Accounting Services in Australia - Industry Market Research Report

Balancing the books: Rising demand for value-added services has offset pandemic-related declines

Revenue in the Accounting Services industry has inched upwards in recent years, despite mixed operating conditions. Audit and tax services have remained a dependable source of revenue for accounting firms, as some businesses legally require these services. Nonetheless, swelling price competition has limited the profit margins associated with providing these services. Climbing demand for industry-specific advisory services has buoyed revenue in recent years, with many accounting firms expanding their advisory services. Accounting firms are increasingly incorporating technology like data analytics and cloud-based accounting into their processes, which has expanded value-added services. These value-added services have larger profit margins than traditional tax and audit processing, encouraging firms to diversify. Overall, industrywide revenue has crept upwards at an estimated annualised 0.1% over the past five years and is expected to total $27.1 billion in 2022-23. This includes an anticipated 0.8% slump in 2022-23, following a drop in business confidence.

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.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.