Baker Tilly International has reported a 5% increase in member firm revenues to $3.2bn in the year to 30 June 2011.
More than half of the firm’s revenues came from audit and accounting services, which dropped 1% on the previous year due to fee pressure and high competition levels.
The network has seen a 21% growth in advisory services and 7% increase in tax.
In Asia Pacific, the network increased fee income by 40% and Latin America grew 24%. North America scraped through with a 1% increase and the EMEA region dropped 1% as a result of the Eurozone crisis.
Related
“There is no doubt that our results accurately mirror the economic environment in which our clients are operating, reflecting a two-tier recovery with different regions moving at different speeds,” Baker Tilly International chief executive Geoff Barnes.
Barnes said new challenges faced by clients include difficulties in finding access to credit for privately-held businesses and concerns related to succession planning.
“It is exactly areas like these where our clients are increasingly turning to our member firms for advice and guidance,” he said.
Baker Tilly International is the eighth largest accounting network.
A full ranking of global networks and associations will be revealed in the International Accounting Bulletin World Survey this month.