CPA firms are growing their revenue and billing rates, thanks to effective practice management, according to a newly released publication.

Ioma's 2008 CPA Firm Statistical Analysis Reference Handbook found that one-quarter of CPA firms expect revenues to grow more than 10 percent this year, while 44 percent expect revenues will rise 5 percent to 10 percent this year. CPA firms are taking advantage of the revenue growth to raise their fees. They are also exploring alternative billing and fee arrangements, while getting more comfortable with moving away from the traditional billable hour.

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