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There is a difference between be-

ing revealing and being surpris-

ing. While usually the former,

this year, our Top 100 Firms/Regional

Leaders report is also the latter.

The headline surprise is the slow-

ing growth demonstrated across the

leading firms in the profession; while

their revenues continue to swell, and

individual firms bucked the trend in

a big way, the average firm grew more

slowly in 2017 than in the

four or five years before

that — a significant, and

unpleasant, surprise.

The other surprise

in this year’s report is an

absence: Where we usu-

ally report the percent

change from year to year

of individual firms’ num-

ber of partners, we are

going without those par-

ticular figures this year.

For several years,

we’ve been fielding ques-

tions from participating

firms about whether our

partner figures included

non-equity partners, so this year we

specified in our survey form that the

number we were looking for included

both equity and non-equity partners.

When we came to calculating the

percent change, however, it quickly

became clear that while firms had re-

ported the requested figures for 2017, a

significant number hadn’t revised their

2016 figures. (To be fair, our instruc-

tions could have been clearer, and will

be next year.) So this year we’re going

without the percentage change, rather

than risk sharing misleading figures.

Next year, we should be able to resume

publishing that data.

In the meantime, here are a few

notes on how to read this year’s report:

The previous year’s rankings in-

cluded in the Top 100 Firms list are

NOT the same as those published in last

year’s report. They are a re-ranking of

the current year’s cohort of T100 Firms

based on the latest information, and in-

clude firms that were not

part of the list last year.

They are only for com-

parison purposes, and do

not replace the rankings

published last year.

Unless otherwise

noted, revenue is net rev-

enue. Also, unless noted,

revenues, offices and staff

are for the U.S. only.

“Total Employees”

is comprised of partners,

professionals and all oth-

er personnel, including

owners.

Where two firms

reported equal revenue,

the firm with the higher percentage of

revenue increase received the higher

ranking.

“MAS” stands for “management

advisory services” — or consulting, as

everyone calls it now.

As always, this report would not

be possible without the dedication of

our editorial staff — without their hard

work, we wouldn’t be able to present

you with this, the 2018 Class of the Top

100 Firms and Regional Leaders. Enjoy!

— Dan Hood, Editor-in-Chief

3

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Expect the unexpected

CONTENTSTop 100 Overview 4

Firms to Watch 6

Top 100 Databank 8

Firm Strategies 10

Top Tax Firms 12

Top 100 Rankings 16

Niche Services 22

Client Categories 24

Regional Leaders 25

Firm Highlights 35

SPONSORED BY:

notes and methodology

overview

4

We got it wrong.

In this space last year, our

editors predicted ongoing rev-

enue growth around 9 percent for the Top

100 Firms, based on trends that had held

true for the previous six years.

Instead, in 2017 the T100 reported an

average growth rate of 6.33 percent — off

two-and-a-half percentage points from the

8.8 percent in last year’s report. While

perfectly respectable in itself, 6.33 per-

cent is the lowest growth rate the T100

have seen in a non-recession in the

past 20 years.

The Top 7 firms (those with over

a billion dollars in revenue, including

the Big Four) have an undue influ-

ence here, given the vast size of their

books of business, and the drop in their

growth rate, from 8.6 percent in last

year’s report to 5.94 percent in this

year’s, certainly explains a lot of the

relatively smaller number — but not

all. The 37 firms with revenues bet-

ween $100 millon and $1 billion also

reported a two-percentage-point drop

in growth rate (to 8.32 percent), while

the 56 Top 100 Firms with revenues un-

der $100 million were off by over half a

percentage point, at 7.21 percent. (See

Databank, page 8.)

Revenues weren’t the only things

grow ing at a reduced rate: Staff figures

for all three tiers of the Top 100 expanded

more slowly. Among the Top 7, the num-

ber of total employees grew at less than

half the rate reported last year, and it was

off by between two and three percentage

points in the other two tranches. (For tech-

nical reasons, we did not calculate growth

rates for partner figures this year; see page

3 for an explanation.)

There were certainly individual firms

that bucked the trend — eight firms repor-

ted growing their 2017 revenues by more

than 20 percent, for instance, versus only

five in 2016, and only two firms reporting

flat or declining revenues, against five last

year — but the overall direction was to a

lower level, with only 25 reporting growth

above 10 percent, versus 37 last year. And

no firms made any significant jumps up

the list, though two new ones did join it

this year: Florida’s Schellman & Co., at No.

89, and Virginia’s PBMares, at No. 100.

It goes without saying that growth is

never far from the minds of those who run

the Top 100, but it would also be safe to say

that this year it was more top of mind than

usual, with a central position on their list

of priorities that had been taken by staffing

challenges in the previous five or so years.

(See Strategies, page 10.) Recruiting and

retention remain a preoccupation, natu-

rally, and adaptation to, and the best use

of, technology are also important parts

of their strategies for 2018, but all with a

much sharper focus on how they’re contri-

buting to bottom-line growth.

One major path to growth is doub-

ling down on a specialization; the Top

100 reported growth across a wide range

of specialty services and individual client

niches. (See Niches and Clients, starting on

page 22.) Many of the traditional niches

and service areas continue to serve a large

number of firms well, but a growing num-

ber are seeing rewards in a range of

technology services, most commonly

involving cybersecurity.

It’s important to remember that

even slower-than-previous growth is

still growth: The threshold for the Top

100 rose $2.6 million, from $37.7 milli-

on last year to $40.30 million this year.

Similarly, we had a strong crop of Firms

to Watch (see page 6), with a number of

firms poised to join the Top 100 next

year — if they can find a spot. One of

the few open spots this year was crea-

ted by the merger of Colorado’s Hein

& Associates into West Coast regional

leader Moss Adams. More combinati-

ons like that may be needed to change

the ranks; that would only require that

the T100 continue their current high

rate of M&A, with the group reporting

120 individual combinations over the

past year.

AROUND THE COUNTRYSlower growth rates affected the firms in

our Regional Leaders list, too. Seven out

of the 10 regions reported average firm

growth rates that were lower than last year

(though generally with larger total reve-

nues). (See Regional Leaders, page 25.)

On a more positive note, average firm

growth rates in seven of the regions were

above the average for the Top 100, and se-

veral of the lists gained new members this

year, proving that growth remains possible

— you just have to look for it. AT

Growth rates defy predictionB Y D A N I E L H O O D

* Compiled from individual firm results as reported at year’s end; includes some estimates

Dropping offRevenue growth of the Top 100 Firms, in percent*

-5

0

5

10

15

20

25

30

1716141206040200989694 08

10

overview

6

BEYOND THE TOP 100: FIRMS TO WATCHOnce again, a record crop of firms made this year’s “Firms to Watch” list, with almost 20 firms within striking distance of next year’s list. (Note that the roster includes only firms with positive growth rates; firms in the revenue range with negative growth rates are excluded.)

Rev % Firm Headquarters Managing partner Year-end ($ mn.) chg. Offices Partners Employees

RGL Forensics* Denver Angela McPhee Dec 39.40 4.51 18 32 175

Clark Nuber Bellevue, Wash. Robert Wheeler Dec 38.60 6.63 1 22 201

Gursey | Schneider Los Angeles Stephan Wasserman Dec 38.11 4.53 6 16 182

Sax Clifton, N.J. Joseph Damiano Dec 37.70 25.67 4 25 160

Brown, Edwards & Co. Roanoke, Va. Jason Hartman May 37.50 13.05 9 38 317

Brady, Martz & Associates Grand Forks, N.D. Todd Van Dusen Sept 37.29 0.13 5 41 236

Wiss & Co. Livingston, N.J. Paul Peterson Dec 37.00 NC 3 26 197

Briggs & Veselka Co. Houston John Flatowicz Sept 35.55 13.07 3 24 198

Lutz Omaha, Neb. Mark Duren April 35.05 7.38 2 26 175

Kreischer Miller Horsham, Pa. Christopher Meshginpoosh Dec 34.20 4.43 2 18 211

Arnett Carbis Toothman Charleston, W. Va. Steven Robey Dec 34.06 1.92 8 31 225

Somerset CPAs Indianapolis Pat Early Dec 33.77 6.30 3 32 173

Yeo & Yeo Saginaw, Mich. Thomas Hollerback Dec 33.55 9.39 8 11 217

Krost CPAs* Pasadena, Calif. Gregory Kniss Dec 33.47 31.41 7 8 141

Herbein & Co. Reading, Pa. Michael Rowley Sept 33.01 19.95 9 25 202

Peterson Sullivan Seattle Chris Russell Dec 31.81 4.98 1 21 199

Anders St. Louis Robert Minkler Dec 31.80 6.00 1 21 185

AAFCPAs Westborough, Mass. C. McCall / D. McManus Dec 30.10 12.73 3 25 190

ORBA Chicago Mark Thomson May 30.00 13.64 1 26 133

Janover Garden City, N.Y. Mark Goodman Dec 30.00 3.45 2 21 155

Perkins & Co. Portland, Ore. Jared Holum June 29.96 1.87 2 23 168

Johnson Lambert Vienna, Va. John Prescott Dec 29.55 12.57 8 19 184

REDW* Albuquerque, N.M. Steven Cogan Dec 29.54 6.87 2 30 207

Lurie Minneapolis Beth Kieffer Leonard April 29.25 1.39 1 17 152

Green Hasson Janks Los Angeles Tom Barry Dec 29.10 8.99 1 14 152

Jackson Thornton & Co. Montgomery, Ala. Ned Sheffield Dec 28.96 1.29 6 33 188

Mize Houser & Co. Topeka, Kan. NA Dec 28.80 9.09 3 19 222

Dean Dorton Allen Ford Lexington, Ky. David Bundy June 28.71 12.10 3 24 210

Cain Watters & Associates Plano, Texas Dan Wicker Dec 28.69 8.96 1 11 141

Boulay Minneapolis Steven Behrns May 28.68 4.67 2 28 160

Hutchinson and Bloodgood Glendale, Calif. Richard Preciado Sept 28.65 4.95 4 33 121

Untracht Early Florham Park, N.J. T. Early / D. Untracht Dec 28.11 7.83 3 9 144

LaPorte Metairie, La. William “Ted” Mason Nov 27.22 2.76 5 15 174

Hertzbach & Co. Owings Mills, Md. Joel Chazen Dec 27.00 12.50 3 22 190

Keiter Glen Allen, Va. L. Michael Gracik Dec 27.00 4.25 1 20 166

Windes Inc.A Long Beach, Calif. John Di Carlo June 26.91 4.99 3 18 146

BeachFleischman Tucson, Ariz. Marc Fleischman Dec 26.82 4.85 2 22 163

Sensiba San Filippo Pleasanton, Calif. John Sensiba April 26.70 14.59 6 22 173

Smith & Howard Atlanta John Lucht Dec 26.64 2.26 1 11 111

Maxwell Locke & Ritter Austin, Texas Steven Knebel Dec 26.60 9.69 2 20 111

Porte Brown Elk Grove Village, Ill. Bruce Jones Dec 26.47 15.39 5 18 119

DiCicco, Gulman & Co. Woburn, Mass. Laurie Austin Dec 26.30 11.91 2 18 138

Calibre CPA Group Bethesda, Md. James Kokolas Dec 26.00 7.44 3 17 163

PKF Texas Houston Kenneth Guidry Dec 26.00 1.96 1 16 130

Whittlesey Hartford, Conn. Drew Andrews Dec 25.90 4.44 3 20 165

Windham Brannon Atlanta Heidi LaMarca Sept 25.84 1.81 1 13 161

* Firm estimate A Accounting Today estimate NC No change NA Not applicable/available

www.cpamerica.org

Leaders Achieving Change

Congratulations to our CPAmerica member firms that were named to Accounting Today’s Top 100 Firms and Regional Leaders. We are proud of our members who continue to improve through sharing.

