Introduction
A report by Research and Markets says, “The accounting market is anticipated to hit $735.94 billion by 2025.”
Accounting firms play a significant role in the financial market as they provide services for various entities and guidance for multiple individuals.
These firms provide overall financial services for the better financial health of their clients.
Accounting firms offer several crucial services to help in decisions about finance and business, including taxation, financial reporting, auditing services, and advisory services.
They ensure that financial operations are legal, meet industry-set standards, and assist businesses and individuals in the taxing world.
Accounting firms are crucial in ensuring an economy’s financial status is well-positioned for a sound future.
This blog, however, aims to explore accounting and finance to shed light on the top accounting firms in the United States.
Whether you are a business owner in selecting an appropriate financial partner, an individual who requires advice on taxes, or a layman interested in knowing the giants of the accounting industry, this post aims to be helpful to you.
If you are looking to hire an accounting professional in-house instead, you can use the accounting skills test to select the top candidates to interview.
Top 10 Accounting Firms In The U.S.
1. Ernst&Young
EY stands as one of the world’s largest professional service networks. It is mainly concerned with assurance, such as audits into tax, consulting, and advisory services to help its clients.
It’s been 21 years that EY has been on Fortune magazine’s list of 100 Best Companies to Work For! No other accounting firm has this record. It embraces areas like strategy, operations, human resources, I.T., and even financial services consulting. Ernst & Young offers many services worldwide, such as audit, tax, business risk, technology and security risk, and human capital. This is one of the largest of the four major accounting companies and has existed since the early 1900s. The two consolidated companies, Arthur Young Company in 1906 and Alwin Ernst Company in 1903, joined in 1989. EY has developed a massive workforce of over 365,339 people employed across 150 countries, with a revenue of approximately $49 billion.
2. Grant Thornton
Grant Thornton is an accounting firm established in 1924 in Chicago that has been recognized for professionalism and customer-oriented work. Founded in 1924, Grant Thornton is now one of the industry’s major players, with good reasons for that.
It makes a total receipt of $5. 700, and it has a total number of employees of 56000. Grant Thornton offers several services, including assurance, tax, and consulting. It mainly provides customized services to small business owners, rich international companies, or anyone.
Its professional team has long been famous in the city and is engaged in financial reporting, risk management, taxation, and consulting activities. Grant Thornton is privileged to serve various clients in the manufacturing, technology, healthcare, and economic sectors.
3. KPMG
The annual revenue that KPMG accrued stands at more than $34 billion. 64 billion. It currently employs more than 265000 employees in the United States with over 75 offices, is based in New York City, New York, and is headed by Bill Thomas.
This year, KPMG faced legal cases about overtime payments to associates and the acquisition of Thomson Reuters. Also, KPMG entered into a strategic partnership with BlackLine Systems, an author of financial close solutions. KPMG provides regular and specific advisory services for large international companies and financial institutions.
Their offerings span financial audit, tax, and advisory services, with the latter two further segmented into various service groups. Over the last decade, KPMG’s global network segments have been involved in regulatory actions and legal disputes.
4. PwC
PwC is the second-largest audit firm based on revenue, boasting a substantial $53 billion revenue. PwC focuses primarily on enhancing assurance, consulting, and tax services, carving a significant niche in the worldwide advisory market.
With a workforce of nearly 364,000 professionals across 158 countries, PwC operates globally while ensuring a localized approach in different countries.
As for all the other international firms, these distinctive, recognized, and monitored firms adhere to fundamental values and norms. Critical services PwC offers: Asset Management, banking & capital markets, financial services, health industries, Industrial products, Insurance, power & utilities, private equity, public sector, retail & consumer, technology, etc.
PricewaterhouseCoopers International Limited is the coordinating organization for the global network of firms and is based in London, England. Its responsibilities include overseeing the brand across the corporation and worldwide, formulating measures and courses of action, and promoting consistency in various functional areas such as risk, quality, and strategic management.
It is crucial to stress that PwC International Limited is not a direct service provider to the clients; its primary role revolves around managing and coordinating the diverse aspects of the PwC network.
5. BDO
BDO USA holds seventh in the U.S., reporting an annual income of $12.8 billion. Their team of 7500 people is spread across 1803 offices nationwide, with their main office in Makati City. Wayne Berson serves as their Chief Executive. Notably, they joined forces with Salibello & Broder from New York and Los Angeles, significantly boosting their yearly earnings. This collaboration arose due to tax-related challenges faced by Salibello & Broder.
BDO is a local company and a member of the global network of firms that provide accountancy, tax, business consulting, and business advisory services, all united under the BDO brand. Currently, member firms of BDO operate in 167 countries, and the total partner strength is about 91,000 employees.
6. RSM
RSM US LLP is a company that focuses on checking financial records, helping with taxes, and giving advice to businesses, especially those in the middle market in the United States.
They’re part of an extensive global team called RSM International. In the U.S., they’re the fifth biggest company doing this kind of work. They have more than 12,000 people working in 86 cities across the country and even in Canada.
