The Praxity Alliance, the world’s largest alliance of independent accountancy firms, has achieved exceptional growth in 2023 with revenues of $9.7bni. With an 11% increase at constant exchange rates from 2022, which itself saw double-digit growth, the Alliance has seen expansion in every region and in every service line.
Representing the combined revenue of Praxity member firms in more than 120 countries, 2023 exceeded expectations and built on last year’s excellent results. The Praxity Alliance connects class-leading accountancy professionals who are both independent and united, encompassing over 76,000 people in over 880 offices worldwide.
Every region has seen an increase in revenue. Highlights of the figures include –
North America – up 12% to $5.7bn
Europe – up 14% to $2.4bn
Latin America – up 27% to $120m
These dramatic percentage rises are thanks to outstanding work from Praxity member firms, who can collaborate easily and work cross-border together through the Alliance. There has been a focus on growth in Latin America, with the region coming into ever-increasing global importance. The Asia-Pacific region saw a 3 % rise to $1.4bn, while Africa and the Middle East are up 1% to $130m and 4% to $82m respectively.
Audit & Accountancy - $4.9bn (50%) – up 10.6%
Audit and Accountancy represents the largest line of business across the Praxity Alliance, with half of all revenue coming through these disciplines. The need for accuracy and rigour is ever-present and Praxity firms remain exemplary in this area. The double-digit growth represents a stunning achievement on the part of Praxity members.
Advisory - $1.9bn (20%) – up 10.4%
In support of this, yet more strong growth can be seen in the advisory service line, representing around one-fifth of revenue within the Alliance. Member firms’ clients can continue to feel confident and reassured, with outstanding results evident worldwide.
Tax – $2.4bn (25%) - up 9.0%
Revenue from tax services has increased by almost as much, with a quarter of total revenue achieved in this area. Taxation has seen enormous changes worldwide to close loopholes and to extend to final beneficiaries, with ever-greater complexity. Praxity members plot compliant routes for their clients, cross-border and across sectors.
Other – $431m (5%) – up 29.7%
Revenues in other lines of service are up by almost a third, with Praxity members often leading innovation and finding solutions to the industry’s most pressing problems.
Praxity CEO Sam Louis was delighted to see the positive results, with the figures providing verification of the excellent work member firms were doing –
“Growth is of course fantastic news for the Alliance, but I would also like to shine a light on member firms’ excellent service to their clients. These results are only possible when firms ensure their clients are happy and get the service they deserve. Praxity members are playing a leading role in defining what client service constitutes and what it means for outcomes.”
Truly Global Solutions
Praxity members represent some of the world’s leading accountancy professionals in over 120 countries. Firms are united by three things: collaboration, communication and client delivery excellence. The Alliance has seen growth through the addition of new firms, just as existing members have continued to grow in their own revenues, sometimes to a spectacular degree. With multi-firm representation in many countries, Praxity’s reach benefits both members and their client base.
Seamless connectivity and a commitment to each other’s client work, as laid out in the Praxity Charter, ensure that member’s clients always receive the service that’s right for them.
Among such encouraging news, Praxity leaders can look forward to 2024 with confidence. In a shifting global business environment, being flexible and agile is crucial. The Praxity Alliance strengthens its member firms to help them deliver outstanding work across the world.