MCB Accounting Blog

MCB Named 2012 Top 50 Accounting Firm by Washington Business Journal

Matthews, Carter & Boyce, a boutique full-service accounting firm serving the Washington D.C. area since 1947, has been named #32 on Washington Business Journal's 2012 Top 50 Accounting Firms List. The firm has been named in the Book of Lists numerous times since its founding in 1947. 

"MCB's acknowledgement by the Washington Business Journal as a Top Accounting Firm provides our 10 Principals and 45 Staff Members with great pride.  For a mid-market regional firm, we have a very sophisticated practice and client base, competing with national accounting firms in many industries.  We have client relationships that have lasted more than 50 years.  Our commitment to quality and personal service has kept our clients loyal for the past six decades.  We focus on client needs and keep the practice strong by hiring and maintaining an excellent team of talented professionals," says Jude J. Covas, Managing Principal.

Click Download button below to view our recent press release announcing this wonderful acknowledgement.




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International Hotels Show Global Growth, U.S. Growth Remains Slow

Hotel fundamentals are improving slightly in the United States, but industry analysts say the real growth in the industry is happening in international markets, especially in developing economies.  Large hotel corporations, including Hilton and Hyatt, are entering markets like China and India to build new properties. The Brazilian market is also expected to grow significantly in the coming decade, with the hosting of the FIFA Soccer World Cup and the Summer Olympics in 2014 and 2016, respectively.

Jones Lange LaSalle Hotels is forecasting that international hotel transaction volume will hold steady in 2012.  Their experts are expecting 2012 worldwide transaction levels to at leach match 2011 levels.  That represents a 13 percent increase over 2010 volume.

The construction of new hotels in the U.S. market has historically grown at an average of approximately 2 percent per year, but the recent growth rate has been less than 1 percent. This low growth rate is expected to continue as demand does not warrant significant growth.

Major markets such as New York, Chicago and Boston are likely to see more demand than the secondary markets.  In addition, the U.S. industry is starting to see smaller boutique properties being developed to meet the preferences of a new generation of travelers.

Click here to view the complete REIT.com article.

MCB has over 35 years of real estate and hotel accounting experience providing audit, tax and financial statement services.  Contact an Adviser today at info@mcb-cpa.com or call 703.218.3600 to discuss your hotel accounting and tax needs or to receive a proposal for your next financial statement audit.

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Federal Contracting Picture Not as Bleak as It Seems

Despite recent articles in the Washington Post that have offered a rather bleak view of the future of the technology and professional services markets in the Washington, DC, area, the picture is not as bad as it may be being painted.   Post columnist Steve Pearlstein has hypothesized that coming budget reductions will significantly affect the market and the regional economy.  He also has posited that the region's traditional government "technology" community, which is built for and around the government, isn't where the most innovative technology is being developed. This, according to Pearlstein, will make it difficult to maintain the region's technology base without government spending.

Stan Soloway, president and CEO of the Professional Services Council , feels that although Pearlstein's concerns are legitimate, the reality is somewhat different. Despite the looming budget cuts, the government will spend hundreds of billions of dollars on goods and services. There will be individual company winners and losers, but the services and technology industrial base in the region will remain strong and vibrant.

In addition, some areas are less likely to be cut as deeply as others.  Cybersecurity and information protection spending is unlikely to decline and could increase. The new defense strategy's reliance on intelligence and analytics will command large portions of available budgets.

Many civilian agencies, even those facing fiscal problems, will have similar opportunities to benefit from spending in the professional services and technology industries. These include the National Institutes of Health and the Department of Homeland Security.

According to Soloway, there is "too much 'we vs. they' thinking with regard to the inevitable fiscal challenges. Some are arguing to cut contractors and others argue we should slash the federal workforce."  However, as Soloway notes,  both areas will be affected, and a more collaborative process that focuses on mission need, human capital and resources will be mutually beneficial.

Click here for the complete Washington Business Journal article.

MCB has been serving government contractors for over 60 years with their business, tax, accounting and compliance needs. Contact an MCB Tax Adviser for your tax and accounting needs at 703 218.3600 or at info@mcb-cpa.com.

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