The 2024 INSIDE Public Accounting Practice Management Report
The annual INSIDE Public Accounting (IPA) Practice Management Report is one of the most complete, independent, up-to-date sets of economic and management statistics available about the accounting profession.
For more than 30 years, IPA has conducted its Practice Management Survey, one of the longest-running and most comprehensive in the U.S. With 620 North American firms participating this year and a return rate of more than 88%, year-to-year comparisons are extremely accurate.
IPA invites accounting firms to participate each January, and keeps the survey open through early June. The information gathered is used to compile the IPA 500, a ranking of America’s largest firms, which is available on the IPA website insidepublicaccounting.com/top-firms
The most precise apples-to-apples comparisons are found in the IPA Practice Management Report tables, which segment firms by revenue bands, thereby eliminating dilution of averages due to a higher number of smaller firms participating.
The IPA Practice Management Report provides a detailed account of results from all survey participants. Data captured and highlighted in the report may differ from data previously reported in IPA Monthly as firms continue submitting data and clarifications after each of the monthly newsletter deadlines.
Following an analysis of all participating firms’ survey data, IPA names 75 Best of the Best firms. Articles detailing the Best of the Best designation, population sizes and additional analyses appear annually in IPA Monthly and the IPA Practice Management Report. IPA names 60 Best of the Best firms above $10 million, 10 under $10 million and five in Canada. All Best of the Best analyses and
averages included in the following tables are based on all 75 2024 Best of the Best firms.
All commentary, data and tables exclude the Big 4, but include all other participating firms. Percentages cited in the following pages/ tables/graphs are based on participating firms that answered those specific questions. The number of responses for each of the revenue bands is highlighted on page 8.
Methodology
Each survey submission is reviewed and examined for any outliers or errors. If a survey submission appears to be incorrect or questionable, IPA will resolve the issue with the reporting firm.
While IPA does everything possible to ensure accuracy, the firms bear the ultimate responsibility for providing accurate data.
Throughout the full report, all data tables are presented in firm net revenue bands, population markets and, unique to IPA, the Best of the Best firm data. IPA does not provide data on any individual firm. IPA has switched from reporting on regional data to data from population markets (larger than 2 million in population; 1 million-2 million; 250,000-1 million and less than 250,000). We feel that the difference in population markets provides a more meaningful analysis than regional differences.
The averages included in this report are averages of data supplied by survey participants. Averages throughout the report are trim averages – the average of the 90% in the middle of the data set, excluding the largest and smallest 5%. In some instances, the averages may not appear to total correctly; this is a function of rounding.
Firm Participation Summary
The population of firms that participated in the 2024 IPA Practice Management Survey includes the following breakouts by revenue bands and regional data.
More than 88% of firms that participated in 2023 also participated in 2024.
$30-$50 Million
$20-$30 Million
Tools of Governance
(Sorted by the largest differential between the largest and smallest percentages)
Tools Of Governance
Firms utilize different tools of governance based on their size and complexity. The following graph highlights the top 10 in order of the differential between percentage use at the largest firms and percentage use at the smaller firms. Information on all 22 tools of governance can be found throughout the 2024 IPA Practice Management Report tables.
Tools Of Governance
(Sorted by the largest differential between the largest and smallest percentages)
Offices/Facilities
FIRM SIZE (Net Revenues)
2024 Practice Management Benchmarking Tools
MANAGEMENT BENCHMARKING PACKAGE (PDF ONLY)
Includes National Practice Management Benchmarking Report, Internal Operational Report Package and the Financial and Operational Report Card
Internal Operational Package includes all three reports (Firm Administration, Information Technology and Human Resources). PDF versions only.
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Report cards are available to fully participating firms only. Please allow three business days for preparation and delivery. Report Cards will be sent to MP / CEO only.
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