23/05/2024

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Top 15 Accounting Firms in the World

Top 15 Accounting Firms in the World

In this article we present the list of Top 15 Accounting Firms in the World. Click to skip ahead and see the Top 5 Accounting Firms in the World.

Deloitte, Ernst & Young, and KPMG are three of the top accounting firms in the world and members of the “Big 4” accounting firms, which are the four largest accounting and professional services firms in the world by a significant margin over any other rivals.

Many of the top accounting firms in the world have been in operation for a century or more and have steadily grown through mergers and acquisitions of smaller firms, which has allowed them to broaden their portfolio of services and expand their global footprint. All of the Big 4 operate in more than 150 countries globally.

Before we check out the top 15 accounting firms in the world, we asked OpenAI’s artificial intelligence chatbot ChatGPT which questions people commonly have about accounting firms so readers can gain more insight into how accounting firms work, how they charge for their services, and which one would be the right fit for them.

Here are the top six questions and ChatGPT’s responses.

Question 1: What services do accounting firms offer?

ChatGPT’s Answer: Some common services provided by accounting firms include:

  1. Bookkeeping and financial statement preparation: This includes maintaining financial records, preparing and analyzing financial statements, and providing general financial management advice.

  2. Tax preparation and planning: This includes preparing and filing tax returns, as well as providing advice on tax planning and strategies to minimize tax liability.

  3. Audit and assurance services: This includes conducting independent audits of financial statements to ensure that they are accurate and reliable.

  4. Business consulting: This includes providing advice on a wide range of business-related issues, such as strategy, operations, and financial management.

  5. Payroll services: This includes managing payroll and payroll tax compliance for businesses.

  6. Estate and trust planning: This includes providing advice on estate and trust planning, as well as preparing and filing necessary documents.

  7. Corporate finance: This includes providing advice on corporate finance matters, such as mergers and acquisitions, financing, and financial restructuring.

Question 2: How do accounting firms charge for their services?

ChatGPT’s Answer: There are several different ways in which accounting firms can charge for their services. Some common methods include:

  1. Hourly billing: This is the most common method of billing for accounting services. The firm will charge a set hourly rate for the time spent working on a project.

  2. Fixed-fee billing: In this model, the firm will quote a fixed price for a specific project or service. The client knows exactly what they will be paying upfront, and the firm will not charge additional fees unless the scope of the work changes.

  3. Project-based billing: This is similar to fixed-fee billing, but the price is based on the scope of the project rather than the time spent working on it.

  4. Retainer-based billing: In this model, the firm will charge a monthly retainer fee for ongoing services, such as bookkeeping or tax preparation.

Question 3: How do I choose the right accounting firm for my business or personal needs?

ChatGPT’s Answer: Choosing the right accounting firm for your business or personal needs can be a challenging task, as there are many firms to choose from and it’s important to find one that meets your specific needs and goals. Here are a few things to consider when selecting an accounting firm:

  1. Experience and expertise: Look for firms with a strong track record of experience and expertise in the areas that are relevant to your needs. For example, if you’re a small business owner, you may want to look for a firm with experience working with businesses like yours.

  2. Services offered: Make sure the firm offers the services you need, whether that’s tax preparation, audit and assurance, financial consulting, or something else.

  3. Reputation: Look for firms with a good reputation in the industry and with their clients. You can ask for references or check online reviews to get a sense of what others think of the firm.

  4. Compatibility: It’s important to find a firm that you feel comfortable working with and that understands your needs and goals. Consider meeting with potential firms to see if you feel like you’re on the same page.

  5. Fees: Make sure you understand how the firm charges for its services and whether it offers flexible billing options. It’s a good idea to get a written agreement outlining the scope of work and any associated fees.

Question 4: How can an accounting firm help me with my taxes?

ChatGPT’s Answer: An accounting firm can help you with your taxes in a number of ways. Here are some examples:

  1. Tax preparation: An accounting firm can prepare your tax returns for you, ensuring that they are accurate and complete. This can save you time and reduce the risk of errors that could lead to problems with the tax authorities.

  2. Tax planning: An accounting firm can also help you plan for your taxes in advance, by analyzing your financial situation and recommending strategies to minimize your tax liability. This can include identifying tax credits and deductions that you may be eligible for, as well as structuring your financial affairs in a tax-efficient manner.

  3. Tax representation: If you have a dispute with the tax authorities, an accounting firm can represent you and negotiate on your behalf to resolve the issue. This can include negotiating payment plans, appealing tax assessments, and representing you in audits or other tax-related proceedings.

Question 5: How do accounting firms ensure accuracy and integrity in their work?

