In an era where financial credibility plays a paramount role, businesses face the crucial task of ensuring their financial accounts’ accuracy, timeliness, and compliance. This necessitates regular audits from the best accounting consulting firms worldwide to instill stakeholder confidence.
To meet the increasing demand for audit services, the auditing industry is experiencing continuous expansion. Currently valued at over $200 billion globally, this market is projected to surpass $280 billion by 2026.
While local accounting firms thrive by catering to community and smaller business needs, the landscape is primarily dominated by global accounting powerhouses. In this article, we will discuss these ten industry giants and how they help businesses achieve their financial goals.
Table of contents
- What Are Accounting Consulting Companies?
- Why Would A Business Need Services From Accounting Consulting Companies?
- Best Accounting Consulting Firms In The World
- #1. Deloitte
- #2. PwC (PricewaterhouseCoopers) LLP
- #3. Ernst & Young LLP (EY)
- #4. KPMG LLP
- #5. Grant Thornton LLP
- #6. BDO USA LLP
- #7. RSM US LLP
- #8. Baker Tilly
- #9. Crowe LLP
- #10. CohnReznick LLP
- #11. Moss Adams LLP
- #12. CLA (CliftonLarsonAllen)
- #13. Marcum LLP
- #14. EisnerAmper LLP
- #15. Plante Moran
- #16. CBIZ
- #17. BKD, LLP
- #18. Eide Bailly LLP
- #19. Mazars USA LLP
- #20. Cherry Bekaert
- Who Needs Accounting Consulting Services?
- FAQs on Accounting Consulting Firms
- Conclusion
- References
- Recommendations
What Are Accounting Consulting Companies?
Accounting consulting companies provide specialized advisory services in accounting and finance to businesses and organizations. These firms have a team of experienced professionals, including CPAs and financial analysts, who offer guidance and expertise on various accounting-related matters.
Their services range from financial advisory and process improvement to risk management, mergers and acquisitions support, forensic accounting, tax advisory, international accounting, and technology solutions.
Accounting consulting companies help clients make informed financial decisions, improve financial processes and controls, manage risks, and optimize financial performance.
They provide valuable insights and recommendations based on their deep understanding of accounting principles, regulations, and best practices. By leveraging their expertise, these firms assist clients in navigating complex financial challenges, ensuring compliance with regulatory requirements, and enhancing their overall financial operations.
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Why Would A Business Need Services From Accounting Consulting Companies?
Businesses may require the services of accounting consulting companies for several reasons:
Expertise and Knowledge
Accounting consulting firms have a team of professionals with specialized knowledge and expertise in accounting and finance. They stay updated with the latest regulations, industry trends, and best practices, providing businesses with valuable insights and recommendations to address complex financial challenges.
Financial Strategy and Planning
Accounting consulting firms assist businesses in developing and implementing financial strategies and plans. They help with financial forecasting, budgeting, and capital allocation, ensuring companies make informed decisions to optimize their financial performance and achieve their goals.
Risk Management
These firms help businesses identify and mitigate financial risks, including fraud prevention, internal control assessments, and compliance with regulatory requirements. Companies can safeguard their assets and maintain compliance by implementing robust risk management practices.
Mergers, Acquisitions, and Transactions
Accounting consulting firms provide due diligence services, financial analysis, and support during mergers, acquisitions, and other strategic transactions. They assess financial risks, evaluate financial performance, and offer guidance to ensure informed decision-making.
Tax Planning and Compliance
Accounting consulting companies assist businesses with tax planning, compliance, and optimization strategies. They navigate complex tax laws, identify potential tax benefits, and help companies to minimize tax liabilities while ensuring compliance with regulations.
Best Accounting Consulting Firms In The World
Here are the best accounting consulting companies in the world in 2023:
- #1. Deloitte
- #2. PwC (PricewaterhouseCoopers) LLP
- #3. Ernst & Young LLP (EY)
- #4. KPMG LLP
- #5. Grant Thornton LLP
- #6. BDO USA LLP
- #7. RSM US LLP
- #8. Baker Tilly
- #9. Crowe LLP
- #10. CohnReznick LLP
- #11. Moss Adams LLP
- #12. CLA (CliftonLarsonAllen)
- #13. Marcum LLP
- #14. EisnerAmper LLP
- #15. Plante Moran
- #16. CBIZ
- #17. BKD, LLP
- #18. Eide Bailly LLP
- #19. Mazars USA LLP
- #20. Cherry Bekaert
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#1. Deloitte
Deloitte is a global audit, tax, financial services, and consulting powerhouse. As one of the esteemed Big Four accounting organizations, it brings a comprehensive range of services.
