Source: CPA Trendlines

The revenue decline is the second in a row for the profession’s largest firms¸ prompting Accounting Today managing editor Daniel Hood to liken the conditions to a “deep freeze.”

Although the top-line shrinkage is slowing¸ firms continue to cut back partners and staff. Forty-four firms report flat or declining revenue in the 2011 Top 100¸ up from 34 in the 2010 Top 100;  and 62 report flat or declining staff numbers¸ against 53 the previous year.

“Staring down the often lethal combination of a rough economy and increased competition¸ many in the 2011 class of the T100 struggled to at least maintain flat revenues over the prior year – with mixed success¸” editor-in-chief Bill Carlino says in his introduction to the 32-page special report. Read more..

Source: CPA Trendlines