Skip to the content

Menu

Praxity accounting firms hit record revenues for 13th consecutive year by “Empowering Business Globally”

  • Global revenues up 9.3% to US$6.38 billion
  • Growth in every sector and across the globe
  • Audit remains the major service line at US$2.54 billion
  • 27.8% surge in revenues in Latin America

Accounting firms in Praxity Global Alliance have achieved record combined global revenues of US$6.38 billion for the year ended 31 December 2019 – an increase of 9.3% in real terms.

The strong year on year growth represents 9.4% at constant exchange rates. It underlines Praxity’s position as the world’s largest alliance of independent accounting and consulting firms.

Praxity is an innovative, multi-award-winning association providing a platform for accounting professionals to connect and exchange expertise in 111 countries. Through the Alliance, member firms empower business globally by working in multidisciplinary teams to provide a seamless service for clients operating across international borders anywhere in the world.

Results for 2019 show combined revenues of Praxity member firms increased in every region of the world last year, reinforcing the Alliance’s global presence. Strongest growth was in Latin America (including Mexico and the Caribbean), up 27.8% to US$75 million compared to the previous year.

Praxity Chairman, Gordon Krater, said: “I am delighted to report that, once again, Praxity member firms have achieved record combined global revenues, underlining the Alliance’s top position in the IAB world rankings. The majority of the rise is due to organic growth of member firms along with their key strategic mergers.”

The US & Canada remains the region generating most income, with combined revenues rising by 13.1% to US$3.56 billion. There was also a significant increase of 9.2% in Asia Pacific (including Australia and New Zealand) to US$904 million.

Praxity member firms also achieved growth across all sectors, with sharp rises in advisory services, although audit remains by far the major service line at US$2.54 billion, up by an impressive 11.2% on the previous year.

Tax remains the second largest service line, increasing by a healthy 9.3% to US$1.59 billion. Management consulting – now the third biggest service line for Praxity firms – grew by 12.9% to US$739 million.

Commenting on the Alliance’s ongoing success, Gordon added: “This represents the 13th consecutive year of growth since Praxity was founded in 2007 which is a remarkable achievement given the pressures on the global economy. It demonstrates the Alliance’s collaborative approach to assurance, tax and consulting is a winning model.”

The record-breaking revenues cap a highly successful year for Praxity, which was crowned IAB Association of the Year in 2019 for the fourth time in six years.

The judging panel praised Praxity for the continued growth of the member firms within the Alliance and the ongoing collaboration between them.  

Praxity executive director Graeme Gordon commented: “It is a testament to the hard work of the Praxity staff, and all the partners and staff within the Alliance.”

Praxity was also shortlisted again for Communication Campaign of the Year, which it won previously in 2018, acknowledging the consistent quality of its ongoing programme of member firm and client-focused support, and influential, thought-leading content. ​

Combined global revenues by region (US$)

 

2018

2019

% increase

US & Canada

3,180 million

3,598 million

13.1

Latin America*

59 million

75 million

27.8

Asia Pacific **

828 million

904 million

9.1

Europe

1,615 million

1,647 million

1.9

Africa

99 million

101 million

2.0

Middle East

53 million

50 million

3.7

* includes Mexico & Caribbean

** includes Australia & New Zealand

 

Combined global revenues by service line (US$)

 

2018

2019

% increase

Audit

2,279 million

2,536 million

11.3

Accounting

704 million

712 million

1.1

Tax

1,452 million

1,588 million

9.4

Management consulting

654 million

739 million

13.0

Corporate finance

44 million

57 million

29.5

Corporate recovery/insolvency

50 million

56 million

12.0

Litigation support

25 million

40 million

60.0

Other

625 million

649 million

3.8