CommBank Accounting Market Pulse Conducted by Beaton Research + Consulting July 2015
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CommBank Accounting Market PulseConducted by Beaton Research + Consulting
July 2015
1
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Contents
Foreword 2
Economic outlook 3
Snapshot of survey findings 5
Business conditions
Perceived performance of the Australian economy 7
Perceived performance of the Australian economy by segment 7
Perception of business conditions – present to 2017 8
Perception of business conditions by segment – present to 2017 8
Perception of business conditions by area 9
Perception of business conditions by area and firm type 10
Business priorities
Geographic expansion 11
Geographic expansion by location 11
Reasons for geographic expansion 12
Market entry by segment 12
Revenue predictions
Changes in revenue from FY14 to FY15 14
Difference between FY15 budgeted and actual revenue 15
Changes in revenue by location over the next 6 months 15
Changes in revenue by service line over the next 6 months 16
Realised rates
Expected changes in realised rates over the next 6 and 12 months 17
Expense and profitability predictions
Difference between FY15 budgeted and actual expenses 18
Changes in expenses over the next 6 months 18
Changes in expenses by segment over the next 6 months 19
Changes in staffing by segment over the next 6 months 20
Change in operating margins for the next 6 months 20
Provision of non-accounting services
Provision of non-accounting services 21
Revenue from non-accounting services 21
Changes in revenue from non-accounting services 22
2
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Marc Totaro National Manager, Professional Services Commonwealth Bank
Welcome to the second-half edition of the CommBank Accounting Market Pulse for the 2014/15 financial year, conducted in partnership with Beaton Research + Consulting.
The second half survey of large accounting firms, restructuring firms and other firms reveals short-term expectations across the sector have softened. The outlook across the next 24 months however remains squarely in positive territory, and steady when compared to the previous half’s results.
In a downward half-on-half shift, the economic outlook has dipped with a negative overall reading. This outlook is weighing on sentiment, but with the accounting sector often acting as a bellwether for broader business and economic confidence, it is encouraging to see the longer-term view remains positive.
“When looking at the split in results between the different segments, over the short-term, large firms remain more optimistic than the rest of the market with the perception of other firms building over the longer term.”
Large firms indicate the highest expected revenue growth by practice area has been economic and social policy advice, while sustainability and climate change related work witnessed the highest growth in the other firms’ category. Both large and other firms share the view that the wealth management and financial planning, and corporate finance practice areas offer significant revenue growth potential.
“The survey also reveals the areas with the highest expected revenue growth are offshore in Asia and UK/Europe.”
Despite a subdued outlook, 40 per cent of firms are still planning to expand geographically, with Brisbane flagged as the top destination for expansion. The primary reasons for geographic expansion are as a result of a strategic alliance or merger with an existing firm.
While negotiating prices with clients eased moderately when compared to the previous half, it remains the top challenge for firms. Client led negotiation often resulted in margin compression over the half, and firms continue to implement changes aimed at reducing costs and increasing efficiencies.
This trend is evidenced by a continuation of firms seeking to leverage technology to build efficiencies within their businesses, and therefore it was not surprising to see 55 per cent of firms stating IT software and hardware expense will see the largest percentage increase over the next six months.
In an ongoing trend of diversification in service offerings across the sector, the move to providing non-accounting services continued this half, with all large and restructuring firms and 77 per cent of other firms indicating they offer non-accounting services. This shift was further evidenced by the fact that these firms reported an increase in revenue from non-accounting services.
Firms are seeking to increase fee earning and salary/equity partner numbers, as firms report keeping quality staff has become substantially more difficult over the last six months. Conversely, as outsourcing and offshoring remain a prevalent trend amongst Australia’s leading firms, we saw an expected decrease in hiring for shared service, secretarial and administrative staff.
I trust you will find this edition of the CommBank Accounting Market Pulse informative and useful for your firm’s planning and benchmarking. We look forward to continuing to monitor key financial and operational performance indicators within the industry and sharing these insights with you.
Email: [email protected] Tel : +61 2 9303 1940
Positive long-term outlook remains steady despite subdued conditions
3
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Diana Mousina Associate Director Economics Commonwealth Bank
The Australian economy is expected to grow by 2.5 per cent in 2015, marking a record 25 consecutive years of growth. While an expanding economy is good news for accountants and their clients, there are some caveats. Not only is the rate of growth set to remain well below the long-term historical trend of 3 per cent, but the ongoing transition from mining to non-mining growth continues to create highly variable conditions across industry sectors.
