Q&A with the Accounting Firms Listmakers

What unique challenges do accounting firms face in South Florida?

The market has long been dominated by small and midsize entrepreneurial businesses. It has been multicultural for decades, but now it is truly global. The strength of the South Florida financial sector, in heavily regulated industries like investments and banking, is a challenge in many ways. As financial transactions grow increasingly complex and expand globally, financial institutions’ risk rating models and monitoring systems will continue to face regulatory scrutiny.

How has recent market turbulence affected business, or your clients?

We haven’t seen any dramatic issues with our clients as of yet. [But] if this downward trend continues, history tells us we could see increased incidence of fraud, issues for investors who are leveraged, capitals calls and more.

How has outsourcing affected the industry?

[It] has been a factor in the commoditization of compliance services, reducing the cost of providing those services. We offer outsourcing as a powerful choice for our clients. After all, accounting isn’t generally an entrepreneur’s favorite part of her business. But bills need to be paid, debts need to be collected and payroll needs to be managed.