2004 benchmarking information available for local, regional firms.

The PCPS/TSCPA National MAP Survey has just been released, providing regional and local firms with comprehensive benchmarking data regarding salaries, billable hours, service offerings and expenses. Nearly 2,500 firms participated.

The survey presents in-depth data on the full spectrum of services that practitioners provide. This year's survey was revised with added questions to delve deeper into the success habits of top performers. Additionally, new practice management questions were added about marketing, business planning and owner/partner issues.

The survey reveals good news for the profession overall:

* Firm Growth--14% of firms grew by at least 20% in fiscal 2003 over the previous year, with a majority (72%) of respondents citing general business growth and merger and acquisition (12%) as the reason why.

* Profits--Among survey respondents, average profits as a percentage of income rose slightly from 36% in 2003 to 36.8% in 2004, while total average profits rose to $541,488 from $467,000 in 2003.

* Billing Rates--The average billing rate for owners rose to $159/hour, up from $149/hour in 2003.

The top 10 specialized services offered by respondent firms are: estate tax planning (74.1%), not-for-profits (66.6%), payroll processing (59%), forecasts and projections (56%), business valuation (47.4%), litigation support (43.3%), personal financial planning (43.2%), mergers and acquisitions (31.9%), strategic planning (27.2%) and the selling and implementation of IT software (26.8%). The...