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The reign of B.C.’s Big Four accounting firms – Deloitte LLP, KPMG LLP, PwC and EY— is being challenged by competitors such as MNP LLP, which is outpacing the Big Four, whose revenue and employment numbers have traditionally dominated the industry in B.C. and across North America.
MNP increased its revenue in 2016 by more than 10% compared with 2015: to $660 million from $597 million. While MNP has only half the revenue of the lowest-earning Big Four firm, it far outpaced the revenue growth of any of the top firms last year and past five years. Over a five-year span, MNP has increased its revenue by just over 50%: to $660 million in 2016 from $430 million in 2012. It tripled the revenue growth of its closest competitor, KPMG, which increased its revenue 17% during the same period.
Revenue growth is not the only area in which smaller national firms are challenging the Big Four. In 2016, MNP surpassed each of the top four firms in the number of partners working in the province. MNP increased its partners by 40%: to 132 in 2016 from 94 in 2014. According to information collected by Business in Vancouver, EY no longer holds a spot among the top five largest accounting firms in the province, after the number of provincial employees at MNP and BDO surpassed EY’s total. MNP has almost twice as many B.C. employees as EY has. In 2017 MNP also surpassed PwC in its number of local employees for the first time.
For the full Business in Vancouver (BIV) article, visit https://www.biv.com/article/2017/6/smaller-accounting-firms-challenging-supremacy-top/
To learn more about how MNP can help you grow your business, contact Darren Turchansky CPA, CA, Executive Vice President, British Columbia and Regional Managing Partner, Vancouver at 604.685.8408 or [email protected]
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