Towards the end of 2010 we conducted our largest Benchmarking Study on the Accounting profession yet. In total 373 firms from across Australia and New Zealand participated in the survey.

The report was released last Thursday and already over 13,000 Accountants have downloaded it.

Some of the highlights from this year’s Report are:

  • Two years ago the average profit per Partner was $211,050. This year the average of the 373 firms surveyed is $305,191 profit per Partner
  • The highest performer was $1.7 million profit for a Sole Practitioner
  • We are also starting to see revenue per Director get to decent levels – the top performer at $3.8 million
  • Revenue per full-time equivalent person (incl. Directors) peaked at $385,081 – you can make a good profit on those results
  • Average hourly rate averaged at $160 with a high of $356 – still not high enough for the value that you create
  • The lock up (WIP and debtors combined) average was quite poor at 92 days – but the best performer has -61 days in lock up

You can download a copy of the free Report here. You can also view the recording of the webinar we held about the Report on Tuesday.

The Report also outlines a number of recommendations on how any Accounting firm can make improvements to their results in the key areas surveyed.

It is all free with no strings attached. Enjoy the gift!

It’s been a while since my last blog post so I thought I would update you what I have been up to in the last 2 months:

1. A golf trip to New Zealand with some buddies. Played Kuri Cliffs, Cape Kidnappers and The Hills. I am a member of the Hills in Queenstown. A BIG week was had by all. Lot of fun. I even won the 110 year old Putter for the most birdies of the week. Won the cash as well

2. Xmas was spent with family in Dubbo. It was a driving trip with my wife driving (I have temporily lost my license due to speeding multiple times) 2,500 KMs. Great trip and a lot of fun

3. Wrote a book. My first book was written over the summer – finished it last week. It’s all about the accounting profession and will be on sale from Feb 21. Title “Accounting Practices Don’t Add Up” – why they don’t and what to do about it.

4. Had a family holiday in Bali. Spent 2 weeks in Seminyak, Bali. A lot of relaxing, shopping & eating. Rode an Elephant, cycled down a mountain and fed wild monkeys. Very cool trip

5. Released an industry wide benchmark report. We had 373 firms contribute their financial performance to the report. It was released last Thursday and already over 13,000 downloads. It’s a good read.

6. Had a 2 day planning session with my managers and set the strategic direction for the next 10 years. Broke the plan down to 3 year, 1 year and quarterly KPIs and priorities. Have rolled it out to the team and they all have their own individual KPIs and priorities this quarter.

So a busy couple of months!