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Source: Partner Advantage Advisory
In addition to the results shown in the preceding article, here are further data from National MAP Survey of CPA Firm Statistics for 1004, by Marc Rosenberg of The Rosenberg Associates in Wilmette, Illinois:
- SOX work is overloading CPA firms who are giving up work that is consequently moving down to medium size firms.
- Medium size firms are rejecting new business and cutting back on marketing activities.
- Partners are increasingly concerned they will not see their previously expected retirement payments because there are not enough qualified younger people to buy their interests.
- More work and less staff have precipitated an increase in productivity, which has been achieved through moving to digital offices.
- Compensation formulas are used by 46 percent of firms over $2 million in net revenue. But 50 percent of firms with 12 or more partners rely on compensation committees, compared to 36 percent that use formulas.
- Forty-two percent of firms make no payments for goodwill to retiring partners.
From Partner Advantage Advisory, November 2005, p. 7. Hudson Sawyer Professional Services Marketing Inc. www.hudsonsawyer.com. Subscription $279 per year; single issues—$25. Orders 800-945-6462. |
