After more than a decade of consistent growth since its foundation on 1 April 2007, International Accounting Bulletin’s ‘Association of the Year’ – Praxity – celebrated its eleventh anniversary at the weekend.
Combined global revenues of Praxity participant firms hit a record high of US$5.20 billion for the year ended 31 December 2017, representing a year-on-year increase of 9.5% in real terms, and 8.7% at constant exchange rates.
The combined income of participants in the alliance has now grown for 11 consecutive years, reflecting the continued strength of the 65+ expertise-sharing firms in more than 100 countries. This further cements Praxity’s position as the world’s largest alliance of independent accounting and consulting firms.
“This is a great way to kick off our second decade” said Hilton Saven, Praxity’s Chairman, reflecting on what’s been accomplished and how the strength of the Alliance and activities of participant firms continues to elevate its global offering.
“This record-breaking performance is testament to more than 47,000 worldwide experts and support staff at participant firms. The continued success of the Alliance demonstrates their commitment to sharing expertise across international borders and delivering world class service at a local level.”
So, what is it about Praxity that makes it special – and what do you tell people who don’t understand what a global alliance can do for them?
Put simply, Praxity firms’ clients enjoy unrivalled professional support to help them navigate complex business and tax affairs across multiple borders worldwide. Praxity members are free to hand-pick expert advisers from over 600 offices in more than 100 countries, forming multi-disciplinary teams to meet every client need.
Some key facts and figures that might help:
- World’s largest alliance of independent accounting and consulting firms*
- World’s sixth largest accounting organisation, including Big4*
- 635+ offices worldwide providing solutions
- 100+ countries giving truly local coverage
- 47,000+ people worldwide
- US$5.20bn – global revenue is continually increasing
- The Accountant/International Accounting Bulletin Association of the Year 2017, 2016, 2014 and Rising Star Association 2013
Services are delivered by Praxity’s independent member ‘participant’ firms
Praxity is unashamedly selective in the firms it welcomes to the alliance, each of which retains their own branding, independence and financial responsibility.
Participant firms are handpicked for their size, strength, reputation, governance, financial condition, leadership and strategic geographic relevance
All are successful, highly-rated by peers and share the same service ethos and international collaborative spirit. Senior-level expertise and local knowledge is critical. Every firm is assessed by the membership committee every three years to ensure they are maintaining high levels of service and performance.
International projects are always directed by local contacts that clients know and trust
Experience shows that clients feel more valued staying with their local firm and enjoy a comfort in continuity.
Through Praxity, one firm can approach another when specific advice is required outside its usual technical expertise or geographic knowledge or presence
This gives clients the benefit of efficient, seamless access to specialist technical skills and objective guidance when developing or initiating business in an established or emerging market, from wherever in the world they are based. Praxity firms can steer compliant routes through any jurisdiction, giving businesses, regulators and stakeholders the assurances they need.
Through Praxity, the careful vetting has already been done
Clients can skip the troublesome process of searching for and appointing accounting firms in each international territory and firms have every confidence in their international Praxity colleagues. In many regions, there is more than one firm, giving even greater choice when pulling a team together.
Alliance firms themselves build capacity and capability through accessing established specialist Praxity working groups, using its online cloud-based collaboration platform – Huddle – thought-leading communication forums, regular regional and global conferences and retaining and developing their best employees through international secondments.
Clients now recognise Praxity participant firms as a cost-effective, viable and unrivalled alternative to one of the Big 4 or one of the branded networks but, for Praxity’s Executive Director Græme Gordon, this is not the end of the story:
“We’re delighted with the result of our collective endeavours over the past 11 years. But our real focus remains on making a world of difference for our firms’ clients. We will continue developing our platform for participant firms to connect and share international expertise, seamlessly and efficiently – embracing our distinctive resources and championing our firms’ independence to help us keep fit for those clients and our collective future. Here’s to the next ten years!”
*International Accounting Bulletin World Table 2018