Growth and Future Scope of Accounting Services Industry: Job Profiles and Payscale for Finance Managers

In this document we will discuss about Growth and Future Scope of Accounting Services Industry and below are the summary points of this document:- Accounting industry has essential role in economy and provides various services including bookkeeping. Accounting industry in Australia has shown growth rate of 2.6% from 2012 to 2017 with $20 billion revenues. Finance manager plays a crucial role in businesses with required skills, competencies and qualification.

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

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Table of Contents
Part 1................................................................................................................................................2
Growth in Accounting Service Industry......................................................................................2
Future Scope of Development in Accounting Service Industry..................................................5
Job Profiles in Accounting Service Industry...............................................................................6
Role of the Finance Manager in a business.............................................................................6
Key skills and Competence.....................................................................................................7
Payscale of the Finance Managers...........................................................................................8
Qualification and Competencies of Finance Manager.............................................................8
Part 2................................................................................................................................................9
Introduction to the Company.......................................................................................................9
Working Environment and Culture of the Company.................................................................10
Part 3..............................................................................................................................................10
Conclusion.....................................................................................................................................12
Reference List................................................................................................................................13

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Part 1
Growth in Accounting Service Industry
The book keeping and accounting industry is a key sector and is associated closely to the
various business sectors. The profession of accounting has the liability of reporting in accordance
to their financial performance to the common investors and the stakeholders. Hence, it can be
stated that the profession of accounting has an essential role within the economy and even
towards the other industries that are operational in the economy (Parker 2013). The profession
gives out various services that are inclusive of the maintenance of payroll, bookkeeping and
various other services. Furthermore, with the innovative development and swift expansion of the
organizations, the main focus has been on accounting and this has developed. There are several
standards which are created so that the entire quality of the profession of accounting can be
developed further.
By reviewing the market scenario and the current condition in Australia, it can be
forecasted that the profession of accounting has created around $20 billion revenues in Australia
with a essential amount of growth rate (National Industry Insights Report. 2017). The industry is
very much attractive and with the development of the business and the new businesses coming
within the industry. According to the forecasts which have been reviewed, the industry of
accounting has shown a development of 2.6% within the year 2012 to 2017 (Afpbb.com.au.
2019). The extent of unemployment in the industry that has been selected is found to be 115,000.
Industry Revenue (2013-
2014) $ 17 billion approx.
No of Employees from the
Section 115000 (2017)
Number of Accounting
Services Firms 31,762

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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: (Table Showing data of growth rates of Australian Accounting Service Industry )
Source: (National Industry Insights Report. 2017)
Figure 2: (Employment status in the field of Accounting in the country)
Source: (National Industry Insights Report. 2017)

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1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 5th Quarter
410000
415000
420000
425000
430000
435000
440000
Financial and Insurance Services
Figure 3: (Bar diagram showing quarter wise growth in employment in accounting services)
Source: (Aph.gov.au. 2019)
The figures that have been shown above reveal that the accounting industry has been
developing by a significant margin and there is more possibility of enhancement in the industry.
The next graph reveals the estimation of the increase in employment after 2018 and this has been
seen to rise as well. This is forecasted that various other companies are establishing in Australia.
By looking at Figure 3 it is seen that 1st quarter is shown by months November to January 2016
and it is seen that the next quarter initiates from February 2017 to April 2017.
The other chart that has been depicted below addresses the perspective of the graduates as
to the selection of the options of employment which they can access and thereby the same is
depicted on the percentage basis.

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Figure 4: (Popular employment options which are available in Australia.)
Source: (Created by the Author)
This chart reveals the professions that are followed in Australia and the graph reveals that
the profession of accounting is in third position as it has been preferred specifically by the
Australian graduates (Aph.gov.au. 2019).
Future Scope of Development in Accounting Service Industry
The estimation from the point of view of the industry is very high because the industrial
environment on an overall basis is developing and hence it is anticipated that there will be
development in the finance and accounting industry (Pop-Vasileva, Baird and Blair 2014). The
professional service that has been provided by the accountants is extensive and the organizations
are in need of such services and hence there is a demand for the services, which is undertaken by
the professional accountants.
It is seen that even though there has been a fall initially in the revenue which is created by
the small non-employed accounting companies, which is generally due to the simplification and
initiation of personal and e-tax and it has been anticipated that the revenue of the Australian
Accounting Industry will rise at an aggregate rate of 5.55 within 5 years and will reach $20.7

