Accounting Services Industry Report

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1 Industry Report

2 Accounting Services Industry Report Industry Division Professional, Scientific and Technical Services Industry Group Legal and Accounting Services Industry Class Accounting Services The ANZSIC is a hierarchical classification with four levels, namely Divisions (the broadest level), Subdivisions, Groups and Classes (the finest level). At the Divisional level, the main purpose is to provide a limited number of categories which provide a broad overall picture of the economy and are suitable for the publication of summary tables in official statistics. The Subdivision, Group and Class levels provide increasingly detailed dissections of these categories for the compilation of more specific and detailed statistics. Data referenced in report All data referenced in this report has been updated with the latest available figures when prepared as at October 215. Figures may vary from previous reports due to revision by providers (ABS, RBA, IBIS, etc.) or updated calculations by CoreData. Data sources used include: ABS: Counts of Australian Businesses, including Entries and Exits, Jun 21 to Jun 214 released 2/3/215 ABS: Australian Industry, released on 29/6/15 ABS: Labour Force, Australia, Detailed, Quarterly, Aug released on 17/9/15 ABS: Producer Price Indexes, Australia, Jun 215 released on 31/7/215 IBISWorld Reports: M6932 Accounting Services (June 215)

3 Professional, Scientific and Technical Services Industry Overview This division provides services such as scientific research, law, accountancy, advertising, management and other consultancy, and market research. The production and delivery of these services generally require a high level of expertise and training, in addition to formal qualifications. In particular, the Accounting Services industry has continued to experience steady growth in the past five years. It consists of firms which provide services such as accounting, auditing and bookkeeping in the areas of taxation, financial reporting and auditing. Tax and auditing services continue to represent a source of stable growth, as businesses seek to become more costeffective in the current economic environment. The Accounting Services sector employs more than 133, Australians, representing a significant portion of the professional services industry as a whole. It contributes significantly to the economy, generating $17 billion in revenue in Many businesses within the sector are located in Australia s major cities, with the majority based in NSW, followed by Victoria. Industry Revenue ( ) $17. billion Accounting firm wages in FY213/14 $9.1 billion Number of Accounting Services Workers (June 215) 136,48 Proportion of accounting services businesses that exited market in FY213/14 11% Number of Accounting Services Businesses (June 214) 31,762 Proportion of non-employing accounting service businesses in FY213/14 53% Professional, Scientific and Technical Services Industry Division The Professional, Scientific & Technical Services Industry Division includes a range of sectors, including Accounting Services, Legal Services, Scientific Research and Market Research. Professional, Scientific & Technical Services employs close to one million Australians (966,) or roughly 8% of the total workforce. In the year to June 214 employment rose by 1%, representing 6, additional workers. This is inline with total employment growth, but has not been enough to make up for the decline of 21, workers between 212 and 213. Professional, Scientific and Technical Services is increasing in importance for the Australian economy, making up 6.2% of GDP in the year to June 214, up from an average of 4.9% in the 199 s and 3.9% during the 198 s. Total industry income has grown by an average rate of 5.8% since 26-7, declining in only two of the seven periods. Profit margins for the industry are higher than the all industry average, though profit margins have steadily decreased between FY211/12 and FY213/14.

4 981 1, Professional, Scientific and Technical Services Employment 981 1,1, , , 1, Employed Professional, 25 Scientific and Technical Services Total Income $ Billion Professional, Scientific and Technical Services Profit Margin 3% 3% 3% 21.2% 2% 19.4% 2.2% 2% 17.1% 17.9% 21.2% 19.% 2% 19.4% 2.2% 2% 21.2% 19.% 17.1% 17.9% 2% 19.4% 2.2% 2% 12.% 19.% 17.1% 17.9% 12.4% 11.3% 1.4% 1.6% 1.9% 1% 12.% 12.4% 11.3% 1.4% 12.% 12.4% 1.6% 1.9% 1% 11.3% 1.4% 1.6% 1.9% 1% Professional, scientific and technical services All Industry % Professional, scientific and technical services All Industry % Professional, 28-9scientific 29-1 and technical services All Industry Source: % ABS Please note All Industry includes all industries 28-9 with the exception 29-1 of Insurance and Financial Services Legal

