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The Key to Growth for Accounting Firms Taking Advantage of Digital Disruption

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THE KEY TO GROWTH FOR ACCOUNTING FIRMS: TAKING ADVANTAGE OF DIGITAL DISRUPTION The Professional and Business Services (PBS) Sector adds £190billion to the UK economy, and it's steadily growing. According to IBISWorld, the PBS industry is 'in the mature stage of its life cycle', meaning that the number of players is increasing, and they're causing a 'technological change based on improving efficiency rather than developing entirely new services'. There are about 43,500 accounting firms in the UK, offering auditing, bookkeeping and tax consultancy services to the market. At the core, what they're selling is knowledge and expertise; accountancy firms rely on the fact that no business can know everything. Organisations of all sizes and sectors must seek support and guidance from the experts, and these knowledge services are so valuable that firms can charge a premium. It's what makes accounting a £29billion chunk of the UK PBS sector. The State of Accounting in the UK When we say 'accounting', what do we mean? While many accounting firms are a business unit of larger consultancy groups, for the purpose of this whitepaper, we're describing a subsector that manages: • Tax planning and preparation • Operational bookkeeping and payroll processing • Business development, budget activity and valuation • Compliance and audit activity, associated with governing bodies

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