Accountancy start-ups grow despite the recession

New research suggests that accountants are more important than ever in the continuing economic crisis.

Despite the recession, business is growing in the accountancy sector with 4,210 new companies in this area starting up last year. A study of recent Office of National Statistics (ONS) information by the tax and accounting information group Bloomsbury Professional, showed the number of accountancy start-ups in 2012 had increased by 14% compared with three years earlier.

Start of recovery

And for the first time since the start of the financial crisis in 2008, there have been more accountancy firms opening up than closing down, indicating recovery in this area. During 2012 3,360 companies in the accountancy sector ceased operation – 16% fewer than in 2009. When all the start-ups and closures are taken into account, the number of accountancy firms in the UK grew by 850 last year. The previous two years the overall number of companies in the sector had fallen by 360.

Bloomsbury Professional’s Managing Director Martin Casimir said the recession has left many businesses in need of professional advice.

Businesses need accountancy advice more than ever

He said: “Businesses, sole traders, or individuals may have been reluctant to pay for accountancy advice from a chartered accountant during the recession, but that doesn’t mean they don’t need the advice.”

High street businesses with franchise models have experienced a surge in popularity due to their competitive prices, which appeal to people and businesses on a tight budget.

Mr Casimir added that starting up a business appeals to accountants as on top of their existing skills and knowledge they only need a computer and some office space to get going. And many working as employees may have got tired of waiting for pay rises and promotion in the current climate, deciding that the route to success is to start out on their own.

Office space

Accountants or other professionals looking for commercial premises to house their budding businesses can find a package tailored to their needs with Bizspace. We have offices of all sizes, available at more than 100 sites throughout England and Scotland, so we are sure to have the right kind of office space to meet your needs.

We offer many benefits to your start-up business. In terms of flexibility, we are second to none, offering a range of spaces, short-term, flexible lease agreements and flexible pricing and payment options. We also offer extra services that can make your life easier, including:

• virtual offices
• mailboxes
• meeting rooms and training facilities

Help for start-ups

Bizspace is committed helping start-up businesses to flourish and we provide special discounts and resources for start-ups.

We also support the Start-up Loans Company, a scheme which can help young entrepreneurs fulfill their business ambitions. The £112 million national start-up loans fund can help finance a new business started by someone between the ages of 18 and 30.

There is also a great special offer from Bizspace featured in the latest StartUp Kit from Enterprise Nation. The kit, available for £10 or £5 for the e-book, includes advice and information on starting up your own business.  It includes an offer of one month’s free office space or virtual office service  for customers who sign a six-month deal.