ChatGPT’s Answer: There are a number of steps that accounting firms can take to ensure accuracy and integrity in their work. These include:

  1. Following professional standards: Accounting firms are expected to follow professional standards such as the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). These standards provide guidelines for how financial information should be presented and provide a framework for consistent and reliable financial reporting.

  2. Implementing quality control procedures: Many accounting firms have internal quality control procedures in place to ensure that their work is accurate and meets professional standards. These procedures may include reviewing work performed by junior staff, peer review, and independent review of financial statements.

  3. Hiring qualified professionals: Accounting firms typically hire professionals who have passed the necessary exams and meet the requirements for professional certification, such as becoming a Certified Public Accountant (CPA). These professionals have demonstrated their knowledge and skills in the field, which helps to ensure the accuracy and integrity of their work.

  4. Maintaining confidentiality: Accounting firms are also expected to maintain the confidentiality of their clients’ financial information. They may use secure systems and protocols to protect this information and ensure that it is not disclosed to unauthorized parties.

Question 6: How do accounting firms handle confidentiality and client privacy?

ChatGPT’s Answer: Accounting firms handle confidentiality and client privacy in a number of ways, including:

  1. Having confidentiality agreements in place: Many accounting firms have confidentiality agreements in place with their clients, which outline the terms under which financial information will be shared and how it will be protected. These agreements may also specify the circumstances under which the information can be disclosed to third parties.

  2. Implementing secure systems and protocols: Accounting firms may also use secure systems and protocols to protect client financial information. This can include using encrypted communications, secure servers, and other measures to ensure that the information is not accessed by unauthorized parties.

  3. Training staff on confidentiality: Accounting firms typically train their staff on the importance of maintaining confidentiality and the measures that should be taken to protect client financial information. This may include providing guidelines on how to handle confidential information and how to identify and report any potential breaches of confidentiality.

  4. Ensuring compliance with relevant laws and regulations: Accounting firms are also expected to comply with relevant laws and regulations governing the confidentiality and privacy of financial information. This may include the General Data Protection Regulation (GDPR) in the European Union and the Health Insurance Portability and Accountability Act (HIPAA) in the United States.

Now that you know more about the process of finding the right accountant for you and what services they provide, let’s check out the list of the top 15 accounting firms in the world.

Top 15 Accounting Firms in the World

Top 15 Accounting Firms in the World

one photo/Shutterstock.com

Our Methodology

The following list of the top 15 accounting firms in the world is based on the 2020 revenue figures of the world’s largest accounting firms. Note that these sales figures are not solely limited to accounting-related revenue and may include revenue from auditing, tax, consulting, and financial advisory services, among other business operations.

Top 15 Accounting Firms in the World

Disclaimer: The following write-ups are generated primarily by ChatGPT and not everything ChatGPT outputs is accurate, so its responses have to be taken with a grain of salt. However, for the most part it’s proven to be a powerful research tool. In some instances the responses have been edited for style and clarity, or additional information has been added by the author.

15. MGI Worldwide

2020 Revenue: $2.2 billion

 

First up on the countdown of the top accounting firms in the world is MGI Worldwide, which is a global network of independent accounting and consulting firms. The network was founded in 1991 and has since grown to include over 260 member firms in more than 90 countries. MGI Worldwide is focused on providing high-quality accounting and consulting services to businesses and organizations around the world.

MGI Worldwide is headquartered in London, England, and is governed by a board of directors made up of member firms from around the world. The network is committed to maintaining high professional and ethical standards, and member firms are required to meet strict membership criteria in order to join.

14. CLA

2020 Revenue: $2.3 billion

 

CLA (formerly known as CliftonLarsonAllen) is a professional services firm that provides accounting, tax, consulting, and wealth management services to businesses, organizations, and individuals. The firm was founded in the United States in 1979 and has since grown to become one of the largest accounting firms in the country.

CLA has a strong focus on serving the needs of small and medium-sized businesses, and it offers a wide range of services to help businesses grow and succeed. These services include audit and assurance, tax compliance and planning, financial consulting, and wealth management. The firm also has expertise in industries such as healthcare, construction, and manufacturing, and it has a team of professionals dedicated to serving the needs of nonprofit organizations.

13. PKF International

2020 Revenue: $2.7 billion

 

PKF International is a global network of independent accounting and consulting firms that provide professional services to businesses and organizations. The firm was founded in 1969 and has member firms in over 450 locations in 150 countries. PKF International member firms offer a range of services including audit and assurance, tax compliance and advisory, consulting, and financial planning. The firm’s clients include small and medium-sized enterprises, as well as large multinational corporations. PKF International is known for its strong focus on quality and client service, and its member firms are committed to meeting the highest professional standards and providing value to their clients.

