Accounting and Financial Management - UK - January 2015
“Growth in the UK accounting and financial management market has been restricted by the sluggish economy in recent years. However the market has started to show stronger growth in 2014 in line with the more robust economic recovery. Consultancy is expected to remain the strongest growth sector, as accountancy firms continue to strengthen their consultancy capabilities in a bid to reduce their dependence on more mature accountancy functions and to become truly multi-disciplinary professional services businesses.”
– Claudia Preedy - Industrial Analyst
This report addresses the following key questions concerning the UK accounting and financial management market:
- How has the UK accounting and financial management market performed over the last five years?
- What has been the development of the individual sectors of the market?
- What are the major trends and issues affecting the market?
- How have key players performed in recent years?
- How is the market expected to develop over the next five years?
Despite the more positive economic climate in 2014, a cloud of uncertainty has shifted over the UK’s economic outlook in recent months. A potential slowdown in UK economic growth would have a direct knock-on effect on demand for accountancy and financial management services so the outlook for the market carries a degree of uncertainty. Nonetheless, with economic growth expected to be sustained, the trading conditions for the accounting and financial management market are anticipated to remain positive for the foreseeable future.
Consultancy and advisory services are set to continue to represent the strongest growth potential for accountancy firms. Cost cutting and efficiency savings have played a big part in the need for consulting advice in recent years, and are expected to continue to do so. Over the coming years, strong growth in digital technology is also set to be a key driver of the consultancy services sector.
Technology and its application will also continue to be a driving force of change in the accountancy sector, with firms increasingly adopting new technologies to become more efficient, flexible and responsive to clients’ needs. The key focus is on technologies that make accountants more productive and bring them closer to clients - with these technologies predominately cloud and mobile based.
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