Accounting is a crucial factor in the success of every organization, industry, and enterprise, and this is also true of nations. In Nigeria, numerous organizations were established to manage the accounts of the multiethnic federation during the pre-colonial era.
Following attaining independence in 1960, Nigeria experienced its first indigenous accounting firm under the name Institute of Chartered Accountants of Nigeria (ICAN).
Accounting services are essential to managing funds and preserving a clear financial picture. These companies offer professional financial services to people, companies, and organizations, such as auditing, tax preparation, bookkeeping, and advice services.
In Nigeria, several accounting firms have established themselves as leaders in the industry, offering high-quality services and expert advice to meet their clients’ needs. In this article, we will explore and discuss the top 13 accounting firms in Nigeria.
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Table of Contents
List of the Top Accounting Firms in Nigeria
Here is the list of the top 13 accounting firms in Nigeria
1. KPMG Nigeria
KPMG Nigeria is one of the “Big Four” accounting firms globally, known for its excellence in auditing, tax, and advisory services. With a commitment to integrity and professionalism, KPMG Nigeria has assisted numerous businesses and organizations in achieving their financial goals efficiently.
KPMG is an international network of businesses that provides financial audit, tax, and advisory services. It has over 219,000 employees and partners worldwide and is headquartered in the Netherlands.
KPMG was engaged in April 2020 to take PWC’s place as FBN Holdings’ external auditors. The bank and the bank’s holdings had previously been audited for eight and ten years, respectively, by PWC. It is ranked as one of the best accounting firms in Nigeria.
2. PricewaterhouseCoopers (PwC) Nigeria
PwC Nigeria is another member of the prestigious “Big Four” accounting firms. With its wide range of services including assurance, tax, and advisory, PwC Nigeria helps clients navigate complex financial challenges and make informed decisions to enhance their business performance. It is ranked as one of the best accounting firms in Nigeria.
Seven years before Nigeria gained its independence in 1953, when the company officially began operating there, it already had as its purpose luring exceptional clients to become one of the world’s top accounting firms.
It is acknowledged as the biggest professional services supplier, with over 250 partners and a sizable presence in 24 countries. They now have over 2000 professionals working for them, but they have consistently upheld their integrity and provided top-notch services to their customers.
3. Deloitte Nigeria
Deloitte Nigeria, also a part of the “Big Four,” is recognized for its comprehensive financial solutions. Their services encompass areas like auditing, tax consulting, risk management, and financial advisory, assisting clients across various sectors and industries.
Deloitte is the largest professional services network in the world, both in terms of revenue and employee count.
Deloitte was established in London, United Kingdom, and now has around 330,000 employees working in 150 countries.
Akintola Williams, the first African to receive the certification of chartered accountant, established the Deloitte & Touche member firm in Nigeria in 1952. The oldest locally owned accounting firm in the nation is Deloitte & Touche which is one of the top accounting firms in Nigeria.
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4. Ernst & Young (EY) Nigeria
EY Nigeria brings unparalleled expertise to the Nigerian market, specializing in assurance, advisory, and tax services. This accounting firm is known for its innovative strategies that help businesses thrive in a constantly evolving financial landscape.
With 50 years of excellence and excellent service, ERNST AND YOUNG Nigeria has remained among the top accounting firms in Nigeria in offering clients financial advice.
With over 600 clients in Nigeria, including commercial, public, and government organizations, they have been able to keep businesses operating while assisting them in overcoming their most difficult obstacles.
They have made it their mission to empower their clients to make choices that will propel the business from a startup to the Fortune 500.
5. Mckinsey And Company Nigeria
Working in a nation with a strict business policy for individuals means you’ll need the greatest accounting organizations to aid you get through those stages while assisting you in maintaining the profitability of your company.
That is what MCKINSEY offers, and since they started operating in Nigeria in 2002, their commercial and operational income has constantly increased and has remained among the top accounting firms in Nigeria.
With the sole purpose of giving their clients the finest service possible, their organizational structure and operating system were created.