The cool thing is, through RSM International, they team up with over 43,000 professionals in 800 offices in more than 120 countries worldwide. But here’s the trick – this network isn’t like a separate company or anything anywhere and doesn’t directly provide services.
7. Delloitte
Of all the accounting organizations worldwide, Deloitte is one of the most distinguished, as it has the highest revenue and the most significant number of employees and constitutes the largest professional services network. They mainly operate from London in the United Kingdom.
Deloitte is not your ordinary accounting firm – yes, they do accounting, but they also do audit, consulting, financial, risk, tax, and legal. And get this: an estimated 412000 of them practice in various countries in the world. That’s a massive team!
Now, why do they hold the number one spot? Well, they pull in an annual revenue of about $64.9 billion.
But it’s not just about the money. Deloitte is giant on training. They offer formal training, on-the-job learning, and even mentoring. It’s like they’re making sure their team is super-skilled.
They’re committed to educating their staff about DE&I issues. Plus, they’re part of this incredible organization called OneTen, which is all about upskilling, hiring, and boosting the careers of one million Black Americans in the next ten years. So, Deloitte isn’t just about numbers; they’re about making a difference too!
8. CBIZ/ Mayer Hoffman McCann
The eighth on our list is CBIZ/Mayer Hoffman McCann, boasting an impressive yearly revenue exceeding $2.81 billion.
Headquartered in Cleveland, Ohio, this dynamic company has a workforce of 4,010 individuals spread across 133 offices. Steering the ship are Chief Executives D. Sibits and B. Hancock.
CBIZ and Mayer Hoffman McCann joined forces through a strategic merger. Notably, the firm expanded its reach by acquiring the state tax consulting group from the law firm Dow Lohnes Price.
This move was prompted by the challenges posed by the corrupt municipality of Bell, showcasing the company’s proactive and adaptive approach to industry dynamics.
9. Crowe Horwath
Crowe Horwath boasts an annual revenue of $4.3 billion. With a workforce of 2,603 individuals spread across 28 offices in the U.S., they make a significant impact.
Headquartered in Oak Brook Terrace, IL, the firm is led by Chief Executive Charles Allen. Their recent acquisition of the Dynamics automotive consulting team from the Chicago-based ExtOrg showcasing their commitment to growth and expertise expansion is noteworthy.
Crowe is proficient in auditing and advisory, performance, risk consultation, and tax services. It is cut across many industries, including construction, education, finance, food and agriculture, health care, manufacturing and distribution, private equity, not-for-profit, and state and local government.
This diversification confirms that Crowe has the potential to fit several industries. Concerning annual revenues, Crowe LLP is identified as one of the ten largest accounting companies in the nation.
10. Baker Tilly
Baker Tilly is a financial ally born amidst the challenges of the Great Depression in 1931 by Ed Virchow. He kickstarted the journey by offering audits to Midwestern canning companies, playing a crucial role in sustaining the nation during tough times.
Baker Tillis isn’t just a name; it’s a commitment to excellence. It provides various specialized services, spanning audit, tax, and advisory solutions. It is designed to ensure financial compliance and provide strategic tax planning.
It is a trusted partner, offering financial guidance and fostering sustainable growth.
How Invoicera Helps Accounting Firms?
Invoicera is an online billing software that accountants practice use globally. This software has many features to manage billing for any organization. Here’s how Invoicera proves to be a valuable asset:
- Client Communication: Engage clients through the client portal, which will help them view invoices, statements, and any other communication relevant to their account.
- Multi-Currency Support: Satisfy clients. Invoicera’s multiple currency functionality and support make it easy to manage international transactions.
- Financial Reporting: Prepare financial statements to make sense of the firm and its operations to support strategic management decisions.
- Compliance Assurance: Ensure you work and meet the legal provisions and requirements by incorporating Invoicera legal and compliance features.
- Data Security: Protect your financial information by implementing a secure and reliable platform’s security features, including data encryption.
- Integration Capabilities: Integrate well with other accounting tools and software to improve the general use of accounting tools.
FAQs
What criteria were considered for ranking the top accounting firms in the U.S.?
As selection parameters, we considered factors such as market share and ranking to identify the best accounting firms, services offered, clients served, and flexibility in emerging trends in the accounting industry. Such an approach would prove more proactive as it covers all the bases, assuring a proper evaluation.
How can businesses benefit from engaging with one of the top accounting firms listed?
Corporations can obtain unprecedented financial knowledge that will help enforce compliance requirements, budgets, and advice. Leading accounting firms are exemplary in delivering flexible solutions based on unique business requirements across various industries.
What makes these accounting firms stand out in a competitive industry?
These companies have been highlighted based on their experience in the industry, strict adherence to quality service provision, and flexibility in the ever-changing financial world. Their service range, concern with clients, and experience make them highly rated in accounting.
Is there a specific accounting firm suitable for small businesses or startups?
Absolutely. It also includes accounting firms in different niches, such as providing services for small businesses and startups. These firms are aware of the issues that small businesses go through and assist in helping such companies to succeed financially.