2018 marks the 40th anniversary of CPAmerica International, an accounting association made up of independent certified public accounting firms that is built on four key goals: to continuously improve; to make more money; to strengthen relationships among member firms; and to bring prestige to firms both domestically and internationally. As a member of Crowe Horwath International, the eighth largest global accounting network, CPAmerica expands to more than 200 independent accounting and advisory services firms in more than 130 countries, and has a combined firm revenue of $3.7 billion.

niche services

8

databank

Leaders in A&ARanked by revenue

Rev. share Fee Top 7 firms ($ mn) splitPwC 6,560.40 42Deloitte 5,379.79 29Ernst & Young 4,160.00 32KPMG 2,863.53 32RSM US 750.15 38BDO USA 690.90 49Grant Thornton 630.32 36 Firms over $100 mn CohnReznick 325.00 52CliftonLarsonAllen 311.40 36BKD 276.56 49Crowe Horwath 254.19 30CBIZ & MHM 244.31 34

Firms under $100 mn BlumShapiro 46.85 59Schellman & Co.* 46.76 100Whitley Penn 44.33 46RubinBrown 40.05 44Clark, Schaefer, Hackett & Co. 35.27 52

Leaders in TaxRanked by revenue

Rev. share Fee Top 7 firms ($ mn) splitPwC 3,905.00 25Ernst & Young 3,770.00 29Deloitte 3,153.67 17KPMG 2,493.63 28RSM US 718.25 36BDO USA 479.40 34Grant Thornton 455.23 26 Firms over $100 mn CliftonLarsonAllen 285.45 33Moss Adams 213.49 37Crowe Horwath 211.83 25CBIZ & MHM 194.01 27CohnReznick 181.25 29

Firms under $100 mn Frank, Rimerman + Co. 54.18 60Aprio 47.67 56BPM 43.15 50RubinBrown 38.23 42Seiler 38.15 70

Leaders in MASRanked by revenue

Rev. share Fee Top 7 firms ($ mn) splitDeloitte 9,089.99 49PwC 5,154.60 33Ernst & Young 4,030.00 31KPMG 3,600.95 40Grant Thornton 665.34 38RSM US 495.39 25BDO USA 239.70 17 Firms over $100 mn Crowe Horwath 381.29 45CBIZ & MHM 280.24 39Plante Moran 187.51 36Baker Tilly Virchow Krause 147.58 27Dixon Hughes Goodman 141.40 35

Firms under $100 mn FGMK 43.12 44SC&H Group Inc. 35.49 64Horne 35.44 43Blue & Co. 33.08 42PYA 31.17 69

2018 TOP 100 FIRMS DATABANKOverview

Top 7 % Firms over % Firms under % Total Top % firms chg. $100 mn chg. $100 mn chg. 100 Firms chg.

Revenue (in $mn) $61,270.77 5.94% $10,601.29 8.32% $3,519.29 7.21% $75,391.35 6.33%

Partners 13,817 NA 6,096 NA 2,132 NA 22,045 NA

Professionals 146,841 5.79% 37,039 5.24% 13,673 4.38% 197,553 5.59%

Total employees 245,920 4.21% 52,643 7.70% 18,873 4.57% 317,436 4.79% Rev. share % Rev. share % Rev. share % Rev. share % Fee split (in $mn) of rev. (in $mn) of rev. (in $mn) of rev. (in $mn) of rev.

Audit & Attest $21,040.58 34.34% $4,216.24 39.77% $1,231.17 34.98% $26,487.99 35.13%

Tax $14,984.50 24.46% $3,582.22 33.79% $1,213.45 34.48% $19,780.17 26.24%

MAS (consulting) $23,258.35 37.96% $2,229.71 21.03% $557.90 15.85% $26,045.96 34.55%

Notes: Some figures may not correspond exactly due to rounding.

Pacesetters in growthRanked by % chg.

Revenue % Firms over $100 mn. ($mn) chg.

Squar Milner 101.10 39.45

Armanino 248.00 27.18

Wipfli 282.30 22.05

Carr, Riggs & Ingram 286.14 21.35

Kearney & Co. 152.60 20.44

Revenue % Firms under $100 mn. ($mn) chg.

Prager Metis 82.50 35.76

MGO 53.60 26.77

Schellman & Co.* 46.76 22.96

Cohen & Co. 73.38 22.10

SingerLewak 53.52 19.57

Revenue % Overall Top 100 Firms ($mn) chg.Squar Milner 101.10 39.45Prager Metis 82.50 35.76Armanino 248.00 27.18MGO 53.60 26.77Schellman & Co.* 46.76 22.96Cohen & Co. 73.38 22.10Wipfli 282.30 22.05Carr, Riggs & Ingram 286.14 21.35Kearney & Co. 152.60 20.44SingerLewak 53.52 19.57Hill, Barth & King 80.00 19.40Withum 175.42 18.70SC&H Group Inc. 55.45 16.39Whitley Penn 96.37 15.94Bennett Thrasher 50.41 15.41CliftonLarsonAllen 865.00 14.57

Frazier & Deeter 83.62 12.98

Raich Ende Malter & Co. 56.30 12.38

LBMC 96.87 11.87

Aprio 85.13 11.54

Berkowitz Pollack Brant 66.80 11.33

MCM CPAs 53.91 10.70

EisnerAmper 352.60 10.60

SVA 56.85 10.58

Weaver 115.20 10.45

Novogradac & Co. 136.54 10.15

Katz, Sapper & Miller 79.34 9.65

Moss Adams 577.00 9.49

BDO USA 1,410.00 9.30

Notes: * Firm estimate or projection. All Big Four revenue figures are gross, not net. For more details, see pages 16-19.

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niche services

10

firm strategies

In the halcyon period in the early years of

this century, accounting firms were able

to pursue a growth strategy that amoun-

ted to little more, in the words of one indu-

stry expert, than, “Answering the phone.”

Those days disappeared a decade ago,

in recession and retrenchment, and over

the past several years, firms have found

themselves working harder and harder

for growth, particularly the organic kind,

and despite the continued strength of the

M&A market in the profession, the average

growth rate of the Top 100 was down more

than two percentage points in 2017.

That has put a new emphasis on

growth for many of the firms on the list,

who have been looking at their strategic

priorities and ensuring that they all clearly

support their bottom lines.

REACHING OUTTo start, many are diving into the old-fash-

ioned work of business development —

though they’re often bringing new tools

and programs to the process.

At Kemper CPA Group in Indiana, for

instance, “We will focus on organic growth

and have implemented a number of

growth initiatives,” said partner-in-charge

of administration and HR Jill Koester.

“These initiatives include various em-

ployee incentive programs, niche deve-

lopment, firm-wide CRM implementation,

participation in programs offered by The

Rainmaker Companies, and the hiring of

an internal director of growth.”

Thomas Raffa, CEO of the Washing-

ton, D.C.-based Raffa Companies, reported

a similar intentional approach to bring ing

on new clients: “During the past year, we

have also made a significant investment

in business development, reorganizing

our development team, proposal process,

and investing in new CRM software and

training. Utilizing these new tools, we’ve

expanded our reach into new sectors that

align with our mission.”

Still other firms are committed to

M&A, which has led to some of the strong-

est growth rates in the Top 100. “Wipfli

will continue to grow through mergers

and acquisitions in 2018, looking for op-

portunities in new geographies, and ex-

pansion of existing and new industry and

solution expertise,” said managing partner

Rick Dreher, whose firm recorded a 22

percent bump in revenue in 2017, along

with five mergers (and two so far in 2018).

He did note, however, that his firm also

had strategies for organic growth: “These

will focus on helping our clients navigate

the changing industry landscapes prima-

rily through our value-added consulting

solutions and capturing the value of more

efficient delivery of our core services.”

The value-added services he is refer-

ring to are another critical part of the Top

100’s pursuit of growth.

BEYOND COMPLIANCEOne important thing to understand about

the difficulties with growth is that they

are tied increasingly to the profession’s

core offerings of audit, accounting and tax,

which are subject to intense fee pressure

because clients often perceive them as ser-

vices they are required to buy, as opposed

to services they want to buy. What’s more,

many of these services are being commo-

ditized by technology.

“Diminishing attest and compliance

margins will require an evolution of ser-

vice offerings with a focus on specializati-

on and value-added advisory,” explained

Alan Whitman, CEO of Baker Tilly Virchow

Krause. “Clients’ needs are becoming

more sophisticated ... firms that are unable

to pivot will not remain relevant.”

While technology is part of the prob-

em here, it can also be part of the solution,

according to Grassi & Co. CEO and MP

Louis Grassi: “As a result of technological

efficiencies and related automation, we are

capturing additional hours that will allow

us to focus even more on our clients’ needs

in a consulting capacity. ... Technology

frees up the time so even more accoun-

tants can serve as consultants.”

“Clients are no longer satisfied with

mere compliance,” he added. “They de-

mand and deserve trusted business ad-

visors to provide the assistance that will

drive their business success.”

SERVING THEIR BASEOffering value-added services isn’t the

only way the Top 100 are pursuing growth;

for many, a renewed and deepened focus

on the client experience and client engage-

ment is front and center.

“We added a client experience leader

last year that focuses on our existing rela-

tionships and how to expand and better

serve those,” reported John Litchfield, the

COO of Tennessee-based LMBC. “We are

seeing great results from this.”

Deepening relationships with clients

— and developing stronger cross-selling

skills — is a major strategic priority for a

number of firms in the Top 100, but even

more common was simply doubling down

on very specific client bases: Industry spe-

cialization, often in conjunction with new,

value-added services narrowly aimed at

those clients’ needs, will keep many firms

busy in the coming year.

A drop concentrates the T100’s mindsB Y D A N I E L H O O D

See STRATEGIES on 12

‘How do we stay motivated and hungry?’

niche services

12

“We have a continued focus on buil-

ding out our industry groups, including

more specialized services for each indivi-

dual segment,” explained Anthony Caleca,

MP of Brown Smith Wallace in St. Louis.

“Through thoughtful talent acquisition, we

are expanding our industry group and ser-

vice area practices.”

At Baker Tilly, “We are continuing

our strategy development and execution

of select practices that represent growth

and are undergoing substantial evolution,”

according to Whitman. “These include

health care, financial services, manufac-

turing & distribution, risk, internal audit

and cybersecurity and construction & real

estate. While verticals are common in pro-

fessional services, the distinction for us is

our approach to industry ecosystems. For

example, we deliver more comprehensive

solutions for health care providers and

payers by connecting with our specialists

in financial services and real estate and

human capital services. This approach

enables us to be nimble in the way we res-

pond to client needs and market changes.”

THE WAR FOR TALENTOne of the most important obstacles to

growth is an issue the Top 100 have been

grappling with for several years now: the

ongoing difficulty in recruiting and re-

taining the necessary talent to staff en-

gagements (to say nothing of developing

potential successors).

In fact, it was by far the most common

issue faced by the Top 100, with almost half

citing it as a problem. While the profession

has been devising a standard toolkit for

making itself more attractive to candidates

— emphasizing work/life balance, impro-

ving firm culture, working to empower

staff earlier, and so on — some have gone

further, with innovative new approaches.