5 21.2% 3% 2% 19.4% 2.2% 2% 19.% 17.1% 17.9% Industry Drivers 12.% 21.2% 12.4% 11.3% 2% 19.4% 2.2% 1.4% 1.6% 2% 19.% 1.9% 1% Capital 17.1% expenditure 17.9% by the private sector The capital flowing in from the private sector, particularly the financial services sector, is a significant driver of the industry as the private sector is the major source of income for accounting firms. 12.% The end of the mining boom and overall caution in business 12.4% investment have pushed private capital expenditure 11.3% lower. This trend is expected Professional, to 1.4% continue scientific in 216. and technical services 1.6% All Industry 1.9% 1% % Demand from business services While demand from the financial services sector fell during the global financial crisis, it accounted 26-7 for much 27-8 of the growth 28-9 between and Demand from businesses overall is also expected to rise over Professional, scientific and technical services All Industry % Number of businesses Growth in the formation of new businesses provides ongoing revenue streams for accounting firms The number 27-8 of new Australian 28-9businesses 29-1 has increased in FY213/ for the first time since FY21/11, signalling an opportunity for accounting firms to bring on new clients. IT and telecommunications adoption Accounting firms are increasingly investing in information technology and telecommunications to open up new revenue streams and generate more value-add for clients. This has led to the growth of real-time accounting services and cloud services. With IT and telecommunications adoption expected to continue 14 rising over , industry performance will continue to improve. 12 Producer Price Index Selected Industry Groups (25-215) Legal 4 8 Accounting 2 6 Legal Accounting Australian Business Entries 4, 342,753 3, 4, 2, 3,, 2, 342, ,21 294,21 287, , , , , ,153,

6 Accounting Services Annual Actual Private Capital Expenditure (25 215) 2 15 $ Billion Industry Performance The Legal and Accounting Services industry currently employs around 262, workers, growing by more than 1% since 21. This also represents more than a quarter of the general professional services industry. 1 Within the Legal 9.4 and Accounting Services, the accounting industry group employs 133,216 people Employment has risen fairly steadily in the past 12 months, increasing by 2.6%. The two territories have seen the largest 8 growth in the accounting 7.4 and legal workforce, with a 6.7% increase in the Northern Territory, and a 25.9% increase in 67.3 the ACT. Of the major states, Western Australia (11.%) and Queensland (9.3%) have experienced strong growth, likely driven by professionals returning from the mining sector. NSW and Victoria have both had minor declines (.9% and % respectively). 4 By state, the largest proportion of the workforce is in NSW, where ,95 workers are based. This is followed by Victoria 24.2 (68,125), Queensland (51,6) and Western Australia (27,55) All firms employing 2 or more people have their headquarters in either New 2.4 South 2.9 Wales or Victoria South Australia and Queensland have the highest concentration of medium and large legal firms in Australia, while NSW has the highest NSW concentration VIC of small QLD firms. SA WA TAS NT ACT Accounting Services Businesses in Operation (State, Turnover) 3 Zero to less than $5k Operating at the end of FY $5k to less than $2k $2k to less than $2m $2m or more Total 25 no. no. no. no. no. New 2South Wales 3,87 3,919 3, ,229 Victoria 2,925 2,931 2, ,413 Queensland 15 1,94 2, 1, ,834 South Australia ,824 Western Australia 1,12 1, ,398 Tasmania Northern Territory Australian Capital Territory Total 1,75 11,61 8,86 1,136 31,

7 Number of Workers Legal and Accounting Services (214 vs. 215, by State, ) NSW VIC QLD SA WA TAS NT NSW VIC QLD SA WA TAS NT ACT ACT Number of Workers Legal and Accounting Services (25 215) Accounting Services Businesses in Operation (State, Number of Employees) Operating at the end of FY Non Employing 1-19 Employees Employees 2+ Employees Total no. no. no. no. no New South Wales 5,897 5, ,229 Victoria 4,48 3, ,413 2 Queensland 3,11 2, ,834 2 South Australia ,824 Western Australia 1,838 1, , Tasmania Northern Territory Australian Capital Territory Actual Actual 1 Total 16,84 14, ,762 Projected Projected

8 3 Accounting Services 25 Industry 2 Outlook 15 Accounting Services revenue is expected to grow by 21.2% from FY215/16 to FY219/2 to $2.6 billion, from its current $17. billion. 1 Revenue growth over the medium term is expected to be driven by technological change and continued growth of 5 advisory and consulting services. The number of accounting businesses are forecast to grow by 5.8% over the five years from FY215/16 to FY219/2, while over the same period employment is expected to increase by 11.2% indicating consolidation within the sector Capital expenditure by the private sector is a major factor affecting industry performance, as accounting firms receive most of their income from the private sector. With capital expenditure by the private sector expected to continue its fall over 215/16, the growth of industry revenue may be hampered in the short term. Total business numbers across all industries are growing again for the first time in four years indicating potential new sources of revenue for accounting firms. Accounting Services Industry Group Actual and Projected Revenue (21/11 to 219/2) $ Billion 1 5. Actual Projected Source: IBISWorld Based in part on Bankwest Economic Updates, Australian Bureau of Statistics data used pursuant to the Creative Commons Attribution 2.5 Australia license (available online at: and the following IBISWorld Reports: M6932 Accounting Services (June 215). π 13 7 µ bankwest.com.au/business The information contained in this publication is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN AFSL/Australian credit licence , its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication. BWA AS

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