- Global revenue up from $5.7 billion to $6.3 billion
- Consulting revenues rise 15% as Member Firms support pandemic response
- New Member Firms appointed in Denmark, Chile, Paraguay, Zambia and Kazakhstan
- 12 new offices opened as global team numbers reach 48,000
RSM, the leading global audit, tax and consulting network focused on the middle market has announced revenue growth of 9.2%* for 2020, taking global revenues to $6.3 billion and its team to 48,000 people across 120 countries.
Consulting services saw the highest growth with an increase of 15%. This was driven by demand for management and business consulting, IT consulting and risk management, as RSM supported middle market business leaders in their response to the pandemic, the reorganisation of their business operations and the digitalisation of their infrastructure.
Significant audit client wins in 2019 contributed to a 10% increase in audit revenue in 2020. Audit services were further enhanced through the launch of an innovative online collaboration tool to enhance client experience, enable efficiencies in audit, compliance and advisory services, as well as offering integrated data analytics capabilities.
Recording a 6% increase in global tax revenue, predominantly driven by its business advisory services, RSM’s tax team rapidly mobilised to help clients address heightened complexity in an ever-changing legislative landscape caused by the COVID-19 crisis. RSM also saw an increased demand for advice regarding the application of government stimulus packages, M&A opportunities for strategic deals and, in the latter part of the year, restructuring and transaction support as businesses looked for recovery solutions.
Jean Stephens, Global Chief Executive Officer, commented:
“2020 has been a challenging year but our growth reflects the agility and resilience we have shown in the face of adversity, adapting our digital infrastructure in line with rapid change, being purposeful in our decision-making and prioritising the wellbeing of our colleagues and business security of our clients.
“At a time when businesses are being challenged to transform, we remain focused on providing innovative, high-quality services and solutions to help our clients reimagine their future.”
Monika Marečková, Managing partner of RSM CZ & SK, commented:
“The 2020 financial results further strengthen RSM as the leading network globally. I am proud that the Czech Republic and Slovakia significantly contributed to these global figures by a growth of 26%. At the end of last year, RSM CZ and SK were awarded the second-fastest-growing RSM member firm in the category of 10-30 mil. USD. This excellent result was composed of both organic growth and of our recent acquisition of HR and payroll software Nugget (now RSM Payroll Solutions CZ), which was fully integrated in January 2020. Our ambition is to grow further in 2021. We are, therefore, constantly looking for new opportunities mainly in our Tax, Payroll outsourcing, Accounting services, and our IT services with a focus on international clients“
Growth supported by an agile and robust pandemic response
At the start of the pandemic, RSM communicated a four-part framework for both internal management and client service approach, to navigate the different phases of the crisis – reaction, resilience, reactivation and reimagination. Prioritising the safety and support of colleagues, clients and communities, RSM’s business operations were rapidly digitised to facilitate remote collaboration and ensuring seamless business continuity.
A new, dedicated global learning management platform was rolled out, enabling a rapid transition from face-to-face to online learning and further enriching new ways of working, together with sharing latest industry insights, leadership and IT training and service line best practice.
To shape the future of RSM’s digital client service offering, a Digital Services Taskforce was created to facilitate the development of new technology solutions tailored for the middle market. A series of internal virtual training events and conferences were held to harness the creativity and lateral thinking of RSM’s global teams in order to pool ideas and shape client solutions.
Further highlights over the year include the appointment of RSM’s first Global Diversity and Inclusion Leader, together with the creation of a new role – Chief Operating Officer – reflecting the significant development of RSM’s infrastructure in recent years and intended to further cement RSM’s position as one of the world’s leading networks.
Looking to the future
Jean Stephens concluded:
“It has been inspiring to see the sense of community demonstrated by our Member Firms and teams over the course of this year and I am enormously proud of how we have supported clients during this extraordinary time.”
“We enter 2021 in a strong position. That said, we are highly cognisant of the fact that, in common with businesses across the globe, there will be material impacts on our Member Firms, clients and communities due to the lasting and ongoing effects of the pandemic.
“Amidst the uncertainty and many challenges presented by the pandemic, we have seized the opportunity to reflect, and reimagine how we collaborate, harness the right technology, stay connected and intentionally shape our future. These are the themes that we continue to focus on as we think about the changing world around us and our 2030 strategic roadmap for RSM.”
* Revenue growth percentage calculated at 9.2% using average currency rates and 9.5% in constant currency terms
Constant currency was calculated by applying 2020 exchange rates to 2019 revenues and then calculating the year on year growth.
Average currency was calculated using the average exchange rates for 2020 (26 November 2019-25 November 2020) as provided by the International Accounting Bulletin and taken from Investing.com
RSM is the 6th largest network of independent audit, tax and consulting firms, encompassing over 120 countries, 820 offices and 48,000 people internationally. The network’s global revenues are $6.3 billion. As an integrated team, RSM shares skills, insight and resources, as well as a client-centric approach that’s based on a deep understanding of its clients’ businesses. Through The Power of Being Understood, RSM empowers clients to move forward with confidence and realise their full potential.
RSM is a member of the Forum of Firms, with the shared objective to promote consistent and high-quality standards of financial and auditing practices worldwide. RSM is the brand used by a network of independent accounting and advisory firms each of which practices. RSM International Limited does not itself provide any accounting and advisory services. Member firms are driven by a common vision of providing high quality professional services, both in their domestic markets and in serving the international professional service needs of their client base. For more information, visit www.rsm.global, or search for RSM on Facebook, Twitter and LinkedIn.