Grant Thornton US posts revenues of $1.9 billion in FY 2019

30 September 2019 2 min. read
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Grant Thornton LLP, the US member firm of Grant Thornton International, announced revenues of $1.9 billion for the fiscal year ending July 31, 2019. The record revenues represent a year-over-year increase of 5.4%.

“We posted historic revenues last year – in part by doing what has always made us strong: Delivering exceptional value to clients through high-quality audit, tax, and advisory services,” Bradley Preber, interim CEO of Grant Thornton, said.

Preber took the reins of the mid-market accounting and consulting firm on August 1, replacing Mike McGuire, who had held the role since 2015. The firm is currently looking for a longer term CEO replacement with the assistance of an executive search firm.

Preber also highlighted technological innovation as a driver of growth at Grant Thornton. In the fiscal year, the firm launched a cloud-based system to boost collaboration between its teams and clients, while solidifying data protection. The firm also launched client tools for lease accounting and analytics, and automated tax-credit processes for R&D efforts.

Grant Thornton US posts revenues of $1.9 billion in FY 2019

In July, Grant Thornton partnered with Hitachi Solutions to develop an AI-based tool for advanced risk sensing and predictive analysis.

The firm also launched a learning program to prep its tax employees for a future centered more on the prescription of high-tech solutions than on basic tax compliance services.

Grant Thornton also rolled out a whole-ledger analytics system as part of a technology suite to enhance audit quality and efficiency. Grant Thornton’s latest regulatory report noted that the firm’s audit quality remained among the best in the accounting industry.

On the acquisitions front, the consultancy made a splash with the acquisition of TayganPoint, a Philadelphia-based healthcare and life sciences consultancy, in October 2018. The transaction added 70 professionals and enhanced Grant Thornton’s consulting capabilities in the healthcare and life sciences sectors.