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billion by the year 2020. The development in the industry is huge and hence the future of the
industry is bright.
Job Profiles in Accounting Service Industry
There are several employment sections which are associated to the accounting industry.
There are certain roles that are performed by the experts are the functions of the auditor,
financial advisors and the finance managers. These are the key areas which are regarded by the
experts in the profession of accounting (Crawford et al. 2014). In such circumstances, the role of
the accounts managers are taken into consideration in order to address further the duties and the
roles, which are performed by such entities within a business.
Role of the Finance Manager in a business
The function of the account managers within an organization is an essential one as all the
key decisions of the fund procurement and the implementation of the same is undertaken by the
finance managers of the company. The account managers are liable for undertaking the key
financial decisions for the organization (Bayerlein and Timpson 2017). In most of the
companies, the managers are appointed to take care of the finance related aspects of the business
and manage the financial element of the organization. Some of the key roles which are
undertaken by the finance managers have been addressed as follows:
 Forecasting and planning the fund requirement
 Management of cost and supervision
 Application and procurement of the business funds
 Implementation of the financial management tools for the enhancement of the
management of the organization

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Figure 5: (Career path of a finance manager in Australia)
Key skills and Competence
The person would be selected as the finance manager of an organization requires having
certain understanding on the field of accounts and needs to have experience of the same. The
accounts managers need to be appointed professionally. The accounts managers require having
proper knowledge on the accounting standards and policies. Furthermore, the finance managers
should have ideology for the transitions and capability to incorporate approaches that are
innovative for the development of the business (Edwards 2014). The managers need to be
professional and should have the capability to estimate the costs and the revenues of the
organization for the future time period. The finance manager even needs to have essential skills
related to communication for the intention of ensuring that effective communication can be
generated with their subordinates.

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Payscale of the Finance Managers
The post of the financial managers is a critical one within the business and has an
essential role in the process of decision making within the organization. Hence, the remuneration
that is offered to these people are much higher and the same is variant from organization to
organization.
Figure 6: ( Pay scale demonstration of Finance Manager in Australia)
Source: (Payscale.com. 2019)
The figure that has been posted above explains the remuneration of the financial
managers, who are functioning in Australia along with the element of the salary of the person.
The recent survey that has been undertaken reveals that the aggregate salary of a financial
manager has been between AUS $61,174 to AUS $141,705 per annum (Payscale.com. 2019).
The incentive of the financial managers is pretty high and this has been due to the role they play.
Qualification and Competencies of Finance Manager
The accounting profession is in need of extensive range of skills and knowledge for
proper treatment of the financial data. The financial managers need to have required degree of

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competence. The financial managers need to have suitable ideal education and qualification for
the performance and the decisions which are undertaken by the management.
The Association of Certified Accountants (ACCA) and the Chartered Institute of
Management Accountant (CIMA) provides courses that are professional with the goal to develop
a person in accordance to the financial needs and groom them for the roles that are to be
performed by the companies.
Part 2
Introduction to the Company
The organization that has been taken into consideration for this section is Deloitte, which
is one of the largest four auditing companies that are operational in Australia. The business with
which the company is associated is related to providing auditing services to the companies that
are functional in Australia. Furthermore, Deloitte even provide advisory services and is known to
be one of the biggest auditing companies in the nation.
Deloitte has a partnership with Touche Tohmatsu and are always looking for
development, clientele services and has employees over 8000 and has 790 partners and is
situated in 14 various countries all over the globe. The management of the organization is always
looking to undertake an innovative process and create a competitive edge over their rival
companies which are functional in Australia.
It is due to their management policies that Deloitte Australia has attained extensive of
revenues of AUS $ 2.013 billion in the year 20018 and has attained 154 revenue development
four years in a row. The organization has been able to create revenue of 15% at the present time