“Our Employee Advancement and

Retention Network Initiative at Freed

top tax firms

THE TOP TAX FIRMS Rev. % from tax from Total % Total Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff

PwC§ New York City Tim Ryan 3,905.00 25 15,620.00 6.69 92 58,133Ernst & Young§ New York City Stephen Howe 3,770.00 29 13,000.00 6.38 82 43,500

Deloitte§ New York City Cathy Engelbert 3,153.67 17 18,551.00 5.90 115 84,890H&R BlockP1 Kansas City, Mo. Jeff Jones 3,005.95 99 3,036.31 -0.06 10,036 87,500

KPMG§2 New York City Lynne Doughtie 2,493.63 28 8,960.00 3.82 110 3,5037RSM US2 Chicago Joe Adams 718.25 36 1,978.88 7.22 90 9,560

BDO USA Chicago Wayne Berson 479.40 34 1,410.00 9.30 67 6,461Grant Thornton Chicago J. Michael McGuire 455.23 26 1,750.89 3.45 59 8,339

Ryan Dallas G. Brint Ryan 450.81 100 450.81 4.21 54 2,216Liberty Tax Services Liberty Beach, Va. Edward Brunot 408.00 100 408.00 -7.06 3,823 NA

CliftonLarsonAllen NA Denny Schleper 285.45 33 865.00 14.57 39 5,476Andersen Tax San Francisco Mark Vorsatz 247.00 100 247.00 12.13 19 999

Moss Adams Seattle Chris Schmidt 213.49 37 577.00 9.49 27 2,883Crowe Horwath Chicago James Powers 211.83 25 847.30 7.44 35 4,053

CBIZ & MHM3 Cleveland C. Spurio / A. Burczyk 194.01 27 718.57 8.71 75 3,826CohnReznick New York City Frank Longobardi 181.25 29 625.00 1.13 27 2,647

Marcum New York City Jeffrey Weiner 178.42 38 469.53 4.57 22 1,403BKD Springfield, Mo. Theodore Dickman 169.32 30 564.40 4.99 36 2,631

Baker Tilly Virchow Krause Chicago Alan Whitman 163.98 30 546.60 4.65 27 2,846EisnerAmper New York City Charles Weinstein 144.57 41 352.60 10.60 13 1,378

Plante Moran Southfield, Mich. James Proppe 135.42 26 520.86 8.12 21 2,393Dixon Hughes Goodman Charlotte, N.C. Matt Snow 129.28 32 404.00 2.54 29 1,950

Carr, Riggs & Ingram Enterprise, Ala. William Carr 114.46 40 286.14 21.35 30 1,811Eide Bailly Fargo, N.D. Dave Stende 113.15 42 269.40 3.86 28 1,841

Holthouse Carlin & Van Trigt* W. Los Angeles, Calif. Philip Holthouse 105.64 76 139.00 8.32 11 546

Notes: § Gross revenue P Figures compiled from public company reports. NA Not available/applicable * Firm estimate 1 Staff figures include seasonal workers. 2 Reported fee split as dollar amount (given here) and percentage. 3 Office figures are for CBIZ; MHM has 30 offices. For other notes, see pages 16-19.

STRATEGIES from page 10

See STRATEGIES on 14

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niche services

14

Maxick is a formal way to achieve retention

goals, along with promoting and providing

firm-wide advancement and recognition

opportunities,” explained Henry Koziol,

managing director of the New York State

firm. “Through EARN, our employees find

mentorship, guidance, knowledge, sup-

port, training and a customized approach

to their individual success. ... And with

the hiring of a new recruitment specialist

and career coach, we feel this will assist

us in further combating the recruiting and

retention issues that face firms of our size.”

Thomas Raffa noted that his firm

has “significantly low” turnover rates, but

warn ed, “This takes constant vigilance,

and so we continue to develop programs

... . We have hired individuals that act as

‘purpose advisors’ to our staff from the day

they start to the time they become mana-

gers. These advisors report to no one in the

company and are responsible only to the

staff and their needs.”

At RSM US, “Our talent development

culture is focused on year-round, real-time

fast feedback to help people perform their

best,” said national public relations direc-

tor Terri Andrews. “We will also continue

to provide unique training programs and

leadership development opportunities to

enable our professionals to achieve their

career objectives, and we will be honing

our new coaching program as well.”

She also noted that it’s not just about

attracting and retaining accountants any

more: “Firms of our size are also aug-

menting our recruiting processes to attract

new groups of talent — from cybersecu-

rity experts to data scientists to computer

programmers, our future workforce will

encompass new skill sets in addition to our

traditional CPA hires.”

THREAT AND OPPORTUNITY IN TECHFor most of the Top 100, the commoditi-

zation brought on by new software is less

of an issue than how best to quickly make

the most of the opportunities all these new

tools offer.

At Big Four firm KPMG, for instance,

chairman and CEO Lynne Doughtie ex-

plained, “Our investment platform is fund-

ing innovation where change and oppor-

tunity are most pronounced. Across our

businesses, we’re collaborating with clients

and alliance partners on new technologies,

solutions and tools in intelligent automati-

on, which includes cognitive, AI and RPA,

as well as blockchain. In addition, we are

heavily focused on cybersecurity — a ma-

jor concern for business leaders, govern-

ments and consumers. Through these

efforts, we’re helping companies unlock

value from nontraditional assets, such as

data, to drive better decisions and greater

efficiencies, ultimately transforming into

what we call a ‘21st Century Enterprise.’”

At a more granular level, many firms

cited an interest in cybersecurity, which

was the service offering most likely to have

been launched by a T100 Firm in 2017,

and an even larger number of firms will be

exploring the area this year.

It’s not the only tech-related service

out there, though, as Dixon Hughes Good-

man CEO Matt Snow made clear: “We are

continuing to develop new and relevant

service offerings as the industries we serve

continue to evolve in the new digital mar-

ketplace, namely in areas such as tax trans-

formation, cybersecurity, IT advisory ser-

vices, and data analytics services.”

While the members of the Top 100

may be excited about the opportunities,

and less concerned about the commodi-

tization, they are alive to one other major

risk from the rapid march of technology:

the risk of falling behind.

“The technology revolution won’t be

slowing down any time soon; it’s going to

speed up,” warned Armanino managing

partner Andy Armanino. “With automa-

tion, AI and blockchain, firms that aren’t

future-ready will not be competitive.”

Crowe Horwath CEO Jim Powers

echoed that sentiment: “We have to stay

on the cutting edge of technology and not

be afraid to adopt new uses and imple-

mentations of current and emerging tools,

methods and applications.” The firm is

investing heavily in innovation and new

product development, as well as differen-

tial service delivery platforms.

And while larger firms like Crowe and

KPMG may be out in front in innovating

and creating new tools, that doesn’t relieve

smaller firms on the list of the need to pay

attention. “Firms our size will not be deve-

loping the radical new technologies, but

will need to stay in close step with techno-

logy partners to stay on the leading edge

of adopting these game-changing techno-

logies,” explained Frank, Rimerman & Co.

MP Brian Kreischer. “Projecting the direc-

tion of these changes is critical to shifting

the development paths for our employees

and partners.”

Some of the Top 100 are already on

board with the sort of adoption Kreischer

was talking about. At Texas’ Whitley Penn,

“We will expand the use of data analytics

and automation to allow our teams to fo-

cus on the risk areas and let our systems

provide the data entry and manipulation,

giving us capacity to grow faster,” said MP

Larry Autrey.

STAYING FOCUSEDThis strong focus on growth, and the

lower-than-average growth rates of this

year’s Top 100 Firms, shouldn’t obscure

the fact that the Top 100 are, almost by

definition, very successful businesses. Bet-

ter talent, more valuable services, deeper

client relationships, and an aggressive fo-

cus on technology will all help firms boost

their bottom lines — but only if they re-

alize the need to take those extra steps,

and look up from the flood of client work

to look down the road a bit. “We are suc-

cessful,” pointed out Carl Schultz, CEO of

SVA CPAs, in Wisconsin. “How do we stay

motivated and hungry?” AT

STRATEGIES from page 12

firm strategies

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then you haven’t been listening.

Each week, ON AIR provides a 15-20 minute dynamic, unscripted dialogue between industry visionaries and subject matter experts who provide insights and best practices on how to work smarter,

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ADP, the ADP logo and ADP A more human resource are registered trademarks of ADP, LLC. Accountant Connect is a service mark of ADP, LLC. All other marks are the property of their respective owners. Copyright © 2018 ADP, LLC. All rights reserved.

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Let’s make beautiful music together.

You do more than accounting.We do more than payroll.

The most creative firms today are connecting their clients to expertise that can help them perform at the highest level.

ADP® can identify payroll, talent, benefits and compliance solutions that complement your services and can help your clients thrive. Plus we deliver valuable resources like:

• Accountant ConnectSM — Super-fast access to client data, analytics and practice resources like the CCH® Resource Library from Wolters Kluwer

• Benchmarking and data-driven insights

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“By far the best question to ask is: How on earth are we taking all this wonderful talent and turning it into performance and productivity?”

22

Niche services were a steady area

of growth for the 2018 Top 100

Firms, with this year’s in-demand

services remaining consistent with prior

years, though a few specialties shifted in

popularity.

The niche services where the most

Top 100 Firms reported growth generally

saw a very slight uptick over 2017, while

many in the top 10 stayed even with last

year’s numbers.

Attest was once again the No. 1 niche,

and the 83 percent of firms experiencing

growth was up 2 percentage points over

last year. Right behind it in the second slot,

state and local tax took a dip of a couple

of percentage points over 2017 but still

climbed one spot in the rankings at 76

percent, overtaking business valuations,

which fell six spots, and a whopping 13

percentage points, to 65 percent this year.

The third most in-demand niche, indus-

try specializations, climbed 6 percentage

points and four spots in 2017, with 74 per-

cent of firms reporting growth. Technology

consulting had even greater gains, vaulting

into the fourth spot at 73 percent, a 10 per-

centage point increase over last year.

The rest of the top 10 niches stayed

relatively steady, with international tax

and M&A still in the fifth and sixth spots,

respectively, with 72 and 71 percent of

the T100 reporting growing demand. Es-

tate/trust/gift tax planning dropped a few

rankings but was an area of growth for the

same proportion of firms as last year, at

71 percent. Behind business valuations,

nonprofits remained steady in position

and percentage, occupying the ninth spot

as a source of growth for 65 percent of

firms. Closing out the top 10 was retire-

ment plans, up a few spots at 60 percent.

Farther down the list were some larg-

er movements, with at least five niches

dropping double-digit percentage points.

Among them: forensics/fraud, litigation

support, SOX compliance/risk manage-

ment, succession planning/family office,

and cost segregation.

One of the top niches for 2018 — state

and local tax — was driven by regulatory

uncertainty, according to Stephen Brad-

shaw, senior manager in the SALT practice

at Atlanta’s Bennett Thrasher.

This relates to the Supreme Court’s

1992 decision in Quill Corp. v. North

Dakota, which established the physical

presence test for sales and use tax nex-

us. In 2017, Bradshaw explained, many

states cast aside that ruling in favor of

their own legislation. This confusion is

only compounded by clients unsure of

when to charge sales tax — especially the

many technology companies that Bennett

Thrasher serves that have Software-as-a-

Service models that don’t align with out-

dated legislation.

“Clients are reaching out to us, be-

cause they get a notice from the state,”

Bradshaw said. “They want to get their

books cleaned up, and they want to po-

tentially sell the company, and don’t want

a big sales tax liability hanging over their

head.” In the process of aiding this trans-

actional due diligence, Bradshaw has wit-

nessed sales tax issues in the seven figures.

Niches and clients hang steady B Y D A N I E L L E L E E

niches and clients

0 20 40 60 80 100

AttestSALT

Industry specializationsTech consultingInternational tax

M&AEstate/trust/gift tax planning

Business valuationsNonprofits

Retirement plansForensics/fraud

Bus. mgmt. for wealthy individualsCAS/BPO

Litigation supportSOX compliance/risk mgmt.

Succession planning/family officeEmployee benefits

Cost segregationPFP

Strategic planning/biz plansInvestment advice/services

CFO/project staffing servicesBusiness intelligence

Bus. mgmt. for small businessesCash flow forecasting/management

IFRS consulting1031 like-kind exchanges

Bankruptcy /insolvencyBusiness management services

Financing arrangements

Top niche servicesPercentage of firms increasing their business in these service areas

(of 78 firms responding)

See NICHES on 24

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24

Springfield, Mo.-headquartered BKD

attributed its SALT growth to three factors,

according to Robert Wagner, managing

partner of national tax services. “First, the

firm has a strategic focus to recruit and re-

tain experienced state and local tax talent

… Second, the types of clients BKD serves

continues to evolve. With the growth in

technology, energy and foreign-owned

companies, a greater need for special-

ized tax knowledge exists for clients to

be compliant with the various state and

local taxes imposed. Lastly, our clients

are requesting more assistance to address

new tax laws and regulations. States are

becoming more creative in adopting laws

to tax changing business models, and due

to the complexity of these changes, we are

seeing a greater need for state and local

tax consulting services.”

