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| KN74007 |
| KEY NOTE ACCOUNTANCY AUGUST 1997 |
| Overview |
ISBN 1-85765-728-4
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Table of Contents Executive Summary
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In 1996, the total UK market for accountancy and
related business services was estimated to be worth £6.82bn. This
represents an increase of 9.8 percent on the previous year's figure. The market, which
has traditionally been based on auditing, now includes services in taxation,
corporate finance, corporate recovery and management consultancy.
If
the UK accountancy market is to achieve the level of growth forecast,
accountants must be prepared to learn new business and specialist skills.
Information technology (IT), which increasingly threatens the routine work of
accountants, also brings new career opportunities for those who embrace it. The
internationalisation of economic activity also offers new opportunities. Social
pressures for greater accountability will force businesses and accountants to
be responsive to the needs of stakeholders; and work patterns will become more
flexible, as non-core functions are performed by contract, temporary or
outsourced labour.
It is predicted that competition from inside and
outside the accounting profession will become more intense. The Big Six
accountancy firms and other large accountancy practices are likely to expand
even further. Smaller practices can benefit from the expansion of the UK's
small business sector, if they develop value-added services and improve their
local marketing capabilities.
The most successful practices will be
those willing to examine their organisations, in order to clearly define which
business areas they are to excel in. Practitioners must also be prepared to
learn new and specialist skills, many of which are likely to be outside the
scope of traditional finance and accountancy.
Key Note forecasts that,
by the end of 1997, total fee income in the business services market will total
£7.39bn at current prices. The total is forecast to increase by a further
27.1 percent by the year 2001, to reach £9.39bn; while in real terms, the
increase is estimated at 15.4 percent. The standard audit, which is being expanded to
include business risk management and performance analysis will, by the year
2001, still account for some 30 percent of total fee income. However, the key areas of
growth are seen as: corporate finance (+34.1 percent); management consultancy
(+32.3 percent); and tax advice and planning (+30 percent). Of these, the largest earner of
fee income, accounting for 42.3 percent of the total by the year 2001, will be
management consultancy.
Text © 1997 Key Note
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