CPA firms continue to experience strong growth, with 76 percent reporting an increase in firm size last year, according to benchmark data in the 2006 National Management of an Accounting Practice Survey.Despite that growth, the recently-released survey also confirmed that succession planning remains a stumbling block for many firms facing the imminent retirement of the Baby Boomer generation. The survey found that only 24 percent of firms have a succession plan and only 7 percent of firms have partner-in-training programs.

Of the 2,000 CPA firms that responded to the survey, one-quarter experienced growth between 10 percent and 19 percent in the last year. Just less than 18 percent fell in the 6-to-9 percent growth Range, while less than 10 percent of firms decreased in size. That's a stronger showing than in the 2004 survey,

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access