Deloitte goes beyond traditional accounting and offers strategic solutions in corporate strategy, marketing, sales strategy, mergers and acquisitions, innovation, manufacturing operations, supply chain management, sector-specific service operations, infrastructure operations, outsourcing advisory and shared services, and financial management. With its extensive expertise and global presence, Deloitte is well-equipped to navigate the complexities of the modern business landscape.
#2. PwC (PricewaterhouseCoopers) LLP
PwC, often recognized as the epitome of prestige and progressiveness in the accounting industry, boasts a strong reputation as a leading global firm. Beyond its impressive track record, PwC is committed to fostering growth and development in its professionals.
The firm offers exceptional career advancement opportunities, including formal coaching, mentoring programs, top-notch trainings, and clearly defined promotion paths. PwC strongly emphasizes corporate social responsibility (CSR) initiatives and endeavors to improve diversity, equity, and inclusion (DE&I). It has set ambitious goals, aiming for carbon neutrality by 2030, while actively engaging its staff in DE&I issues through informative programs and anti-bias training.
#3. Ernst & Young LLP (EY)
As another prestigious member of the Big Four accounting firms, EY excels in providing a wealth of career development prospects. EY strongly empowers its professionals through various avenues such as coaching, mentoring, comprehensive training programs, web-based learning, and exposure to multinational clients.
EY’s commitment to DE&I is ingrained in its DNA, with transparency being key. The firm actively communicates its diversity goals and progress, consistently striving to create an inclusive and supportive work environment. EY’s dedication to diversity has earned it recognition as one of the best employers for diversity.
#4. KPMG LLP
Being part of the esteemed Big Four, KPMG allows professionals to chart their career paths. KPMG’s development programs encompass robust training initiatives, the flexibility to change locations and roles, and the ability to switch practice areas.
The firm recognizes the importance of holistic well-being and provides extensive wellness offerings to support its employees. Additionally, KPMG fosters inclusivity through valuable affinity groups that support women, people of color, and LGBTQ+ individuals, creating a nurturing and empowering workplace environment.
#5. Grant Thornton LLP
Grant Thornton is among the most respected and prestigious global accounting firms. Joining the firm as an intern or employee opens doors to abundant career prospects. Interns gain hands-on experience and a clear understanding of the firm’s culture.
At the same time, full-time staff benefit from extensive mentoring opportunities and the ability to take charge of their professional growth. Grant Thornton recognizes and rewards exceptional performance, allowing individuals to progress rapidly if they so desire. With a commitment to excellence, Grant Thornton is a firm that offers an environment conducive to career advancement and personal development.
#6. BDO USA LLP
BDO, a global accounting and advisory firm, has established itself as one of the most prestigious CPA firms in the United States. BDO’s internship program provides students with invaluable hands-on experience, working alongside senior managers and gaining practical insights.
Full-time staff at BDO have access to a supportive ecosystem that includes informal coaching, formal mentoring programs, and extensive training opportunities. BDO actively promotes philanthropic activities and prioritizes diversity within its workforce.
#7. RSM US LLP
RSM takes the lead as the primary U.S. provider of audit, tax, and consulting services focused on the middle market. Full-time staff at RSM benefit from comprehensive training and mentoring, ensuring they have the tools to thrive in their careers.
RSM encourages individuals to take ownership of their professional growth, fostering an “own your future” mentality that rewards proactive career management. Additionally, RSM actively engages in charity events and provides a range of webinars, conferences, and events through its 11 diversity and inclusion networking groups.
#8. Baker Tilly
With a history dating back to 1931, Baker Tilly has emerged as one of the largest CPA firms in the United States, boasting offices nationwide. Full-time staff at Baker Tilly enjoy formal training, on-the-job learning opportunities, mentoring relationships, and internal mobility options to support their career progression.