“ Both businesses and the economy as a whole need to find new sources of revenue as mining investment tails off. Some elements in the transition are on track, with a surge in resource exports set to be a significant new source of income growth over the next two years.”
The residential construction upturn is also firmly entrenched, and consumer spending is growing at a faster rate than before. However, non-mining business capex growth has been faltering. The unemployment rate remains elevated because the growth transition is patchy and is expected to rise a little further, putting consumer spending growth at risk.
Looking beyond Australia, global growth seems set to strengthen, although volatility will remain an issue in financial markets, potentially denting consumer and business confidence. The US
recovery has helped drive activity, despite uncertainty surrounding the timing of the first US Federal Funds rate hike. However, lower growth rates in China will remain a topic of concern, particularly for Australian exporters.
At home, the 2015 Federal Budget small business package is likely to prove positive for many accountants and their small business clients, helping to support business confidence. There are already some signs consumers have responded positively to the budget measures, although it remains to be seen whether higher consumer and business confidence will translate into increased spending.
Although the Reserve Bank of Australia (RBA) left rates untouched at their last meeting in June, the 0.25 per cent cut to the cash rate in May to a new low of 2 per cent reflects a more uncertain view of the non-mining capex transition. Fortunately, a low-inflation environment gives the RBA the room they need to adjust rate settings, while concerns about an overheated housing market are really confined to Sydney. While the RBA has provided little forward guidance around the interest rate outlook, below-trend growth and inflation, plus expectations unemployment will trend higher probably mean it is too soon to call the end of this rate-cutting cycle. Readings of key data, particularly employment data, will be key to gauging upcoming RBA policy deliberations.
For accountants, question marks surrounding non-mining business investment continue to impact perceptions of business conditions. While the latest CommBank Accounting Market Pulse indicates firms are positive about the short to medium-term outlook, sentiment has softened over the last six months. Similarly, firms’ perceptions of economic conditions are weaker, with one in four expecting the economy to perform negatively over the next 12 months.
However, the long-term outlook for business conditions remains unchanged, suggesting most practice principals still see this as a period of transition, rather than the beginning of a period of subdued growth.
Economic outlook
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Real GDP (annual % change)
6
4
2
0Sep-98 Sep-01 Sep-04 Sep-07 Sep-10 Sep-13
Net
%
Trend
Labour Market Trends
6.5 90
60
30
0
-30
-60
6.0
5.5
5.0
4.5
4.0Jan-14Jan-12Jan-10Jan-08
Une
mpl
oym
ent r
ate
Employm
ent growth ('000)'
Trend
4
5
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Perception of business conditions Provision of non-accounting services
Net % (challenging - easy)
In 24 monthsW1 FY15 W2 FY15
55%55%
In 12 monthsW1 FY15 W2 FY15
35%50%
At the momentW1 FY15 W2 FY15
10%15%
Other firms 77%
Restructuring firms 100%
Large firms 100%
5
Snapshot of survey findings
Perceived performance of the Australian economy over the next 12 months
Geographic and practice areas with highest expected revenue growth
Economic and social policy advice
Wealth management and financial planning
Corporate finance
Business advisory services
Sustainability / climate change
Corporate finance
Superannuation
Wealth management and financial planning
Business advisory services
Forensic and fraud accounting
Asia
UK / Europe
Northern Territory
Victoria
100%
100%
100%
67%
67%
100%
100%
100%
100%
50%
50%
71%
60%
60%
Net % (increasing-decreasing)
Large firms
Restructuring firms
Other firms
Top 3 challenges for accounting firms
Net % (challenging - easy)
75%Negotiating price with
clients
65%Competing with
other firms
40%
-10%W1 FY15 W2 FY15
Net % (positive-negative)
60%Winning new
business
5
6
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Top 3 expenses with the highest net increase over the next 6 months
Changes in staffing
Net % (increasing-decreasing)
• Junior to mid-level accountants
• Fixed share / salary partners
• Equity partners
• Directors / managers
• Shared service staff
• Secretarial and administration staff
55%IT hardware
and software
45%Knowledge
management
45%Staff training
and development
Large firms Restructuringfirms
Other firms
100% 50% 90%
Brisbane 38%
Restructuring firms 100%
Top cities for expansionChanges in revenue from non-accounting services
Geographic expansionOperating margins forecast
of firms considering expanding
40%
Net % (increasing-decreasing)
Net % (increasing-decreasing)
Canberra 25%
Melbourne 25%
Sydney 25%
Large firms 80%
Other firms 8%
6
7
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Business conditions
Perceived performance of the Australian economy
The perceived performance of the Australian economy has declined in this report period, with one in four accounting firms believing the economy will perform negatively in the next 12 months.
-100
-80
-60
-40
-20
0
20
40
60
80
100
Net %
50 15
40
40
-10
60
-10 -25
Wave 1 FY15 Wave 2 FY15
Net
%
Positive Negative Neutral
Perceived performance of the Australian economy by segment
Of the three segments, ‘Other firms’ are the least optimistic about the Australian economy’s performance.
-100
-80
-60
-40
-20
0
20
40
60
80
100
40
4050
-15
33
2015
54
-31
60
100
-20
58
34 34
-8-33
60
Wave 1 FY15
Restructuring �rms Other �rms Large �rms Restructuring �rms Other �rmsLarge �rms
Wave 2 FY15
Net
%
Net %Positive Negative Neutral
8
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Perception of business conditions – present to 2017
While business confidence remains positive across both the short and long-term, accounting firm leaders are less positive compared to six months ago.
0
10
20
30
40
50
60
70
80
90
100
1510
50
35
55 55
Wave 1 FY15 Wave 2 FY15 Wave 1 FY15 Wave 2 FY15 Wave 1 FY15
Likely to be in 2 years’ timeLikely to be in 12 months’ timeAt the moment
Wave 2 FY15
Net
%
Perception of business conditions by segment – present to 2017
Over the short-term, large firms remain more optimistic than the rest of the market.
-60
-40
-20
0
20
40
60
80
100
Net
%
60 60
-50
60
3140
67
33
69
50
20
80
50
0 0 0 00
Wave 1 FY15 Wave 2 FY15 Wave 1 FY15 Wave 2 FY15 Wave 1 FY15
Likely to be in 2 years’ timeLikely to be in 12 months’ timeAt the moment
Wave 2 FY15
Restructuring �rms Other �rmsLarge �rms
9
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Perception of business conditions by area
Price negotiations, revenue generation and competitive activity continue to be the primary challenges faced by accounting firms.
-100
-80
-60
-40
-20
0
20
40
Net
%
25
5
-5
-20-25-30 -35-35
-15
-35 -35-40
-60-55 -60-60
-85-75
Accessingcapital
Keeping stafffully utilised
Keeping expenses
under control
Findingquality staff
Keepingquality staff
Collectinginvoices
Competingwith
other �rms
Winning newbusiness
Negotiatingprice with
clients
Wave 1 FY15 Wave 2 FY15
10
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Perception of business conditions by area and firm type
Large firms are finding it more challenging to control expenses, retain quality staff and compete with other firms.
-120
-100
-80
-60
-40
-20
0
20
40
80
60
100
Net
%
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Accessing capital Keeping staff fully utilised
Keeping expenses under control
Finding quality staff
Restructuring �rms Other �rmsLarge �rms
Keeping quality staff
0000008
67
40 40
20
-8
-67
-20
-50
-15 -20 -17
-67-60
-23
-40-33
-20
-50-38
-25-40 -38
-120
-100
-80
-60
-40
-20
0
20
40
80
60
100
Net
%
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Collecting invoices Competing with other �rms
Winning new business Negotiating pricewith clients
Restructuring �rms Other �rmsLarge �rms
0
-20
-67
-33
-50-54 -60
-33 -50 -100-100-100
-54
-75 -80-69
-100
-67-80
-46-60
-50-60
11
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Business priorities
Geographic expansion
Two in five accounting firms are looking to expand geographically in the next 12 months.
0
10
20
30
40
50
60
70
80
40
50
10
NoYes Don’t know
Net
%
Wave 2 FY15
Geographic expansion by location
Of those looking to expand, the majority of firms will do so within Australia as opposed to Asia or the USA.
0
5
10
15
20
25
30
35
50
40
45
38
25 25 25
13 13 13 13 13
25
Brisbane Canberra Melbourne Sydney Adelaide Perth Singapore Hong Kong USA Other
Net
%
Wave 2 FY15
12
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Reasons for geographic expansion
The reason for expansion is primarily due to a strategic alliance or merging with an existing firm.
0
10
20
30
40
50
60
70
100
80
90
50 50
12.5 12.5 12.5 12.5
Strategic alliancewith an
existing �rm
Merger withan exisitng �rm
Establishing acompletely new
of�ce
Recruiting partnersand staff fromcompetitors in
the new location
Relocating partnersand staff fromexisitng of�ces
Other
Net
%
Wave 2 FY15
Market entry by segment
Large firms are focused on growing their management consulting services, and restructuring firms are looking to grow their business advisory services as well as forensic and fraud accounting.
0
20
40
80
60
100
% y
es
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Business advisoryservices
Forensic and fraudaccounting
Management consulting services
Tax consulting Wealth managementand �nancial planning
Superannuation
Restructuring �rms Other �rmsLarge �rms
60
42
67
100 100
4054
4033
17
40
1525
33
80 80
15 17
4031
2033 38 33
20 23
0 0 0 0 0 0 0 0 0
80
13
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Market entry by segment (continued)
0
20
40
80
60
100
% y
es
Wave 1 FY15
Wave 2 FY15
Tax compliance
Wave 1 FY15
Wave 2 FY15
Corporate �nance(including M&A)
Wave 1 FY15
Wave 2 FY15
External / statutory audit
Wave 1 FY15
Wave 2 FY15
Property advisory
Wave 1 FY15
Wave 2 FY15
Business recoveryand insolvency
Restructuring �rms Other �rmsLarge �rms
20 1731
2033
17 158
2333
208
17 15
5050
0 0 0 0 00 0 0 0 0 0 000
0
20
40
80
60
100
% y
es
Wave 1 FY15
Wave 2 FY15
Risk management
Wave 1 FY15
Wave 2 FY15
Internal audit
Wave 1 FY15
Wave 2 FY15
Sustainability / climate change
Wave 1 FY15
Wave 2 FY15
Economic and socialpolicy advice
Wave 1 FY15
Wave 2 FY15
Private equity
Restructuring �rms Other �rmsLarge �rms
20 20 2088
33
17 20 20
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Revenue predictions
Changes in revenue from FY14 to FY15
Large firms have seen an increase in revenue this financial year, whereas restructuring firms’ revenue has decreased.
-100
-80
-60
-40
-20
0
20
40
60
80
100
Wave 2 FY15Restructuring �rms
Wave 2 FY15Large �rms
Wave 2 FY15All �rms
Wave 2 FY15Other �rms
Net
%
Stayed about the same Decreased by 2-10% Decreased by >10%
Increased by 2-10% Increased by >10%
5
60100
-100
54
8
23
-1515
-20
15
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Difference between FY15 budgeted and actual revenue
Firms’ FY15 revenue is slightly below budget, largely driven by restructuring firms.
Under budget by <10%
-100
-80
-60
-40
-20
0
20
40
60
80
100
Wave 2 FY15Restructuring �rms
Wave 2 FY15Large �rms
Wave 2 FY15All �rms
Wave 2 FY15Other �rms
Net
%
On budget Under budget by >10%
Over budget by <10% Over budget by >10% Net %
20
15-4 1 -10
-4-50
-15
-40
20
40
-50
-50
-54
-15
1615
Changes in revenue by location over the next 6 months
The primary locations for revenue growth are forecast to be Asia, UK / Europe, Victoria and the Northern Territory.
-20
0
20
40
80
60
100
Net
%
Asia UK / Europe NT VIC NSW NewZealand
QLD ACT SA TAS WA
100 100 100
75 7567
47
67
53 5043
50
3847 43 43
10
-11
0
25
11
-8
Wave 2 FY15Wave 1 FY15
16
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Changes in revenue by service line over the next 6 months
Large firm leaders are more optimistic across most service lines except private equity, sustainability / climate change, and forensic and fraud accounting.
-100
-80
-60
-40
-20
0
20
40
80
60
100
Net
%
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Economic and socialpolicy advice
Wealth managementand �nancial planning
Corporate �nance(including M&A)
Business advisoryservices
Tax consulting Managementconsulting services
Restructuring �rms Other �rmsLarge �rms
67 675756
404058646060
25
7171808080
100 100 100 100 100 100 100
0 0 0 0 0 0 0 0 0 0 050
-100
-80
-60
-40
-20
0
20
40
80
60
100
Net
%
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Superannuation Private equity Sustainability /climate change
Forensic and fraudaccounting
Property advisory
-33
56 5060
75
5033
67
100
25
6067
25
6050
14
50
100
67
20
Restructuring �rms Other �rmsLarge �rms
0 0 0 0 0 0 0 0 0 0
17
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Realised rates
Expected changes in realised rates over the next 6 and 12 months
Restructuring firms are more optimistic about forecasted changes in realised rates over the next 6 months,
compared to results in our previous report.
