There has been flat growth in the certified public accountant (CPA) industry for the first time in more than 20 years, the 2010 Rosenberg MAP survey has found.
US firms weathered the recession with revenues in 2009 up an average of 1.4%.
The survey found 38% of CPA firms grew revenues 5% or more while 41% suffered a decline in revenues.
Profits, measured by income per partner, were down by 3% from 2008 and averaged $354,000.
The 2010 forecasts predict improvement compared with 2009. US firms predict an average growth rate of 2.6% and fewer firms expect negative growth rates.
Rosenberg growth partnership president Jeff Pawlow said it was amazing to see how quickly the discipline of marketing CPA services has grown up as a result of the recession.
“More than ever, firms are demanding a return and accountability from their investment in practice development activities and the overall function is now being professionalised as a result. Window dressing is out. [Return on investment] is in, and in a big way,” Pawlow said.
The Rosenberg MAP survey reports on the results of 425 firms and measures 100 CPA firm metrics providing a barometer for practice management for midsized US CPA firms.