”

(See the 2024 Best Firms for Women here.)

Bormel, Grice & Huyett offers two types of mentors, Miller explained: “a mentor for learning, your work-side policies, procedures, technical help, as people advance and get more experience in the industry, and also a mentor whose primary focus is on career guidance.”

San Francisco-based Realize CPA, No. 5 among this year’s Best Firms for Women but also the highest ranked midsized firm on the list, shares those priorities, with managing partner Minerva Tottie crediting her female staff’s satisfaction to its strong mentorship program and flexible work culture.

All the Best Firms for Women are chosen from the members of Accounting Today’s annual Best Firms to Work For list, which is based on in-depth employee surveys. The Best Firms for Women, among other criteria, garnered positive survey responses from their female employees.

“Providing flexibility for women,” Tottie identified as one of Realize’s strengths. “We have a really strong mentorship program at Realize. Mentorship and flexibility. We usually get women fresh out of college, super eager and ambitious and ready to work. And then life happens: marriage, kids. Having mentors who can help guide them along the work side of things and different changes of life is really important, and we continue to provide that. We don’t want to get them discouraged. Accounting is a hard profession, with the hour requirements, especially on the tax side.”

Staff at B.A. Harris

Staff at B.A. Harris

The Best Firms for Women recognize that the profession’s current talent shortage makes these two principles more vital than ever. To combat the pipeline problem, they have also adjusted for the needs of younger candidates.

“Based on experience, education, and how they are brought in, we have a dedicated coaching and staff development plan that details expectations at each level,” shared Kayla Perry, firm administrator at Boise, Idaho-based B.A. Harris, No. 2 on this year’s list. “We make it clear to staff. This generation asks for complete clarity. They’re not a gray generation but black and white. We provide as much information as possible; the expectations of the next level up and so on. All expectations are provided to them even at an associate level, to see what it takes for a promotion to senior, to manager.”

At the Best Firms for Women, employees also have a choice in mentors and coaches.

“Good mentors, leaders who are also women, who have also been there, can provide guidance,” explained Tottie. “Oftentimes, myself as a partner, I’ll team up with another woman at a supervisor, manager level just so they can feel comfortable bringing up the types of issues they might not otherwise feel comfortable bringing up with men. Some women don’t care, and can be paired up with men or women. We are sensitive to what people need to get far in their career.”

“Any of the partners are always welcoming,” shared Miller. “Sometimes people don’t want to talk to partners, but have [a talk with] managers, principals or peers. There are different groups with different comfort levels of what they want to speak about.”

Bormel, Grice & Huyett also finds value in connecting female new hires with more senior women in the firm.

“We are respectful of the challenges some women face,” Miller said. “Not all women struggle with work-life balance but that is a thing, responsibility in the office plus family … We try to be respectful of women and men having the work-life balance everyone is talking about. Among new hires, we encourage setting up a meeting with a woman at the firm to talk about their experiences. We’ve found that to be really helpful to put candidates at ease.”

Flexibility at the forefront

Staff at all levels continue to value flexibility, both in work hours and location, and in career paths.

“We try to be very flexible to all staff,” said Megan Sunthimer, partner at No. 4-ranked firm C&D, based in Solvang, California. “We see that a lot with women who have kids, trying to be flexible with needs that parents in general have with young kids.”

Staff at C&D

Staff at C&D

All the Best Firms for Women stressed that their flexible work policies apply to men and women, with or without children, to maintain the ever-important work-life balance. But many firm leaders also acknowledge the extra burden that can fall on women.

“From personal experience, for quite a few really great female employees, different life things come up, particularly in the accounting industry, that can be pretty stressful at times with other commitments,” said Sunthimer. “They have decided, based off family dynamics and needs, the accounting industry in general: Is that where I want to be, in public accounting? That’s been a struggle in retention, specifically. Recruiting has been a tough few years with COVID and a lot less people entering the accounting industry.”

“Females are typically the default parent when it comes to children,” said Perry. “Whenever there are sick kids, the ability to work remotely at a moment’s notice, they need everyone to be super understanding. The leadership here is two-thirds women, and it really sets a good example for the rest of the staff, that there’s a place in leadership for women. And I think the partners here really empower women and hear them out. A great maternity leave policy also contributes to the satisfaction for women.”

The Best Firms for Women offer hybrid and remote work options, with C&D and Realize both calling for core hours for staff when everyone must be available, with flexibility outside those time frames.

B.A. Harris has also adjusted its mindset around long hours. “As a firm, over the past two years, we have reduced that expectation of hours worked,” said Perry. “It’s more about workload, the projects assigned to you, if you get them done … We allow everyone to set their own schedule, even during busy season. A lot work more, but that’s their decision. If they come in on a Saturday, we buy lunch, and it’s a casual environment with no dress code.”

