With the rise in businesses, there has been a constant demand for accounting services in the US market. At present, there are over 138,000 accounting firms in the US. The need for accounting services and keeping up with constant change in tax regulations have only increased the competition amidst the industry. This affects the ranking of the accounting firms leading to higher competition.
Usually, regular mergers, acquisitions, and an international network are how accounting businesses grow to be big. Further, in the blog, you will read about the top accounting firms in the US that have had a strong grasp on the market.
List of Top CPA Firms in the US
In the last five years, there have been a rapid increase of 50% in the number of accounting businesses in the United States. One of the prominent reasons of this increase is the growth in the company’s business line by providing other payroll services, tax preparation, and accounting services. Currently, in the US accounting firms, there are about 900,000 people employed. Amidst this, a few accounting firms have shown immense growth in their revenue and clientele. Let’s look at some of the top CPA firms in the US.
1. Deloitte
Deloitte is currently the top CPA firm holding the number 1 rank with an annual revenue of $59 billion. Its headquarters are located in New York, providing audit and tax services, risk consulting, and financial advisory, and legal services.
As one of the largest accounting firms, Deloitte, implements innovative technology solutions like cloud computing, artificial intelligence, analytics, etc. This helps the company in cost-cutting and keep up their working pace efficiently.
It has always preached sustainability and follows environment friendly practices and social responsibility. This results in a larger impact on the industry and their clients.
2. PWC
Pricewaterhouse Coopers holds the second rank generating a revenue of $50 billion. The company is popularly known as PWC and has the most extensive tax services practice. It is more than cutting-edge, specializing in forensics, cyber security, data protection, risk management, and technology transformation making it one of the top accounting firms in US.
The company has about 328,000 active employees in 158 nations making it widely acknowledged. One of the best features about the company is that it believes in training and educating its employees. It offers coaching, mentorships and guidance to its employees helping them to upskill themselves.
3. Ernst and Young
Popularly known as EY, Ernst and Young are on the third rank worldwide, offering its accounting services. Like many larger accounting companies, EY has recently diversified into industries outside of accounting, such as strategy, operations, HR, technology, and financial services consulting.
American Alwin Ernst and Scotsman Arthur Young established separate businesses in 1906 and 1903, respectively. In 1989, the businesses combined. The company now has over 365,399 employees and operates in more than 150 nations.
They are known for their commitment to quality, which has kept them on this list of accounting firms. They have a long list of clients some of which are Coca Cola, Verizon, Hewlett Packard and, Hilton.
4. KPMG
KPMG ranks number 4 with an estimated revenue of $34.6 billion. 78% of all US public audits are managed in part by KPMG. Spread across 155 countries, the company helps its clients use cloud-based, record-to-report technologies and manage their accounting cycles.
They recently partnered with Black Line Systems which is considered to be a smart move and its acquisition of the U.S. assets of Thomson Reuters Corporation’s (TRI) widely respected ONESOURCE® Indirect Tax Managed Services business. Many of the top MNCs in the world, as well as financial investors, are served by KPMG on a recurring and event-driven basis making it one of the top CPA firms.
Some of its leading clients are Accenture, Citigroup, Deutsche Bank among many.
5. RSM
RSM, earlier known as McGladrey, is the fifth-largest accounting firm in the US. It is internationally renowned and provides services to clients willing to expand globally. It provides audits, tax, and consulting services and operates in 120 countries.
McGladrey was recently rebranded to RSM to solidify its middle market commitment. Their clients include non-profit agencies, government entities and financial institutions.
With over 17,000 employees and 830 offices, this company is among the top players in accounting industry.
6. Grant Thornton
Established in 1924, Grant Thornton is one of the world-renowned organizations in accounting and business solutions and comes among the top in the list of accounting firms. They have a strong presence in specific areas including real estate, construction, industrial products, legal services, healthcare, and financial services.
The company is headquartered in Chicago and has over 68,000 employees working out of 54 offices. Currently, Stephen Chipman is the chief executive and is leading the company.
The company offers three service categories: audit, tax, and advisory services. Construction, distribution, energy, financial services, food and beverage, healthcare, hospitality and restaurants, life sciences, manufacturing, not-for-profit institutions, private equity, public sector, real estate, retail, technology, and transportation are among the industries that are targeted by Grant Thornton.
7. CBIZ
Headquartered in Cleveland, CBIZ is one of the top CPA firms with an annual revenue of $130 Million. Ranked on seventh position, this company specializes in financial advisory, auditing, estate planning, and law firm litigation support.
The company underwent a merger a few years back with Mayer Hoffman McCann. They have around 4000 people working out of 133 offices.
CBIZ has a strong presence in 120 countries and is best known for business evaluation.
8. BDO
BDO is among the top names when thinking of accounting services. They provide advisory, assurance, and tax services to the clients. Their clients are mostly local and international companies, public sector, non-government institutions and international agencies. They have retained their position in the list of top accounting firms in the US for many years now.
With its headquarters in Chicago, the company has over a century of experience serving both publicly listed and privately held businesses. They have expertise in business restructure, mergers and acquisitions.
BDO Global announced its 2022 financial results by generating a whopping $12.8 billion.Â
9. Crowe Horwath
Crowe Horwath recorded $1 billion in yearly revenue. The company declared the addition of the Dynamics automotive consultancy group from the ExtOrg in Chicago.
The firm offers audit, advisory, performance, risk consulting, and tax services for different businesses in various industries, including construction, education, finance, food and agriculture, health care, manufacturing and distribution, not-for-profit, private equity, and state and local government. The firm is headquartered in Oak Brook Terrace and is led by Chief Executive David Mellor. With over 28 offices, they have around 40,309 people working in the US.
10. CliftonLarsonAllen (CLA)
On the tenth position in this list comes CliftonLarsonAllen, or CLA. This organization is a top CPA firm with an annual revenue of $865 Million.
The company has over 90 offices in which 6,100 employees are working currently. The CEO of CLA is Jen Leary and is presently leading the firm.
A wide range of assurance, tax, risk management, advising, valuation, transaction assistance, and consultancy services are available to clients from this company. Agribusiness, cooperatives, dealerships, employee benefit plans, governments, health care, higher education, manufacturing and distribution, non-profit, and trucking and transportation are just a few of its industry segments.
Conclusion
These were the top 10 accounting firms in the US. They have made a reputation for themselves in the market and have their own specializations. Where revenue, market presence, and the employee strength are some of the deciding factors of which firm should be on top; some of the positions keep changing.
Hope this blog presented you with a clear idea on some of the leading CPA firms. If you want reach out to more CPA firms and wish to market your product or services, then you can connect with Blue Mail Media to get CPA firms email database.