Another hot niche this year was nich-

es itself — industry specializations took

the third spot.

“Since its inception, our firm has al-

ways focused on niche services,” said Mi-

chael Kaplan, partner at L.A. CPA firm

Miller Kaplan Arase. “I believe we contin-

ue to see stand-out growth in these prac-

tice areas due to the fact that we’ve built

our reputation on putting the client first

and offer a team of nationally recognized

partners in each industry specialization.”

Behind industry specializations, tech-

nology consulting was, perhaps unsurpris-

ingly, a popular niche this year.

In 2017, San Ramon, Calif.-based Ar-

manino continued to grow its technology

practice, which, at $70 million, composes

the largest portion of the firm’s consult-

ing business. “The change I’m seeing in

the marketplace is that, many years ago,

companies were coming to us with an

immediate demand — a new ERP sys-

tem or a discrete need for a solution to

X and were finding something that they

could implement that was project-based,

discrete projects-based, more times than

not,” explained chief operating officer

Matt Armanino. “[Now] the normal con-

versation we’re having is, ‘Help me think

through how to really have a technolo-

gy strategy, a cloud strategy, architecture,

[advise on the] investments being made,

and to accomplish business objectives for

the future.’”

International tax also experienced

consistent growth this year. For New Eng-

land’s KLR, the demand was attributable to

how their clients conduct business today.

“Our clients are living and working in a

truly global economy,” explained Paul Ol-

iveira, the firm’s shareholder and director

of tax services. “As a result, our growth in

the international tax area has come from a

mix of advisory work with U.S. companies

expanding into new foreign markets and

U.S. expatriates who are living and work-

ing abroad, either on a short-term basis or

longer term.”

SAME AS LAST YEAR?This year’s most in-demand client catego-

ries were very consistent with 2017’s rank-

ings, though many of the top 10 fell a few

points in terms of distribution throughout

the Top 100.

Manufacturing was once again No.

1, with 83 percent of firms experiencing

growth in that type of client, down three

percentage points over last year. Midsized

businesses were also slightly down, at 76

percent, but retained the second spot.

Construction (74 percent), real estate (73

percent), technology (72 percent) and in-

dividuals (71 percent) occupied the next

four spots, as they did last year, with the

NICHES from page 22

niches and clients

0 20 40 60 80 100

ManufacturingMidsized businesses

ConstructionReal estate

TechnologyIndividuals

Professional servicesHealth care facilities

NonprofitsWholesale distributors

Pension plansLarge businesses

State and local governmentHotels & restaurants

Small businessesRetail trade

EntertainmentBanking & thrift cos.

Colleges and universitiesAuto dealerships

Brokers/dealersFinance cos./mortgage banks

Investment cos. & mutual fundsAgriculture/farming/forestry/fishing

Government contractorsInsurance carriers/companies

Publishing/broadcasting/mediaSchool districts

FranchisingInsurance agents & brokers

Top client categoriesPercentage of firms increasing their business with these types of clients

(of 78 firms responding)

See NICHES on 34

25

Much like the Top 100, our Re-

gional Leaders grew at a more

sedate pace than in 2016, with

seven out of 10 regions reporting average

firm growth rates that were lower than in

last year’s report.

With that said, the revenue totals

posted in almost all the regions were larger

than last year, and the combined Regional

Leaders netted $14.19 billion, up more

than a billion dollars from the $13 billion

in last year’s report. Boosting those reve-

nue figures was the addition of a number

of new Leaders this year, including Schell-

man & Co. in the Gulf Coast (which is also

a new member of the Top 100), Boston’s

Edelstein & Co., the Southwest’s Miller

Grossbard Advisors, and California’s Krost

CPAs, among others.

The one area of the country that post-

ed a smaller revenue total than last year

was the Great Lakes Region, and at least

part of that is due to the fact that we pro-

moted UHY Advisors out of the Regional

Leaders list. The Chicago-based firm has

such a broad presence across the country

that our editors decided to treat it as a na-

tional firm going forward.

Despite the subtraction of UHY, the

Great Lakes was one of only three regions

to report an average growth rate that was

higher than in last year’s report; it was

joined by the Southwest and the West in

that, and all three were helped by strong

merger & acquisition activity. AT

If your firm belongs on our Regional Lead-

ers list, e-mail AcToday@SourceMedia.com

to be included in next year’s survey.

THE 2018 REGIONAL LEADERS

Slower growth for the regions

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Carr, Riggs & Ingram Enterprise, Ala. 286.14 21.35 30 262 1,265 1,811 51 40 9 0

Warren Averett Birmingham, Ala. 133.10 6.99 14 145 506 883 40 36 4 20

MBAF CPAs Miami 120.00 6.86 10 75 425 585 35 45 14 6

Horne Ridgeland, Miss. 82.41 1.75 14 39 414 561 32 11 43 14

Berkowitz Pollack Brant Miami 66.80 11.33 5 15 191 250 16 43 5 36

Kaufman Rossin Group Miami 64.70 -13.73 5 44 234 346 39 37 15 9

Postlethwaite & Netterville Baton Rouge, La. 58.31 1.23 8 27 313 380 42 19 30 9

Schellman & Co.* Tampa, Fla. 46.76 22.96 1 14 126 162 100 0 0 0

Jackson Thornton & Co. Montgomery, Ala. 28.96 1.29 6 33 112 188 33 29 12 26

LaPorte Metairie, La. 27.22 2.76 5 15 126 174 54 38 8 0

Daszkal Bolton Boca Raton, Fla. 21.65 7.18 3 11 99 142 29 64 5 2

Barfield, Murphy, Shank & Smith Birmingham, Ala. 20.64 12.73 5 23 105 156 39 35 5 21

Heard, McElroy & Vestal Shreveport, La. 20.20 4.66 2 16 74 116 39 44 13 4

Saltmarsh, Cleaveland & Gund Pensacola, Fla. 18.54 12.36 5 19 110 148 34 26 10 30

Gerson Preston Klein Lips Eisenberg & Gelber Miami 17.00 -7.10 2 12 39 68 NA NA NA NA

Watkins, Ward & Stafford West Point, Miss. 13.99 8.37 16 25 106 157 54 38 8 0

Kabat, Schertzer, De La Torre, Taraboulos Miami 13.00 19.82 3 10 78 100 31 55 8 6

Kushner LaGraize Metairie, La. 11.84 -8.07 1 9 38 58 17 63 6 14

Vestal & Wiler Orlando, Fla. 10.00 NC 1 8 39 53 54 46 0 0

Notes: * Firm estimate NA Not available/applicable NC No change

Top Firms: Gulf CoastAlabama, Florida, Louisiana and MississippiTotal revenue: $1,061.26 million. Average firm growth: 8.46%The region maintained healthy growth in 2017, though it was not quite as scorching as its double-digit expansion in 2016. It also welcomed one of the few new Top 100 Firms this year — Tampa’s Schellman.

regional overview

tktktkt

26

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

CohnReznick New York City 625.00 1.13 27 271 1,892 2,647 52 29 9 10

Marcum New York City 469.53 4.57 22 210 937 1,403 44 38 8 10

EisnerAmper New York City 352.60 10.6 13 176 951 1,378 50 41 9 0

Citrin Cooperman & Co. New York City 242.00 5.22 10 208 587 930 45 40 6 9

Mazars USA New York City 189.00 1.07 9 117 571 838 40 38 22 0

Withum Princeton, N.J. 175.42 18.70 12 117 530 809 42 43 7 8

PKF O’Connor Davies New York City 150.00 8.30 9 100 590 812 53 30 14 3

Marks Paneth New York City 131.00 2.34 9 87 479 686 38 50 4 8

Berdon* New York City 121.05 8.27 2 43 327 442 30 42 28 0

The Bonadio Group* Pittsford, N.Y. 108.48 8.97 12 82 500 680 44 27 12 17

Anchin New York City 104.00 0.97 1 56 245 374 44 43 13 0

Friedman New York City 103.00 5.10 8 70 311 464 45 45 10 0

Prager Metis New York City 82.50 35.76 10 61 267 407 28 39 33 0

Schneider Downs Pittsburgh 76.30 7.77 2 43 372 448 45 33 22 0

RKL Lancaster, Pa. 67.93 9.21 14 42 283 364 33 28 9 30

Grassi & Co.* New York City 61.90 7.65 4 33 200 290 46 38 8 8

Raich Ende Malter & Co. New York City 56.30 12.38 3 43 133 213 40 60 0 0

Freed Maxick CPAs* Buffalo, N.Y. 48.00 1.05 4 31 212 289 35 35 30 0

Margolin, Winer & Evens Garden City, N.Y. 41.30 0.49 2 25 150 190 60 30 10 0

Sax Clifton, N.J. 37.70 25.67 4 25 93 160 41 45 3 11

Wiss & Co. Livingston, N.J. 37.00 NC 3 26 137 197 52 30 18 0

Kreischer Miller Horsham, Pa. 34.20 4.43 2 18 172 211 41 38 16 5

Herbein & Co. Reading, Pa. 33.01 19.95 9 25 149 202 36 42 18 4

Janover Garden City, N.Y. 30.00 3.45 2 21 99 155 30 57 10 3

Untracht Early Florham Park, N.J. 28.11 7.83 3 9 116 144 23 65 4 8

Perelson Weiner New York City 25.35 4.06 1 16 38 70 20 80 0 0

Gettry Marcus CPA Woodbury, N.Y. 22.90 5.05 2 21 53 98 46 43 0 11

Spielman Koenigsberg & Parker New York City 22.27 6.56 1 6 45 63 23 43 34 0

Buchbinder Tunick & Co. New York City 20.50 1.99 3 21 85 118 80 14 6 0

Wilkin & Guttenplan* East Brunswick, N.J. 18.00 5.20 3 15 67 98 44 48 3 5

Lumsden & McCormick Buffalo, N.Y. 17.20 2.99 1 14 67 94 53 32 12 3

Bowman & Co. Voorhees, N.J. 16.04 4.84 2 18 64 98 91 9 0 0

BST & Co. CPAs Albany, N.Y. 15.95 8.50 2 19 52 90 33 30 14 23

Boyer & Ritter Camp Hill, Pa. 15.89 14.98 4 12 68 100 54 37 3 6

RBT CPAs Newburgh, N.Y. 13.54 20.68 4 11 80 102 58 31 11 0

Notes: * Firm estimate NA Not available/applicable NC No change

Top Firms: Mid-AtlanticNew Jersey, New York and PennsylvaniaTotal revenue: $3,592.97 million. Average firm growth: 6.37%With its growth rate off two full percentage points from the previous year, the region ranked in the lower half by growth, but still topped the ranks by sheer revenue, and had one of the fastest growing firms in the country in Prager Metis.

regional leaders

27

Top Firms: Capital RegionDelaware, Maryland, Virginia, Washington, D.C., and West VirginiaTotal revenue: $736.16 million. Average firm growth: 8.48%The region turned in a strong growth rate, a little lower than in the previous year but buoyed by some stand-out performances, including one of the fastest growing firms in the Top 100, Kearney & Co., and one of the fastest growing Regional Leaders, Smith Elliott Kearns & Co.