B.A. Harris also closes the office on Fridays from May 1 through Labor Day to give staff three-day weekends to look forward to during the longer hours of busy season.

Realize recently “beefed up the head count so there is enough people to spread the work around, which is really helpful,” shared Tottie. “A new woman joined not too long ago, from out of state. She said, ‘That’s the best busy season I’ve ever had.’ It breeds loyalty, when you feel rested and good at work.”

Carving new paths

Employees also value choice in career paths, especially women juggling family commitments.

“Each family dynamic is different, each woman’s responsibilities are different,” said Sunthimer. “They might have kids, might be married, might not have a partner. Those hour commitments sometimes can be overwhelming, stressful. It’s OK to have different tracks available. Sometimes you get into public accounting and envision one track of how to move forward, but start to develop other paths. Maybe you have a staff person that can only work 40 hours a week and can’t do overtime. That doesn’t mean you can’t get to the next level. Have different paths available — do not stick to this is how it has always been done.”

Sunthimer and the female leaders at the other Best Firms for Women all have personal experience with these varied trajectories.

“My goal, ever since starting at C&D, was to eventually become partner,” Sunthimer shared. “When I moved to Indiana, I thought that might permanently derail that; we never had a remote partner before. It was a big step for them to take. They really value the experience I bring to the team. Two other employees, both employees working remotely before COVID, both female, they did want to retain them because they valued them so much. The retention of the other female employees is because the firm values everything they bring to the table. When you work for a firm that shows appreciation and values you, genuinely cares about you, as this firm does, it makes you want to stick around.”

Tottie can also relate, having worked at Realize since 2016.

“I absolutely did have mentors,” she recalled. “I have two kids. At one point [I thought] I don’t think I’m going to be able to do it. They allowed me to scale back my workload for a couple of years, which was hugely beneficial. They also reduced pay, and I’m OK with that if it meant I could stay in the game. When the kids were a little bit older, I came back little by little and was able to stay in it. I’m a partner now, and it’s an amazing career.”

“We’re just in general really focused on giving everyone the right guidance,” Tottie continued. “It’s such a great career if you can have, early on, someone to navigate through the challenges, to allow you to stay in the business, allow you to grow, allow you to have empathy skills for other women coming in and growing through the same challenges.”

One of Tottie’s colleagues benefited directly from Realize’s determination to retain the best talent.

“One woman had a baby and felt very strongly — she’s one of our superstars — that she wanted to take half a year off to be with the baby,” Tottie shared. “She’s so good we said, ‘OK. We’re here, we don’t want you to go anywhere, you’re on the partner track.’ It presents a challenge for us to allow that flexibility, but we know long term it’s the right thing to do, we’re in it for the long haul with them. They know that, and it helps a lot.”

(See the 2024 Best Firms to Work For and the Best Midsized and Large Firms to Work For.)

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Accounting

IAASB tweaks standards on working with outside experts

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The International Auditing and Assurance Standards Board is proposing to tailor some of its standards to align with recent additions to the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants when it comes to using the work of an external expert.

The proposed narrow-scope amendments involve minor changes to several IAASB standards:

  • ISA 620, Using the Work of an Auditor’s Expert;
  • ISRE 2400 (Revised), Engagements to Review Historical Financial Statements;
  • ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information;
  • ISRS 4400 (Revised), Agreed-upon Procedures Engagements.

The IAASB is asking for comments via a digital response template that can be found on the IAASB website by July 24, 2025.

In December 2023, the IESBA approved an exposure draft for proposed revisions to the IESBA’s Code of Ethics related to using the work of an external expert. The proposals included three new sections to the Code of Ethics, including provisions for professional accountants in public practice; professional accountants in business and sustainability assurance practitioners. The IESBA approved the provisions on using the work of an external expert at its December 2024 meeting, establishing an ethical framework to guide accountants and sustainability assurance practitioners in evaluating whether an external expert has the necessary competence, capabilities and objectivity to use their work, as well as provisions on applying the Ethics Code’s conceptual framework when using the work of an outside expert.  

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Accounting

Tariffs will hit low-income Americans harder than richest, report says

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President Donald Trump’s tariffs would effectively cause a tax increase for low-income families that is more than three times higher than what wealthier Americans would pay, according to an analysis from the Institute on Taxation and Economic Policy.

The report from the progressive think tank outlined the outcomes for Americans of all backgrounds if the tariffs currently in effect remain in place next year. Those making $28,600 or less would have to spend 6.2% more of their income due to higher prices, while the richest Americans with income of at least $914,900 are expected to spend 1.7% more. Middle-income families making between $55,100 and $94,100 would pay 5% more of their earnings. 

