Actually, it would be "very far." To "leap" is to jump or to jump over ("The horse leaped over the fence"). To "bound" is to move with a spring-like action: think of the way a rabbit or a kangaroo moves across the land. The expression "in leaps and bounds" therefore means that something is happening very fast and very far. In Business English, we might say that a company grew in leaps and bounds: it became very profitable and very big in a short amount of time.

Isn't the meaning obvious?