Plante Moran — Press Release Mentions
In the last 48 months, Plante Moran has made announcements regarding partner additions, acquisitions, changes in its C-suite team, and contests celebrations, among others. The company has also been mentioned in other organizations' press releases as it has conducted Service Organization Controls examinations and has partnered with others to develop different plans. The identified press releases that mention Plante Moran in the last 48 months have been provided below.
- Plante Moran welcomes Heidi Steiner, DNP (April 2020) — Through this press release, Plante Moran announced the addition of Dr. Heidi Steiner as a senior associate.
- Plante Moran Invests in Introhive to Improve CRM Database Accuracy and Business Relationship Insights (March 2020) — This press release talks about Plante Moran's new investment in Introhive, a sales intelligence and data management platform, to " capture contact and activity data."
- Plante Moran Welcomes Marten van Pelt as New CMO (February 2020) — This press release contains information regarding Plante Moran's introduction of Marten van Pelt as its next chief marketing officer, replacing Jeff Antaya.
- MiraMed Completes SOC Examinations (February 2020) — Though this press release, MiraMed announced the completion of its Service Organization Controls (SOC) examinations conducted by Plante Moran.
- Tanja Fessell joins healthcare consulting practice (September 2019) — Through this press release, Plante Moran's announced the incorporation of Tanja Fessell to its healthcare consulting practice team.
- Plante Moran Announces 16 New Partners and one Entity Member (August 2019) — This press release covers Plante Moran's announcement of 16 new members and one entity member, including Trevor Brown, Ken Buczkowski, and Jeannette Contreraz, among others.
- Certification Signals Orion’s Commitment to Ongoing Process Improvement and Adherence to Rigorous Security Standards (July 2019) — Through this press release, Orion Business Innovation announced the completion of its SOC Type II certification, which was conducted by Plante Moran.
- Auto supplier working relations study shows uphill road for OEMs (June 2019) — This press release contains information about the results of the 19th annual North American Automotive OEM — Supplier Working Relations Index (WRI) Study, which was conducted by Plante Moran.
- Toyotetsu Goes Live with Plex Systems in North America to Form Smart Manufacturing Enterprise (May 2019) — This press release covers the plan of Toyotetsu America, Inc. (TTAI) to run two facilities in North America on the Plex Manufacturing Cloud with the help of Plante Moran.
- Plante Moran Acquires Planning Perspectives, Inc., and its proprietary Working Relations Index Study (January 2019) — This press release talks about the acquisition of Planning Perspectives by Plante Moran.
- Plante Moran celebrates Rocky Mountain presence with $30,000 award to Colorado nonprofits (November 2018) — Through this press release, Plante Moran announced the winners of their Plante Moran Cares contest, Colorado Fourteeners Initiative, Dawg Nation Hockey Foundation, and Arrupe Jesuit High School, which received a total of $30,000.
- Plante Moran announces new partner Sherrie Krowczyk-Mendoza (November 2018) — This press release talks about the addition of Sherrie Krowczyk-Mendoza as a partner in Plante Moran's financial services practice.
- Plante Moran and EKS&H Officially Join Forces to Become 11th Largest Accounting Firm (October 2018) — Through this press release, Plante Morgan announced their merger with EKS&H.
- Plante Moran Celebrates Rocky Mountain Presence with Contest for Colorado Nonprofits (October 2018) — This press release contains information regarding Plante Moran Care contest for Colorado's non-profit organizations.
- Plante Moran Announces the Election of 15 New Partners and Two Entity Members (September 2018) — This press release contains information regarding Plante Moran's addition of 15 new partners and two entity members, which include Ron Cook, Bob Denninger, Jason Durant, and Christina Hardy, among others.
- Leading Colorado CPA and consulting firm EKS&H joins Plante Moran (June 2018) — Through this press release, Plante Moran announced that EKS&H would be joining them in October 2018.
- Plante Moran Releases Tax Reform Playbook (May 2018) — Through this press release, Plante Moran announced its new interactive tool, the Tax Reform Playbook, to help businesses understand new tax laws.
Plante Moran — SWOT Analysis
Plant Moran is a fast-growing company that has grown its revenue by over 500% in the last 20 years and is highly recognized for the quality of its workplace. However, the firm has recently been involved in a corruption investigation and is threatened by the demand for accounting software. A complete SWOT analysis of this firm is provided below.
- Through its merger with EKS&H, Plante Moran became the 11th largest accounting firm in the US as EKS&H is the largest firm in "Denver and the Rocky Mountain region."
- Their business is structured as a "one-firm firm," a unified approach that focuses on client service over profits and eliminates inter-office competition. Through a "firm-wide collaboration," their clients receive the expertise and quality needed, and innovation and teamwork are promoted.
