Balance sheet: The industry will benefit from domestic business activity and multinational company expansion into Canada

Over the five years to 2018, an expanding Canadian economy, in addition to an increasingly complex regulatory and tax structure, has bolstered demand for the Accounting Services industry in Canada. As a result, industry revenue is expected to rise. Industry growth has been propelled by an increase in the total number of Canadian businesses, which expanded the potential pool of clientele for accounting firms. Over the five years to 2023, industry revenue is projected to grow. Anticipated growth in the total number of Canadian businesses will underpin industry revenue growth. Additionally, as multinational companies expand into Canada, they will rely on domestic accounting firms to provide insight into federal tax incentive programs...read more.

Industry Statistics & Market Size
Revenue
$12bn
Annual Growth 13-18
3.8%
Forecast Growth 18-23
Profit
Employment
41,914
Businesses
27,137

Industry Threats & Opportunities

  • Diversification of services will likely insulate the industry from significant economic headwinds
  • Major players expected to continue acquiring more specialized services
  • Major accounting firms have acquired several SR&ED advisory firms
  • Industry Report - Starting a New Business Chapter

    Characterized by a moderate to low level of concentration, this industry contains mostly small firms, employing fewer than 20 people. Although the industry has a high level of competition, there are few barriers to entry at the lower end of the industry, apart from obtaining formal qualifications or training. Prior to 2014, standards for certification for Canadian accounts were spread among the provincial jurisdictions and managed by the various chartered institutes, including the Canadian Institute of Chartered Accountants, the Society of Management Accountants of Canada and Certified General Accountants of Canada...purchase to read more.

    Additional Insights for the Accounting Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Accounting Services Industry are

  • Access to highly skilled workforce
  • Well-developed internal processes
  • Effective quality control
  • IBISWorld analysts also discuss how external factors such as Number of businesses and Corporate profit in the Accounting Services industry impact industry performance..

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    What's in this report

    What is the Accounting Services Industry?

    This industry audits the accounting records of public and private organizations and attests to compliance with generally accepted accounting practices. Accounting services establishments provide a variety of accounting services, including auditing accounting records, designing accounting systems, preparing financial statements, developing budgets and providing advice on matters related to accounting.

    Industry Products
  • Auditing and other assurance services
  • Other services
  • Corporate tax preparation
  • Individual tax preparation services
  • Tax planning and consulting services
  • General accounting services
  • Insolvency and receivership services
  • Consulting services
  • Industry Activities
  • Preparing financial statements
  • Developing budgets
  • Designing accounting systems
  • Auditing
  • Providing accounting advice to corporate clients
  • Providing accounting advice to individuals and small businesses
  • Providing tax advice to corporate clients
  • Preparing accounts
  • 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
  • Corporate profit
  • Demand from finance and insurance
  • Demand from mining (except oil and gas)
  • Demand from oil and gas extraction

  • Current Performance
  • Expansion of services
  • Expansion continues despite headwinds
  • High profit and enterprise expansion
  • Chart: Revenue Growth

  • Industry Outlook
  • Power of data
  • Transfer pricing changes
  • Consumer tax software
  • Industry structure and profit
  • Table: Accounting Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Accounting Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Mining In Canada
  • Oil Drilling & Gas Extraction in Canada
  • Finance and Insurance In Canada
  • Real Estate and Rental and Leasing In Canada

  • Key Selling Industries
  • Commercial Leasing in Canada
  • Computer & Packaged Software Wholesaling in Canada
  • Furniture Stores in Canada
  • Office Stationery Wholesaling in Canada

  • Products & Services
  • General accounting services
  • Auditing and other assurance services
  • Corporate tax preparation
  • Consulting services
  • Individual tax preparation services
  • Tax planning and consulting services
  • Other services
  • Insolvency and receivership services
  • Chart: Accounting Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Finance sector
  • Industrial goods and services sector
  • Individuals
  • Consumer and retail sector
  • Public sector
  • Other businesses
  • Technology, media and telecom sector
  • Nonprofit organizations
  • Chart: Major Market Segmentation for the Accounting Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesRent and utilitiesOther
  • Chart: Cost Structure Benchmarking – Sector vs Accounting Services

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Accounting Services Industry

  • Industry Globalization
    Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers, KPMG International, Ernst & Young,
  • Table: Deloitte Touche Tohmatsu Limited - financial performance
  • Table: PricewaterhouseCoopers - financial performance
  • Table: KPMG International - financial performance
  • Table: Ernst & Young - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Accounting Services 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 Services 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 (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 Services 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 Services:
    • 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 Services 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 Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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