-6.0
-8.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Mea
n %
1.0 1.0 1.02.5 2.5 1.9
0.5 0.2
-1.3-0.2
-5.0
2.5
Wave 1 FY15 Wave 2 FY15 Wave 1 FY15 Wave 2 FY15
Next 6 months (compared to last 6 months) Next 12 months (compared to last 6 months)
Restructuring �rms Other �rmsLarge �rms
18
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Expense and profitability predictions
Difference between FY15 budgeted and actual expenses
Restructuring firms’ actual expenses are under budget as they continue to tighten their spending.
-100
-80
-60
-40
-20
0
20
40
60
80
100
Wave 2 FY15Restructuring �rms
Wave 2 FY15Large �rms
Wave 2 FY15All �rms
Wave 2 FY15Other �rms
Net
%
On budget Under budget by <10% Under budget by >10%
Over budget by <10% Over budget by >10% Net %
3060
23
38
-31
-8-50
-50
-40
25
-35
-10
-22
-14 -2
Changes in expenses over the next 6 months
There is an expectation of a significant increase in IT and knowledge management expenses over the next 6 months.
10 1525
45
25
515
5545 45
35
10 5
5
Net
%
Wave 2 FY15Wave 1 FY15
0
20
40
60
80
100
IT hardware and software
Knowledge management
Staff training anddevelopment
Marketingand businessdevelopment
Professionalindemnity insurance
Telecommunications Occupancy
19
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Changes in expenses by segment over the next 6 months
Restructuring firms are controlling expenses in the areas of staff training and development, occupancy and professional indemnity insurance. Conversely, other firms are looking to improve across IT and knowledge management.
40
20 20
40 40 40
200 0 0
33
017
69
25
62
33
6250 46
0
-33 -33-50
-100
-80
-60
-40
-20
0
20
40
80
60
100
Net
%
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Restructuring �rms Other �rmsLarge �rms
IT hardware and software Knowledge management Staff training and development Marketing and businessdevelopment
40 40
15
40
0 0
33
017
25 25 23
-33 -40-20
-100
-50
-15
-100
-80
-60
-40
-20
0
20
40
80
60
100
Net
%
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Restructuring �rms Other �rmsLarge �rms
Professional indemnityinsurance
Telecommunications Occupancy
20
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Changes in staffing by segment over the next 6 monthsRestructuring firms are likely to reduce staff numbers across all levels.
5040 4042 38
80 80
8 80 0
8 80 0
2020 1725 2533
-100 -100
-67 -67 -67-50 -50 -50 -50
-17-33 -33-40 -40
-20
-120
-100
-80
-60
-40
-20
0
20
40
80
60
100
Net
%
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Wave 1 FY15
Wave 2 FY15
Restructuring �rms Other �rmsLarge �rms
Equity partner numbers
Fixed share / salarypartner numbers
Director / managernumbers
Junior to mid-levelaccountant numbers
Shared servicestaff numbers
(eg Marketing, IT, Finance, HR)
Secretarial andadmin staff numbers
Change in operating margins for the next 6 months
Overall, all firm types are forecasting an increase in operating margins for the next 6 months.
6080
33
100
42
8
Net
%
Wave 1 FY15 Wave 2 FY150
20
40
60
80
100
Large �rms Restructuring �rms Other �rms
21
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Provision of non-accounting services
Provision of non-accounting services The majority of firms surveyed currently provide non-accounting services.
7785
100 100
0
10
20
30
40
50
60
70
80
90
100
Yes
%
Wave 2 FY15 Restructuring �rms
Wave 2 FY15 Other �rms
Wave 2 FY15 All �rms
Wave 2 FY15 Large �rms
Revenue from non-accounting services
Non-accounting services contribute to over 10% of firm revenues.
12
18
70
20
80100
20
20
60
0
10
20
30
40
50
60
70
80
90
100
Yes
%
Wave 2 FY15 Other �rms
Wave 2 FY15 All �rms
Wave 2 FY15 Large �rms
Wave 2 FY15 Restructuring �rms
Less than 5% 5-10% 10% or more
22
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Changes in revenue from non-accounting services
The majority of firms expect revenue from non-accounting services to increase.
100
50
90100
50
90
0
40
60
80
20
100
Net
%
Over the next 12 months Over the next 2 years
Large �rms Restructuring �rms Other �rms
23
COMMBANK ACCOUNTING MARKET PULSE – JULY 2015
Further information
For further insights or information, please contact:
Marc Totaro, National Manager Professional Services
Mobile: 0477 739 315 Phone: +61 2 9303 1940 Email: [email protected] Web: commbank.com.au/accountingmarketpulse
For media inquiries, please contact:
Sarah Gibbons, Public Relations Advisor Phone: +61 2 9118 1706 Email: [email protected]
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