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KN74000

KEY NOTE ACCOUNTANCY JUNE 2000

Overview

This report covers: accountancy, accountancy services, management consultancy, audit, accounting, assurance, tax, legal services, corporate finance, business recovery, forensic accounting, actuarial services, transaction services, outsourcing, share issues, stock market flotations, project finance, structural finance, disposals, mergers and acquisitions, management buyouts, MBO, factoring, leasing, debt management, private finance initiatives, PFI, privatisation,

Companies covered include:

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Executive Summary

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EXECUTIVE SUMMARY

Many firms in the accountancy profession experienced a year of solid growth in 1999. Total industry fee income reached an estimated £9.69bn in that year, an increase of almost 20 percent against the figure of £8.08bn which was projected for the previous year.
The accountancy business, traditionally based on auditing and the production of annual accounts, is now changing rapidly. Fee income from the traditional audit is a declining part of the business, and is being replaced by new management disciplines such as consultancy, tax advice, business recovery and insolvency, and corporate finance. The merger fever once prevalent in the larger practices reduced their numbers to the ‘Big Five’ and then moved down to the leading 30 or 40 firms positioned immediately below them. These also have been expanding into additional services and have been the subject of a number of mergers.
The latest trend is called ‘consolidation’ and is operated by buying up the local reputations and client bases of smaller practices. In the US, since 1997, American Express has purchased more than 100 small accountancy practices; and consolidation already holds 5 percent of the market — a share estimated to increase to 30 percent within 5 years. Over the last 3 years, some of the larger practices’ fees from consulting have almost doubled. A primary opportunity for further growth is e-commerce (electronic commerce), into which many clients and prospective clients are expanding.
The accountancy market started strongly in 2000 and Key Note is forecasting that over the 5 years from 2000 to 2004, at current prices, total fee incomes from all service lines will increase by around 28 percent to reach £13.35bn. The largest increase, of around 45 percent, will be in management consultancy, followed by corporate finance (27 percent) and tax (18 percent). By comparison, fee incomes from audit are predicted to grow modestly over the same period, at a level nearer to 2 percent per annum.

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Text © 2000 Key Note

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Last updated by Jacob van Eldik 20th October 2000