3 min read January 2024 — In an interview with Focus:, Jeff Call, managing partner at Bennett Thrasher, discussed the firm’s dynamic growth, strategic focus on technology integration, talent acquisition, and adapting to regulatory changes. He highlighted the firm’s robust expansion in key markets like Atlanta, Dallas, and Denver, and its commitment to diversity, equity, and inclusion.
What has been keeping the firm busy during this past year?
This past year has been very productive for us. We expanded into Denver in the spring, and that market is growing rapidly. We’ve seen significant growth among our staff, with more than 20 people joining our Denver office since its inception in April. Our Dallas office is also experiencing rapid growth. Overall, the firm has seen an 18% increase in business year to date. It’s been a financially strong year, marked by growth and new opportunities.
Where has the firm seen the strongest growth over the past year?
The strongest and fastest growth has been in our advisory services, particularly in transaction advisory and outsourced accounting, as well as in our family office services. The advisory services practice as a whole has grown by about 30% this year, outpacing the firm’s overall growth of 18%. Its growth has been a significant driving force for us.
How are you addressing talent retention in today’s challenging market?
Talent acquisition and retention are major challenges for us. To address – these areas, we’ve enhanced our internal recruiting team by adding another member, bringing the total to four staff members solely dedicated to recruitment. Additionally, we’ve expanded our search beyond Atlanta by engaging recruiters across the country, which has enabled us to hire talented individuals nationwide. Our presence in diverse regional markets like Atlanta, Dallas, and Denver has also opened opportunities for attracting talent in these areas.
Regarding retention, it’s a key focus and one of our primary goals this year. We aim to retain a very high percentage of our top performers. We regularly measure retention rates, as tracking these figures increases our focus on this goal. We’ve seen positive outcomes from our efforts to engage with our current team, including creating growth opportunities and revamping our training and development programs. Our leadership development initiatives and the ‘Pathway to Partner’ program are specifically designed to motivate and provide a clear career trajectory for our younger employees.
How is your firm integrating technology and AI to enhance efficiency and client services?
We’re actively using technology in our advisory and tax practices, notably bots and robotic process automation, to improve efficiency. Our exploration of AI is in its early stages, led by our Chief Information Officer and Chief Innovation Officer. We are careful with AI usage, considering the public nature of platforms like ChatGPT, and are exploring options like Microsoft’s AI tools.
Our goal is to use AI and automation to reduce routine tasks, allowing our staff to focus on advisory and consulting work. This strategy is proving effective, and we plan to continue this approach. However, full AI integration will take place over time because we prioritize data security and confidentiality. We expect to increase our use of AI significantly in the future.
Are there any legislative or regulatory changes that you’re monitoring, which might impact your business in the coming years?
We’re closely following developments through our association with the AICPA, which keeps us informed about regulatory changes affecting the accounting industry. A significant concern right now is the Corporate Transparency Act, set to affect newly formed companies as of Jan. 1, 2024. It will require companies to report certain ownership information to FinCEN to combat money laundering. This could significantly increase the reporting burden for accountants and attorneys, particularly in tracking changes to company ownership and formations. Originally, companies had to report within 30 days, but this has been extended to 90 days for a limited period. The AICPA views this requirement as potentially excessive and has advocated for further review and possible deferral. We’re preparing to manage this change by informing our clients about the new reporting obligations in our engagement letters. This is important because ownership changes might not be communicated to us immediately, potentially leading to client penalties.
How do you see the current macroeconomic climate, particularly inflation and recessionary pressures, affecting the accounting and advisory industries?
We’ve observed that inflation has recently decreased, lessening its impact compared with last year. In 2022, we addressed inflation by implementing two salary raises and market adjustments, which significantly increased our costs. However, this year, the raises we provided were not as substantial. Our strategies to counteract inflation include managing vendor relationships and establishing long-term fee agreements to mitigate the impact of inflation. Additionally, we try to pass some of the inflationary costs to our clients through fee adjustments. This approach is reflected in our engagement letters, where we include clauses for inflationary adjustments. These measures help us proactively manage costs and maintain a balance in our client relationships amidst economic fluctuations.
What unique aspects of Atlanta make it an attractive place to live, work, and play?
Atlanta has experienced tremendous growth, which has significantly benefited our firm. The city is consistently rated as one of the best business markets, attracting diverse and substantial business formations, including Fortune 500 companies. The burgeoning auto and electric vehicle industries, highlighted by the new Rivian plant east of the city, offer exciting opportunities. Additionally, Atlanta is emerging as a tech hub, drawing significant investment in technology companies. This growth in technology, private equity, and investment sectors has positively impacted our client and prospective client base, making Atlanta an increasingly attractive location for businesses.
Considering Atlanta’s growth, what are the most pressing infrastructural needs from your perspective?
With more people returning to work post-COVID, transportation infrastructure is under stress, as evidenced by increasing traffic levels. Atlanta benefits from having the busiest airport in the world. Mayor Dickens recently noted that the airport is expected to serve between 110 million and 120 million passengers this year and was rated the most efficient airport worldwide. This is a significant advantage for businesses in the region. However, car transportation remains a challenge. The city is actively seeking alternative solutions to address this issue, but it remains one of the main infrastructural challenges as Atlanta continues to grow.
What are your expectations for the firm’s growth in the next two to three years, and what are your top priorities?
We’re optimistic about our growth in key markets like Atlanta, Dallas, and Denver, thanks to their strong economies and our firm’s broad market appeal. Despite the accounting industry’s robustness, talent scarcity is a significant challenge. We’re countering this by creating an attractive, flexible workplace focused on advisory and consulting roles, enhanced by technology.
Our main initiatives are improving training and employee engagement to remain a top employer and increasing cross-selling of advisory services to offer more value to clients beyond standard audit and tax services.
We’re also committed to diversity, equity, and inclusion, as evidenced by our diverse partnership class. We believe diverse leadership is vital for success in a multicultural city like Atlanta.
For those considering accounting, the field is ripe with opportunities, especially given the talent shortage. Advancements in technology enable quicker progression into advisory roles. Aspiring accountants should embrace technology and continuous learning for long-term career success.
For more information, please visit:
