Praxity Global Alliance, an association of independent accounting, tax and advisory firms, reported record revenues for 2022 of $8.77 billion Monday, an 11.7% increase over 2021 at constant exchange rates.
The total represents the combined incomes of Praxity's member firms in more than 120 countries. The alliance reported that its revenues grew in every region of the world and across all service lines.
The results for the fiscal year ended Dec. 31, 2022, represent the second consecutive year of double-digit growth for the alliance, after global revenues increased 14.2% in 2021 to reach a previous all-time high of $7.94 billion.
"2022 saw some really strong organic growth by region and by service line," said Praxity CEO Samantha Louis in a statement. "It was a great year for the alliance, and in 2023 we are going to see a lot of that work come to fruition."
Audit and accountancy continued to be the largest income generator for Praxity's member firms, contributing revenues of $4.4 billion, a 6% increase over the previous year. The service line represented a little over half of the alliance's total $8.77 billion in revenue.
Advisory services saw the strongest increase in revenue, growing by 29% to $1.8 billion. Praxity's new M&A Hub for its members will support this service line in the future. Tax revenues also experienced robust growth, increasing 12% to $2.2 billion, while other revenues totaled $33 million.
In the U.S. and Canada, which make up over half of the alliance's total income, revenues rose 15% to $5.1 billion. Member firms in the U.S. include Mazars, Forvis and Moss Adams. In Europe, income increased 7% to $2.1 billion, while across the Asia Pacific region (including Australia and New Zealand), revenues grew 7% to $1.3 billion.
Across Africa, revenues grew 8% to $129 million, while in Latin America they increased 15% to reach $96 million. The Middle East saw the strongest growth, with revenues going up 16% to $79 million.
