| The nation’s largest accounting firms have . TOP ACCOUNTING FIRMS, RANKED BY REVENUE Table 1. International revenue of the Next8 compared to PwC Source: BRW Top Accounting Firms Second, the Australian. The Australian Accounting Awards has revealed it’s winners at the Sofitel Australia’s top accounting firms and professionals were nominated.
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The answer to this question lies in the growing global cohesion within the accounting mid-tier, where member firms are avcounting stronger trans-national relationships to compete both with the Big4 and local firms that are taking market share. Firstly, to put size into perspective the eight mid-tier firms generate around the same fees as PwC.
This is true both internationally Table 1 and in Australia Table 2. Second, the Australian market has changed for the Next8 in with the Next8 becoming the Qccounting Table 3. This may be the start of an inevitable consolidation that also be global, shrinking the Next8 to a Next4 or 5—those that run a proactive trans-national firm closer to the modus operandi of the Big4. Table 3 — Growth of the Australian Next8 — to Note — Firrms revenue has been adjusted to reflect the changes in member firms.
Fourth, in terms of international activity only Grant Thornton, BDO and HBL were noticably active in the last year, but not necessarily all in positive ways. But their tactics seem clear; they continue to cement accoynting transnational networks and relations:.
Fifth, from their press releases all the Next8 are seeking additional acquisitions in Australia, with PKF seeking to restore its presence in the east coast capital cities.
WHK, the only listed firm, with some 68 offices in Australia of which only five are branded Crowe Horwath is an interesting business.
Bigger. Better. Both?
Almost twice the size of its nearest rival derived from its extensive network of regional offices. Its listed status and unique combination of extensive high street accounting sccounting international audit and tax Fjrms capability makes it an unorthodox competitor to the traditional mid-tier firms, the private client practices of the Big4 and the peloton of high quality local firms such as Lawler, Vincents and William Buck that have grown significantly over the last few years.
If PKF is unable to re-establish itself in the east coast capital cities, does it imply an over-supply of undifferentiated services and a business model that can no longer compete with the alternatives? One thing is certain, in the Next8 space will produce more changes, but perhaps not as accunting musical chairs. Your email address will not be published. Time limit is exhausted.
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All postings become the property of Beaton Capital. Battle ground of the accounting mid-tier 5 November, Warren Riddell.
The Next8: Battle ground of the accounting mid-tier – Beaton Capital
Strategy email print download pdf In the round of musical chairs PKF is the one left standing with nowhere to sit except Perth, Tasmania, Canberra and the Gold Coast. But their tactics seem clear; they continue to cement their transnational networks and relations: China, Serbia and Ireland: Leave accountiing Reply Cancel reply Your email address will not be published.
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