The firm strongly emphasizes philanthropy and actively promotes diversity and inclusion initiatives. Notably, Baker Tilly has made significant strides in achieving gender diversity.
#9. Crowe LLP
Crowe is a leading global accounting firm recognized for its commitment to excellence. The firm prioritizes merit-based promotions and provides opportunities for professionals to move among various business units, expanding their skill sets.
Crowe strongly emphasizes hiring and retaining women and minorities, fostering a diverse and inclusive workplace culture. Furthermore, Crowe encourages its staff to give back to their communities, making a positive impact beyond the realm of accounting.
#10. CohnReznick LLP
Headquartered in New York City, CohnReznick stands among the top 15 largest accounting firms in the United States. Full-time staff benefit from career development coaches who guide setting goals and performance improvement.
CohnReznick supports graduate programs, CPA materials, and continuing professional education (CPE) courses. The firm actively promotes volunteerism and supports various underrepresented groups, including individuals with disabilities and military veterans.
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#11. Moss Adams LLP
Moss Adams is a distinguished accounting and consulting firm revered for its unwavering commitment to client service and innovation and for fostering a diverse and inclusive environment. Beyond its reputation, Moss Adams offers extensive benefits tailored to businesses of all sizes.
These encompass audit, tax, consulting, and wealth management solutions. With a deep understanding of the complexities faced by its clients, Moss Adams prides itself on delivering exceptional value and expertise to propel businesses toward success.
#12. CLA (CliftonLarsonAllen)
CLA commands a prominent position among accounting and consulting companies, celebrated for its unwavering dedication to client service, forward-thinking approaches, and fostering an inclusive work environment.
Catering to businesses across all scales, CLA provides an expansive range of services spanning audit, tax, consulting, and wealth management. By empowering its clients with cutting-edge insights and holistic solutions, CLA enables businesses to thrive in an ever-evolving marketplace.
#13. Marcum LLP
Marcum LLP is a renowned accounting and consulting firm lauded for its unwavering commitment to client service, innovation, diversity, and inclusion.
With a deep understanding of businesses’ unique challenges, Marcum offers a comprehensive suite of services encompassing audit, tax, consulting, and wealth management. Marcum empowers businesses of all sizes through their expertise and strategic guidance to overcome obstacles and achieve their goals.
#14. EisnerAmper LLP
EisnerAmper LLP has established itself as a leading accounting and consulting firm, distinguished for its unwavering dedication to client service, innovative solutions, and fostering a diverse and inclusive workplace.
Offering an extensive range of services, including audit, tax, consulting, and wealth management, EisnerAmper addresses the complex needs of businesses across various industries. With a culture rooted in collaboration and accessibility, the firm provides invaluable guidance to drive businesses forward.
#15. Plante Moran
Plante Moran, a prominent accounting and consulting firm, is recognized for its steadfast commitment to client service, innovation, and fostering a diverse and inclusive environment.
By leveraging their deep industry expertise and personalized approach, Plante Moran empowers clients to navigate challenges, capitalize on opportunities, and achieve sustainable growth.
#16. CBIZ
CBIZ, a leading accounting and consulting firm, distinguishes itself through its unwavering dedication to client service, forward-thinking solutions, and commitment to diversity and inclusion.
Through their expertise and tailored approach, CBIZ enables clients to navigate complexities, optimize financial performance, and achieve their strategic objectives.
#17. BKD, LLP
BKD, LLP is a preeminent accounting and consulting firm renowned for its unwavering focus on client service, excellence, and an inclusive work environment.
They address the diverse needs of businesses across various sectors by delivering a comprehensive suite of services. Guided by its core values, BKD promotes a culture of acceptance, equality, and continuous growth, supporting clients on their path to success.
#18. Eide Bailly LLP
Eide Bailly LLP, a leading accounting and consulting firm, excels in client service, innovation, and cultivating a diverse and inclusive workplace.
Offering an extensive range of services, Eide Bailly tailors its expertise to address the unique challenges businesses of all sizes face. Through mentorship, career advisory programs, and a commitment to diversity, Eide Bailly fosters an environment that promotes growth, collaboration, and client success.
