Praxity strengthens position as world’s leading accounting association in latest world rankings

Praxity has once again outperformed the largest accounting networks and associations in the latest IAB world rankings.

Exceptional performance in challenging circumstances led the Alliance to record-breaking global revenues of $7.94bn in 2021, cementing Praxity’s position as the world’s leading association of independent accounting firms.

The International Accounting Bulletin (IAB) World Survey 2022 shows Praxity fee income grew by 14.2% last year, far exceeding the industry average of 8%, and double that of the Big Four (7%).

Key highlights

  • Top accounting association
  • Strong growth of 14.2%, well above the industry average (8%)
  • Growth in every service line
  • Growth in every region

The IAB measured performance of 52 accounting networks and associations. Praxity tops the association rankings for fee income, staff numbers, audit and assurance, accounting, tax and advisory services. The Alliance also tops the leader board for global revenues in North America, Europe, Asia Pacific and Africa.

Praxity remains the largest accounting association in the world and a strong 6th place overall when measured alongside networks. Only BDO and the Big Four generate higher global revenues.

The impressive performance of the Alliance is testament to the way member firms have adapted to the needs of businesses dealing with global challenges including Covid-19, climate change, retention, remote working and digitisation.

Creating more value

Reputation To ensure member firms have an attractive and compelling proposition for potential international clients. Reach To service member firm’s international clients with excellence through global reach and great client service. Responsiveness To support member firms through timely networking, knowledge sharing and collaboration

Praxity Chairman Phil Verity says: “I am hugely impressed at the way Praxity member firms worldwide have been able to adapt their business models without compromising on client service or value. The challenge for Praxity, and other accounting associations, is to enhance the value of being part of a collective.” Praxity aims to do this with its new three-year strategy to 2024, driven by the Alliance’s recently appointed CEO Samantha Louis. This ‘post-pandemic’ strategy focuses on three key pillars.

Phil explains: “Our aim is to enhance our support and global coverage while upholding our robust application process to ensure only those firms that meet the required criteria can join us. In terms of support for existing members, our latest initiatives include a new M&A portal to help our member firms’ clients buy and sell business worldwide, and knowledge-sharing software to facilitate multi-firm collaborations.” By enhancing the way firms connect, share knowledge, and develop multi-firm collaborations across different jurisdictions, Praxity is creating an exemplary model for independent accounting firms to become both more agile and more resilient, placing the Alliance in pole position for continued success.

On behalf of Praxity by Ian Lavis thewritingroom