12. Baker Tilly

2020 Revenue: $2.8 billion

 

Ranking as the 12th top accounting firms in the world is Baker Tilly, which generated $2.8 billion in revenue in 2020. Baker Tilly is an accounting and consulting firm that provides professional services to businesses and organizations around the world. The firm was founded in 1997 and has a network of member firms in 150 countries. Baker Tilly offers a range of services including audit and assurance, tax compliance and advisory, consulting, and financial planning. The firm’s clients include small and medium-sized enterprises, as well as large multinational corporations. Baker Tilly is known for its focus on innovation and its commitment to providing value to its clients. The firm has a strong reputation for its quality of service and has received numerous awards and recognition for its work.

11. BKD

2020 Revenue: $2.9 billion

 

BKD is a professional services firm that provides accounting, consulting, and advisory services to businesses and organizations. The firm was founded in 1924 and has a network of offices in over 30 states in the United States. BKD offers a range of services including audit and assurance, tax compliance and advisory, consulting, and financial planning. BKD is known for its commitment to quality and its focus on providing value to its clients. The firm has received numerous awards and recognition for its work, including being named one of the top 100 accounting firms in the United States.

10. EisnerAmper

2020 Revenue: $4.1 billion

 

Cracking the top 10 accounting firms in the world is EisnerAmper, a professional services firm that provides accounting, consulting, and advisory services to businesses and organizations. The firm was founded in 1971 and has a network of offices in the United States, Europe, and Asia. EisnerAmper offers a range of services including audit and assurance, tax compliance and advisory, consulting, and financial planning. EisnerAmper is known for its focus on innovation and its commitment to providing value to its clients.

9. Crowe

2020 Revenue: $4.4 billion

 

Crowe is a professional services firm that was founded in 1942 in South Bend, Indiana. The firm was founded by Paul K. Crowe and originally operated under the name Paul K. Crowe & Company. In the early years of the firm, Crowe focused on providing accounting services to small and medium-sized businesses in the local area.

Over time, Crowe expanded its services and grew its client base to include larger organizations and multinational corporations. In the 1980s, the firm began to expand internationally, establishing offices in various countries around the world. Today, Crowe has a network of offices in over 120 countries and provides a range of professional services including audit and assurance, tax compliance and advisory, consulting, and financial planning.

8. Grant Thornton International

2020 Revenue: $4.9 billion

 

Grant Thornton International comes in eighth among the top accounting firms in the world with $4.9 billion in 2020 sales. The firm was founded in Chicago, Illinois in 1924 by Alexander Richardson Grant and Arthur Anderson. In the early years of the firm, Grant and Anderson focused on providing accounting and tax services to small and medium-sized businesses in the Chicago area. Over time, the firm expanded its services and grew its client base to include larger organizations and multinational corporations.

In the 1980s, Grant Thornton International was formed as a global network of independent member firms, with each member firm operating autonomously in its local market. Today, Grant Thornton International has member firms in over 135 countries and provides a range of professional services including audit and assurance, tax compliance and advisory, consulting, and financial planning.

7. RSM US

2020 Revenue: $5.4 billion

 

RSM US was founded in 1926 in the United States by Raymond Smullyan and was originally known as Smullyan & Company. In the early years of the firm, Smullyan focused on providing accounting and tax services to small and medium-sized businesses in the local area.

In the 1980s, RSM International was formed as a global network of independent member firms, with each member firm operating autonomously in its local market. Today, RSM has member firms in over 120 countries and provides a range of professional services including audit and assurance, tax compliance and advisory, consulting, and financial planning.

Throughout its history, RSM has remained committed to providing quality services to its clients and has earned a reputation for its expertise and innovation in the field.

6. Grant Thornton LLP

2020 Revenue: $5.7 billion

 

Closing out the first half of the list of top accounting firms in the world is Grant Thornton LLP, which is the U.S. member firm of Grant Thornton International and has offices in over 50 states in the United States.

Grant Thornton LLP has a strong focus on helping clients achieve their business goals and has a reputation for delivering high-quality services. The firm offers a range of services including audit and assurance, tax compliance and advisory, consulting, and financial planning. Grant Thornton LLP serves a wide variety of clients, including small and medium-sized enterprises, as well as large multinational corporations.

 

Please continue to see the Top 5 Accounting Firms in the World.

 

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Disclosure: None. Top 15 Accounting Firms in the World is originally published at Insider Monkey.