#19. Mazars USA LLP
Mazars USA LLP, an esteemed accounting and consulting firm, is driven by a resolute mission to build a fair and prosperous world through economic foundations.
Renowned for its unwavering commitment to client service, innovation, diversity, and inclusion, Mazars offers a comprehensive suite of services, including audit, tax, and consulting. Through tailored guidance, training, and cultivating a supportive environment, Mazars empowers clients to thrive in a complex business landscape.
#20. Cherry Bekaert
Cherry Bekaert, a leading accounting and consulting firm, sets itself apart through its unwavering focus on client service, innovative solutions, and commitment to diversity and inclusion.
By fostering a collaborative and inclusive culture, the firm creates an environment conducive to delivering value-driven solutions and promoting the long-term success of its clients.
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Who Needs Accounting Consulting Services?
Accounting consulting services are valuable to a wide range of individuals and entities, including:
Businesses
Accounting consulting services are essential for businesses of all sizes and across various industries. Small businesses may require bookkeeping, financial statement preparation, and tax compliance assistance.
Large corporations may seek guidance on complex financial transactions, risk management, and international accounting standards. Accounting consulting services help businesses optimize financial operations, improve decision-making, and ensure compliance with accounting regulations.
Startups and Entrepreneurs
Startups and entrepreneurs often lack the resources and expertise to handle complex financial matters. Accounting consulting services can assist with financial planning, cash flow management, budgeting, and regulatory compliance.
Consultants can also advise on securing funding, preparing financial projections, and implementing sound accounting systems.
Government Agencies and Public Sector Entities
Government agencies and public sector entities have specific accounting and financial reporting requirements. Accounting consulting services assist these organizations with compliance, financial audits, internal control assessments, and performance measurement.
Consultants can provide guidance on accounting standards, financial system implementation, and fiscal management for efficient and accountable public administration.
Individuals and High-Net-Worth Individuals
Individuals with complex financial situations, such as high-net-worth individuals, may benefit from accounting consulting services.
These services include tax planning, estate planning, investment analysis, and personal financial management. Consultants help individuals optimize their financial position, minimize tax liabilities, and ensure compliance with tax laws.
Professional Service Firms
Accounting consulting services are valuable for other professional service firms, including consulting, architecture, engineering, and healthcare providers. These firms may need project accounting, financial analysis, profitability assessments, and financial planning assistance.
FAQs on Accounting Consulting Firms
Accounting consulting firms can provide valuable insights, expertise, and recommendations to help your business make informed financial decisions, improve financial processes and controls, manage risks, and optimize financial performance. They can assist with financial strategy and planning, process improvement, risk mitigation, mergers and acquisitions, tax planning and compliance, and more.
When selecting an accounting consulting firm, consider their expertise, industry experience, reputation, client testimonials, and the specific services they offer. Assess their qualifications, certifications, and the expertise of their team members. It’s also essential to evaluate their communication style, responsiveness, and ability to understand and align with your business goals. Request proposals or consultations from multiple firms to compare their approaches and determine which fits your business’s needs best.
Yes, accounting consulting companies often provide tax advisory services. They can assist businesses with tax planning, compliance, and optimization strategies to ensure adherence to tax laws and maximize tax benefits. They can help you navigate complex tax regulations, identify potential tax savings, and develop tax-efficient strategies.
The timeline for engaging with an accounting consulting firm can vary depending on factors such as the firm’s availability, the complexity of the project or services required, and the alignment of schedules. It’s advisable to reach out to potential firms well in advance and discuss your timeline and project requirements. The firm will provide an estimate of the time needed to start and complete the engagement based on the specifics of your situation.
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Conclusion
Accounting consulting firms provide specialized services to businesses, startups, individuals, and organizations across various sectors. With their accounting, finance, and taxation expertise, these firms offer valuable insights and guidance to optimize financial processes, manage risks, improve decision-making, and ensure compliance.
Whether financial advisory, process improvement, tax planning, or mergers and acquisitions support, accounting consulting companies help clients navigate complex economic landscapes and achieve their financial goals.
References
- big4accountingfirms.org – Top 20 Accounting Firms In The World
- contentsnare.com – Ten of the top audit firms in the world in 2023
- legacy.vault.com – Top 25 Accounting Firms
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