- The firm has received many recognitions, including one of West Michigan’s 101 Best and Brightest Companies to Work For, one of the top-five in Vault’s top U.S. accounting firms, and one of the 2020 Best Workplaces in Financial Services & Insurance by Fortune.com and Great Place to Work.
- Plant Moran provides a very good working experience, with an 80% employee satisfaction on Glassdoor. This means that the firm focuses on its employees.
- Their Women in Leadership (WIL) program, which aims to have "equal presence, impact, and influence from men and women at all levels of the firm," is one of their most successful initiatives, with 48 participants, 47 women promoted to partner, and two women as part of their seven-member firm management team.
- Plante Moran is a fast-growing company. Since 1999, the firm has quadrupled its employee size, increased its revenue by over 500%, and expanded to 25 offices worldwide.
- The firm has been part of a recent corruption investigation. Plante Moran repaid over $123,000 in consulting fees to Cuyahoga County as a settlement agreement for a problem regarding an "oft-delayed computer-integration project."
- BKD, one of Plante Moran's competitors, has a bigger revenue. BKD had revenue of $662.9 million in 2018, while Plante Moran had revenue of $542 million that year.
- According to an audit made by the Public Company Accounting Oversight Board, Plante Moran presented several deficiencies that include performing sufficient procedures to "test the design and operating effectiveness of controls over revenue", the "valuation of certain liabilities", and the "design and operating effectiveness of information technology general controls," among others.
- The accounting services industry is expected to be strongly demanded in the next years as the increasing corporate profit will generate higher demand for accounting services. This will represent a great opportunity for the firm to increase its revenue.
- Mergers and acquisitions will also increment growth for accounting services, which represents another opportunity for the firm.
- The new tax reforms passed in the Trump Administration will increase the demand for accounting services, representing an opportunity for Plante Moran to increase its client portfolio and revenue.
- A rise in the number of households, which is expected in the following years, will cause a growth in productivity and higher income, which will lead to a demand in accounting services, representing an opportunity for all accounting firms.
- System and Organization Controls (SOC) examinations assure organizations "that outsource providers possess appropriate controls." As increased outsourcing and rapidly-changing risks are presenting, there is a growing need for SOC examinations, which represents a business opportunity for accounting firms like Plante Moran.
- As accounting services are a luxury for an average person, the low-income population is unlikely to hire accounting services.
- The accounting services demand from corporate clients fluctuates when there are regulation changes in their industries. In the next years, most sectors are expected to become less regulated and the US administration has committed "to rolling back regulations throughout the economy," representing a threat to demand from corporate clients as a result of this decreased regulation.
- The increased demand and popularity of online tax preparation and accounting software that offer industry services at home, such as TurboTax, TaxAct, and QuickBooks, poses a threat to accounting firms as many small businesses are attracted to these products' affordable prices.
Accounting Industry Trends
Some current accounting services industry trends include a shift to automated processes, the rise of accounting software solutions, and the utilization of social media platforms.
Shift to Automated Accounting Processes
- Automation is transforming the accounting industry as it provides a high level of efficiency by completing multiple accounting tasks at the same time.
- This trend is driven by the many opportunities it brings to accounting professionals who seek automation because of its benefits. For example, bookkeeping time can be reduced by 50% with the use of cloud-based accounting applications, which automate 80-90 % of transactions.
- As per an ACCA Study, over 50% of C-level accounting executives expect the rise of automated accounting systems. In the coming years, automation will allow accountants to utilize data and optimize processes.
- An example of a firm following this trend is KPMG, which has adopted robotic process automation (RPA) for its audit processes. KPMG is using RPA techniques to create "routines matching of cash receipts to their clients' ledgers" to eliminate confirmations, which provides an efficient and high-quality audit.
Rise of Accounting Software Solutions
- The adoption of software solutions in the accounting services industry will increase in the coming years. Also, the accounting software market is expected to grow in the same period.
- This trend is driven by accounting professionals' need for software functionalities, such as spreadsheets and tax management. Also, as competition grows, accounting firms have to draw upon accounting software and analytical tools to provide the best services.
- Sage Intacct, for example, offers software for cash management and accounts payables and receivables, among other solutions. Accounting organizations like AICPA and NCheng have adopted this particular software.
Utilization of Social-Media Platforms
- The use of social media helps to improve brand awareness, increases sales, and grow website traffic. For accountants, social media is a useful tool that helps to show their expertise and provides many other opportunities.
- This trend is driven by accounting professionals' need for marketing their services, keep connected with clients and partners, and stay updated with the latest trends in the industry. Through the use of social media, accounting firms can drive publicity, hence, winning potential clients and employees. It also useful for potential clients as they can gather more information about a specific accounting firm.
- One example of a firm adopting this trend is Deloitte, which utilizes social media by posting articles and news daily and providing an automated chat on Facebook to communicate with them.