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Kearney & Co. Alexandria, Va. 152.60 20.44 3 27 595 659 78 0 22 0

SC&H Group Inc. Sparks, Md. 55.45 16.39 3 22 186 243 20 16 64 0

Aronson Rockville, Md. 53.76 1.38 1 34 176 253 38 36 22 4

Raffa Washington, D.C. 50.00 4.17 2 19 242 300 15 9 0 76

PBMares Newport News, Va. 40.30 7.52 9 39 122 213 27 42 10 21

Brown, Edwards & Co. Roanoke, Va. 37.50 13.05 9 38 238 317 60 39 1 0

Arnett Carbis Toothman Charleston, W. Va. 34.06 1.92 8 31 159 225 38 30 32 0

Johnson Lambert Vienna, Va. 29.55 12.57 8 19 145 184 76 14 3 7

Cotton & Co. Alexandria, Va. 27.40 -16.97 1 11 169 195 28 0 33 39

Hertzbach & Co. Owings Mills, Md. 27.00 12.50 3 22 142 190 40 50 10 0

Keiter Glen Allen, Va. 27.00 4.25 1 20 112 166 41 52 3 4

Calibre CPA Group Bethesda, Md. 26.00 7.44 3 17 129 163 76 11 0 13

Tate & Tryon Washington, D.C. 25.12 11.30 2 13 117 138 65 6 1 28

YHB CPAs Winchester, Va. 24.47 7.23 7 24 90 138 44 42 12 2

Gelman, Rosenberg & Freedman Bethesda, Md. 24.23 5.35 1 16 69 110 68 30 2 0

Ellin & Tucker1 Baltimore 20.66 1.77 2 15 65 106 43 39 18 0

Gross Mendelsohn & Associates Baltimore 20.41 -0.10 2 17 80 115 40 30 30 0

Smith Elliott Kearns & Co. Hagerstown, Md. 19.00 22.10 6 21 125 166 42 38 12 8

KatzAbosch Timonium, Md. 17.52 4.47 3 22 49 94 32 52 16 0

KWC CPAs Alexandria, Va. 12.82 18.37 2 15 52 77 23 67 10 0

RS&F Owings Mills, Md. 11.31 2.82 3 6 52 63 17 45 24 14

Notes: * Firm estimate NA Not available/applicable 1 Revenue and personnel figures do not include M&A figures from a related entity.

4.69%

6.37%

8,48%

4.4

10.11%11.68%

8.01%

5.17%6.56%

Where the growth isAverage individual firm growth rate,

in percent by region

regional leaders

regional leaders

28

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

BlumShapiro West Hartford, Conn. 79.40 3.79 6 32 303 423 59 31 2 8

BerryDunn Portland, Maine 55.71 -3.23 6 16 232 286 44 14 41 1

KLR Providence, R.I. 46.90 5.87 4 14 191 233 26 42 32 0

Baker Newman & Noyes Portland, Maine 44.40 4.23 4 39 176 257 39 50 11 0

Wolf & Co. Boston 43.20 4.10 4 20 166 220 42 23 0 35

AAFCPAs Westborough, Mass. 30.10 12.73 3 25 132 190 60 22 18 0

DiCicco, Gulman & Co. Woburn, Mass. 26.30 11.91 2 18 95 138 30 52 18 0

Whittlesey Hartford, Conn. 25.90 4.44 3 20 130 165 40 30 30 0

Gray, Gray & Gray Canton, Mass. 23.00 13.30 2 8 100 126 45 35 20 0

Edelstein & Co. Boston 18.66 4.66 1 10 64 87 18 46 0 36

O’Connor & Drew Braintree, Mass. 16.80 11.26 2 16 72 102 70 13 0 17

Walter & Shuffain Boston 14.70 1.73 2 8 45 60 39 57 4 0

Macpage South Portland, Maine 13.30 2.31 3 18 68 96 35 33 21 11

Melanson Heath & Co.1 Nashua, N.H. 12.28 5.05 5 11 66 93 76 21 2 1

DiSanto Priest & Co. Warwick, R.I. 11.30 3.67 1 11 40 62 28 54 18 0

Gallagher, Flynn & Co. South Burlington, Vt. 11.10 3.74 2 10 53 73 NA NA NA NA

Meyers Brothers Kalicka Holyoke, Mass. 9.80 -2.00 1 5 36 52 56 40 4 0

Nathan Wechsler & Co. Concord, N.H. 8.72 8.19 3 6 31 45 32 58 8 2

MahoneySabol Glastonbury, Conn. 8.40 6.33 3 5 42 51 50 40 10 0

ALL CPAs Chestnut Hill, Mass. 8.40 2.44 1 9 30 49 32 63 5 0

Notes: NA Not available/applicable 1 Figures do not reflect July 2017 mergers with Lapointe, Torrisi, Stanley & Co. and JC Driscoll & Co.

Top Firms: New EnglandConnecticut, Maine, Massachusetts, New Hampshire, Rhode Island and VermontTotal revenue: $508.37 million. Average firm growth: 4.69%Average firm growth was down for the second year in a row in the region, though they generated more revenue than in 2016, helped in part by a new addition to the regional list, Boston’s Edelstein & Co.

0

2

4

6

8

10

12

Mid-Atlantic

GreatLakes

TheWest

TheMidwest

The Southeast

GulfCoast

NewEngland

MountainTheSouthwest

CapitalRegion

Where the growth is, Pt. 2Average individual firm growth rate,

in percent by region

regional leaders

29

Top Firms: MountainColorado, Idaho, Montana, Utah and WyomingTotal revenue: $580.92 million. Average firm growth: 6.56%High growth at Richey May & Co., Haynie & Co., and Tanner flattered the average for the region, which remained above the Top 100 average — though lower than in 2016, in part due to the removal of mainstay Hein by M&A.

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

EKS&H Denver 105.90 6.33 3 64 439 613 39 40 21 0

K-Coe Isom Loveland, Colo. 64.55 5.56 19 56 211 379 23 44 33 0

RGL Forensics* Denver 39.40 4.51 18 32 106 175 0 0 0 100

Anderson ZurMuehlen & Co. Helena, Mont. 25.80 -1.15 7 28 134 199 41 42 6 11

Anton Collins Mitchell Denver 24.10 9.30 4 18 124 166 37 53 10 0

Tanner Salt Lake City 23.47 19.62 1 13 84 110 58 23 12 7

Richey May & Co. Englewood, Colo. 21.38 26.43 2 14 117 146 43 47 10 0

Squire & Co. Orem, Utah 18.77 13.90 1 16 72 105 31 28 34 7

Haynie & Co. Salt Lake City 16.00 33.33 6 10 98 123 41 48 2 9

WSRP Salt Lake City 13.95 -1.55 3 13 75 98 54 34 8 4

JCCS Great Falls, Mont. 13.02 0.46 6 18 68 114 38 47 3 12

Dalby, Wendland & Co. Grand Junction, Colo. 13.02 -3.77 4 11 48 80 18 13 61 8

MHP Cheyenne, Wyo. 11.49 1.77 2 10 52 74 40 40 4 16

HintonBurdick CPAs St. George, Utah 11.09 5.22 6 12 56 84 63 25 0 12

Stockman Kast Ryan & Co. Colorado Springs, Colo. 9.00 1.47 1 9 49 68 28 60 4 8

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Weaver Fort Worth, Texas 115.20 10.45 9 83 410 599 36 41 16 7

Whitley Penn Fort Worth, Texas 96.37 15.94 5 55 359 479 46 38 0 16

Montgomery Coscia Greilich Plano, Texas 54.03 1.18 3 27 227 284 27 39 28 6

Briggs & Veselka Co. Houston 35.55 13.07 3 24 151 198 37 50 7 6

REDW* Albuquerque, N.M. 29.54 6.87 2 30 136 207 45 25 15 15

Cain Watters & Associates Plano, Texas 28.69 8.96 1 11 97 141 10 18 0 72

BeachFleischman Tucson, Ariz. 26.82 4.85 2 22 108 163 29 50 3 18

Maxwell Locke & Ritter Austin, Texas 26.60 9.69 2 20 73 111 34 42 0 24

PKF Texas Houston 26.00 1.96 1 16 105 130 50 50 0 0

Hagen, Streiff, Newton & Oshiro Dallas 25.22 6.68 11 16 62 90 0 0 70 30

Henry & Horne Tempe, Ariz. 24.90 8.73 3 18 108 154 30 60 9 1

Lane Gorman Trubitt Dallas 24.00 NC 1 18 75 106 44 38 9 9

Johnson, Miller & Co. CPAs Odessa, Texas 19.99 -7.58 3 13 86 113 30 54 5 11

McConnell & Jones Houston 12.69 26.39 4 7 62 83 72 18 10 0

Huselton, Morgan & Maultsby Dallas 11.82 5.07 3 7 64 83 29 71 0 0

MiddletonRaines+Zapata Houston 11.18 -0.53 3 8 57 78 20 70 10 0

MaloneBailey Houston 10.20 -7.94 1 6 38 50 100 0 0 0

Miller Grossbard Advisors Houston 10.17 28.09 1 3 32 40 26 60 6 8

Notes: * Firm estimate NA Not available/applicable NC No change

Top Firms: The SouthwestArizona, New Mexico, Oklahoma and TexasTotal revenue: $588.97 million. Average firm growth: 8.01%Only the second of the three regions to outperform the previous year, the Southwest boasted an average growth rate more than two percentage points higher than in 2016, and particu-larly strong showings from Regional Leaders Miller Grossbard Advisors and McConnell & Jones, both in Houston.

regional leaders

30

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Plante Moran Southfield, Mich. 520.86 8.12 21 268 1,705 2,393 38 26 36 0

Wipfli Milwaukee 282.30 22.05 43 217 1,182 1,689 29 32 32 7

Sikich Naperville, Ill. 151.90 3.76 19 52 622 754 25 14 58 3

Rehmann Troy, Mich. 116.00 0.87 17 60 579 844 34 37 10 19

FGMK Chicago 98.00 2.08 2 67 362 452 21 35 44 0

Schenck Appleton, Wis. 80.30 -0.26 10 62 375 565 37 37 19 7

Hill, Barth & King Canfield, Ohio 80.00 19.4 14 49 303 442 19 40 10 31

Katz, Sapper & Miller Indianapolis 79.34 9.65 3 39 318 420 24 43 15 18

Blue & Co. Carmel, Ind. 78.77 1.63 11 51 339 460 28 26 42 4

Cohen & Co. Cleveland 73.38 22.1 9 31 336 428 47 38 2 13

Doeren Mayhew Troy, Mich. 69.51 -4.20 5 62 200 324 40 31 14 15

Clark, Schaefer, Hackett & Co. Cincinnati 67.82 4.92 6 28 289 388 52 36 6 6

SVA Madison, Wis. 56.85 10.58 5 42 147 279 16 21 13 50

Skoda Minotti Cleveland 53.66 3.43 4 38 192 291 31 25 7 37

Kemper CPA Group Evansville, Ind. 43.69 1.32 27 64 225 330 43 39 18 0

Rea & Associates New Philadelphia, Ohio 40.86 0.64 11 22 173 240 42 34 11 13

Somerset CPAs Indianapolis 33.77 6.30 3 32 99 173 36 31 33 0

Yeo & Yeo Saginaw, Mich. 33.55 9.39 8 11 164 217 38 23 5 34

ORBA Chicago 30.00 13.64 1 26 85 133 34 56 10 0

Porte Brown Elk Grove Village, Ill. 26.47 15.43 5 18 77 119 49 39 12 0

Brady Ware & Co.* Miamisburg, Ohio 19.90 13.71 4 28 106 146 33 53 14 0

Barnes, Dennig & Co. Cincinnati 19.78 4.38 3 26 75 120 53 38 7 2

Maner Costerisan* Lansing, Mich. 19.72 4.56 1 20 72 106 44 20 12 24

Wegner Madison, Wis. 16.82 12.36 6 13 100 127 57 34 6 3

Warady & Davis Deerfield, Ill. 16.50 0.92 1 23 65 97 45 51 1 3

Hawkins Ash CPAs La Crosse, Wis. 16.01 4.71 8 16 103 129 44 39 1 16

Apple Growth Partners Akron, Ohio 13.06 13.17 4 8 99 122 38 46 0 16

CDH Itasca, Ill. 12.80 25.61 3 5 70 90 26 39 28 7

Kutchins, Robbins & Diamond* Schaumburg, Ill. 12.75 23.79 2 14 47 70 46 43 11 0

Clayton & McKervey Southfield, Mich. 12.55 4.85 1 9 46 66 50 50 0 0

Notes: * Firm estimate NA Not available/applicable NC No change

Top Firms: The Great LakesIllinois, Indiana, Michigan, Ohio and Wisconsin Total revenue: $2,289.24 million. Average firm growth: 10.11%The region with the second-highest average growth, the Great Lakes was also one of only three that outperformed the previous year — helped no doubt by strong showings from Wipfli, CDH and Kutchins, Robbins & Diamond.

