Accounting tops for business start-ups
The accounting sector is the top of five industries that will present the best start-up opportunities in 2011, according to IBISWorld research.
The accounting sector fared well through the global financial crisis (GFC) and revenues are expected to grow by 5.6 per cent in 2011 and 2012, during which over 300 new accounting enterprises will start-up, IBISWorld stated.
It noted that increasing regulation in light of the GFC would lead to more demand for accounting services to ensure compliance with new reporting rules, while anti-money laundering and counter-terrorism reporting requirements were expected to provide a boost to the sector over the next five years.
“Although the top end of the industry is dominated by large multinational accounting firms there are thousands of small businesses dealing with BAS statements and personal tax issues,” said IBISWorld Australia general manager, Robert Bryant.
“The $14.35 billion industry is relatively recession proof with annual business accounts and tax returns needing to be lodged regardless of economic conditions.”
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A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
