Accounting firms are confronting significant hurdles – notably the persistent lack of talent and the surge in demand for their services – yet are continuing to transition from a reactive stance to a proactive approach in their operations.
Proactive measures taken by CPA firms this past year included addressing staffing shortages, redefining client portfolios, and reassessing their pricing and partnership models. The data unveiled in the most recent IPA Practice Management Report indicates that firms are adapting and expanding despite the challenges.
The 2023 IPA Practice Management Report is one of the longest-running, most comprehensive benchmarking surveys in the profession. This year, more than 600 accounting firms participated. The report is now available for purchase.
Key highlights from the 2023 IPA Practice Management Report:
- More than 50% of firms reported double-digit organic growth rates.
- Average non-compliance revenue as a percentage of total net revenue was 43.0% for firms above $50 million.
- Average net income growth was 14.4% for firms above $75 million.
- Outsourcing initiatives were reported by 47% of firms.
- Professional staff turnover averaged 14.4%.
If you’re planning for growth in 2024, this report is an indispensable key to powering your decision-making. With a return rate of more than 90%, year-to-year comparisons are extremely reliable. The IPA Practice Management Report includes:
- Tables containing hundreds of data points, broken out by revenue bands and regions.
- Multi-year graphical comparisons of data.
- Additional insights and analysis including information on topics like outsourcing use, billing rates and succession planning.
Who can use the report?
Key stakeholders use this report to evaluate firm operations compared to those of their competitors. Specifically, this report is for:
- Managing partners
- Firm leaders
- Marketers
- Attorneys
- Firm administrators
- Business development directors
To purchase the IPA Practice Management Report, please email our team.