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period. The organization is driven by the goal of providing effective quality services to their
customers and make sure that the accounting standard provisions are maintained.
Working Environment and Culture of the Company
The culture that is seen in Deloitte is an effective one and the entire environment is
constructed in such a way that the employees are motivated and they look to perform properly in
order to attain their goals. Deloitte being a renowned company values their employees very
much. The standards and policies are constructed by the company by looking at the employees
working in the organization and ensuring that all the interests of the employees are taken into
consideration at every point of time. The culture that is maintained in Deloitte is proper diversity
is attained by the organization. Furthermore, the organization has provided all the features that
would make the employees more comfortable in the market and thereby inspire them with the
help of which they would be able to outperform their previous performance.
The company even offers other benefits to the employees that are inclusive of the leaves,
infrastructure etc. These sorts of benefits that are given to the employees are given with the point
of view to make sure that a balance between work and life of the employees can be attained.
Furthermore, the company even has one of the effective recruitment plans, which in turn makes
sure that the employees who have been recruited are skilled and competent.
Part 3
Interviewee profile
Name of the Interviewee?
Jack Wilson
Organization?

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Price Waterhouse and Coppers (PwC) (Previous company)
Post within the company?
Senior Accounts Associate
Number of years employed?
5 years
Contact details?
1. Define yourself and what are your goals in life?
2. What are the reason that you left PwC?
3. Can you tell when was this company established and what are the principle activities which
we perform?
4. Do you follow the development of the organization? What do you reckon, was this year
performance of the company better than last year ?
5. Do you have an idea of the role for which you have applied for in the business? Tell us some
thing about its responsibilities?
6. What is the feature that makes you unique from the other candidates who are here for this
interview?
7. Discuss a scenario where you have shown your attributes of leadership for resolving any
issues?
8. Where do you want to be in 5 years’ time? What are your own objectives, which you want to
attain?

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9. Do you want to ask any questions?
Conclusion
The explanations that have been made in the report address the function and development
of the accounts experts in a new business environment. The discussions that have been made
earlier reveals that the profession of accounting is expected to develop further from a suture
point of view. The enhancement of the business sectors and the entry of new companies are
maintaining it in control that the demand for the services of accounting is always high. The
function of the accounts manager which is a part of the profession of accounts is explained with
the function which is undertaken by the experts. Furthermore, the analysis even addresses the
prospects of becoming a financial manager which is inclusive of the remuneration, functions and
authority. The report even addresses Deloitte as an organization that can act as a employment
source for the future aspirants and hence suitably addresses the workplace for them. The
explanation even defines the interview questions for the post of financial manager for the
intention of ascertaining the market overview and the standards of the business.

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Reference List
Afpbb.com.au. (2019). The Australian Accounting Industry . [online] Available at:
http://www.afpbb.com.au/Resources/TheAustralianAccountingIndustry.aspx [Accessed 1 Feb.
2019].
Aph.gov.au. (2019). Employment by industry statistics: a quick guide – Parliament of Australia .
[online] Available at: https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/
Parliamentary_Library/pubs/rp/rp1718/Quick_Guides/EmployIndustry [Accessed 1 Feb. 2019].
Bayerlein, L. and Timpson, M., 2017. Do accredited undergraduate accounting programmes in
Australia meet the needs and expectations of the accounting profession?. Education+
Training, 59(3), pp.305-322.
Crawford, L., Helliar, C., Monk, E. and Veneziani, M., 2014, March. International Accounting
Education Standards Board: Organisational legitimacy within the field of professional
accountancy education. In Accounting forum (Vol. 38, No. 1, pp. 67-89). Elsevier.
Deloitte Australia. (2019). Deloitte Australia | Audit, Economics, Strategy and Operations,
Financial Advisory, Risk, and Tax services. [online] Available at:
https://www2.deloitte.com/au/en.html [Accessed 1 Feb. 2019].
Edwards, J.R. ed., 2014. Twentieth Century Accounting Thinkers (RLE Accounting) (Vol. 34).
Routledge.

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National Industry Insights Report. (2017). Accounting and Bookkeeping. [online] Available at:
https://nationalindustryinsights.aisc.net.au/industries/financial-services/accounting-and-
bookkeeping [Accessed 1 Feb. 2019].
Parker, R.H. ed., 2013. Accounting in Australia (RLE Accounting): Historical Essays. Routledge.
Payscale.com. (2019). Finance Manager Salary (Australia) | PayScale . [online] Available at:
https://www.payscale.com/research/AU/Job=Finance_Manager/Salary [Accessed 1 Feb. 2019].
Pop-Vasileva, A., Baird, K. and Blair, B., 2014. The work-related attitudes of Australian
accounting academics. Accounting Education, 23(1), pp.1-21.