Adrian Johnson
TLDR:
- Praxity Alliance reported revenue of $9.7 billion in 2023, an 11% increase from the previous year.
- Revenue growth was seen in all regions and service lines, with the largest revenue coming from audit and accounting services.
The Praxity Alliance of independent accounting firms experienced significant growth in global revenue in 2023, reaching $9.7 billion, which represented an 11% increase over the previous year. This growth was consistent across all regions and service lines, showcasing the alliance’s expansion and success.
The alliance, with member firms in over 120 countries and more than 76,000 people in over 880 offices worldwide, saw revenue increases in North America, Europe, Latin America, Asia-Pacific, Africa, and the Middle East. The largest revenue source for the alliance was the audit and accounting line, which accounted for 50% of total revenue and saw a 10.6% increase to $4.9 billion in 2023. Tax services comprised 25% of revenue and grew by 9% to $2.4 billion, while advisory services made up 20% of revenue and increased by 10.4% to $1.9 billion. Other services accounted for 5% of revenue and rose by 29.7% to $431 million.
Praxity CEO, Samantha Louis, emphasized the importance of member firms’ dedication to excellent client service, highlighting that growth is a result of ensuring clients are satisfied and receive the service they deserve. Louis commended member firms for their leading role in defining client service standards and achieving positive outcomes for clients.
Overall, the growth of Praxity Alliance to $9.7 billion in global revenue showcases the success of the alliance in expanding its reach, increasing its service offerings, and delivering exceptional client service.
