Accounting Services Report
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1 Accounting Services Report 2017
2 Industry Division Professional, Scientific and Technical Services Industry Subdivision Legal and Accounting Servicers Industry Group 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 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 2011 to Jun 2015 released 26/02/2016 ABS: Australian Industry, released on 27/05/16 ABS: Labour Force, Australia, Detailed, Quarterly, May 2016 released on 23/06/16 ABS: Producer Price Indexes, Australia, Jun 2016 released on 29/07/2016 Business Fitness: The good, the bad and the ugly of the Australian Accounting Profession 2015 IBISWorld Reports: M6932 Accounting Services (May 2016) 2 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 2016).
3 Accounting Services Industry Overview The Accounting Services sector is contained within the broader Professional, Scientific & Technical Services Industry Division. The Accounting Services profession has continued to experience steady growth in the last five years. It consists of firms which provide services such as accounting, auditing and bookkeeping in the areas of taxation, financial reporting and auditing. Accounting firms also offer hybrid services that complement the services they already provide. These include mortgage broking, financial planning, insurance and general consulting. Tax and auditing services continue to represent a source of stable growth, as businesses seek to become more cost effective in the current economic environment. The Accounting Services sector employs more than 265,500 Australians, representing a substantial portion of the Professional, Scientific and Technical Services Industry as a whole. It contributes significantly to the economy, generating $18.7 billion in revenue in FY Many businesses within the sector are located in Australia s major cities, with the majority based in NSW, followed by Victoria. Revenue ( ) $18.7bn Number of accounting services workers (November 2016) 265,500 Number of accounting services businesses in operation (June 2015) 32,187 Accounting firm wages in FY $9.5bn Proportion of Accounting Services businesses that exited market in FY % Proportion of non employing accounting services businesses in FY % Performance The Accounting Services profession currently employs around 265,500 workers, decreasing by 8.3% in the five years to November This also represents more than a quarter (26.4%) of the broader Professional, Scientific and Technical Services industry. A 2015 report by Business Fitness showed median productivity of full time employees within the accounting profession decreased over the 10 years to June 2015 to 50.4%, from 57.2% in Additionally, client fees reduced by 8.0% in the 12 months to June 2015, as lower compliance costs enticed new entrants into the market. The report also found accounting firms have been more proactive in debt collection in the last 12 months, positively impacting cash flow. Debtors days decreased by five to 56 days in This equates to a $50,000 improvement in average debtors per firm, likely driven by firms now collecting part of the client fee in advance and also implementing fixed fee arrangements and collecting monthly. Employment has fallen slightly in the last 12 months, decreasing by 0.9%. Queensland and Northern Territory bucked this trend, experiencing the strongest growth in the accounting workforce of 16.6% and 16.3% respectively. Conversely, Tasmania and Western Australia have seen major declines (-26.3% and -18.7% respectively) in employment numbers. By state, the largest proportion of the workforce is in NSW, where 79,100 workers are based. This is followed by Victoria (53,600), Queensland (37,300) and Western Australia (18,700). 3
4 Accounting Services Revenue Composition Audit Services made up 41% of the profession s $18.7 billion revenue in This is a 2.0% rise from the 12 months to June 2015 and is largely due to growth in assurance services. Increased demand for assurance services has been the result of larger companies needing to better manage internal risk to satisfy regulatory bodies. Bookkeeping now makes up only 3% of accounting service revenue. The rise in prominence of book keeping software in the last 15 years has meant smaller companies are better able to manage their own affairs without hiring a book keeper. Accounting Services have diversified in recent years. While traditional accounting services remain at the core of what accounting businesses provide, advisory services now make up 34% of total revenue. Tax Services, on the other hand, has seen a 1% decline in its composition of the total accounting services revenue pie. The globalisation and simplification of accounting services has meant consumers of tax services can access lower cost providers overseas. Product and Services Segmentation, Advisory Services 34% Audit Services 41% Tax Services 22% Source: IBIS Product and Services Segmentation, Book keeping 3% Producer Price Index All Industry Accounting 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 2016).
5 Accounting Services Drivers Capital expenditure by the private sector The capital flowing in from the private sector, particularly the financial services sector, is a significant driver of the profession, as the private sector is the major source of income for accounting firms. When capital expenditure increases, demand for services such as auditing and advisory typically rises as well. The end of the mining construction boom and overall caution in business investment have pushed private capital expenditure lower, a trend that is expected to continue in Demand from business services While demand from the financial services sector fell during the global financial crisis, it accounted for much of the growth between and Demand from businesses overall is also expected to rise over , a result of the growing demand for accounting firms advice on trimming costs and becoming more competitive amid challenging economic conditions. Number of businesses Growth in the formation of new businesses provides ongoing revenue streams for accounting firms. The number of new Australian businesses has fallen slightly since FY , largely due to economic uncertainty. Despite this, the rise from FY signals 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 rising over , Accounting performance will likely continue to improve. Australian Business Entries 400, , , , , , , , Annual Actual Private Capital Expenditure ( ) $ Billion
6 Accounting Services Businesses in Operation (State, Number of Employees) Operating at the end of FY Non Employing 1-19 Employees Employees 200+ Employees Total New South Wales 5,901 5, ,255 Victoria 4,484 3, ,412 Queensland 3,111 2, ,841 South Australia ,838 Western Australia 1,838 1, ,398 Tasmania Northern Territory Australian Capital Territory Total 16,865 14, ,808 Accounting Services Businesses In Operation (State, Turnover) Operating at the end of FY Zero to less than $50k $50k to less than $200k $200k to less than $2m $2m or more Total New South Wales 3,870 3,938 3, ,255 Victoria 2,924 2,934 2, ,412 Queensland 1,908 2,105 1, ,842 South Australia ,836 Western Australia 1,101 1, ,399 Tasmania Northern Territory Australian Capital Territory Total 10,711 11,093 8,867 1,136 31,807 6 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 2016).
7 Number of Workers Accounting Services (2015 vs. 2016, by State, 000) NSW VIC QLD SA WA TAS NT ACT Source:ABS Number of Workers Accounting Services ( , Seasonally Adjusted, 000) Source:ABS Accounting Services Outlook The Accounting Services profession group revenue is expected to grow by 8.3% to $20.3 billion in FY from $18.1 billion in FY Technological change is expected to be a key driver of revenue growth in the medium term. The composition of accounting revenue is expected to change with slower growth conditions bringing reduced demand for superannuation, contract and assurance services. However, insolvency and restructuring services are expected to grab a bigger piece of the revenue pie. The number of accounting businesses is forecast to grow by 5.7% over the five years from FY to FY , while employment is expected to increase by 6.9% over the same period, reflecting continued consolidation within the sector. Capital expenditure by the private sector is a major factor affecting Accounting performance, as accounting firms receive most of their income from the private sector. With capital expenditure by the private sector expected to continue to decline throughout , growth in Accounting revenue may be hampered in the short term. Total business numbers across all industries are continuing to grow after a recent hiatus, indicating potential new sources of revenue for accounting firms. Accounting Services Profession Group Actual And Projected Revenue ( to ) $ Billion Source:IBISWorld 7
8 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 Bankwest, a division of Commonwealth Bank of Australia ABN AFSL/ Australian credit licence
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