Professional services major BDO Global accelerated its revenue growth in its most recent fiscal year, reaching worldwide annual sales of $12.8 billion.

BDO’s 2022 fiscal covered the 12 months through September 30. During that period, the company’s revenue increased by 12.5% year-over-year on a constant currency basis, a marked increase from the 10.8% growth it achieved in fiscal 2021.

“BDO has a strong foundation on which we will continue to build and transform,” commented BDO global CEO Pat Kramer, who took over the reins in November after leading the network’s Canadian member firm. “We embrace the change that will come and we will continue investing in quality, digitalisation, technology and talent, for the benefit of our clients and our people.”

Belgium-headquartered BDO is not a company in the usual sense but rather a collection of mostly independent consultancies that operate under one brand. Those consultancies employed 111,307 employees across 1,803 offices worldwide as of September 30, up from 97,292 employees and 1,278 offices a year earlier.

According to BDO, 42% of the fee income its member firms produced last year came from audit and assurance services. That’s an accounting industry term for working with companies to verify the accuracy of their financial reports.

Advisory services accounted for 22% of BDO’s 2022 revenues.

BDO, like the Big Four firms and other major market players, has a presence in many parts of the advisory ecosystem. It works with companies to optimize their supply chains, implement sustainability programs and prepare for IPOs.

The exact mix of services on offer varies among BDO’s member firms. The American member firm, for example, offers wealth management services to individuals alongside its consulting solutions for corporations.

BDO’s tax business accounted for 22% of its worldwide revenues in 2022, while its business process outsourcing group contributed the remaining 14%. The latter division performs long-term work for clients like managing corporate IT systems and handling payroll administration. 

BDO’s US member firm continued to play a central role in its business operations during 2022. The member firm’s revenues climbed no less than 25% year-over-year in fiscal 2022, which means it grew twice as fast as BDO as a whole.

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