Fee income at the top 75 accounting firms has reached a record £15.75 billion in the past year, but SMEs should look to the smaller, partner led practices for advice and support.
According to the annual Accountancy Daily Top 75 Firms survey, the six largest accountancy firms (PwC, Deloitte, EY, KPMG, Grant Thornton and BDO) collectively saw fee income of £13.05 billion, equivalent to an 82.8 per cent market share.
PwC comes out on top with 5 per cent growth year on year to £3.76 billion from £3.59 billion. Deloitte ranked second with £3.58 billion, a 6 per cent increase, with EY’s 3 per cent growth and £2.41 billion fee income placed it third.
Commenting on the findings, Ben Chaplin, CEO of tax investigation and insurance specialist Croner Taxwise, says “accountancy firms are really beginning to embrace change” when it comes to technology, but he adds that Brexit and competition between the mid-tier and the Big Four are the biggest challenges for the sector.
While these numbers are somewhat impressive, it does show us that big isn’t always beautiful.
As a smaller partner lead advisory business, but will a full service offering, Beavis Morgan is better placed to guide startups, SMEs and smaller quoted companies, helping them make critical decisions throughout each stage of the business lifecycle, whilst navigating the challenges and advising on the right decisions both now and for the future – for themselves, their families and their businesses.
Contact Steve Govey or your usual Beavis Morgan Partner to find out more about how we can help you with your entrepreneurial ideas and your small business. You can also click here to view a range of articles which practical advice and tips for entrepreneurs and SMEs.