PROVIDENCE – Kahn Litwin Renza & Co. Ltd. brought in more than $35 million in revenue for the fiscal year ended in December, earning the Providence firm a spot at No. 96 on Inside Public Accounting’s annual ranking of the largest 100 accounting firms in the U.S.
Kahn Litwin, the only Rhode Island-headquartered firm to make the 2014 list, moved up this year from its rank last year at No. 100.
Also named among the top 100 firms in the 2014 ranking were several firms that maintain an office in Providence but are headquartered elsewhere, including Ernst & Young LLP (No. 3), KPMG LLP (No. 4) and Marcum LLP (No. 15) of New York; CBIZ & Mayer Hoffman McCann PC (No. 10) of Cleveland; and BlumShapiro (No. 56) of West Hartford, Conn.
The top accounting firm in the country for 2014 was Deloitte LLP of New York, with $13.9 billion in revenue during the fiscal year ended June 2013 and more than 100 offices worldwide. PwC U.S. (No. 2) of New York and McGladrey LLP (No. 5) of Chicago rounded out the top five along with Ernst & Young and KPMG.
Although profit margins among the top 100 firms slipped during the last year, nearly all firms reported positive revenue growth, Inside Public Accounting said. All 100 firms averaged 6.3 percent revenue growth in fiscal year 2013 and 7.4 percent net-income growth excluding mergers.
“The further we get from the recession, the greater the number of IPA 100 firms we see with positive growth,” says Kelly Platt, principal of the Platt Group, which publishes Inside Public Accounting. “Ninety-two of the IPA 100 experienced positive organic growth (excluding the effects of mergers) this last fiscal year – a significant improvement over the past five years.”