Industry Analysis & Industry Trends
The Accounting Services industry's revenue has shown strong growth over the past five years, shrugging off any lingering effects of the global financial crisis on professional service companies. The industry recorded weak growth in 2009-10, before growing strongly in 2010-11. This included strong returns from the four largest firms in the industry. However, weak business conditions resulted in the industry declining slightly in 2012-13. Over the past five years, businesses have increasingly sought to restructure, which requires accounting services for due diligence and auditing. The industry has expanded its advisory services as professional services firms have sought new ways to increase profit... purchase to read more
Industry Report - Starting a New Business Chapter
The barriers to entry into the industry are low. Despite the presence of some large operators, overall concentration is low, with a large number of small players present. The big four accounting firms account for 19.0% of available market share. These large companies also cater to different markets than the small to medium-size firms, meaning that success for new entrants is not threatened by the dominance of existing firms.
Start-up costs for accounting practices are relatively low, as the industry is labour-intensive (e.g. skills and knowledge) rather than capital-intensive. There are no licences required to operate, and basic bookkeeping requires no formal training... purchase to read more