No. of Illinois firms in the Top 100 and Regional Leaders

No. of Ohio firms12 8

31

0

500

1000

1500

2000

2500

3000

3500

4000

Mid-Atlantic

GreatLakes

TheWest

TheMidwest

The Southeast

GulfCoast

NewEngland

MountainTheSouthwest

CapitalRegion

Where the money isCombined 2017 revenues, in millions of dollars by region

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

BKD Springfield, Mo. 564.40 4.99 36 272 1,843 2,631 49 30 21 0

Eide Bailly Fargo, N.D. 269.40 3.86 28 240 1,229 1,841 42 42 8 8

RubinBrown St. Louis 91.02 5.75 7 115 479 679 44 42 14 0

Honkamp Krueger & Co. Dubuque, Iowa 70.90 4.11 6 45 219 450 16 21 7 56

BerganKDV St. Cloud, Minn. 52.09 8.23 7 46 218 308 19 42 3 36

Brown Smith Wallace St. Louis 45.94 6.84 3 29 249 297 35 33 20 12

Brady, Martz & Associates Grand Forks, N.D. 37.29 0.13 5 41 148 236 43 46 11 0

Lutz Omaha, Neb. 35.05 7.38 2 26 123 175 29 31 10 30

Anders St. Louis 31.80 6.00 1 21 130 185 19 47 4 30

Lurie Minneapolis 29.25 1.39 1 17 104 152 39 49 8 4

Mize Houser & Co. Topeka, Kan. 28.80 9.09 3 19 138 222 70 23 7 0

Boulay Minneapolis 28.68 4.67 2 28 102 160 33 31 18 18

MarksNelson Kansas City, Mo. 23.50 12.98 1 20 95 146 44 31 25 0

Abdo, Eick & Meyers Edina, Minn. 23.00 6.48 2 23 120 169 45 50 5 0

Redpath & Co. St. Paul, Minn. 22.20 9.90 2 16 110 157 46 42 12 0

Mueller Prost St. Louis 20.01 14.54 3 18 105 144 32 43 25 0

Allen, Gibbs & Houlik Wichita, Kan. 18.45 2.16 1 13 80 116 37 29 31 3

Seim Johnson Omaha, Neb. 17.86 7.40 1 20 51 83 42 30 27 1

Olsen Thielen & Co. Roseville, Minn. 15.76 2.20 2 11 71 100 41 33 26 0

KPM CPAs Springfield, Mo. 15.70 3.29 2 21 52 93 42 32 26 0

Williams-Keepers Columbia, Mo. 14.55 4.83 2 13 55 88 51 43 6 0

Notes: NA Not available/applicable NC No change

Top Firms: The MidwestIowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South DakotaTotal revenue: $1,455.65 million. Average firm growth: 5.17%After reporting fairly strong growth for 2016, the region took it more slowly in 2017 — with only two firms registering double-digit growth: MarksNelson, and Mueller Prost, both in Missouri.

regional leaders

32

Top 7 Firms($61.27 bn)

RegionalLeaders

($14.19 bn)

T100 under$100 mn

($3.52 bn)T100 over$100 mn

($10.60 bn)

Where the money is, Pt. 2Combined 2017 firm revenues

regional leaders

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Dixon Hughes Goodman Charlotte, N.C. 404.00 2.54 29 239 1,327 1,950 33 32 35 0

Cherry Bekaert1 Richmond, Va. 173.80 5.85 12 60 681 947 40 41 17 2

Elliott Davis2 Greenville, S.C. 120.00 -4.00 9 80 480 699 44 42 14 0

LBMC Brentwood, Tenn. 96.87 11.87 3 44 405 514 29 32 17 22

Aprio Atlanta 85.13 11.54 4 29 310 401 26 56 13 5

Frazier & Deeter Atlanta 83.62 12.98 6 42 214 296 35 36 0 29

MCM CPAs Louisville, Ky. 53.91 10.70 7 46 254 356 39 41 5 15

Bennett Thrasher Atlanta 50.41 15.41 1 36 194 268 30 58 2 10

PYA Knoxville, Tenn. 45.17 8.53 5 19 162 245 11 20 69 0

Mauldin & Jenkins Atlanta 44.40 -0.89 6 44 181 283 64 29 2 5

Dean Dorton Allen Ford Lexington, Ky. 28.71 12.10 3 24 158 210 31 46 21 2

Smith & Howard Atlanta 26.64 2.26 1 11 69 111 45 53 2 0

Windham Brannon Atlanta 25.84 1.81 1 13 120 161 30 52 18 0

GreerWalker Charlotte, N.C. 23.17 6.04 2 13 73 106 29 49 0 22

Moore Colson Marietta, Ga. 22.11 1.80 1 19 69 102 40 33 27 0

Alexander Thompson Arnold Union City, Tenn. 21.61 6.51 17 21 130 168 58 35 4 3

VonLehman & Co. Ft. Wright, Ky. 19.99 6.05 3 18 68 113 42 41 17 0

WebsterRogers* Florence, S.C. 18.00 0.56 9 20 89 129 16 50 5 29

Bernard Robinson & Co. Greensboro, N.C. 15.76 -0.51 3 15 99 134 43 51 6 0

Hancock Askew & Co. Savannah, Ga. 14.47 23.68 3 11 63 89 55 35 9 1

TJS Deemer Dana Dublin, Ga. 13.60 10.30 3 17 26 81 61 28 0 11

Porter Keadle Moore Atlanta 13.20 -0.83 1 12 51 75 47 18 35 0

Blackburn, Childers & Steagall Johnson City, Tenn. 12.28 4.07 3 11 71 94 46 47 7 0

Beall Barclay* Fort Smith, Ark. 10.66 -1.30 3 12 51 77 55 40 5 0

Notes: NA Not available/applicable NC No change * Firm estimate 1 Cherry Bekaert is headquartered in Virginia, but has operations throughout the Southeast 2 Changed name from Elliott Davis Decosimo

Top Firms: The SoutheastArkansas, Georgia, Kentucky, North Carolina, South Carolina and TennesseeTotal revenue: $1,423.35 million. Average firm growth: 4.48%The region reported the lowest average growth rate, though Savannah-based Regional Leader Hancock Askew posted standout growth above 23 percent.

33

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Moss Adams Seattle 577.00 9.49 27 327 1,915 2,883 42 37 21 0

Armanino San Ramon, Calif. 248.00 27.18 10 103 709 958 22 36 37 5

Holthouse Carlin & Van Trigt* W. Los Angeles, Calif. 139.00 8.32 11 51 407 546 18 76 0 6

Novogradac & Co. San Francisco 136.54 10.15 27 55 439 576 57 30 3 10

Squar Milner Newport Beach, Calif. 101.10 39.45 9 41 328 458 34 54 12 0

Frank, Rimerman + Co. Palo Alto, Calif. 90.30 8.93 4 28 385 421 31 60 9 0

BPM San Francisco 86.30 4.61 7 41 308 433 38 50 12 0

Nigro Karlin Segal Feldstein & Bolno1 Los Angeles 66.95 3.00 5 28 234 301 16 10 0 74

Seiler Redwood City, Calif. 54.50 6.65 3 18 159 215 6 70 0 24

MGO Los Angeles 53.60 26.77 11 32 221 288 50 11 7 32

SingerLewak Los Angeles 53.52 19.57 10 44 199 278 40 41 5 14

Aldrich Salem, Ore. 49.20 4.79 7 34 206 291 26 35 14 25

Miller Kaplan Arase North Hollywood, Calif. 43.50 5.45 6 26 148 205 56 20 21 3

Vavrinek, Trine, Day & Co. Rancho Cucamonga, Calif. 42.50 8.14 9 41 183 255 71 21 8 0

Clark Nuber Bellevue, Wash. 38.60 6.63 1 22 147 201 49 42 0 9

Gursey | Schneider Los Angeles 38.11 4.53 6 16 131 182 4 32 0 64

Krost CPAs* Pasadena, Calif. 33.47 31.41 7 8 86 141 12 12 0 76

Peterson Sullivan Seattle 31.81 4.98 1 21 154 199 39 58 3 0

Perkins & Co. Portland, Ore. 29.96 1.87 2 23 127 168 25 49 21 5

Green Hasson Janks Los Angeles 29.10 8.99 1 14 119 152 35 35 13 17

Hutchinson and Bloodgood Glendale, Calif. 28.65 4.95 4 33 64 121 38 50 12 0

Windes Inc.A Long Beach, Calif. 26.91 4.99 3 18 NA 146 NA NA NA NA

Sensiba San Filippo Pleasanton, Calif. 26.70 14.59 6 22 118 173 37 54 9 0

Geffen Mesher & Co. Portland, Ore. 21.57 1.84 1 18 73 111 28 70 2 0

Gumbiner Savett Santa Monica, Calif. 20.00 NC 1 10 80 104 40 50 8 2

Genske Mulder & Co.* Costa Mesa, Calif. 19.67 15.98 4 24 62 98 42 54 4 0

Abbott, Stringham & Lynch San Jose, Calif. 19.00 4.40 1 14 70 97 32 59 4 5

OUM & Co. San Francisco 18.90 7.39 2 11 65 84 45 48 7 0

Delap* Lake Oswego, Ore. 18.50 2.83 2 14 74 104 32 60 8 0

RINA Accountancy Corp. Walnut Creek, Calif. 16.79 2.57 4 10 53 79 25 64 2 9

Hood & Strong San Francisco 16.67 6.38 3 15 77 102 55 45 0 0

Lindquist San Ramon, Calif. 16.32 7.09 5 11 77 113 98 1 0 1

Bader Martin Seattle 15.07 1.28 1 10 59 94 30 70 0 0

Sweeney Conrad Bellevue, Wash. 14.08 25.04 1 11 62 84 26 70 4 0

Jones & Roth CPAs Eugene, Ore. 12.25 5.60 4 9 59 85 51 40 3 6

Notes: * Firm estimate NA Not available/applicable NC No change A Accounting Today estimate

1 Revenue figures are AT estimates; all other figures are firm-supplied.

Top Firms: The WestCalifornia, Nevada, Oregon and WashingtonTotal revenue: $2,234.14 million. Average firm growth: 11.68%The last of the three regions to grow faster than in the previous year, the West also turned in the strongest performance, with the only double-digit average growth rate among the Regional Leaders. It’s also home to three of the five fast-est-growing firms in the Top 100 — Squar Milner, Armanino, and MGO — as well as two of the fastest growing Regional Leaders Krost CPAs, which is new to the list, and Sweeney Conrad. It was also the beneficiary of one of the year’s biggest deals, when Moss Adams merged in the Mountain Region’s Hein & Associates.

regional leaders

34

niches and clients

percentage of distribution trending only

slightly downward.

Tied with individuals at 71 percent,

professional services overtook nonprofit

organizations in popularity. Nonprofit or-

ganizations fell five percentage points to

be even with the upward-trending health

care facilities, tied at 65 percent. Also mov-

ing up were wholesale distributors, oc-

cupying the tenth spot on the list, up 6

percentage points to 60 percent.

Karin Gale, shareholder and manu-

facturing and distribution team leader at

Appleton, Wis.-based Schenck, believes

manufacturers’ adaptability is responsi-

ble for their top spot. “We’re seeing man-

ufacturers focusing significant resources

around cutting-edge technology as a way

to reduce risk and enhance their long-term

sustainability,” said Gale. “At Schenck,

we’ve done the same. We offer clients in-

novative tools to help their manufacturing

organizations meet the scope of their busi-

ness challenges, including access to spe-

cialists in human resources, operations,

risk and technology. In addition, our ex-

pertise in addressing their international,

tax and financial reporting needs provides

valuable insight to aid their decision-mak-

ing and ultimately help them grow.”

