UK’s accounting sector on course for record year as firms capitalise on volatility

The UK’s accounting sector’s turnovers continued to grow over July as the industry bucked trends towards plummeting revenues in the wider services sector.    

The accounting sector’s turnovers increased 0.69 per cent from June to July, to heights of £3.54bn, figures from the Office for National Statistics (ONS) show.

The growth saw the sector’s revenues increase 16.65 per cent over the previous year, as accounting firms continued to profit from volatile economic conditions.

The industry’s surging revenues came as the entirety of the UK’s services sector saw its revenues drop six per cent from June to July to £227bn, amid a looming economic recession.   

Professor Atul Shah said the data comes as further evidence that accounting firms are “recession proof” as he noted the firms have shown themselves able to capitalise on economic downturns.

He explained that the UK’s major accountancy firms receive consistently reliable income from their audit segments.

 This is further bolstered by surging demand for consulting services, as businesses seek advice in navigating volatility, Shah said.

Julie Matheson, regulatory partner at Kingsley Napely, said the research shows the UK’s accounting sector remains “tremendously robust” in the face of economic volatility.

The accounting sectors surging revenues came as the legal sector’s turnovers also increased by 2.2 per cent from June to July.