CPA2Biz Inc., the Web portal of the American Institute of CPAs, reported its third consecutive year of profitability at the institute's Fall Council Meeting, held here.
For the year ending July 31, 2007, the company reported growth in revenue of almost 9 percent, to $17.1 million, and particularly impressive growth in net income of over 50 percent, to $2.3 million -- well up on the $15.7 million of revenue and $1.5 million in net income of the prior year.
The strong numbers come on the heels of a major revamp of the site, which was unveiled in June and sparked a 20 percent increase in site traffic. "To deliver the financial results we did this year while undertaking such an enormous business initiative is an accomplishment we're all very proud of," said president and CEO Erik Asgeirsson, in a statement.
CPA2Biz, which has been ranked one of Internet Retailer's Top 500 e-commerce sites in the U.S. for two years in a row, also launched its Trusted Advisor Program this year, offering tools, resources and training to help small and midsized CPA firms expand their role with clients from technical expert to trusted business advisor. As part of the program, CPA2Biz conducted seven workshops with state CPA societies across the country; it plans to hold 20 more in 2008.
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