Top 10 Accounting Firms in the World 2020, Accounting Industry Trends
top 10 accounting firms

Trends in Accounting 2020 – What is New in the Accounting World

What is new in the accounting world in 2020? The top 10 accounting firms in the world continue to lead the industry forward; led by the big 4 accounting firms Deloitte, KPMG, EY, and PwC, the largest accounting firms in the world. Combined revenues for the big 4 accounting firms reached 154.75 billion USD in the fiscal year 2019, a number that is growing every annually. Overall, revenues for the top 10 accounting firms in the world reached 185.67 billion USD when you factor in both the big 4 firms and all the other mid-tier accounting firms in the top 10. Based on these figures, BizVibe has decided to compile a list of leading accounting firms ranked by revenue and a detailed breakdown of all the accounting industry trends globally that are currently expected to be a disruption in the accounting industry in the future.

 

This fact sheet is to assist business professionals, investors, and people in general that are interested in the field figure out the ins and outs of the global accounting industry including:

 

  • Discover who the top 10 accounting firms in the world are in 2020?
  • Which accounting firms are the fastest risers?
  • What are the future challenges and opportunities in the global accounting industry?
  • What are the global accounting industry trends in 2020?

 

BizVibe is already helping the largest accounting firms in the world connect. Connect and track the latest news and insights from these companies.

Top Accounting Industry Trends and Statistics in 2020

  • 50% of accounting tasks can now be automated — 50% of C-level executives in the accounting industry expect the development of automated accounting systems in the future.
  • The accounting software market will grow at a CAGR of 8.5% by 2024.
  • Outsourcing is becoming more significant.
  • 67% of accountants think cloud-based solutions make their jobs easier.
  • 59% of finance and accounting professionals say that by 2020, data science and analytics will be required in the industry.
  • Big 4 accounting firms focusing on blockchain technology.
  • 66% of accountants are willing to invest in AI.
  • 43% of CPA firms have employees regularly working from home.

Ranking the Top 10 Accounting Firms in the World in 2020 by Revenue

Who are the top 10 accounting firms in the world? The following list of accounting firms are ranked by revenue figures from the fiscal year 2019.

Accounting Firm

Revenue

Number of Employees

1. Deloitte

$46.2 billion

312,000

2. PwC

$42.4 billion

250,930

3. EY

$36.4 billion

270,000

4. KPMG

$29.75 billion

219,281

5. BDO

$8.1 billion

80,087

6. Grant Thornton

$5.45 billion

53,000

7. RSM

$5.37 billion

43,000

8. Crowe Global

$4.3 billion

42,000

9. Nexia International

$4.3billion

24,781

10. Baker Tilly

$3.4 billion

30,490

 

Top 10 Accounting Firms

1.    Deloitte LLP

Ranking number 1 on BizVibe’s list of the top 10 accounting firms in the world in 2020 is Deloitte, a UK private company, but also a multinational professional services network. Founded over 175 years ago by William Welch Deloitte, Delloite ranked number 1 in revenues among all the largest accounting firms in the world in 2019 with revenues of 46.2 billion USD for the fiscal year 2019.

Deloitte is considered one of the Big 4 accounting firms in the world, known for its stellar reputation and a work environment that promotes teamwork, collaboration, and excellence.  Deloitte is also known for being arguably the top audit firm in the world.

Deloitte Services         

  • Accounting Audits
  • Tax
  • Management consulting
  • Financial advisory
  • Risk advisory
  • Legal Services

Deloitte Number of Employees: 312,000

Deloitte Headquarters: London, England, United Kingdom

Deloitte Revenue 2019: 46.2 billion USD

Year Founded: 1845

 

2.    PwC

2nd on BizVibe’s list of the top 10 accounting firms in the world in 2020 is PricewaterhouseCoopers, a name recognized for its good reputation. Branded under the PwC brand, the company is also considered one of the big 4 accounting firms in the world along with Deloitte, KPMG, and EY.

Currently, PwC operates in over 158 countries with over 721 locations worldwide. PwC is the 5th largest privately held company in the USA with revenues in the fiscal year 2019 reaching 42.4 billion USD, ranking PwC 2nd after Deloitte in revenues among the largest accounting firms in the world.

