Analysis of Accounting and Service Industry in Australia: Growth, Role, and Employment

Running head: FINANCE
Finance
Name of the Student:
Name of the University:
Author’s Note

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FINANCE
Table of Contents
1.0 Introduction...........................................................................................................................2
1.1 Introduction to Accounting and Service Industry.............................................................2
1.2 Future Growth Projection of the Industry.........................................................................6
1.3 Specific Areas of Employment..............................................................................................6
1.3.1 Role of Accountant in a Business.......................................................................................7
1.3.2 Essential Skills needed in Accountant................................................................................7
1.3.3 Remuneration and Other Benefits of Accountants.............................................................8
2.0 Selected Accounting and Service Firm...............................................................................10
2.1 Introduction to the Company..........................................................................................10
2.2 Company’s Culture and Working Environment.............................................................10
3.0 Investigation Interview.......................................................................................................11
Conclusion.....................................................................................................................................12
Reference.......................................................................................................................................13

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FINANCE
1.0 Introduction
1.1 Introduction to Accounting and Service Industry
The main concern of this assessment is to analyse the role of accounting service industry in
relation to other businesses which are operating in Australia. The accounting service industry has
received immense recognition in the wake of scandals and growth of different businesses in the
market. The main products which are offered by accounting service industry to different
businesses are bookkeeping, auditing, advisory services and payroll maintenance. The main
responsibility which can be recognised for accounting professional is that they need to
appropriately present the financial performance of a company so that the investors and other
stakeholders are able to interpret the same and make financial decisions on the basis of the same.
The growth and expansion of different industries which are operating in retail, manufacture,
food, textile or service has resulted in growth and demand of more accounting professionals. In
order to ensure proper disclosure of financial information various accounting standards are
established.
As per the market conditions which is present in Australia, the market is very much
favourable for accounting profession as the profession has generated around $ 20 billion in 2018
which is more than the revenue which was generated in previous year. Most of the Young
Graduates who are engaged in accounting courses have a vision to work for one of the big
accounting firms. A survey shows that the accounting profession industry has experienced a
growth of 2.6% between 2012 and 2017 (Afpbb.com.au. 2019). It is further estimates that more
than one lakh fifteen thousand. A table is presented below which shows the financial results for
accounting service industry for current period.

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FINANCE
Industry Revenue (2013-
2014) $ 17 billion approx.
No of Employees from the
Section 115000 (2017)
Number of Accounting
Services Firms 31,762
Wages 2013-2018 $ 20
billion
Proportion from Total Market
2013-2018 11%
Overall Growth in the
accounting Service Industry
2.6% (2013-2018)
Figure 1: (Statistics Relating to Accounting Service Industry Operating in Australia.)
Source: (National Industry Insights Report. 2017)
Figure 2: (Chart Showing Employment level of accountants between 2002-03 and 2012-13.)
Source: (Docs.education.gov.au. 2019)