BDO USA
| Company type | Professional services corporation |
|---|---|
| Industry | Accounting, Professional services |
| Predecessor | Seidman and Seidman |
| Founded | 1910 in New York City, United States |
| Headquarters | Chicago , United States |
Area served | United States |
Key people | Joseph A. Smith Jr. (monitor of the National Mortgage Settlement) |
| Products | Accounting, Tax advisory, Consulting |
Number of employees | Not specified (operates more than 75 offices and over 400 independent alliance firms) |
| Parent | BDO International |
| Website | www |
BDO USA, P.C. serves as the American affiliate of BDO International, which ranks as the fifth-largest global accounting network generating revenues exceeding $12.8 billion. Within the United States, it holds the position of the sixth-largest accounting and professional services firm based on revenue figures. In 2023, BDO USA pioneered a significant structural change by becoming the first prominent national accounting firm to shift from a limited liability partnership to an employee-owned corporation, allowing all staff members to acquire ownership interests. The company’s main office is situated in downtown Chicago. The name BDO originates from its founders Binder, Dijker, and Otte.
History
Established in 1910 in New York City under the name Seidman and Seidman by immigrant siblings Maximillian L., Francis E., and Jacob S. Seidman, the firm was founded during the early stages of the accounting profession when fewer than 2,200 CPAs practiced nationwide. Following the adoption of the Sixteenth Amendment to the United States Constitution and enactment of the Revenue Act of 1913, which introduced federal income taxation, M.L. Seidman identified prospects to broaden tax services for both individuals and enterprises. By 1917, heightened federal revenue requirements due to World War I accelerated corporate tax demands, which the Seidman brothers capitalized on to enhance their firm’s tax advisory expertise.
Expansion
The firm’s growth accelerated during World War I as the federal government converted furniture and woodworking manufacturers into aircraft producers. An office was established in Grand Rapids, Michigan, in 1917, where BDO developed the first efficient furniture plant costing system, securing its leadership within that industry—a sector it continues to serve today.
Between 1921 and 1925, rapid expansion saw new offices opened in Chicago (1921), Gardner, Massachusetts (1924), Jamestown, Illinois, and Rockford, Illinois. In 1922, J. S. Seidman became a founding partner.
The 1930s introduced major regulatory reforms with the Securities Act of 1933 mandating public companies to include audited financial statements in registration documents and periodic filings. The Securities and Exchange Commission was formed in 1934 to enforce these provisions.
In 1950, L. William Seidman joined the firm, eventually becoming managing partner before moving into government roles, including serving as chair of the FDIC.
Development of the national firm
By the 1960s, the organization had transformed into a national firm. On April 1, 1968, it reorganized as a national general partnership, initiating a new growth phase with offices established throughout the country.
Present
Currently, BDO USA, P.C. operates more than 75 offices alongside over 400 independent alliance firms across the nation. On a global scale, BDO International ranks as the fifth-largest accounting and consulting network with over 1,591 member firm offices spanning 162 countries.
In February 2009, BDO USA unveiled its inaugural nationwide advertising initiative titled "People Who Know, Know BDO."
In June 2012, Joseph A. Smith Jr., monitor of the National Mortgage Settlement, retained BDO to supervise implementation efforts involving 49 states, the U.S. government, and five leading banks over a period of three and a half years.
In July 2020, BDO launched Athenagy™, an exclusive business intelligence platform tailored for legal professionals.
By July 2023, BDO USA transitioned from a limited liability partnership structure to a professional services corporation and adopted the name BDO USA, P.C.