Benchmarking our work — comparing ourselves to the finest in our fields — is like watching ourselves on high-def TV: Everything is crystal clear, including all of those unsightly blemishes and pancake makeup.
But really, how do we expect to improve if we don’t put ourselves under that microscope? It’s an invaluable practice, especially given the financial pain and uncertainty we’ve all felt over the past two years.
In this case, the microscope is the 2010 PCPS / TSCPA National MAP Survey.
Conducted every two years by the AICPA’s Private Companies Practice Section and the Texas Society of CPAs, the survey gives CPA firm leaders the opportunity to compare their strategies and financial results to other comparable firms “and gain strategic guidance to build a more profitable and rewarding practice,” organizers say.
The Maryland Association of CPAs is among the state CPA societies taking part in the survey. Members are invited to complete the survey between now and Aug. 13, 2010.
“Each participant will receive a free summary report that contains an extract of key performance metrics from the survey, such as billing rates, salaries, hours charged / compensated, services as a percentage of fees, major income statement statistics and more,” organizers explain. “The comprehensive report, available for purchase and free to PCPS members, will include every performance metric gathered by the survey crossed against many relevant comparison groups. It will also contain additional ratios and analyses of statistics.”