Meanwhile, Ridgeland, Miss.-head-

quartered Horne credits its commitment

to the construction industry as helping

the firm grow that client base. “Our con-

struction team members work exclusively

on construction clients,” said Joel Bobo,

partner-in-charge of Horne’s construction

services. “This focus allows us to provide

relevant advisory services, collaborate

with clients on anticipatory insights, and

provide services which help improve their

profitability and growth. Our construction

team members also collaborate with other

focus areas in our firm to assist many con-

tractors with succession and exit planning,

which is common for many family-owned

businesses.”

For Miami firm Kaufman Rossin, its

South Florida location has been beneficial

to growing not only its construction client

base, but its real estate clientele. “As the

real estate market continues to evolve,

deals are becoming more complicated

and often require a more specialized ap-

proach,” explained Marc Feigelson, prin-

cipal of assurance and advisory services.

“Companies in this industry face many

challenges, from increasing competition

that is driving up prices and labor to rising

compliance costs, and so being flexible

and creative in deal structuring is often

key. We’ve helped numerous clients in this

arena … . In recent years, we’ve expanded

our real estate and construction practice

area by continuing to build our specialized

service offerings such as cost segregation,

real estate private equity advisory, interna-

tional and domestic transaction advisory.”

New York City-based CohnReznick’s

success in real estate is similarly mar-

ket-driven. “Our national commercial real

estate practice continues to experience

strong year-over-year growth due to ex-

ceptional market conditions in that indus-

try, as well as our expanded service offer-

ings for all property sectors and markets

throughout the capital stack,” said chief

growth officer Thomas Fassett.

Armanino’s Matt Armanino attributes

the firm’s growing roster of technology

clients to two distinct things: “The tech-

nology industry has been a massive area of

focus and growth for Armanino for many

years now. It’s by far our largest industry

niche, at almost 40 percent of the firm’s

revenue. We have a deep specialization

and expertise with technology companies.

Last year, the market for technology com-

panies was a strong market. There was a

shift from companies that have been may-

be doing M&A transactions now back into

a true, healthy IPO cycle. There were a lot

of new opportunities to support existing

technology clients, and get new opportu-

nities for companies.”

Aldrich CPAs + Advisors in the North-

west provides a similar mix of accounting

and advisory services to one of its fast-

est-growing client bases: health care facili-

ties. “Our health care services team has ex-

panded our offerings to include consulting

to provide the total practice solution,” said

Kate Othus, partner and health care ser-

vices director. “The consulting team and

the CPA team work hand in hand to serve

our clients using data to help support our

recommendations and findings. While the

CPA team effectively handles their compli-

ance and accounting needs, the consulting

team provides a deep-dive look into the

business side of medicine by conducting

practice assessments, and also helps our

clients evaluate their growth initiatives and

needs by facilitating strategic planning.” AT

NICHES from page 24

‘The consulting team and the CPA team work hand in hand to serve our clients using data to help support our ... findings.’

35

Aldrich: In October 2017, acquired a

Pasadena, Calif.-based construction ac-

counting practice. Added a chief financial

officer and a chief operating officer.

Anchin: In February 2017, held its third

annual Anchin Construction & Develop-

ment Forum.

Aprio: In January 2017, rebranded from

Habif, Arogeti & Wynne. In March, merged

in Birmingham, Ala.-based Yeager & Boyd.

In January 2018, merged in Atlanta-based

RRB Business Services. Added a process

improvement service offering.

Armanino: In February 2017, formed

a charitable giving arm, the Armanino

Foundation. In March, merged in Cali-

fornia-based Bernstein Business Manage-

ment Group. In May, joined the BlackLine

partner program. In June, merged in El

Segundo and San Jose, Calif.-based Team

Jenn Corp., and the Brenner Group, in

Menlo Park, Calif. Promoted its largest

internal partner class ever.

Aronson: Expanded learning and de-

velopment platform, adding a director.

Implemented new performance manage-

ment process and technology. Made in-

vestments and saw growth in a number

of advisory services, including technology

risk, enterprise risk management, and ac-

counting advisory services.

Baker Newman & Noyes: Saw “great

growth” in advisory services, particularly

the health care and biotech industries.

Baker Tilly Virchow Krause: Launched

Center for the Return of Manufacturing.

Created online Healthcare and Tax Reform

Resource Centers, and Disaster Recovery

Online Resource. Launched Revenue Cy-

cle Innovation Center.

BDO USA: In April 2017, merged in Jack-

sonville, Fla.-based LBA Wealth Advisors,

and Virginia-based Hilton Consulting. In-

vesting “significant resources” in cybersec-

urity, and technology and risk advisory.

Bennett Thrasher: In May 2017, moved

to brand-new office space. Added risk ad-

visory service and tax controversy services.

Near to completing a 10-year transition to

the next generation of leadership. Saw rev-

enue growth of over 15 percent. Named an

Accounting Today Best Firm to Work For.

Berdon: In July 2017, merged in New

York City-based Koch Group & Co. En-

hanced strategic planning process to in-

clude all levels of professionals and vari-

ous administrative functions.

BerganKDV: In July 2017, merged in

Farmington, Minn.-based Beltz, Kes, Dar-

ling & Associates. Chose new chief exec-

utive officer, to take office in July 2018.

Moved Iowa city and Coralville staff to a

new office.

Berkowitz Pollack Brant: Added two

new offices, in West Palm Beach, Fla., and

New York City.

BerryDunn: In July, merged in Portland,

Maine-based Compass Health Analytics.

BKD: In May 2017, merged in Den-

ver-based Paragon Audit & Consulting. In

January 2018, acquired financial institu-

tion practice of Houston-based Harper &

Pearson Co.

Blue & Co.: In January 2017, merged

in third-party benefit plan administrator

Indiana Benefits Inc. Now offering IT risk

management solutions.

BlumShapiro: Launched an innova-

tions office to focus on capitalizing on new

technologies. Formalized technology, life

science, clean energy, and food and bever-

age industry groups.

The Bonadio Group: In October 2017,

merged in the nursing home practice of

Rochester, N.Y.-based EFPR Group. In No-

vember, merged in Buffalo, N.Y.-based Vin-

cent J. Muffoletto CPA.

BPM: In July 2017, combined with Eu-

gene, Ore.-based information security firm

Info@Risk. Committed to growing special-

ty services in risk advisory, corporate tax

and transactional advisory services.

Brown Smith Wallace: Launched a

three-year strategic plan. Updated the

firm’s mission, vision and values. Launched

new service offerings, including business

performance consulting; refocused effort

on industry segments.

Carr, Riggs & Ingram: In February 2017,

merged in Nashville, Tenn.-based Rayburn

Fitzgerald, and Florida-based Proctor,

Crook, Crowder & Fogal. In July, merged in

Atlanta-based AGH. In November, merged

in New Mexico-based RPC CPAs.

CBIZ & MHM: In June 2017, acquired

private equity consulting firm CMF Asso-

ciates. In December, acquired Newport

Beach, Calif.-based McKay & Carnahan.

In February 2018, acquired Denver-based

M&A due diligence services provider Lau-

rus Transaction Advisors.

Cherry Bekaert: In October 2017, elect-

ed a new managing partner (its first female

MP), to be installed in May 2018. In No-

vember, acquired Nashville, Tenn.-based

Frasier, Dean & Howard, and Washington,

D.C.-area Berlin Ramos & Co.; established

new tech solutions arm with acquisition of

consultancy The Computer Solution Co. of

Virginia. In January, acquired Alpharetta,

Ga.-based Windward Tax.

Citrin Cooperman: In October 2017,

merged in New York-based Kera & Co. In

January 2018, merged in Bethesda, Md.-

based Schneider & Associates. Added a

number of lateral partners in specialty

services.

Clark, Schaeffer, Hackett & Co.: In July

2017, merged in Toledo, Ohio-based Lub-

linSussman Group. New service revenues

in leadership and development, as well as

HR consulting.

CliftonLarsonAllen: In January 2017,

merged with Reno, Nev.-based The Bosma

Group, Las Vegas-based Main Amundson

and Associates, and Oregon’s Mack, Rob-

erts & Co. In June, merged in Glendora,

2018 Top 100 highlights

firm highlights

36

Calif.-based Vicenti, Lloyd & Stutzman.

In January 2018, merged in Los Ange-

les-based NSBN.

Cohen & Co.: In October, merged in

Baltimore-based Arthur Bell. Made “a sig-

nificant number” of lateral hires; increased

total staff by over 15 percent.

CohnReznick: Launched its first subsid-

iary in Europe; launched Cloud Solutions

Group.

Crowe Horwath: In April 2017, merged

in cybersecurity risk management firm

SDGblue. In October, merged in San Fran-

cisco-based Rowbotham International. In

January 2018, merged in Atlanta-based risk

consulting firm TRU8 Solutions. Opened

offices in San Jose, Calif., and downtown

Los Angeles. Marked its 70th anniversary.

Deloitte: In January 2017, opened block-

chain lab in New York City. In March,

acquired McLean, Va.-based cloud con-

sulting firm Day 1 Solutions. In August,

acquired Swedish creative agency Acne.

In November, launched Auvenir audit-

ing technology for small firms. In January

2018, partnered with Tableau to launch

data analytics and visualization tool for tax

departments.

Dixon Hughes Goodman: In February

2017, merged in Nashville, Tenn.-based

health care consulting firm HDR Con-

sulting. Developed and expanded people

strategy. Developed new offerings, mostly

in advisory services.

Doeren Mayhew: In January 2017,

merged in Swiss tax firm Emerson & Part-

ner U.S. Tax. In October, installed new

managing shareholder.

Eide Bailly: In January 2017, merged

in Spokane, Wash.-based Langerhorst &

Self-Merritt CPAs. In June, merged in Des

Moines, Iowa-based Roth & Co. In Octo-

ber, merged in Orem, Utah-based Haw-

kins Advisors. In December, merged in

Texas-based Davis Kinard & Co. In Janu-

ary 2018, merged in Denver-based Heider,

Tanner & Dirks, and American Fork, Utah-

based digital forensics and data recovery

firm Decipher Forensics. Announced plans

to merge in Gooding, Idaho-based France,

Basterrechea, Wagner & Bunn in May.

EisnerAmper: In January 2017, merged

in Princeton, N.J.-based Field & Higgins,

and New York City-based Goldberg CPA.

In December, merged in New York-based

Cohen & Schaeffer. Created the Eisner-

Amper Center for Family Business Excel-

lence, and partnered with a tech company

to start a health care advisory company.

EKS&H: Established an investment

banking operation.

Elliott Davis: In October, shortened

name from Elliott Davis Decosimo. Tran-

sitioned from an office-centric focus to a

“One Firm” focus. “Clarified and consoli-

dated” several industry service lines. Cre-

ated a shared service platform to centrally

provide general/administrative services.

Ernst & Young: In February 2017, ac-

quired the technology platform assets of

TaxChat. In July, merged in family enter-

prise business services firm Headwaters

SC. In December, announced a new chair

and manager partner-elect (its first female

MP), who will take office in July 2018. In

January 2018, merged in San Diego-based

RPR Partners and Portland, Ore.-based

digital design firm Citizen; opened learn-

ing hub in Hoboken, N.J.

FGMK: Expanded offerings in its spe-

cialty tax practice, family office, real estate,

financial services, M&A, and profit en-

hancement consulting service lines.

Frank, Rimerman & Co.: Saw revenue

growth of almost 9 percent.

Frazier & Deeter: Saw revenue growth

of almost 13 percent.

Freed Maxick: Installed a new man-

aging director. Updated firm governance

documents. Developed a business intelli-

gence and data analytics practice. Added

a career coach and recruiting specialist,

and a training and development specialist.

Marking its 60th anniversary in 2018.

Friedman: Installed new co-manag-

ing partners. Launched a digital curren-

cy practice and a cybersecurity practice.

Named an Accounting Today Best Firm to

Work For.

Grant Thornton: Saw double-digit

growth in advisory services, and in five

industry groups. Made major investments

in brand-building with PGA and golf spon-

sorships. Added a chief economist.

Grassi & Co.: In January 2017, merged in

Ronkonkoma, N.Y.-based James Bohl CPA

PC, and Scarsdale, N.Y.-based Bernstein &

Seidman. Entered the New Jersey market

with an office in Bergen County. Enhanced

consulting services.

