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Accounting and Financial Management - UK - February 2016

“Recent growth in the accounting and financial management market has been driven by the expanding consultancy sector. Firms have been busy strengthening their consultancy capabilities to reduce reliance on more mature low margin sectors, such as audit, and to offer a broader range of services to clients.”

Claudia Preedy - B2B Analyst

This report answers the following questions:

  • How are the incoming audit reforms likely to affect mid-tier accounting firms?
  • How are firms counteracting the lack of growth in the smaller company audit market?
  • How are cloud computing and mobile technologies transforming the industry?
  • Why are the Big Four turning their attention the SME market? What are their efforts in penetrating that sector?

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Table of contents

  1. Executive Summary

      • The market
        • Figure 1: Segmentation of the UK market for accounting and financial management, by type of service, 2011-15
        • Figure 2: Forecast UK market for accounting and financial management, 2015-20
        • Figure 3: Forecast segmentation of the UK market for accounting and financial management, by type of service, 2016 and 2020
      • Market factors
          • Figure 4: Number of private sector businesses in the UK, 2001-15
        • Companies
          • What we think
          • Key Insights

              • How are the incoming audit reforms likely to affect mid-tier accounting firms?
                • How are firms counteracting the lack of growth in the smaller company audit market?
                  • How are cloud computing and mobile technologies transforming the industry?
                    • Why are the Big Four turning their attention the SME market? What are their efforts in penetrating that sector?
                    • Introduction

                        • Definitions
                          • Methodology
                            • Abbreviations
                              • Market positioning
                              • UK Economy

                                • Overview
                                  • Figure 5: UK GDP quarterly development, 2003-15
                                  • Figure 6: UK GDP in economic downturns and recoveries since 1979
                                • Inflation
                                  • Interest rates
                                    • House prices
                                      • Consumer spending
                                        • Manufacturing
                                          • Figure 7: UK output by industry, 2008-15
                                        • Business investment
                                          • Figure 8: UK GFCF 2003-15
                                        • Imports
                                          • Exports
                                          • Market Factors

                                            • Key points
                                              • Legislation and Government policy
                                                • CMA audit order and new EU regulatory framework on statutory audit
                                                  • New audit threshold
                                                    • New UK accounting standards
                                                      • Taxation of LLPs
                                                        • Large accounting firms under spotlight in clampdown on tax avoidance schemes
                                                          • Measures put in place to crack down on tax avoidance
                                                            • Break-up of Audit Commission and tendering of contracts to private sector
                                                              • Companies Act shake-up
                                                                • Scottish tax devolution
                                                                  • HMRC move towards digital tax services
                                                                    • Other market factors
                                                                      • Rise in the number of active businesses as UK economic recovery becomes more robust
                                                                        • Figure 9: Number of private sector businesses in the UK, 2001-15
                                                                        • Figure 10: Number of private sector businesses in the UK, 2001-15
                                                                        • Figure 11: Number of VAT and/or PAYE registered enterprises in the UK, by industry group and turnover size band, 2015
                                                                      • Self-employment higher than at any point over the past 40 years
                                                                        • Figure 12: Self-employed workers in the UK, 2005-15
                                                                      • Trend in insolvencies and business recovery
                                                                        • Figure 13: Number of company insolvencies, receiverships and administrations in England and Wales, 2005-15
                                                                      • Trends in M&A activity
                                                                          • Figure 14: Mergers and acquisitions involving UK companies, 2004-15
                                                                        • Number of listed companies on a downward trend
                                                                          • Figure 15: Number of main market and AIM listed companies, 2008-15
                                                                          • Figure 16: Number of main market and AIM listed companies, 2008-15
                                                                      • Market Size and Segmentation

                                                                        • Key points
                                                                          • Market size
                                                                            • Overview
                                                                                • Figure 17: The UK market for accounting and financial management, 2011-15
                                                                                • Figure 18: The UK market for accounting and financial management, 2011-15
                                                                              • Market segmentation
                                                                                • Overview
                                                                                    • Figure 19: Segmentation of the UK market for accounting and financial management, by type of service, 2011-15
                                                                                    • Figure 20: Segmentation of the UK market for accounting and financial management, by type of service, 2011 and 2015
                                                                                  • Audit and accounting
                                                                                      • Figure 21: UK fee income from audit and accounting services, 2011-15
                                                                                    • Tax services
                                                                                        • Figure 22: UK fee income from tax services, 2011-15
                                                                                      • Consultancy
                                                                                          • Figure 23: UK fee income from consultancy services, 2011-15
                                                                                          • Figure 24: UK fee income from consultancy services, 2011-15
                                                                                        • Corporate finance and business recovery
                                                                                            • Figure 25: UK fee income from corporate finance and business recovery services, 2011-15
                                                                                          • Overseas trade in accountancy services
                                                                                              • Figure 26: International trade in accountancy services, 2010-14
                                                                                              • Figure 27: Exports and imports of accountancy services, 2010-14
                                                                                          • Market Trends and Issues

                                                                                            • Key points
                                                                                              • Market trends and issues
                                                                                                • Big Four continue to dominate FTSE 250 audit market
                                                                                                  • Lower end of the audit market is becoming increasingly uneconomical for auditors
                                                                                                    • Accounting firms on acquisition trail to beef up consultancy arms
                                                                                                      • Big Four eyeing up SME market
                                                                                                        • Cloud computing is transforming the accounting industry
                                                                                                          • ‘Big Data’ and data analytics represent key growth areas for accountants
                                                                                                            • Role of content marketing and social media
                                                                                                              • Forensic accounting
                                                                                                              • Industry Structure