6. Grant Thornton Nigeria
Grant Thornton Nigeria is known for its personalized approach and the value it brings to its clients. With a focus on audit, tax, and advisory services, this accounting firm demonstrates its commitment to helping businesses grow and succeed.
Since its founding in 1986, Grant Thornton has dominated both Nigeria and the rest of the world. With a $1.2 billion revenue, they have demonstrated that they are prepared to give their customers the best service possible without cutting any corners.
Their company has become one of the best accounting firms in Nigeria because they believe that in business, trust comes first.
7. BDO Nigeria
BDO is one of the best accounting firms in Nigeria providing specialized financial and accounting services. Their areas of expertise include audit, tax, advisory, and corporate finance, serving a diverse range of clients in both the public and private sectors.
The company entered the nation in 1953 from the UK and was indigenized as a result of a Federal Government of Nigeria mandate.
They began by offering numerous companies, including Lion of Africa Insurance, UNIC Insurance, and others, services like audit, taxation, and consulting. Npower employment
They have set out to offer their clients the greatest services possible in an effort to give Nigeria the best.
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8. Crowe Dafinone
Crowe Dafinone is one of the leading accounting firms in Nigeria renowned for its comprehensive range of tax advisory services. With a dedicated team of tax professionals, they help clients optimize their tax position and ensure compliance with complex tax laws in Nigeria.
Since its founding and expansion, Crowe has grown to become one of the greatest and largest indigenous accounting firms in Nigeria, with more than five partners and over a hundred employees working for them.
They were established by Senator David Dafione and have left their mark on history as being created and run by experts and professionals with the sole objective of simplifying life and finances for its customers.
With a presence in more than 130 nations, they have aided in bridging the gap and introducing their clients to various worldwide marketplaces in an effort to improve their financial situation.
9. BAO Consultancy Firm
If you want to reduce the amount of tax returns your business must file, contact Bao Consultancy.
They have a chance to be one of the most talked-about companies thanks to their plans, concepts, and system of operation with fantastic customer care service.
They have continually been one of the top accounting firms in Nigeria because of their cutting-edge software and data accumulating capabilities.
BAO Consultancy has aided numerous organizations of various sizes and portfolios in enhancing their administrative performance. The company has a solid reputation in the fields of finance, tax, and consultancy services.
10. Ashford & McGire
Ashford & McGire is one of the top 13 accounting firms in Nigeria that provides excellent expert consulting services. Only a select few businesses, like Ashford & McGire, are capable of providing the high degree of experience needed for finance consultation and advice services. They have been effective in assisting numerous Nigerian corporate institutions to increase performance and stable expansion with their top-notch tax and audit services.
They continually redefine the consulting market area while concentrating on providing unique value to their clients. Ashford & McGuire is dedicated to the growth, empowerment, and development of their workforce in order to produce value that has a measurable influence on company outcomes.
11. Matog Consulting
with a proven track record of offering effective services to their varied clients, including audits, strategic planning, financial business design, risk management, company start-up counseling, management consulting, finance, and many more.
With another 1000 committed employees leading their activities around the nation, MATOG has remained a company that fulfills the aspirations of enterprises and is one of the top accounting firms in Nigeria.
MATOG was founded to serve as a business and financial handler for both Startup companies and Fortune 500 corporations.
12. Accenture Inc
In 1985, Accenture’s Inc. was founded. The business has expanded greatly while also assisting in the growth of Nigeria’s commercial and merchant banks and other financial services.
Accenture is occasionally described as one of Nigeria’s “big four” accountancy firms and is one of the top accounting firms in Nigeria. Despite being closer, they are not seen as a single entity.
It is located at City Bank Building, 2nd Floor, 27 Kofo Abayomi Street, Victoria Island, Lagos.
13. FinTrak Software Co. Ltd.
FinTrak Software Co. Ltd. is a notable accounting and software solutions provider in Nigeria. Their innovative financial software solutions help businesses streamline their accounting processes and achieve greater efficiency.
