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Accountancy firms’ revenues grow 3% globally

The top 25 accountancy firms have seen their revenues grow by 3% last year despite the uncertain economy and competition for the best talent challenging the sector

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The Big Four continued to dominate the market last year, after posting a 3% increase in combined revenues to $188.53bn (£143.4bn), Accountancy’s global accounting networks and associations 2017 survey found.


Revenues across most of the biggest accountancy firms grew last year in spite of increasing challenges caused by a difficult business environment, geopolitical uncertainties and huge disruption to business models.


Despite efforts to encourage business to look at the mid-tier market, the revenues of Deloitte, PwC, EY and KPMG accounted for 67% of the total top 25 income.


Deloitte saw its revenues grow 4.5% to $36.8bn, taking the number one spot from PwC, which recorded revenues of $35.9bn, after a more modest growth of 1.53%.


EY came in third place with $29.63bn (up 3.3%) and KPMG followed with $25.42bn, after a 4% increase from 2015.


Thanks to the completion of more than 30 mergers over 2016, BDO secured its place as the fifth largest accountancy network globally, with revenues at $7.6bn, followed by Geneva Group International at $5.25bn.


Grant Thornton went down one place to 8th position with revenues at $4.78bn, swapping places with RSM, which saw its revenues grow 6.6% to $4.87bn pushing it up into 7th place. The change was led by the recent restructure of RSM, which saw more than 110 member firms adopt the RSM name, including Baker Tilly.


Collectively, the top 25 employed 1,131,780 professional staff, of which 8% or 93,505 reached partner level, according to the report.

Source: economia.icawe.com

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