New York, NY (PRWEB) January 31, 2014
In the five years to 2014, revenue in the Accounting Services industry is expected to increase by an average annual rate of 2.6% to $16.4 billion, including 2.2% rise in 2014. Industry growth has been propelled by an increase in the total number of Canadian businesses, which expanded the potential pool of clientele for accounting firms. “Firms in this industry commonly provide a variety of services, such as the preparation of financial statements, the development of budgets and the review of auditing records for small, medium and large businesses,” according to IBISWorld Industry Analyst Stephen Morea.
Impressively, revenue in the Accounting Services industry is expected to increase in each and every year from 2009 through 2014, as the diversity of services offered by accounting firms has helped provide a steady stream of revenue. “In periods of economic duress, this industry experiences an increase in sales related to insolvency and receivership services, as failing businesses commonly hire accountants to act in an advisory capacity during these proceedings,” says Morea. In times of economic growth and improving investor optimism, the industry experiences a jump in revenue from assurance-related work, as accounts provide expertise for mergers and acquisitions (M&As), initial public offerings (IPOs) and other capital market structurings. Last, the industry is increasingly offering tax and consulting services designed to advise multinational corporations looking to navigate a progressively complex tax and regulatory environment.
From 2014 through 2019, this diversity of services will facilitate an estimated average annual increase in revenue. Anticipated growth in the total number of Canadian businesses will underpin industry revenue growth. Continued high demand for Canadian natural resources will drive demand for Canadian mining and natural resource companies, which, in turn, will increase demand for accounting services, as burgeoning mining and drilling companies will ask accounting firms to prepare their financial statements and audit their books. In final, as multinational companies enter Canada, they will rely on accounting firms to provide insight into federal tax incentive programs. Likewise, as Canadian companies expand overseas, accounting services firms will be needed to advise businesses on global tax issues, such as transfer pricing.
For more information, visit IBISWorld’s Accounting Services in Canada industry report page.
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IBISWorld industry Report Key Topics
This industry audits the accounting records of public and private organizations and attests to compliance with generally accepted accounting practices. Accounting services establishments provide a variety of accounting services, including auditing accounting records, designing accounting systems, preparing financial statements, developing budgets and providing advice on matters related to accounting.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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