The Praxity Alliance of independent accounting firms reported revenue of $9.7 billion in 2023, an 11% increase over 2022 at constant exchange rates.
Praxity said it has seen expansion in every region and service line, adding new member firms and seeing existing members grow. The alliance has member firms in over 120 countries, with more than 76,000 people in over 880 offices worldwide. Last year,
Praxity's member firms in the U.S. include Forvis, Mazars, Moss Adams and Plante Moran, as well as MNP in Canada. For 2023, revenue in North America increased 12% to $5.7 billion, while in Europe it was up 14% to $2.4 billion, and in Latin America it rose 27% to $120 million. The Asia-Pacific region saw a 3 % rise to $1.4 billion, while Africa and the Middle East increased 1% to $130 million and 4% to $82 million respectively.
The audit and accounting line is the biggest line of business across the alliance, representing 50% of revenue. It climbed 10.6% to $4.9 billion in 2023. Tax services comprise 25% of revenue and increased 9% to $2.4 billion. The advisory service line makes up 20% of revenue and rose 10.4% to $1.9 billion. Other services account for 5% of revenue and rose 29.7% to $431 million.
"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," said Praxity CEO Samantha Louis in a statement Wednesday. "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."
