Off balance: Revenue is expected to fall in 2016-17, but strong earlier expansion has supported overall growth

Firms in the Bookkeeping industry record commercial transactions on behalf of companies and other organisations. Small and medium-size firms are the most important market for the industry, accounting for over 50% of revenue. Over the five years through 2016-17, generally improving economic conditions following the downturn of the previous period led to an increasing number of firms operating in the United Kingdom. This led to an expanding potential client base for industry operators. Additionally, average levels of business profit in the United Kingdom have also been on the rise, encouraging more firms to outsource back-office activities...read more.

Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 12-17
8.1%
Forecast Growth 17-22
Profit
Employment
30,481
Businesses
3,719
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Strong expansion early in the period has supported growth over the past five years
  • Overseas competitors have benefited from the improved speed and security of cloud software
  • Online bookkeeping services are expected to account for a rising shareof industry revenue
  • Industry Report - Industry Products Chapter

    Maintaining transaction recordsThe main service provided by the Bookkeeping industry is keeping a record of clients' transactions, generally up to the trial balance stage. This is performed by employees who are certified as qualified bookkeepers by the Institute of Certified Bookkeepers (ICB). The major activities in this segment are preparing, processing and posting sales receipts, sales and supplier invoices, and supplier direct debits. Maintaining transaction records covers VAT bookkeeping, tax computation, credit control and cash flow forecasting. These tasks account for all payments, receipts, payables and receivables a business accrues. IBISWorld expects this service segment to generate 59.7% of industry revenue in 2016-17. The...purchase to read more.

    Additional Insights for the Bookkeeping Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Bookkeeping Industry are

  • Receiving the benefit of word of mouth recommendations
  • Qualified work force
  • Company's product is user/consumer friendly
  • IBISWorld analysts also discuss how external factors such as Business profit and Number of businesses in the Bookkeeping industry impact industry performance..

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    What's in this report

    What is the Bookkeeping Industry?

    Firms in the Bookkeeping industry record commercial transactions for businesses and other organisations for the purpose of record keeping and accounting. The industry does not include the provision of management consultancy or accounting services.

    Industry Products
  • Maintaining transaction records
  • Producing financial reports
  • Performing reconciliations
  • Online bookkeeping and cloud accounting
  • Industry Activities
  • Maintaining daybooks
  • Maintaining petty cash books
  • Keeping journals
  • Maintaining ledgers
  • Chasing debt and credit control
  • Calculating quarterly VAT returns
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Business profit
  • Number of businesses
  • Business confidence index
  • IT and telecommunications adoption
  • Real effective exchange rate

  • Current Performance
  • A new page
  • Overseas competition
  • Regulatory change
  • Thicker margin
  • Chart: Revenue Growth

  • Industry Outlook
  • Rising demand
  • Overseas competition
  • Ongoing online growth
  • Profit margins
  • Table: Bookkeeping Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Bookkeeping Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Software Development
  • Legal Activities
  • Accounting & Auditing
  • Financial Management

  • Key Selling Industries
  • Data Processing & Hosting Services
  • Renting and Operating of Own or Leased Real Estate
  • Software Development
  • Universities

  • Products & Services
  • Maintaining transaction records
  • Online bookkeeping and cloud accounting
  • Producing financial reports
  • Performing reconciliations
  • Chart: Bookkeeping Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Small and medium-size businesses
  • Accounting firms
  • Large businesses
  • Public sector organisations
  • Chart: Major Market Segmentation for the Bookkeeping Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesPurchasesOther
  • Chart: Cost Structure Benchmarking – Sector vs Bookkeeping

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Bookkeeping Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Bookkeeping Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Bookkeeping Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Cloud Computing
  • Online virtual storage space where remote users can access and process data.
  • Offshoring
  • Outsourcing non-core business activities to a location outside the home country. This practice is typically pursued to take advantage of low production or labour costs.
  • Outsourcing
  • Using external service providers to perform non-core business functions.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Bookkeeping market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Bookkeeping:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Bookkeeping market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Bookkeeping, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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