Forty-three states, in addition to the Association for Accounting Administration (AAA), are participating in this year's PCPS/TSCPA National Management of an Accounting Practice (MAP) Survey, which launched last week.
The PCPS/TSCPA National MAP Survey provides local and regional CPA firms with the most comprehensive information available for benchmarking management policies and financial results against other firms. Participation in the survey has steadily grown since 2002, with a record-breaking 3,300 firms completing the survey in 2003.
Firms received an e-mail invitation to participate in the online survey. Firms that did not receive an invitation can request one at http://map.pcps.org All firms have until Friday, September 3rd to complete the survey.
This is the third year that PCPS, the membership section of the AICPA committed to making practicing CPAs and their firms successful, has partnered with the Texas Society of CPAs to offer the survey. The survey is also sponsored by Aon Insurance Services, the broker and administrator for the AICPA Insurance Programs, with additional support provided by Robert Half Management Resources.
In addition to offering benchmarking statistics in key practice management areas, the PCPS/TSCPA National MAP Survey includes detailed information about size-specific and practice-specific areas. It also includes questions tailored to sole practitioners.
PCPS Member firms who participate will receive a presentation quality PDF report and will be able to access a free interactive results report that will allow them to compare data personalized to their location, specialty, size, compensation or level of profitability. For non-PCPS members, results start at $300 with discounts of $100 for participants and $100 for AICPA membership. This year's survey will also feature an in-depth commentary section that looks at top performers and best practices for firms of all sizes.
In 2004, the survey will again reveal critical CPA firm trends such as growth and specialty selection. Among respondents in 2003, 15% experienced an increase in revenues greater than 20% while total average profits were $467,000, representing 36% of total income. The 2003 survey also revealed an increase in the percentage of firms offering certain specialized services, including 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 search (13%) and insurance (11%).