Small and new business owners may wonder why they need the services of an accounting firm. However, managing business finances alone can be overwhelming, and it could lead to costly mistakes. Small business owners often assume they can oversee their funds and create budgets for operations. While this may be possible to some extent, hiring a professional accounting firm can provide valuable support. They can assist in financial planning, bookkeeping, tax preparation, auditing, and general financial management.
Also, engaging the services of an accounting firm can allow business owners to focus on other areas of their business, such as sales, marketing, and product development. This can lead to increased productivity and business growth. Although it may seem like an added expense, the benefits of hiring a professional accounting firm far outweigh the costs.
In the United States, there are over 138,000 accounting firms, but after conducting research, we have identified the top 5 firms with outstanding track records. These firms have demonstrated excellent service delivery to their clients over the years. Here are the top 5 accounting firms in the US.
1. Deloitte
Deloitte, a professional services network based in London, England, has established itself as a top accounting organization, offering an extensive range of services such as audit, consulting, financial advisory, risk advisory, tax, and legal services. With a global workforce of approximately 334,800 professionals and aggregate revenues of US$59.3 billion in FY 2022, Deloitte is the industry leader in terms of annual revenue.
Deloitte’s commitment to its employees has been a key factor in its success. The company provides comprehensive training and benefits, including formal training, mentoring, and on-the-job training, to ensure that its professionals are equipped to deliver the highest quality services to their clients. Moreover, Deloitte is dedicated to promoting diversity, equity, and inclusion (DE&I) and is actively educating its staff on DE&I issues. Its commitment to DE&I has been recognized through its participation in OneTen, a group committed to upskilling, hiring, and advancing one million Black Americans over the next decade.
In conclusion, Deloitte’s success stems from its exceptional services and its unwavering commitment to its employees and DE&I. As the industry leader, Deloitte will continue to innovate and improve to maintain its position as the forefront of the industry for years to come.
2. PWC (Pricewaterhouse Cooper)
PwC, the second-largest audit firm in terms of revenue, generated an impressive $50.3 billion US dollars in 2022. The company specializes in providing top-tier assurance, consulting, and tax services, and has a dominant presence in the global advisory market. With a workforce of 276,000 professionals spread across 158 countries, PwC operates on a local level in each country, ensuring personalized and high-quality services.
Similar to other global companies, PwC’s independent firms uphold high values and standards, offering a wide range of services such as Asset Management, Banking & Capital Markets, Financial Services, Health Industries, Industrial Products, Insurance, Power & Utilities, Private Equity, Public Sector, Retail & Consumer, and Technology.
PricewaterhouseCoopers International Limited, headquartered in London, England, serves as a coordinating entity for the network of firms. The company manages the global brand and develops policies and initiatives to ensure a unified and coordinated approach in areas such as risk, quality, and strategy. It goes without saying that PwC’s clients are in good hands with this level of strategic management and organization.
3. Ernst & Young
EY, also known as Ernst & Young, is a professional services network that offers a wide range of services including assurance, tax, consulting, and advisory services. As a part of the big four accounting firms, which includes Deloitte, PricewaterhouseCoopers, and KPMG, EY is widely regarded as a global leader in the field of professional services.
With over a century of experience, EY has been a major player in the industry since its founding in the early 20th century by Arthur Young and Alwin Ernst, who merged their separate companies in 1989. Today, EY is the seventh-largest privately-owned organization in the US and has a global presence in over 150 countries, employing over 200,000 professionals who work towards providing exceptional services to its clients.
EY’s innovative approach to business, strong leadership, and commitment to excellence have earned it a spot on Fortune magazine’s list of the 100 Best Companies to Work For for 21 consecutive years. The company’s expanded services in strategy, operations, HR, technology, and financial services consulting have further solidified its position as a global leader in the professional services industry.
4. KPMG
KPMG is a professional service company with a well-established reputation in the industry. The company is dedicated to providing financial audit, tax, and advisory services to its clients, which include multinational corporations and investors worldwide. KPMG has a vast network of over 227,000 employees across 147 countries, which has enabled it to rank fourth in annual revenue, earning over $5,750 million. The company’s success is attributed to its unrelenting focus on quality, integrity, and professionalism.
In recent years, KPMG has taken various steps to address some of the challenges it has faced. For instance, the company has tackled lawsuits over associate overtime payments by introducing new policies and procedures aimed at ensuring that all employees are compensated fairly. Additionally, KPMG has sought to expand its reach by acquiring Thomson Reuters, a prominent financial data provider, and signing a strategic alliance with BlackLine Systems.
Despite facing regulatory actions and lawsuits over the past decade, KPMG remains committed to providing top-notch services to its clients. The company has invested heavily in its workforce, ensuring that its employees possess the skills and expertise required to deliver high-quality services. Furthermore, KPMG has continued to innovate and adapt to new challenges, such as the rise of digital technologies and the increasing complexity of the global business environment.
Overall, KPMG’s success is a testament to its unwavering commitment to excellence. Through its dedication to quality, integrity, and professionalism, the company has established itself as a leading professional service company, poised to continue serving its clients for years to come.
5. RSM US
RSM US LLP is a highly reputable professional services firm that has established itself as a leading provider of audit, tax, and consulting services for the middle market in the United States. The firm has earned a solid reputation for its commitment to delivering exceptional services to its clients, which has enabled it to achieve remarkable success over the years.
It’s worth noting that the firm’s largest member firms are RSM US and RSM UK, which were formerly known as McGladrey and Baker Tilly LLP, respectively. This is a testament to the firm’s impressive track record of growth and expansion over the years.
It’s also important to mention that while RSM International is a global accounting network, it does not provide services and is not a separate legal entity in any jurisdiction. This means that RSM US LLP operates independently and is fully responsible for the services it provides to its clients.
With over 12,000 highly skilled employees spread across 86 cities in the US and Canada, RSM US LLP is the fifth largest accounting firm in the US. In the last fiscal year, RSM US LLP generated over 3.5 billion dollars in revenue in the US, a testament to its continued success and relevance in the highly competitive professional services industry. It is clear that the firm’s commitment to excellence, innovation, and client satisfaction has set it apart as a leader in the industry.
