US Accounting Firms Overview
Top accounting firms in the US are those firms which come in the top list of providing accounting service to individuals, organizations and other entities in the US and includes firms such as Deloitte, KPMG, Ernst and Young, PricewaterhouseCoopers (PwC) LLP, Grant Thornton, etc.
There is more than 1, 38,000 accounting firms present in the United States. These firms become bigger in size and strength with the help of regular mergers, acquisitions, and international growth. Thus it may happen that their rankings may vary with passing time.
Accounting Firms have grown in size on the back of the rise in the equity marketEquity MarketAn equity market is a platform that enables the companies to issue their securities to the investors; it also facilitates the further exchange of these stocks between the buyers and sellers. It comprises various stock exchanges like New York Stock Exchange (NYSE). over the last five years. The effect of quantitative easingQuantitative EasingQuantitative easing (QE) refers to that non-standard monetary policy whereby the central bank makes an open market purchase of the long-term securities such as government bonds to induce additional money in the economy. and lower interest rates for a very long period of time has resulted in the rise of capital markets and the expansion of businesses in the United States. The accounting firms have benefited due to the expansions in business in the United States.
The top line for the accounting firms over the last five years has increased by 50%, by providing payrollPayrollPayroll refers to the overall compensation payable by any organization to its employees on a certain date for a specific period of services they have provided in the entity. This total net pay comprises salary, wages, bonus, commission, deduction, perquisites, and other benefits. services, tax preparation, accounting. The accounting firms in the USA employ close to 900000 employees. In the next few years, the growth in private investments and capital markets will drive further growth for the accounting firms.
Services Offered By Firms
The services offered to the clients are-
- Audit and assurance
- Mergers and acquisition consulting
- Risk and Financial advisory
The industries catered by the accounting firms include Consumer, Energy resources and industrials, financial services, government, and public services, life sciences and healthcare, and technology media and telecommunications.
List of Top US Accounting Firms
- Ernst & Young
- Grant Thornton
- CBIZ/Mayer Hoffman McCann
- Crowe Horwath
Let’s discuss each one of them in detail –
It is currently ranked as the number one firm and has an annual revenue of approximately $13,067 million. Deloitte has its headquarters in New York City, NY. It has more than 56,000 employees currently and has more than 80 offices in the United States.
Deloitte has its operations in the four key areas- audit, advisory, consulting, and tax. It boasts of a clientele of service professionals like data analytics, cybersecurity, finance and accounting, risk, strategy, and operations, etc.
This accounting firm comes to a second position with annual revenue of $9,550 million. It has nearly 35,000 employees in the United States and has 73 offices in the United States. PwC announced its collaboration with Microsoft to come up with a portfolio of services aimed at the tax division.
#3. Ernst & Young
This firm comes third in the ranking. It has revenue of more than $8,200 million as of 2012. It has more than 29,000 employees and has its headquarters in New York City, NY. The company provides services like advisory, assurance, tax, and transaction advisory services (TAS). The company has clients from diverse fields like consumer products, financial services, real estate, life sciences, media and entertainment, oil and gas, technology, mining, and metals, etc.
KPMG comes at the fourth position in the rankings. This firm has an annual revenue of over $5,750 million. It employs more than 24,000 people and has 90 offices in the United States. The firm has its headquarters in New York City, NY. KPMG Has acquired Thomson Reuters. The firm provides services in the major areas of audit, tax, and advisory with the industry-specific focus in each domain.
This firm holds the spot of number five in the ranking. This firm has an annual revenue of $1,280 million. This firm currently has 6,500 employees and has 75 offices in the United States. The firm has its headquarters in Chicago, IL.
#6. Grant Thornton
This Company comes in the sixth position. It has annual revenues of $1,245 million and has more than 6000 employees. This firm has 54 offices all over the United States. The firm has its headquarters in Chicago, IL. This firm maintained its growth with the help of mergers and acquisitions. It is one of the largest organizations of an audit, tax, and advisory firm.
#7. CBIZ/Mayer Hoffman McCann
This firm has its headquarters in Cleveland, Ohio. It has an annual revenue of $645 million. Currently, it has 4000 people working and has 133 offices all over the United States. The company went for a merger with Mayer Hoffman McCann.
This Company has an annual revenue of $618 million and comes at number eight. It has 2,771 employees and 42 offices all over the country. It has its headquarters in Chicago, IL. It provides a diverse range of services like assurance, tax, transaction advisory, investment bankingInvestment BankingInvestment banking is a specialized banking stream that facilitates the business entities, government and other organizations in generating capital through debts and equity, reorganization, mergers and acquisition, etc., and corporate real estate.
#9. Crowe Horwath
This Company is headquartered in Oak Brook Terrace, IL. It has an annual revenue of $595 million and has more than 2000 employees. It has 28 offices all over the United States.
This firm comes at number ten. It has its headquarters in Milwaukee, WI. It has an annual revenue of $568 million and has 3223 people working in its 90 offices all over the country. This firm has its focus on merger synergies and merger integration, which has helped the firm to grow and gain higher revenues.
We hope you liked this guide to Accounting Firms in the US. Here we discuss the list of top accounting firms along with its structure and industry dynamics. If you are looking forward to making a career in Accounting, then you can check out some of the awesome resources –