Most CPA firms continue to grow in a sluggish economy, based on the results of the AICPA’s 2008 PCPS/TSCPA National MAP Survey, with many maintaining the high levels of income and billing rates of the previous survey, which was conducted in 2006.
More than a quarter of the responding firms reported 10% to 19% growth (measured in gross fees) in the most recent fiscal year, roughly the same percentage as in 2006.
Another 18% saw 6% to 9% growth; 19% saw 1% to 5% growth.
Among the growth leaders, 8% saw growth of 30% or better (up from 7% in 2006), while 8% experienced growth of 20% to 29% (down from 9% in the previous survey).
Only 10% of the firms in the survey experienced no growth (down from 15% in 2006), and fewer than 10% saw negative growth (same as in the previous survey).
PCPS members can view the survey at http://pcps.aicpa.org.
Meanwhile, accounting firms had the biggest annual revenue growth among professional services firms in 2008, according to an analysis by Sageworks Inc. of firms in its industry database. Law firms and physician practices in the database saw revenue slide in 2008.