PwC Services

  • Assurance Services
  • Advisory
  • Tax Advisory
  • Tax Controversy
  • Strategy Consulting
  • Data & Analytics
  • Management Consulting
  • Financial Advisory
  • Actuarial
  • Legal Services

PwC Number of Employees: 250,930

PwC Headquarters: London, England, United Kingdom

PwC Revenue 2019: 42.4 billion USD

Year Founded: 1998

 

3.    Ernst & Young LLP(EY)

Owned by Ernst & Young Global Limited, Ernst & Young, or simply referred to as EY is the 3rd largest accounting firm in the world by revenue. One of the big 4 accounting firms in the world, EY was founded through a merger in 1989 of Ernst & Whinney and Arthur Young & Co. and currently has its headquarters in London, UK.

In 2019, EY was also the 7th largest privately held company in the USA and the 3rd largest accounting firm by revenue.

Ernst & Young LLP(EY) Services

  • Assurance Services
  • Tax Advisory
  • Digital Strategy
  • Consulting
  • Financial Advisory
  • Legal Services

EY Number of Employees: 270,000

EY Headquarters: London, England, United Kingdom

EY Revenue 2019: $36.4 billion

Year Founded: 1989

 

4.    KPMG

Founded 33 years ago in 1987, KPMG is 4th on BizVibe’s list of the top 10 accounting firms in the world. KPMG is one of the fastest-growing accounting firms in the world and one of the big 4 accounting firms along with Deloitte, EY, and PwC.

Employing nearly 220,000 people across the globe, KPMG revenues in the fiscal year 2019 reached 29.75 billion USD — making the company the biggest accounting firm in terms of revenue in the world. KPMG operates in over 147 countries with their entire network of services.

KPMG Services

  • Actuarial
  • Assurance Services
  • Financial, Legal, Tax Advisory Services
  • Consulting

KPMG Number of Employees: 219,281

KPMG Headquarters: Amstelveen, Netherlands

KPMG Revenue 2019: 29.75 billion USD

Year Founded: 1987

KPMG Historical Revenue Stats

  • KPMG earned revenues of $28.96 billion in the 2018 fiscal year.
  • KPMG earned revenues of $26.4 billion in the 2017 fiscal year.
  • KPMG earned revenues of $25.42 billion in the 2016 fiscal year.

 

5.    BDO

After the big 4 accounting firms, there is a big drop off in revenue from the remaining firms, due to the market mainly being dominated by the big 4. Leading the rest of the way is BDO, the fifth-largest accounting firm in the world.

BDO was founded in 1964 in Zaventem, Belgium and is currently a public accounting, tax, consult and business advisory firm which performs professional services under the name of BDO. BDO is a mid-tier accounting firm with 2019 fiscal year revenues reaching  9.6 billion USD. BDO operates in over 150 countries in the world that has recently been expanding rapidly in China in 2012 — one of the main reasons for the company’s growth.

BDO Number of Employees: 80,087

BDO Headquarters: Zaventem, Belgium

BD Revenue 2019: 9.6 billion USD

Year Founded: 1964

BDO Historical Revenue Stats

  • BDO earned $8.1 billion for its fiscal year 2017.
  • BDO earned $7.6 billion for its fiscal year 2016.

 

6.    Grant Thornton

 

Grant Thornton was founded 40 years ago in London, UK and remains of the leading mid-tier accounting firms in the world. Not a big 4 company, but Grant Thornton is still known as one of the top audit firms.

Grant Thornton operates in over 130 countries worldwide and its 2019 fiscal year revenues reached 5.45 billion USD — ranking the company 6th among the top ten accounting firms by revenue.

