In this article we discuss the 5 most profitable US companies in 2021. If you want to read our detailed analysis of these profitable businesses, go directly to the 10 Most Profitable US Companies in 2021.
5. Accounting Business
Corporations as well as entrepreneurs alike utilize one or more of several accounting methods in order to run their daily operations as well as calculate taxes. However, many businesses and entrepreneurs do not hire in-house accountants. They instead outsource their accounting and finance departments to accounting firms or use freelance accountants and tax advisors. As accounting requires both vast knowledge and skill, as well as attention-to-detail, the accounting business has a great demand in the United States. As existing businesses grow, and new startups emerge, the demand for accounting services in the United States rises even higher.
The Big Four accounting firms — Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG — had a combined revenue of $157 billion in 2020. The forecasted revenue earned by accounting businesses in 2021 is $107.6 billion. The accounting business has highly competing companies as well as high barriers to entry in the form of both qualification and licenses to practice. Accounting firms must be well-known and reliable to be used by corporations, as audit and accounts must be accurate for all the stakeholders of the companies to be satisfied. Although the market size of accounting businesses has grown by a low average value of 0.1 % annually, the industry will continue to be one of the most profitable in the United States.