Holding to account: Growing demand for accounting advisory services has boosted revenue

The Accounting Services industry has displayed modest revenue growth over the past five years, due to positive business confidence and rising demand for industry-specific advisory services. Audit services have remained a dependable source of revenue for industry firms over the past five years, as audits are a legal requirement for many companies. In addition, the industry has expanded its value-added services by incorporating new technology such as data analytics and cloud-based accounting. These value-added services have larger profit margins than traditional tax and audit processing.Industry revenue is expected to increase at an annualised 0.4% over the five years through 2019-20, to reach $20.3 billion...read more.

Industry Statistics & Market Size
Revenue
$20bn
Annual Growth 15-20
0.4%
Forecast Growth 20-25
Profit
Employment
133,968
Businesses
34,731

Industry Threats & Opportunities

  • Audit services have remained a dependable source of revenue for industry firms
  • Large and mid-tier accounting firms have been consolidating to provide new services
  • Growth in high-value advisory services is anticipated to benefit industry firms
  • Industry Report - Industry Products Chapter

    Operators in the Accounting Services industry primarily offer audit, advisory, tax and bookkeeping services. An operator's size will likely affect its service offerings. Auditing is usually the largest segment for the major players, due to their dominance in the listed company external auditing market. Business taxation services tend to be the largest segment for smaller firms.Industry firms have increasingly outsourced lower level accounting activities to overseas firms over the past five years. Large firms have set up dedicated outsourcing branches in countries such as India, or used established outsourcing firms to benefit from lower wage costs in other countries. Outsourced work has grown to include technical work such as bookkeeping, tax returns and business tax services...purchase to read more.

    Additional Insights for the Accounting Services Industry

    IBISWorld has determined the most important Key Success Factors for the Accounting Services are:

  • Provision of development programs for personnel
  • Membership of an industry organisation
  • Establishment of brand names
  • IBISWorld analysts also discuss how external factors such as Capital expenditure by the private sector and Number of businesses in the Accounting Services industry impact industry performance..

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    What's in this report

    What is the Accounting Services Industry?

    Industry companies provide accounting services, including auditing accounting records, preparing financial statements, preparing tax returns and bookkeeping. In conjunction with these services, industry companies may also offer business advice and assistance. Payroll processing, billing and record-keeping services are excluded from the industry.

    Industry Products
  • Audit services
  • Advisory services
  • Tax services
  • Bookkeeping services
  • Industry Activities
  • Accounting services
  • Auditing services
  • Bookkeeping services
  • Tax agent services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Capital expenditure by the private sector
  • Number of businesses
  • Business confidence index
  • IT and telecommunications adoption

  • Current Performance
  • Chart: Revenue Growth

  • Industry Outlook
  • Table: Accounting Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Accounting Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Manufacturing
  • Public Administration and Safety
  • Health Care and Social Assistance
  • Finance
  • Professional Services
  • Consumers

  • Key Selling Industries
  • Computer and Software Retailing
  • Office Property Operators
  • Stationery Goods Retailing

  • Products & Services
  • Tax services
  • Audit services
  • Advisory services
  • Bookkeeping services
  • Chart: Accounting Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Service and trade firms
  • Financial services firms
  • Manufacturing and construction firms
  • Households
  • Other markets
  • Chart: Major Market Segmentation for the Accounting Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Depreciation
  • Other Costs
  • Chart: Cost Structure Benchmarking – Sector vs Accounting Services

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Accounting Services Industry

  • Industry Globalization
    PricewaterhouseCoopers, Ernst & Young, Deloitte Touche Tohmatsu, KPMG,
  • Table: PricewaterhouseCoopers - financial performance
  • Table: Ernst & Young - financial performance
  • Table: Deloitte Touche Tohmatsu - financial performance
  • Table: KPMG - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Accounting Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Accounting Services Industry
    Includes:
  • Industry Revenue (2011-2025)
  • Industry Gross Product (2011-2025)
  • Establishments (2011-2025)
  • Businesses (2011-2025)
  • Employment (2011-2025)
  • Wages (2011-2025)
  • Wages (2011-2025)
  • Purchases (2011-2025)
  • Profit (2011-2025)
  • Depreciation (2011-2025)
  • Rent (2011-2025)
  • Utilities (2011-2025)
  • Other (2011-2025)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Initial Public Offering (Ipo)
  • Shares in a private company being offered for sale to the public.
  • Mytax Tool
  • An online tool that allows consumers to prepare and lodge tax returns provided by the Australian Tax Office.
  • Real-Time Accounting
  • A form of accounting involving software that allows users to view accounting figures at any time, from anywhere, via the internet.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Accounting Services market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Accounting Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Accounting Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Accounting Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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