BDO

Who are BDO?

 

BDO LLP operates under the umbrella group Binder Dijker Otte (BDO), an international network of public accounting, tax, consulting, and business advisory firms.

The global network was originally formed in 1963 as Biner Seidman International by a number of international firms, before introducing the name BDO in 1973.

Trading as BDO LLP, the network’s UK operation has most recently merged with Moore Stephens in 2019.

BDO LLP dates back to 1903 via the creation of Stoy and Co. The firm was joined by Jack Hayward and in 1919 became Stoy Hayward and Co, followed later on in the century by a series of mergers with Finnie and Co and BDO Binder Hamlyn in 1992 and 1994.

BDO Stoy Hayward was in turn created as the company became a member of BDO International. Soon after, in 2004, the group became a limited liability partnership before rebranding as BDO alongside all other BDO member firms in October 2009.

BDO’s global operations cover 167 countries, with 91,054 staff members working across 1,658 offices. As for its UK arm, 5,000 people are employed in the company’s 17 locations.

The network’s international executive team is headed by Keith Farlinger, global CEO, with Albert Lopez, Stephen Darley, and Trond-Morten Lindberg acting as CEO’s for the Americas, Asia Pacific, and EMEA respectively.

What do they do?

 

In the group’s own words, BDO LLP provides “integrated advice and solutions to help businesses navigate a changing world”.

Split across three key service lines, namely tax, audit and assurance, and advisory, the firm provides services across all sectors of the economy.

It told Accountancy Today: “Our clients are Britain’s economic engine – ambitious, entrepreneurially-spirited and high-growth businesses that fuel the economy. 

“We share our clients’ ambitions and their entrepreneurial mind-set. We have the right combination of global reach, integrity and expertise to help them succeed.”

As a part of the wider BDO network of firms, BDO LLP can further support the needs of clients who are growing and trading internationally.

Recent financials

BDO LLP reported revenues of £660m for FY20, a year-on-year increase of 14% in its first full year since the Moore Stephens merger.

The group’s tax business saw revenues jump 11% for the period to £187m, while advisory revenue also climbed 8% to £226m.

However, BDO LLP’s largest increase in FY20 was its 24% spike in audit revenues to £247m for the period.

As for BDO’s global network, it saw a total combined fee income of $10.3bn (£7.38bn) for the 12 months ended 30 September 2020, representing a year-on-year growth of 7.8% at constant exchange rates.

In the news

Since the turn of 2021, BDO LLP has one a number of contracts, including replacing Deloitte as auditor for Warehouse Reit, being named auditor for SAP, and advising Prime Global on its partnership with LLCP.

Moreover, in March the company agreed a three-year partnership deal with cloud-based accounting software platform Xero.

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