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Why your company needs accounting services
In today’s fiercely competitive business landscape, efficient financial management plays a pivotal role in determining an organization’s ability to thrive. Neglecting the importance of accounting services can expose your company to a myriad of challenges that could impede growth, hamper decision-making, and potentially lead to severe financial repercussions. By harnessing the expertise of an accounting firm, you can navigate complex financial landscapes with confidence while enjoying a plethora of benefits tailored to your specific business needs.
1. Avoiding Costly Errors and Compliance Risks
Financial accuracy and regulatory compliance are imperative for any company. Mishandling finances or failing to meet legal obligations can result in significant penalties, damaged reputation, and even legal disputes. Accounting firms ensure meticulous record keeping, timely tax filings, and adherence to financial regulatory standards, decreasing the likelihood of costly errors and helping you maintain a clean financial track record.
For example, consider the potential repercussions of inaccurately reporting income or misclassifying expenses. Such errors may lead to overstated or understated tax liability, triggering audits or penalties that erode your bottom line and consume valuable resources. An accounting firm’s expertise can help identify and mitigate these risks, safeguarding your company’s financial health.
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2. Unlocking Strategic Insights for Informed Decision-Making
While accounting services encompass fundamental bookkeeping tasks, their value goes beyond simple number-crunching. Skillful accountants possess in-depth knowledge of financial analysis, enabling them to transform raw data into valuable insights for informed decision-making. These professionals can help you assess profitability, identify cost-saving opportunities, and provide strategic guidance to optimize your company’s financial performance.
3. Strengthening Financial Controls and Fraud Prevention
Protecting your company’s financial assets from fraud and embezzlement is of paramount importance. By engaging an accounting firm, you gain access to experts well-versed in establishing robust financial controls and implementing effective fraud prevention measures.
Consider the case of a small business where the owner handles all financial transactions. This setup, although cost-effective initially, can expose the business to internal theft or fraud. Accounting firms can introduce segregation of duties, implement internal control systems, and monitor financial transactions, reducing the risk of fraudulent activities and safeguarding your company’s assets.
4. Enhancing Cash Flow Management and Forecasting
Cash flow is the lifeblood of any business. Inadequate cash flow management can lead to missed opportunities, delayed payments, and even business failure. Skilled accountants can help you optimize cash flow by implementing efficient invoicing processes, effectively managing receivables, and closely monitoring payment cycles.
Consider a scenario where late payments from customers threaten your ability to pay staff salaries or cover essential operational expenses. An accounting firm can devise strategies to expedite receivables, negotiate payment terms, or implement invoice financing solutions, ensuring a consistent and steady cash flow to support your business operations.
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Conclusion
Nigeria is a prosperous nation for prosperous international businesses, including the several accounting firms in Nigeria described in this article. So take advantage of this article whether you’re interested in working for one of these top auditing firms, investigating them to determine which is best for your needs, or simply wanting to learn more about them for any other reason.
These top 13 accounting firms in Nigeria have distinguished themselves in the industry through their commitment to excellence, extensive expertise, and client-focused approach. Whether you need assistance with audit, tax, advisory, or other financial services, these firms offer a wide range of solutions to meet your specific requirements. With their expert guidance, you can ensure sound financial management and make informed decisions to drive your business forward.
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Frequently Asked Questions
How do I choose one of the top accounting firms in Nigeria?
When selecting from the top accounting firms in Nigeria, consider their client testimonials, and the range of services they offer. It’s essential to choose a firm that aligns with your specific needs and goals.
Do accounting firms in Nigeria only work with businesses or organizations?
No, accounting firms in Nigeria often work with individuals as well. They can assist with personal tax planning and provide financial advice to help individuals achieve their financial goals.
Are these firms limited to certain regions in Nigeria?
No, these firms have a broad presence across Nigeria and serve clients nationwide. You can avail of their services regardless of your location within the country.
How can accounting firms in Nigeria benefit my business?
Accounting firms in Nigeria offer a range of services to help businesses manage their finances effectively. They can provide valuable insights, ensure compliance with regulations, and assist in making informed financial decisions for growth and success.