Hill, Barth & King: In September 2017,

merged in Pittsburgh-based appraisal firm

Brabender Mascetta Pattison. In October,

acquired Fort Myers, Fla.-based Sally Friz-

zell Coleman CPA; HBKS Wealth Advi-

sors merged in Philadelphia-based Locust

Capital Management.

Holthouse Carlin & Van Trigt: Marked

25th anniversary in 2017. Appointed a

new COO. Saw growth and momentum in

M&A, private equity, and trust and estate

services practices.

Honkamp Krueger & Co.: In January

2018, acquired Iowa-based Gabelmann &

Associates. Continued expansion of deci-

sion-support services.

Horne: Developed new tech solutions

for government services team and fran-

No. of mergers reported by the T100:

120

firm highlights

37

chise outsourcing team. Expanding cyber-

services footprint. Opened project offic-

es in South Carolina, North Carolina and

West Virginia.

Katz, Sapper & Miller: Grew overall staff

by more than 15 percent.

Kaufman Rossin Group: Organic

growth a “key driver.” Seeing growth in

South Florida, particularly in outsourced

accounting for small businesses and fam-

ily offices; bank consulting services; and

real estate services.

K-Coe Isom: In July 2017, merged in

Missouri-based Baer & Co. In Decem-

ber, merged in Des Moines, Iowa-based

agricultural training and consulting firm

Praedium Ventures. New market focus on

specialty transportation and beverage dis-

tribution. Named a new chair.

Kearney & Co.: Grew net revenue by

more than 20 percent. Named an Account-

ing Today Best Firm to Work For.

Kemper CPA Group: Marking its 60th

anniversary in 2018. Fastest growing spe-

cialty service — CAS/BPO; fastest growing

client category — nonprofits.

KLR: In December 2017, merged Kir-

adjieff & Goode Inc. into KLR Executive

Search Group.

KPMG: In May 2017, broke ground on 55-

acre learning facility in Orlando, Fla. In Au-

gust, announced expansion of its data and

analytics program to nine more colleges

and universities. In October, launched Ig-

nite, a portfolio of AI tools. Over the course

of 2017, created alliances with ADP, Auto-

mation Anywhere, BlackLine, Blue Prism,

Case Commons, Dell Boomi, JDA Software

Group, Nasdaq’s BWise, and Ping Identity.

In January 2018, announced plans to ac-

quire the identity and access management

business of Silicon Valley-based Cyberinc.

LBMC: In April 2017, merged an Atlan-

ta-based Intacct practice into its technol-

ogy group. In August, merged in Tennes-

see-based business outsourcing compa-

ny W Squared. Returned to double-digit

growth in traditional service lines.

Marcum: In April 2017, named a chief

human capital officer. In May, merged in

New Haven, Conn.-based Meyers, Harri-

son & Pia. In June, merged in the Califor-

nia-based construction accounting prac-

tice of Warren Hennagin; MP was named

chairman and CEO.

Margolin, Winer & Evens: Announced

succession plan in February 2017; installed

new managing partner in January 2018.

Marks Paneth: In February 2017,

merged in New York City-based Shedler

& Cohen. In November, expanded to Con-

necticut by merging in Stamford-based

Dylewsky, Goldberg & Brenner. In Janu-

ary 2018, merged in New York City-based

Buck, Sturmer & Co. Opened an office in

Boca Raton, Fla.; expanded office space in

Parsippany, N.J.

Mauldin & Jenkins: In October 2017,

merged in Columbia, S.C.-based Derrick,

Stubbs & Stith. Elected a new managing

partner to take office in August 2018.

Mazars USA: In November, merged in

New York City-based Elliot Horowitz & Co.

Invested in cybersecurity and related con-

sulting. Launched new training curricula,

and leadership and soft-skill programs.

MBAF CPAs: Expanded cybersecuri-

ty services. Added a number of manag-

ing principals to oversee specific offices

and markets. Hired a team to coordinate

learning and development across the firm.

Named an Accounting Today Best Firm to

Work For.

MCM CPAs: In August 2017, merged in

Indianapolis-based K.B. Parrish & Co. Saw

rapid growth in several niches, including

auto dealerships, construction, hospitality

and insurance.

MGO: Launched a cannabis practice.

Opened its first international office in

Delhi, India. Doubled its entertainment,

sports and media practice.

Miller Kaplan Arase: Invested heavily in

training and development. Moved to a new

location in San Francisco.

Montgomery Coscia Greilich: Fastest

growing specialty service — M&A; fastest

growing client category — private equity.

Moss Adams: In August 2017, announced

plans to merge with Denver-based Top 100

Firm Hein & Associates. In September,

merged in Seattle-based Rona Consulting

Group.

Nigro Karlin Segal Feldstein & Bolno: Revenue figures are Accounting Today esti-

mates; all other data is firm-supplied.

Novogradac & Co.: Grew revenue by

over 10 percent; increased number of em-

ployees by over 6 percent.

PBMares: New to the list. Fastest grow-

ing specialty service — cyber-related ser-

vices; fastest growing client category —

government contractors.

PKF O’Connor Davies: In January 2017,

merged in Suffern, N.Y.-based Scialo, Rei-

mann & Varley CPA.

Plante Moran: In July 2017, installed

new MP.

Postlethwaite & Netterville: In May,

elected new CEO and managing director,

to take office in May 2018. Saw an increase

in “non-CPA personnel, special projects

and project management-related services.”

Prager Metis: In January 2017, merged in

Morganville, N.J.-based Bernknopf Group,

and Los Angeles-based Stuart A. Ditsky

CPA. In August, merged in Miami-based

Vizcaino Zomerfeld. In October, merged

in Cameo Wealth & Creative Management

Inc. and the Asteri Group. In January 2018,

merged in New York City-based Geibelson,

Young & Co., and U.K.-based Smallfield

Cody. Created new technology entity.

PwC: In January 2017, announced $11

million investment in Carnegie Mellon’s

new Risk and Regulatory Services Inno-

vation Center; announced acquisition of

GE’s tax unit, with 600 professionals and its

tax technologies. In May, acquired corpo-

rate asset recovery company The Locator

Service Group. In September, announced

firm highlights

38

launch of independent law firm, ILC Legal.

In February 2018, announced sale of its

U.S. public sector business.

PYA: Grew revenue by over 8 percent.

Fastest growing specialty service — valua-

tion services; fastest growing client catego-

ry — health care facilities.

Raffa: In March 2017, acquired em-

ployee engagement tool developer Aspire;

launched global e-mentoring partnership.

More than 60 percent of owners and 60

percent of staff are women. Launched Raf-

fa Social Capital Advisors to support social

impact investors seeking investment.

Raich Ende Malter & Co: Added foren-

sic/fraud accounting services. Saw reve-

nue growth of over 12 percent.

Rea & Associates: In November 2017,

merged in Cleveland-based Walthall CPAs.

Continued to further learning and devel-

opment efforts, and to implement strategic

plan.

Rehmann: In January 2018, merged in

Bonita Springs, Fla.-based Wiebel, Hen-

nells & Carufe; Naples, Fla.-based CPA

Jana Knudson; and Lansing, Mich.-based

Godfrey Wise Berg CPAs.

RKL: In October 2017, merged in Me-

chanicsburg, Pa.-based Padden, Guerrini

& Associates. In January 2018, merged tech

consulting firm Arxis Technology into its

RKL eSolutions unit. Expanded focus of its

financial services industry group.

RSM US: Marked its 91st anniversary. In

March 2017, acquired assets of consulting

firm Athens Partners and launched First-

Choice Advisor Center. In December 2017,

launched RSM Canada. In January 2018,

acquired Cleveland-based security and

privacy consulting firm SecureState.

RubinBrown: In June 2017, merged

in Las Vegas-based Archibald & Barney.

In December, expanded to Chicago by

merging in FLS Group. In January 2018,

merged in St. Louis-based Goltermann &

Associates.

SC&H Group: Saw growth in technol-

ogy advisory and CFO advisory services,

and “large growth” in investment banking

services. Named an Accounting Today Best

Firm to Work For.

Schellman & Co.: New to the list. Saw

revenue growth of almost 23 percent.

Schenck: Transitioning to a new man-

aging partner, and a new COO. Joined the

Leading Edge Alliance.

Schneider Downs: Expanded capabil-

ities and service offerings in the high-

net-worth family office space; expanded

cybersecurity practice.

Seiler: Added an office.

Sikich: In January 2017, installed new

managing partner. In March, acquired em-

ployee benefit services business, Milwau-

kee-based Evolution Retirement Services.

SingerLewak: In January 2017, merged

in South San Francisco, Calif.-based Good

& Fowler. In December, merged in Tor-

rance, Calif.-based Kakimoto & Nagashi-

ma.

Skoda Minotti: Named an Accounting

Today Best Firm to Work For.

Squar Milner: In November 2017,

merged in Campbell, Calif.-based Loom-

is & Co., and San Francisco-based DZH

Phillips.

SVA: Saw revenue growth of over 10 per-

cent. Expects “rapid growth” in technology

consulting.

UHY Advisors: In February 2017, ac-

quired Byrne International. In January

2018, acquired Raleigh, N.C.-based soft-

ware implementation firm Bright Point

Consulting. “Greatly enhanced” cyberse-

curity services.

Vavrinek, Trine, Day & Co.: Added a

cybersecurity division.

Warren Averett: In April 2017, merged

Kinsight into Warren Averett Asset Man-

agement. Installed new CEO. Opened an

office in Chennai, India.

Weaver: Opened an office in New York.

Grew investment fund practice; invested

in health care services; rebuilt forensic and

litigation practice. In February 2018, ac-

quired the tax practice of Houston-based

Condon & Co.

Whitley Penn: In January 2017, merged

in Texas-based Wagner, Eubank & Nichols,

and Texas-based Hanner & Associates. In

March, merged in specialty litigation ser-

vices firm OverMont Consulting. Saw “sig-

nificant organic growth in each market.”

Wipfli: In January 2017, merged in Chi-

cago-based BIK & Co. In February, merged

in Chicago-based Horwich Coleman

Levin, and Minneapolis-based Barefoot

Technologies. In September, launched

website development service. In October,

merged in Great Falls, Mont.-based Re-

gional Leader Joseph Eve. In December,

merged in Milwaukee-based Sattell, John-

son, Appel & Co. In January 2018, merged

in Chicago-based Kessler Orlean Silver &

Co. In February, merged in Denver-based

Bauerle & Co.

Withum: In April 2017, united with part-

ner PWM Advisory Group to form Withum

Wealth Management. In May, merged in

IT consulting firm Portal Solutions. In Sep-

tember, merged in Bethesda, Md.-based

Regional Leader Bond Beebe.

Wolf & Co.: Named an Accounting Today

Best Firm to Work For. Integrated separate

audit and tax groups. Reorganized to focus

on niches.

No. of new CEOs elected or installed:

12

firm highlights

Accounting Today’s 11th annual ranking is dedicated to identifying and recognizing the best employers in the tax and accounting profession.

ELIGIBILITY:To be eligible for consideration, companies must be a public or privately held U.S. accounting firm with a minimum of 15 employees. The survey and awards program will rank companies in three categories:

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Vol. 31 I No. 11 I November 2017 accountingtoday.com

IF YOU BUILD IT ... P.27 CPAs should ask these questions before starting a fi nancial planning practice

TARGET: CPAS P.29 The increasing threat of cybersecurity breaches should propel accountants into action today

LANDING THE BIG FISH P.37 Firms need to innovate their sales process if they are going to reel in the top clients

THE TOP WORKPLACES IN ACCOUNTING FOR 2017. SEE PAGE 9

PARTICIPATION BENEFITS:All firms that register for this free, confidential survey receive:

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● An opportunity to potentially be part of an elite and exclusive industry ranking.

Are you one of the Best Accounting Firms to work for?

For 2018 program information, please visit: WWW.BESTACCOUNTINGFIRMSTOWORKFOR.COM

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