Grant Thornton Services

  • Assurance services
  • Tax advisory
  • Specialist advisory services
  • Management consulting

 

Grant Thornton Number of Employees: 53,000

Grant Thornton Headquarters: London, England, United Kingdom

Grant Thornton Revenue 2019: 5.45 billion USD

Year Founded: 1980

Grant Thornton Revenue by Region

  • Africa – $98 million
  • Americas – $2,261 million
  • Asia Pacific – $692 million
  • CIS – $31 million
  • Europe – $1,667 million
  • Middle East – $40 million

 

7.    RSM

RSM International, that goes by the brand name RSM, is 7th on BizVibe’s list of the top 10 accounting firms in the world. Founded in 1964, RSM is a global mid-tier accounting firm with revenues reaching 5.57 billion USD. RSM divisions are divided up by audit, tax, and consulting divisions. RSM operates 713 total offices in the world.

RSM Services

  • Assurance
  • Tax Advisory
  • Consulting
  • Financial Advisory

RSM Number of Employees: 43,000

RSM Headquarters: London, England, United Kingdom

RSM Revenue 2019: 5.37 billion USD

Year Founded: 1980

RSM Historical Revenue

  • They earned revenues of $5.1 billion for their fiscal year ended December 31, 2017.
  • They earned revenues of $4.87 billion for their fiscal year ended December 31, 2016.

 

8.    Crowe Global

Crowe Global, often referred to as Crowe is one of the largest accounting firms operating in the USA. Reaching 4.3 billion USD in the 2019 fiscal year, Crowe is the 8th largest global accounting network in the world. Crowe has over 200 member firms across the world, with 750 offices.

As a mid-tier accounting firm, Crowe is known for its prestige: The International Accounting Bulletin named Crowe Global Advisory Firm of the Year in 2013 and 2015.

Crowe Global Number of Employees: 42,000

Crowe Global Headquarters: New York City, United States of America

Crowe Global Revenue 2019: 4.3 billion USD

Year Founded: 2018

 

9.    Nexia International

9th on the list of the top 10 accounting firms in the world for 2020 is the UK accounting firm Nexia International. Nexia Internationational is a mid-tier accounting firm that specializes in audit work, tax services, and advisory services.

Nexia International Global Number of Employees: 24,781

Nexia International Global Headquarters: London, England, United Kingdom

Nexia International Global Revenue 2019: 4.3 billion USD

Year Founded: 1991

Nexia International Revenue by Region

 

  • Nexia International earns 50% of its revenue in North America
  • 43% of revenue in Europe
  • 6% of revenue in the Asia Pacific
  • 1% of revenue in South America.

 

10.  Baker Tilly

Rounding out our list at number 10 of the top 10 accounting firms in the world for 2020 is London-based public accounting and consulting firm Baker Tilly. Baker Tilly’s revenues in the fiscal year 2019 reached 3.4 billion USD — making the mid-tier accounting firm one of the largest accounting firms in the world.

Currently, Baker Tilly operates in over 147 countries.

Baker Tilly Services

  • Auditing and Accounting
  • Management Consulting
  • Tax Consulting and Compliance
  • Forensic, Litigation, and Valuation Services

Baker Tilly Global Number of Employees: 30,490

Baker Tilly Global Headquarters: London, England, United Kingdom

Baker Tilly Global Revenue 2019: 3.4 billion USD

Year Founded: 1988

 

This is BizVibe’s list of the top 10 accounting firms in the world by revenue in 2020. Led by the big 4 companies, these accounting firms continue to lead the industry to new heights.

Track these companies on BizVibe.

Ranking the Top 10 Accounting Firms on the Rise in 2020

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Ranking

Accounting Firm

1

Moore Stephens

2

Mazars

3

Haines Watts

4

Crowe Clark Whitehill

5

Saffery Champness

6

Begbies Traynor

7

UHY Hacker Young

8

Kingston Smith

9

Zolfo Cooper

10

MHA MacIntyre Hudson

The Future for the Top Accounting Firms in the World

Beyond 2020, the future of the accounting industry looks promising as the industry as a whole embraces new ways of doing things. Form automation expected to take over a good chunk of the day-to-day tasks, the accounting industry is expected to keep growing at a stellar rate going forward.

 

The top 10 accounting firms in the world are prestigious, memorable and have been shaping the industry for years. Not just the well-known big 4 accounting firms, the mid-tier accounting firms have also been contributing to a growing market. Expect the industry to revolutionize the way we think of accounting with new accounting industry trends popping up in the future.

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