CPA firms had modest increases in revenue last year, accompanied by a stable or brightening profit picture, according to findings of the National Management of an Accounting Practice Survey. Increases were recorded for 2013 in every firm segment, form those with less than $200,000 in annual revenue to those with more than $10 million.

For most accounting firms, the most significant component of their production and revenue will come from busy season. Managing the responsibilities and challenges that come with each tax season does not become any more pleasant or fun from year to year, but it can be much more rewarding each year if you look at tax season as a business, in and of itself.

It is a competitive world out there for accounting firms. The advent of cloud-based technology that can be accessed anywhere at any time has greatly expanded the average firm's geographic reach. Firms are no longer dependent on servicing clients or gaining new ones in a specific region, and many have achieved a nationwide or global presence.

Women made up a slightly larger share of partners at CPA firms last year than they did the previous year, but there's still room for improvement, according to industry consultant Marc Rosenberg.
The latest Rosenberg Survey, set to be published in mid-December, found that 16.4 percent of partners at the nearly 400 accounting firms surveyed were female, Rosenberg said in an interview.