By the numbers: New technology and value-added services have supported revenue growth

The Accounting Services industry has displayed modest growth over the past five years, due to largely positive business confidence and increasing demand for industry-specific advisory services. Audit services have remained a dependable source of revenue for industry firms over the past five years, as these services are generally required by law. In addition, revenue derived from high-value advisory services has increased as clients have looked to accounting firms for advice on cutting costs and becoming more efficient amid increasingly competitive business conditions. The industry has also expanded its value-added services by incorporating new technology, such as data analytics and cloud-based accounting...read more.

Industry Statistics & Market Size
Revenue
$20bn
Annual Growth 13-18
1.5%
Forecast Growth 18-23
Profit
Employment
118,595
Businesses
33,870

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
  • Technological change and growth in high-value advisory services will benefit accounting firms
  • Industry Report - Starting a New Business Chapter

    Industry barriers to entry are low and are expected to have remained steady over the past five years. Despite the presence of 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 the dominance of existing firms does not restrict new player entry. However, new entrants are likely to find it difficult to compete with the large and mid-tier firms, 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. Whi...purchase to read more.

    Additional Insights for the Accounting Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Accounting Services Industry 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
  • Changing conditions
  • Industry consolidation
  • Employment trends
  • Technological change
  • Chart: Revenue Growth

  • Industry Outlook
  • Conditions and technology
  • Consolidation and regulation
  • 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
  • Audit services
  • Advisory services
  • Tax services
  • Bookkeeping services
  • Chart: Accounting Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Financial services firms
  • Service and trade 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
  • Chart: Cost Structure Benchmarking – Sector vs Accounting Services

  • Basis of 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 (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Initial Public Offering (Ipo)
  • The offering of shares in a private company 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
  • Accounting figures occurring in real time.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Accounting Services market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

    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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