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Top 10 Public Accounting Firms in the US: Power Players and Rising Stars
Accounting Firms
Top 10 Public Accounting Firms in the US: Power Players and Rising Stars
Ever wondered about the biggest players in US accounting domain. Well the giant Big Four are those everyone knows about, but who are the rest who are leading the race. Knowing the leading players is essential and here is the list of 10 public accounting firms in the United States.
Accounting firms play a crucial role in taxation, financial reporting, auditing, and advisory services. The accounting market is growing exponentially and expected to reach $735.94 billion by 2025.
There are multiple factors and matrices taken into account like firms' capacity, number of employees, client base and market share. All while annual revenue of the firm is the primary matric to choose the top 10 firms.
Big4 Accounting Firms
1. Deloitte
Founded in 1845, Deloitte tops the list being the world's largest professional services with an outstanding annual revenue of $67.2 billion dollars. They serve a diverse range of industries offering a broad range of services including audit, tax, financial advisory, risk consulting and legal services being one of their strong suits.
Dominating the advisory and consulting domain alone serves about 45 percent of revenue ($30.2 billion) in the year 2024.
Revenue: $67.2 billion USD
No of Employees: 300,000+ Professionals
Global presence: 150 Countries
2. PwC (PricewaterhouseCoopers)
Coming to number two, now known as PricewaterhouseCoopers (PwC) has a long history of 175 years. Price Waterhouse and Coopers & Lybrand merged in 1998 forming today's PwC. A giant and leader in its segment specialized in auditing and tax. They also offer consulting and advisory services, with a strong presence in technology and financial services.
Highly invested in tech, it is working on developing a Next Gen Audit platform. Investing US$1 Billion this multi-year project will keep them ahead of their peers.
Established in 1989 through a merger, EY is known for its assurance and advisory services. They provide a full range of services, including tax and consulting, with a focus on emerging markets. Reporting a revenue growth in all service lines, the global revenue for FY24 was US$51.2 billion.
Highly invested in AI and innovative tech solutions, EY is focused on building a robust ecosystem, strengthening every line of service. The jewel on the crown EY.ai introduced in 2023, a unifying platform help clients transform their businesses. The same year they launched EYQ – a conversational AI assistant (world's largest private and secure large language models (LLM). An award winner technology EY Fabric powering 80% of EYs business. This is not limited to, there is a long list ahead.
The global accounting giant formed in 1987 through a merger, Peat Marwick International (PMI) and KlynveldMain Goerdeler (KMG), named KPMG is a tax powerhouse. This was the largest merger in the accounting business, setting a new standard for industry. Holding a diverse portfolio, it offers a full range of services including audit, consulting, and advisory services. The firm has recorded robust growth with a global revenue of US$38.4 billion in FY 24.
Their multi-disciplinary model of business and investment in tech and integration has paid off. Holding a strong grasp in Audit, KPMG caters 78% of all US public Audit. KPMG has a long-standing relationship with the Olympics, acting as the official auditor for the International Olympic Committee since 1988.
The big four holds the massive parts of the industry and play key role in revolution arising the field of accounting. But let's not forget the successors who are in line with their innovative approach.
Beyond the Big Four, here are some of the top contenders, each with their unique strengths offering compelling alternatives for businesses seeking a tailored fit:
5. RSM US LLP
Formally known as McGladrey, RSM US LLP caters to the middle market companies position itself as the fifth largest accounting firm. It holds a strong grasp, taking the lead over tax and consulting services in the middle market segment. A remarkable achievement, milestone it has recorded a revenue of US$10 billion in FY24.
Having a strong presence in major business centers, it has built a team of 65,000 professionals all over globe. Over the last six decades expertise lies in serving the middle market, with particular strength in the technology, healthcare, and manufacturing industries. Actively working in more than 120 countries their services include audits and assurance, financial due diligence, tax planning, legal advisory, and compliance.
6. Grant Thornton
Holding the sixth position, Grant Thronton is known for its relationship-driven approach. Focus on mid-market companies, it helps businesses to success internationally. They offer a comprehensive range of services including audit, tax, and advisory, often at a more competitive price point making it attractive for companies.
Taking a unique approach focused on regional performance it has recorded a double-digit growth, recording revenue of US$8 billion in FY24. Commitment to building a diverse and inclusive global culture, the number of professional working globe grew from 72858 to 75891.
7. BDO USA
Based in Chicago, BDO is an established accounting network, offers a assurance, tax, and advisory services to clients. It adopts a client-centric approach and a strong focus on privately held businesses and outperforms the market. Leader in the real estate and construction industries, it provides a full spectrum of services from audit and tax to valuations and risk advisory.
With robust growth it surpassed the revenue of US$15 billion in the financial year ending Sep 30, 2024. The American division of BDO has recorded a lowest growth of 5.5% compared to 10% of growth in Europe, Middle East and Africa region. Still serving the largest region, America contributes 56% of their global revenue.
The strategic move of unified global growth strategy, regional collaboration and investment in cutting –edge technologies aim to provide clients with global solutions. The recent acquisition of Blue Beyond Consulting capitalizes the opportunity of expending their service portfolio. Highly invested in workforce growth they have a tea, of over 119,600 employees working across 166 countries.
8. CBIZ
Formerly known as Mayer Hoffman McCann (MHM), CBIZ is a top-ten accounting provider with a growing presence. They are a leader in valuation services, particularly for family-owned businesses and employee stock ownership plans (ESOPs). Additionally, they offer a wide range of services including tax, audit, and consulting, with a focus on the middle market.
CBIZ in the recenet year has recorded a double-digit growth of 14% compared to 2023, recorded a revenue of US$ 1.81 billion in FY24.
9. Crowe LLP
Holding the ninth position out of the is Crowe LLP, headquarter in Illinois. It offers a full fledged service to its clients from audit and advisory to risk consultation and taxation. Catering the wide array of industry Crowe continues to explore and expand globally through its member firms.
The global network has recorded solid double-digit growth across all its regions in 150 countries. This year the worldwide network has seen a 10% YOY growth in revenue of US$ 5.8 billion.
10. Baker Tilly
Rounding out the list of our top ten accounting firms, Baker Tilly has a long history of 90 years. Breaking the barriers of the market slow down they have outperformed the market with sustainability approach.
Recording global growth in 143 markets, with a revenue of US$ 5.5 billion demonstrates their strong networking power.
Conclusion
Nevertheless, the top accounting firms offer prestige and other perks. However, there are certain advantages of alternate, albeit smaller, accounting firms that cannot be disregarded.
The emerging players are Cost-Effectiveness, which often have lower fees compared to the Big Four. They are more focused on Personalized Services and relationship-building with clients. With a deep understanding of the client’s specific industry's needs, they offer agile and innovative solutions. Quicker response times and adaptation to new trends away from the organization’s set ways.
The author, Nick Branson is a CPA and Co- president of MYCPE ONE – Continuing Education Platform for Professionals. He has experience of more than 2 decades in the field educating the top professionals in the field of CPA, CMA, CIA and many more.
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