Adrian Johnson
TLDR:
Top 100 accounting firms are thriving despite challenges, with double-digit growth in 2023. They are adapting by managing staff shortage, expanding service lines, leveraging technology, and focusing on advisory services. Many are experiencing strong growth rates, driven by M&A activity and client advisory services.
Key Elements of the Article:
- Top accounting firms showing strong growth despite challenges
- Firms adapting by managing staff shortage, expanding service lines, leveraging technology, and focusing on advisory services
- Many firms experiencing strong growth rates, fueled by M&A activity and client advisory services
The biggest firms in the accounting profession are emerging from the pandemic in a strong position, with double-digit growth in 2023. They are successful in adapting to a rapidly changing environment by managing the staff shortage, exploring new service lines (especially client advisory services), leveraging technology, and focusing on advisory services. While the average growth rate for the Top 100 Firms in 2023 was lower than in 2022, it was still well above average for the past 20 years. The firms with revenues between $100 million and $1 billion posted an average growth rate closer to 20%, with some of the fastest-growing firms following aggressive M&A strategies fueled by private equity money. Client advisory services emerged as the fastest-growing service line for many firms, with consulting accounting for a plurality of the top 100’s revenue. Overall, the article highlights the resilience and adaptability of the top accounting firms in the face of challenges and the significant growth opportunities they continue to pursue.
