Industry Analysis & Industry Trends
The Accounting Services industry's has grown over the past five years, shrugging off any lingering effects of the global financial crisis. Increasing private capital expenditure has boosted demand for industry services, as firms require due diligence and audit services prior to undertaking planned capital expenditure. Tax and audit services have therefore remained a dependable source of revenue for industry firms over the past five years. In addition, revenue has increased as clients have looked to accounting firms for advice on trimming costs and becoming more competitive amid challenging economic conditions. The industry has also expanded its advisory services by incorporating new technology, such as data analytics... purchase to read more
Industry Report - Starting a New Business Chapter
The barriers to entry in the industry are low and are expected to have been steady over the past five years. Despite the presence of some large operators, industry concentration is low, with many small players present. Large companies generally cater to different markets than small- to medium-size firms and sole proprietors, meaning that entry for new players is not restricted by the dominance of existing firms. However, new entrants are likely to find it difficult to compete with the large and mid-tier firms in the industry, due to their economies of scale and well-established brands and reputation.
Start-up costs for accounting practices are relatively small, as the industry is labour-intensive rather than capital-intensive... purchase to read more