|List By Date|
|Health Care and Entitlements|
For assistance with
interviews with CCH
A Second Year of Double-digit Growth for Firms in CCH’s Public Accounting Report Top 100 List
(RIVERWOODS, ILL., September 19, 2007) – Growth has tailed off somewhat for the majority of accounting firms on Public Accounting Report's 2007 Top 100, but the group’s revenue growth rates remain in double digits, with 2006 and 2007 registering the first back-to-back years of double-digit growth since 2000 and 2001. The Public Accounting Report (PAR) is published by CCH, a Wolters Kluwer business and a leading provider of tax and accounting law information, software and services (CCHGroup.com).
The PAR 2007 Top 100 found an average revenue growth rate of 10.8 percent, compared to a growth rate of 16.5 percent in 2006. As in previous years, firms outside the Big Four posted stronger overall results than their larger counterparts, with non-Big Four firms growing their revenue at an average rate of 14.8 percent compared to 9.5 percent for the Big Four. This year, the “Top 100” actually includes 101 firms, with two firms tied in revenue for the last spot on the list.
In addition to revenue growth rates for overall firms, composite net revenue per partner also rose to more than $2.75 million, a 9.2 percent increase over 2006, while net revenues per professional for firms in this year’s top 100 slipped slightly to $299,312, a decline of less than 1 percent compared to those firms’ previous performance, according to PAR 2007 Top 100 results.
More Revenue, But Shared by More Professionals
The reason that revenue per professional has not risen even though firms are experiencing continued growth in revenue is easily explained, according to Jonathan Hamilton, Public Accounting Report editor.
“Firms in the Top 100 have been hiring, increasing the number of their professionals significantly,” said Hamilton. “The number of professionals increased by 10.9 percent over last year, while the number of partners increased by only 1.5 percent over 2006.”
Firm Rankings Shift
Historically, there has not been a great deal of fluctuation in the ranking among the top 10 in PAR’s Top 100. This year, there are no entries or departures, but PricewaterhouseCoopers moved up from No. 3 to No. 2, swapping places with Ernst & Young, and CBIZ reclaimed the No. 8 spot it lost in 2006 to Crowe Group, with Crowe moving to No. 9, where CBIZ was ranked in 2006.
According to the PAR survey, the top 10 of the Top 100 ranked by revenue are:
1. Deloitte (New York, N.Y.)
2. PricewaterhouseCoopers (New York, N.Y.)
3. Ernst & Young (New York, N.Y.)
4. KPMG (New York, N.Y.)
5. RSM McGladrey (Minneapolis, Minn.)
6. Grant Thornton (Chicago, Ill.)
7. BDO Seidman (Chicago, Ill.)
8. CBIZ/Mayer Hoffman McCann (Cleveland, Ohio and Leawood, Kan.)
9. Crowe Group (Oakwood Terrace, Ill.)
10. BKD (Springfield, Mo.)
Overall across the Top 100, the Schonbraun McCann Group (New York) achieved the biggest ranking jump, moving from No. 74 on the 2005 list to No. 46 on the PAR 2007 Top 100.
About the Survey
CCH’s Public Accounting Report, published since 1978, is an independent, biweekly newsletter for accounting professionals. PAR’s annual Top 100 survey, which has been conducted since 1992, analyzes data from firms’ most recently completed fiscal year and ranks them by U.S. net revenue. Net revenue is used rather than gross revenue, as gross revenue can be misleading because firms write off varying amounts of their fees.
For More Information
To order copies of the August 31, 2007 issue and Special Extra Issue covering the PAR 2007 Top 100 survey, or to subscribe to CCH’s Public Accounting Report, contact CCH at 800-248-3248. A yearly subscription (includes 23 issues and Special Reports) is priced at $399; single issue price is $25.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, audit and accounting information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has 2006 annual revenues of €3.7 billion, employs approximately 19,900 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.