This report looks at the market trends shaping the future of the UK accounting and financial management industry. Featuring market size and performance, a five year market outlook and a comprehensive overview of industry structure and competitive strategies, the report provides everything you need to stay ahead of your competition in the UK financial management market.
This Report Looks At the Following Areas:
- Analysis of the size of the market and forecast for the next five years
- The performance of key sectors of the market
- How firms need to adapt to an evolving regulatory environment
- How the industry is becoming more tech-driven
- The performance of key industry players
UK Accounting and Financial Management Market Overview
Despite the severe business disruption caused by the pandemic and recent economic challenges, the UK market for accounting and financial management has shown resilience. All main service sectors showed growth during 2023, except for corporate finance, which was impacted by a slowdown in M&A activity. While consultancy services continue to be a key driver for market growth, demand slowed somewhat in the last year, as clients reined in spending.
UK Accounting and Financial Management Market – Market Trends
Regulation and reporting requirements are increasing rapidly, affecting many aspects of the market, including audit, tax compliance, digitalisation and ESG. Accounting firms need to stay abreast of regulatory changes, acquire skills and adapt their service offering to help clients on those fronts with the aim to become a valued advisor.
The digital transformation and rapidly emerging technologies (eg AI, automation, cloud computing) is revolutionising the way accountants work, streamlining processes, and enhancing efficiency. These advancements will enable accountants to elevate their data analytics capabilities, provide deeper insights, focus on value-added services and expand their advisory capabilities.
Purchase Mintel’s full report for a complete overview of the UK Accounting and Financial Management Industry, including a review of the competitive landscape with information on industry structure and company profiles.
Expert Analysis from a B2B Specialist
This report, written by Claudia Preedy, a leading B2B analyst, delivers in-depth commentary and analysis to highlight current trends in the UK accounting and financial management market and add expert context to the numbers.
The market faces a shifting landscape, driven by an evolving regulatory environment and emerging technologies. Firms need to show agility to stay ahead of the curve.
Claudia Preedy
Senior B2B Analyst
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- Key issues covered in this Report
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Executive Summary
- Opportunities for the accounting and financial management market
- Market dynamics and outlook
- Graph 1: market and forecast for accounting and financial management, 2019-28
- Graph 2: segmentation of the market for accounting & financial management, by type of service, 2019-23
- Competitive landscape
- Graph 3: top six accounting firms, by fee income, 2022/23
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Market Dynamics
- Market size
- Graph 4: procurement of external accounting services, by sector, 2022
- Graph 5: international trade in accountancy services, 2017-21
- Market forecast
- Graph 6: forecast of the accounting and financial management market, by sector, 2024-28
- Market segmentation
- Graph 7: segmentation of the market for accounting & financial management, by type of service, 2019-23
- Audit and accounting
- Graph 8: fee income from audit & accounting services, 2019-23
- Graph 9: growth in audit fees paid by FTSE 350 companies, 2021-2022
- Tax services
- Graph 10: fee income from tax services, 2019-23
- Consultancy services
- Graph 11: fee income from consultancy services, 2019-23
- Corporate finance and business recovery
- Graph 12: fee income from corporate finance & business recovery services, 2019-23
- Market trends
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Market Drivers
- Macro-economic factors
- Graph 13: GDP, 2021-23
- Graph 14: CPI inflation rate, 2021-24
- Trends in business population, self-employment and start-ups
- Graph 15: number of private businesses, 2010-23
- Graph 16: self-employed workers in the UK, 2011-23
- Graph 17: number of newly incorporated companies, 2016-23
- Insolvencies and business health
- Graph 18: number of insolvencies in England and Wales, 2013-23
- Graph 19: ICAEW National business confidence index, 2010-23
- M&A activity
- IPO activity
- Graph 20: number of main market and AIM-listed companies, 2013-23
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Regulatory and Legislative Environment
- Industry regulation
- Audit reforms
- Making tax digital
- Crackdown on tax avoidance
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Competitive Landscape
- Industry structure
- Graph 21: total registered audit firms, 2018-22
- Graph 22: analysis of the changes in the structure of the accounting, bookkeeping, auditing and tax consultancy industry, 2018-23
- Company profiles
- Graph 23: segmented turnover analysis of BDO, by service line, 2022-23
- Graph 24: segmented turnover analysis of Deloitte, by service line, 2022-23
- Graph 25: segmented turnover analysis of Ernst & Young, by service line, 2022-23
- Graph 26: segmented turnover analysis of Grant Thornton, by service line, 2021-22
- Graph 27: KPMG segmented turnover analysis, by services line, 2022-23
- Graph 28: segmented turnover analysis of PwC, by service line, 2022-23
- Graph 29: segmented turnover of RSM UK Holdings, by service line, 2022-23
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Appendix
- Supplementary data
- Report scope and definitions
- Methodology
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