Results of practice management survey for regional, local firms released.

CPA firms searching for comparable data on billing rates and salaries need look no further. The PCPS/TSCPA National MAP Survey has just been released, providing the most comprehensive body of benchmarking data available to regional and local accounting firms.

Demonstrating the survey's importance and relevance to today's practitioners, more than 3,300 firms participated. This was the second consecutive year for the survey, which was jointly sponsored by PCPS, the AICPA Alliance for CPA Firms, and the Texas Society of CPAs.

This year's survey provides more in-depth data on the full spectrum of services that practitioners provide. New sections address major service lines to help practitioners better understand performance and profitability in practice areas such as audit and attestation, compilation, consulting, tax and write-up.

In addition, the survey reveals good news for the profession overall: Despite the recent waves of regulatory change and the down economy, local and regional firms are thriving. Fifteen percent of respondent firms grew 20% or more in the past year. Among survey respondents, average profits as a percentage of income rose over 2002, fueled by lower expenses and fewer write downs. Further, firms are offering a broad spectrum of services; the top 10 services offered by respondent firms are estate tax planning (75%), payroll processing (65%), personal financial planning (48%), M&A consulting (31%), forensic accounting (25%), investment sales (16%), bankruptcy or insolvency (16%), human resource services (13%), executive searches (13%) and insurance (11%).

Data like this, as well as detailed information on rent, human resource policies and average billable hours, offer firms the ability to benchmark their management practices and financials against those of similar firms from across the nation.

This year, all PCPS members who participated in the PCPS/TSCPA National MAP Survey will receive a free customized report as well as access to an online tool which allows firms to format and search the data from all participants in a manner that best suits their needs. Non-participating PCPS member firms can receive the national results as a free member benefit. CPA firms that do not belong to PCPS may receive the report for a fee. For more information, call 800/CPA-FIRM or visit www.pcps.org and click on the 2003 PCPS/TSCPA National MAP Survey logo on the left side of the screen.