Trump has imposed the steepest U.S. duties in more than a century, including a 145% tariff on many products from China, a 25% rate on most imports from Canada and Mexico, duties on some sectors such as steel and aluminum and a baseline 10% tariff on the rest of the country’s trading partners. He suspended higher, customized tariffs on most countries for 90 days.

Economists have warned that costs from tariff increases would ultimately be passed on to U.S. consumers. And while prices will rise for everyone, lower-income families are expected to lose a larger portion of their budgets because they tend to spend more of their earnings on goods, including food and other necessities, compared to wealthier individuals.

Food prices could rise by 2.6% in the short run due to tariffs, according to an estimate from the Yale Budget Lab. Among all goods impacted, consumers are expected to face the steepest price hikes for clothing at 64%, the report showed. 

The Yale Budget Lab projected that the tariffs would result in a loss of $4,700 a year on average for American households.

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Accounting

At Schellman, AI reshapes a firm’s staffing needs

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Artificial intelligence is just getting started in the accounting world, but it is already helping firms like technology specialist Schellman do more things with fewer people, allowing the firm to scale back hiring and reduce headcount in certain areas through natural attrition. 

Schellman CEO Avani Desai said there have definitely been some shifts in headcount at the Top 100 Firm, though she stressed it was nothing dramatic, as it mostly reflects natural attrition combined with being more selective with hiring. She said the firm has already made an internal decision to not reduce headcount in force, as that just indicates they didn’t hire properly the first time. 

“It hasn’t been about reducing roles but evolving how we do work, so there wasn’t one specific date where we ‘started’ the reduction. It’s been more case by case. We’ve held back on refilling certain roles when we saw opportunities to streamline, especially with the use of new technologies like AI,” she said. 

One area where the firm has found such opportunities has been in the testing of certain cybersecurity controls, particularly within the SOC framework. The firm examined all the controls it tests on the service side and asked which ones require human judgment or deep expertise. The answer was a lot of them. But for the ones that don’t, AI algorithms have been able to significantly lighten the load. 

“[If] we don’t refill a role, it’s because the need actually has changed, or the process has improved so significantly [that] the workload is lighter or shared across the smarter system. So that’s what’s happening,” said Desai. 

Outside of client services like SOC control testing and reporting, the firm has found efficiencies in administrative functions as well as certain internal operational processes. On the latter point, Desai noted that Schellman’s engineers, including the chief information officer, have been using AI to help develop code, which means they’re not relying as much on outside expertise on the internal service delivery side of things. There are still people in the development process, but their roles are changing: They’re writing less code, and doing more reviewing of code before it gets pushed into production, saving time and creating efficiencies. 

“The best way for me to say this is, to us, this has been intentional. We paused hiring in a few areas where we saw overlaps, where technology was really working,” said Desai.

However, even in an age awash with AI, Schellman acknowledges there are certain jobs that need a human, at least for now. For example, the firm does assessments for the FedRAMP program, which is needed for cloud service providers to contract with certain government agencies. These assessments, even in the most stable of times, can be long and complex engagements, to say nothing of the less predictable nature of the current government. As such, it does not make as much sense to reduce human staff in this area. 

“The way it is right now for us to do FedRAMP engagements, it’s a very manual process. There’s a lot of back and forth between us and a third party, the government, and we don’t see a lot of overall application or technology help… We’re in the federal space and you can imagine, [with] what’s going on right now, there’s a big changing market condition for clients and their pricing pressure,” said Desai. 

As Schellman reduces staff levels in some places, it is increasing them in others. Desai said the firm is actively hiring in certain areas. In particular, it’s adding staff in technical cybersecurity (e.g., penetration testers), the aforementioned FedRAMP engagements, AI assessment (in line with recently becoming an ISO 42001 certification body) and in some client-facing roles like marketing and sales. 

“So, to me, this isn’t about doing more with less … It’s about doing more of the right things with the right people,” said Desai. 

While these moves have resulted in savings, she said that was never really the point, so whatever the firm has saved from staffing efficiencies it has reinvested in its tech stack to build its service line further. When asked for an example, she said the firm would like to focus more on penetration testing by building a SaaS tool for it. While Schellman has a proof of concept developed, she noted it would take a lot of money and time to deploy a full solution — both of which the firm now has more of because of its efficiency moves. 

“What is the ‘why’ behind these decisions? The ‘why’ for us isn’t what I think you traditionally see, which is ‘We need to get profitability high. We need to have less people do more things.’ That’s not what it is like,” said Desai. “I want to be able to focus on quality. And the only way I think I can focus on quality is if my people are not focusing on things that don’t matter … I feel like I’m in a much better place because the smart people that I’ve hired are working on the riskiest and most complicated things.”

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