                                                                                                                • Key points
                                                                                                                  • Industry development
                                                                                                                      • Figure 28: Top 20 accounting firms in the UK, by fee income, 2015
                                                                                                                    • Accounting firms are moving into legal services
                                                                                                                      • Mid-tier firms are on consolidation course
                                                                                                                          • Figure 29: Analysis of the changes in the structure of the UK accounting, bookkeeping, auditing and tax consultancy industry, 2011-15
                                                                                                                        • Structure by employment
                                                                                                                          • Figure 30: Analysis of the employment structure of the accounting, bookkeeping, auditing and tax consultancy industry, 2014 and 2015
                                                                                                                        • Structure by turnover
                                                                                                                          • Figure 31: Analysis of the financial structure of the UK accounting, bookkeeping, auditing and tax consultancy industry, 2014 and 2015
                                                                                                                          • Figure 32: Analysis of the financial structure of the UK accounting, bookkeeping, auditing and tax consultancy industry, 2015
                                                                                                                        • Company profiles
                                                                                                                        • Baker Tilly UK Holdings Ltd

                                                                                                                              • Figure 33: Segmental turnover analysis of Baker Tilly UK Holdings, 2015
                                                                                                                              • Figure 34: Financial analysis of Baker Tilly UK Holdings, 2010-14
                                                                                                                            • Company strategy:
                                                                                                                            • BDO LLP

                                                                                                                                  • Figure 35: Financial analysis of BDO, 2010-14
                                                                                                                                • Company strategy and outlook:
                                                                                                                                • DELOITTE LLP

                                                                                                                                      • Figure 36: Segmental turnover analysis of Deloitte, 2015
                                                                                                                                      • Figure 37: Financial analysis of Deloitte, 2011-15
                                                                                                                                    • Company strategy:
                                                                                                                                    • Ernst & Young LLP

                                                                                                                                          • Figure 38: Segmental turnover analysis of EY, 2015
                                                                                                                                          • Figure 39: Financial analysis of Ernst & Young, 2011-15
                                                                                                                                        • Company strategy and outlook:
                                                                                                                                        • Grant Thornton UK LLP

                                                                                                                                              • Figure 40: Segmental turnover analysis of Grant Thornton, 2015
                                                                                                                                              • Figure 41: Financial analysis of Grant Thornton UK, 2011-15
                                                                                                                                            • Company review and outlook:
                                                                                                                                            • KPMG LLP

                                                                                                                                                  • Figure 42: Segmental turnover analysis of KPMG, 2014
                                                                                                                                                  • Figure 43: Financial analysis of KPMG, 2010-14
                                                                                                                                                • Company strategy and outlook:
                                                                                                                                                • Mazars LLP

                                                                                                                                                      • Figure 44: Segmental turnover analysis of Mazars, 2014
                                                                                                                                                      • Figure 45: Financial analysis of Mazars, 2010-14
                                                                                                                                                    • Company strategy and outlook:
                                                                                                                                                    • Moore Stephens LLP

                                                                                                                                                          • Figure 46: Segmental turnover analysis of Moore Stephens, 2015
                                                                                                                                                          • Figure 47: Financial analysis of Moore Stephens, 2011-15
                                                                                                                                                        • Company strategy:
                                                                                                                                                        • Pricewaterhousecoopers LLP

                                                                                                                                                              • Figure 48: Segmental turnover analysis of PwC, 2015
                                                                                                                                                              • Figure 49: Financial analysis of PwC, 2011-15
                                                                                                                                                            • Company review and strategy:
                                                                                                                                                            • Smith and Williamson Holdings LTD

                                                                                                                                                                  • Figure 50: Financial analysis of Smith & Williamson Holdings, 2011-15
                                                                                                                                                                • Company review and strategy:
                                                                                                                                                                • Market Forecast

                                                                                                                                                                  • Key points
                                                                                                                                                                    • Market prospects
                                                                                                                                                                      • Large and mid-tier firms to remain on acquisition trail
                                                                                                                                                                        • Figure 51: Forecast UK market for accounting and financial management, 2016-20
                                                                                                                                                                        • Figure 52: Forecast UK market segmentation for accountancy and financial management, by type of service, 2016-20
                                                                                                                                                                      • Audit and accounting
                                                                                                                                                                        • Tax services
                                                                                                                                                                          • Consultancy
                                                                                                                                                                            • Corporate finance and business recovery
                                                                                                                                                                              • Figure 53: Forecast UK market segmentation for accounting and financial management, by type of service, 2016-20
                                                                                                                                                                          • Further Sources and Contacts

                                                                                                                                                                            • Trade and professional associations
                                                                                                                                                                              • Association of Chartered Certified Accountants (ACCA UK)
                                                                                                                                                                                • Chartered Institute of Management Accountants (CIMA UK)
                                                                                                                                                                                  • Chartered Institute of Public Finance Accountancy (CIPFA)
                                                                                                                                                                                    • Institute of Chartered Accountants in England and Wales (ICAEW)
                                                                                                                                                                                      • Institute of Chartered Accountants Scotland (ICAS)
                                                                                                                                                                                        • Trade exhibitions
                                                                                                                                                                                          • Accountex 2016
                                                                                                                                                                                            • CIPFA annual conference 2016
                                                                                                                                                                                              • Trade magazines
                                                                                                                                                                                                • Accountancy Age
                                                                                                                                                                                                  • Accountancy Live
                                                                                                                                                                                                    • Tax Advisor
                                                                                                                                                                                                      • Taxation
                                                                                                                                                                                                        • The Accountant

                                                                                                                                                                                                        Companies Covered

                                                                                                                                                                                                        To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                        Accounting and Financial Management - UK - February 2016

                                                                                                                                                                                                        £995.00 (Excl.Tax)