IT advisory services are transforming the accounting industry, driven by growing demand for digital transformation and new technologies.
The Rise of IT Advisory Services
The accounting industry is undergoing a significant transformation, driven by the increasing demand for information technology (IT) advisory services. This shift is not only driven by the growing need for digital transformation but also by the emergence of new technologies such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT). As a result, accounting firms are expanding their services to cater to the growing demand for IT advisory services.
The report highlights the importance of human capital in driving economic growth and competitiveness. It also emphasizes the growth of the gig economy and the need for organizations to adapt to changing workforce dynamics.
The Rise of the Gig Economy
The gig economy is a rapidly growing sector that is transforming the way people work. According to the World Economic Forum, the gig economy is expected to reach 34% of the global workforce by 2025. In Kentucky and contiguous states, this trend is already evident. Many organizations are adopting flexible work arrangements, such as freelancing, part-time employment, and temporary staffing. Key characteristics of the gig economy: + Freelancing and independent contracting + Temporary and part-time employment + Shift towards remote work + Increased use of technology to facilitate work arrangements
The Importance of Human Capital
The World Economic Forum Future of Jobs Report emphasizes the importance of human capital in driving economic growth and competitiveness. Human capital refers to the skills, knowledge, and experience of an individual that enables them to contribute to an organization’s success. In a rapidly changing business environment, organizations need to invest in human capital to stay competitive.
Crowe LLP establishes a strong presence in the region through strategic expansion and acquisitions.
Crowe has a strong presence in the region, with multiple offices in Kentucky and Tennessee.
The Rise of Crowe LLP in the Region
In 1996, Crowe LLP made its mark on the Louisville, Kentucky, market by establishing its first office in the city. This marked the beginning of the firm’s expansion into the region. Over the years, Crowe has continued to grow and establish itself as a major player in the local business community.
Key Milestones
Evaluating an organization’s internal controls through a standardized framework.
SOC 2 is a widely used standard for assessing the reliability and security of an organization’s internal controls.
Understanding SOC 2
SOC 2 is a widely used standard for assessing the reliability and security of an organization’s internal controls. It is based on the AICPA’s (American Institute of Certified Public Accountants) Trust Services Criteria, which provides a framework for evaluating the effectiveness of an organization’s controls.
Key Components of SOC 2
Her work involves analyzing financial data, creating budgets and forecasts, and helping clients manage their finances. As an accountant and IT specialist, Vittitow plays a key role in the development of financial systems, including the implementation of new technologies, such as cloud-based accounting software. She also provides technical support to clients, ensuring their IT systems are secure and up-to-date. The work of Vittitow is not limited to traditional accounting services.
Strothman & Co. is a leading provider of accounting, tax, and consulting services in the Southeast.
The Merger: A Strategic Move for Growth
The merger between Strothman & Co. and LBMC marks a significant milestone in the accounting and business consulting industry. By combining their resources and expertise, the two firms aim to create a powerhouse that can better serve their clients across the Southeast.
Key Benefits of the Merger
The firm has a strong presence in the Louisville area, with a large office space and a variety of services offered.
The History of LBMC
LBMC, or L.B. McLeod & Company, has a rich history dating back to 1979. The company was founded by L.B. McLeod, a visionary entrepreneur who had a passion for technology and innovation. In its early years, LBMC focused on providing IT consulting services to local businesses in the Louisville area.
Early Years and Expansion
The Cybersecurity Services
LBMC’s cybersecurity services have become a major focus for the company. The firm’s cyber team, based in Nashville, provides a range of services to clients in the Louisville area, including:
The Importance of Cybersecurity
Cybersecurity is a critical concern for businesses today.
The acquisition was announced in February 2022, and the deal was completed in April 2023.
The Acquisition: A Strategic Move for Cherry Bekaert
The acquisition of MCM CPAs & Advisors LLP by Cherry Bekaert marked a significant strategic move for the latter. By expanding its presence in the Southeast region, Cherry Bekaert aimed to strengthen its position as a leading regional accounting and advisory firm. The acquisition provided Cherry Bekaert with access to MCM’s extensive network of clients and expertise in the region. Key benefits of the acquisition for Cherry Bekaert include:
The Impact on MCM Employees
The acquisition of MCM CPAs & Advisors LLP by Cherry Bekaert had a significant impact on the employees of MCM. The deal resulted in the creation of a new entity, MCM Cherry Bekaert, which will operate as a subsidiary of Cherry Bekaert. MCM employees will continue to work with the same clients and in the same locations, but they will now be part of a larger organization with access to additional resources and support.
Paychex is a leading provider of payroll and HR services, while Paycor is a leading provider of HR and payroll services. The acquisition will create a combined entity with a presence in over 50 states and a workforce of over 30,000 employees.
The Acquisition: A Strategic Move for Paychex
Paychex, a well-established player in the payroll and HR services market, has made a significant move by acquiring Cincinnati-based Paycor in January of this year. This acquisition is a strategic move that aims to strengthen Paychex’s position in the market and expand its offerings to clients.
Key Benefits of the Acquisition
The Combined Entity: A New Era for Paychex
The acquisition of Paycor will create a combined entity with a presence in over 50 states and a workforce of over 30,000 employees.
Deloitte’s Strategic Acquisition of OpTeamizer
In February 2024, Deloitte made a strategic acquisition of OpTeamizer, a company that focuses on developing and deploying AI solutions powered by NVIDIA’s accelerated computing technology. This move is significant as it marks Deloitte’s entry into the AI-powered solutions market, expanding its capabilities in the field of artificial intelligence.
Key Benefits of the Acquisition
The acquisition of OpTeamizer brings several key benefits to Deloitte. Some of the most notable advantages include:
Expansion of Workforce in Louisville Office
In January 2024, Deloitte expanded its workforce in the Louisville office with new hires in SAP, AI, and technology project management.
