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.
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.
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.
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