Accounting for change: Firms have altered their service mix in response to new technologies

The Accounting Services industry has performed well over the past five years. Accounting firms derive most of their income from the private sector, which means that trends in capital expenditure by the private sector are a major factor influencing the industry's performance. Robust growth in private sector capital expenditure has supported revenue growth over the past five years, as industry operators have benefited from the associated increase in demand for accounting services. As a result, industry revenue is expected to increase at an annualised 0.9% over the five years through 2018-19, to $2.9 billion. This includes an anticipated slight decline by 0.1% in the current year...read more.

Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 14-19
0.9%
Forecast Growth 19-24
Profit
Employment
19,200
Businesses
5,385

Industry Threats & Opportunities

  • Technological changes have been making basic transactional accounting services increasingly automated
  • Significant legislative changes have also influenced demand over the past five years
  • The main challenge facing the industry is the need to evolve in line with changing technologies
  • Industry Report - Industry Products Chapter

    The individual service segmentation of an accounting firm will vary depending on the firm's size. For example, the four major players derive a much larger proportion of their revenue from auditing and advisory services relative to smaller players, which often tend to focus on general accountancy services, bookkeeping services or tax preparation services. Given the sizeable number of sole proprietors and small-scale partnerships, the industry's product segmentation is skewed by the greater numbers of practices that offer general accountancy services as opposed to specialised or niche services...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

  • Access to highly skilled workforce
  • Maintenance of excellent customer relations
  • Membership of an industry organisation
  • IBISWorld analysts also discuss how external factors such as Capital expenditure by the private sector and Business confidence index in the Accounting Services industry impact industry performance..

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    What's in this report

    What is the Accounting Services in New Zealand Industry?

    Firms in the industry provide accounting, auditing and bookkeeping services. These services relate to all areas of financial reporting, taxation and auditing. Many industry companies also offer business advice and assistance. The industry does not include firms primarily performing payroll processing, billing or record-keeping services.

    Industry Products
  • Audit services
  • Advisory services
  • Tax services
  • Bookkeeping services
  • General accountancy 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
  • Business confidence index
  • Number of businesses
  • IT and telecommunications adoption

  • Current Performance
  • Growth drivers
  • Intensifying competitive pressures
  • Chart: Revenue Growth

  • Industry Outlook
  • Challenges and opportunities
  • 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
  • Banking in New Zealand
  • Consumers in New Zealand

  • Key Selling Industries
  • Commercial Property Operators in New Zealand
  • Computer and Computer Peripheral Retailing in New Zealand
  • Computer System Design Services in New Zealand
  • Stationery Goods Retailing in New Zealand

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

  • Demand Determinants
    Major Markets
  • Financial, insurance and business services
  • Distribution, accommodation, transport and communication industries
  • Goods-producing industries
  • 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
  • Internal competition
  • External competition

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

  • Industry Globalization
    PricewaterhouseCoopers Nominee Company, Deloitte Nominee Company Limited, Ernst & Young Corporate Nominees Limited, KPMG Nominee Company Limited,
  • Table: PricewaterhouseCoopers Nominee Company - financial performance
  • Table: Deloitte Nominee Company Limited - financial performance
  • Table: Ernst & Young Corporate Nominees Limited - financial performance
  • Table: KPMG Nominee Company Limited - 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 (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Audit
  • An audit is provided by an auditor who gives an opinion as to whether a company's financial statements present a true and fair view.
  • Fmc Reporting Entities
  • These include issuers of financial products as defined by the Financial Markets Conduct Act 2013, which introduced new financial reporting obligations for FMC reporting entities.
  • Gaap
  • Stands for generally accepted accounting practice. GAAP financial reports are prepared under NZ-IFRS Standards.
  • Ifrs
  • International Financial Reporting Standards are a global set of accounting standards developed by the International Accounting Standards Board, an independent, not-for-profit organisation.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Accounting Services in New Zealand market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

    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 in New Zealand:
    • 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 in New Zealand 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 in New Zealand, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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