CPA Firm Growth Nationwide

In spite of the CPA shortage, we seem to be in one heckuva growth era for public accounting firms. Accounting Today released its annual “Top 100” ranking issue for International, National and Regional CPA firms. The overarching theme is definitely – Growth. Revenue Growth, Service Offering Growth and yes – Employee Growth. 📈

All this on top of a banner year in 2022. AT reports that revenue growth for the Top 100 firms increased by 12.88% in 2023. Down from 18.55% in 2022. The report also details that there are now 16 firms with revenues in excess of $1B. CohnReznick and Plante Moran crossed the line and joined the club in 2023. The threshold to make it into the Top 100 also increased from $50.1M in 2022 to $57.8M in 2023. For further contrast, going back to the beginning of the decade, the 100th ranked firm reported $43.7M in revenue in 2020. ⬅️

The report goes on to explore the areas where this growth originates. AT had a detailed section on CAS (Client Accounting Services) discussing the growth of that service line throughout the profession due to it’s profitability. 80 of the 100 Top Firms responded to the survey and 84% of those firms reported higher demand and revenue growth in the CAS service line. Some of the other service lines reporting greatest growth were SALT, Estate & Trust Tax Planning, M&A (TAS), Int’l Tax, etc. 🧾

🐊 Looking closer to home, only three of the top 100 are HQ’d in Florida. Schellman (Tampa) was ranked 47th ($149M & 526 employees)for the #1 ranked Florida firm. Berkowitz Pollack Brant (Miami) came in at 51st with $141M in revenues & 413 employees. Kaufman Rossin Group (Miami) came in at 57th with $130M in revenues and 531 reported employees.

If you are interested in the full report, head over to the Accounting Today website. (But you’ve got to be a subscriber to download the report.)

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