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Industry Landscape
The Australian accounting and business advisory industry is currently undergoing significant transformation, driven by technological advancements like automation and AI. There's a strong shift towards value-added services beyond compliance, focusing on strategic advisory, profit maximisation, and technology integration for small and medium-sized businesses. Firms are increasingly adopting cloud-based solutions and offering digital services to meet client demands for efficiency and real-time insights.
Total Assets Under Management (AUM)
Number of Accounting Services Businesses in Australia
~Approximately 44,000 businesses
(1.8% CAGR)
Growth is driven by: - Increased demand for digital accounting solutions. - Businesses seeking strategic financial advice. - Ongoing compliance requirements for SMBs.
Total Addressable Market
18.3 billion AUD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI in Accounting
Generative AI can automate complex tasks like financial report generation, predictive analytics, and even initial drafting of advisory reports, significantly enhancing efficiency and accuracy.
Blockchain for Auditing & Supply Chain Finance
Blockchain technology offers immutable record-keeping and smart contracts, revolutionizing auditing processes, enhancing transparency in supply chain finance, and enabling real-time reconciliation.
Hyperautomation
Hyperautomation combines Robotic Process Automation (RPA) with AI, machine learning, and other technologies to automate increasingly complex business processes end-to-end, beyond simple repetitive tasks.
Impactful Policy Frameworks
Single Touch Payroll (STP) Phase 2 (2022)
STP Phase 2 expanded the data reported through STP, requiring employers to provide more detailed information to the ATO about employee payments and other payroll components.
This policy increases the complexity of payroll processing for businesses, requiring accounting firms to ensure clients' payroll systems are compliant and accurate, potentially increasing demand for payroll advisory services.
Modern Slavery Act 2018 (Cth)
The Modern Slavery Act requires larger entities operating in Australia to report on the risks of modern slavery in their operations and supply chains, and actions taken to address those risks.
While primarily affecting larger entities, accounting firms advising SMBs involved in supply chains of larger businesses may need to guide clients on due diligence and data collection related to ethical sourcing.
Data Retention Laws and Privacy Act Amendments
Australia's data retention laws require telecommunication companies to retain certain metadata, and ongoing amendments to the Privacy Act enhance data protection for individuals, impacting how all businesses handle personal information.
Accounting firms handling vast amounts of sensitive client financial data must ensure robust cybersecurity measures and privacy compliance, increasing the importance of secure digital platforms and data governance.
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