Well balanced: An expanding Canadian economy will bolster demand for industry services

The Accounting, Tax Preparation, Payroll and Bookkeeping Services industry in Ontario includes establishments engaged in providing services such as auditing of accounting records, designing accounting systems, preparing financial statements, developing budgets, preparing tax returns, processing payrolls, bookkeeping and billing. Over the five years to 2018, an expanding Canadian economy, in addition to an increasingly complex regulatory and tax structure, have bolstered demand for industry services. Industry growth has been propelled by an increase in the total number of Canadian businesses and a falling unemployment rate, which have both expanded the potential pool of clientele for industry operators. Moving forward, the trend of outsourcing business functions will continue...read more.

Industry Statistics & Market Size
Revenue
$9bn
Annual Growth 13-18
4.7%
Forecast Growth 18-23
Profit
Employment
40,964
Businesses
18,811

Industry Threats & Opportunities

  • Industry growth has been propelled by an increase in the total number of Canadian businesses
  • Industry Report - Industry Products Chapter

    • Accounting services, including auditing and other assurance services, account for the largest share of industry revenue. This share is lower than the national average due to Ontario's higher concentration of multinational corporations, which often employ in-house accounting services rather than outsourcing to industry operators.• Payroll and bookkeeping services are estimated to account for 34.0% of industry revenue in 2018. Ontario has a lower unemployment rate than the national average, which supports increased demand for payroll services compared with the national average.• Tax preparation services comprise a larger share of revenue in Ontario due to the province's higher concentration of businesses and individuals earning more than $100,000...purchase to read more.

    Additional Insights for the Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario Industry are

  • Access to highly skilled workforce
  • Level of security provided for client data
  • Well developed internal processes
  • IBISWorld analysts also discuss how external factors such as Number of businesses in Ontario and Demand from finance and insurance in the Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario industry impact industry performance..

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    What's in this report

    What is the Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario Industry?

    This industry comprises establishments primarily engaged in providing services such as auditing of accounting records, designing accounting systems, preparing financial statements, developing budgets, preparing tax returns, processing payrolls, bookkeeping and billing.

    Industry Products
  • Accounting services
  • Bookkeeping, financial statement compilation and payroll services
  • Taxation preparation and representation services 
  • Industry Activities
  • Preparing financial statements
  • Payroll administration services
  • Client income and tax return preparation services
  • Bookkeeping services
  • Developing budgets
  • Client tax return reviewing services
  • Providing tax advice to corporate clients and individuals
  • Financial document compilation services
  • Providing accounting advice to individuals and small businesses
  • Tax planning and consulting services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of businesses in Ontario
  • Demand from finance and insurance
  • Number of employees in Ontario
  • Demand from mining (except oil and gas)
  • Number of households earning $100K or more

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Oil Drilling & Gas Extraction in Canada
  • Insurance Brokers & Agencies in Canada
  • Real Estate Investment Trusts in Canada
  • Consumers in Canada

  • Key Selling Industries
  • Advertising Agencies in Canada
  • Computer & Packaged Software Wholesaling in Canada
  • Office Supply Stores in Canada
  • Software Publishing in Canada

  • Products & Services
  • Accounting services
  • Bookkeeping, financial statement compilation and payroll services
  • Taxation preparation and representation services 
  • Other
  • Chart: Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario Industry Products and Services Segmentation

  • Major Markets
  • Businesses
  • Individuals and households
  • Governments, nonprofits and public institutions
  • Other
  • Chart: Major Market Segmentation for the Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario

  • Basis of Competition
    Barriers to Entry
    Deloitte Touche Tohmatsu Limited, Grant Thornton LLP, KPMG International, PricewaterhouseCoopers LLP,
  • Table: Deloitte Touche Tohmatsu Limited - financial performance
  • Table: Grant Thornton LLP - financial performance
  • Table: KPMG International - financial performance
  • Table: PricewaterhouseCoopers LLP - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of businesses in Ontario (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Auditing
  • The act of reviewing a company's financial operations to ensure regulatory compliance.
  • Initial Public Offering (Ipo)
  • The issuing of a company's common stock to the public for the first time.
  • International Financial Reporting Standards (Ifrs)
  • The standards, interpretation and framework for financial reporting adopted by the International Accounting Standards Board.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Accounting, Tax Preparation, Payroll & Bookkeeping Services in Ontario, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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