The accounting industry plays a vital role in the New Zealand economy, providing critical financial services to businesses and individuals. According to data from 2022, the industry contributed around 2.5% of the country's gross domestic product (GDP) and employed over 38,000 professionals. The industry has experienced steady growth in recent years, driven by a range of factors such as government initiatives, technological advancements, and changing consumer behavior. In this article, we will examine the current state of the accounting industry in New Zealand, its key drivers and trends, as well as the challenges it faces and its future outlook.
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3E ACCOUNTING | 三屹会计
40
+65 6690 9262
3E Accounting Group aim to be the World’s leading corporate service provider, offering services beyond excellence. 3E Accounting has a collective strength of more than 80 staff working together in Singapore, Malaysia, Hong Kong and Indonesia.The choice is clear: for the best in accounting, taxation, secretarial, HR, payroll, digital marketing and clerical support, you need 3E Accounting, the leader in cost-effective professional solutions. With 3E Accounting, you are assured of results that exceed your expectations at a price that will make you smile.3E Accounting provides professional incorporation, accounting, tax, immigration and compliance services for start-ups and small- to medium-sized firms. Our Global headquarters is located in Novena – the central area of Singapore’s Island.Our team at 3E Accounting consists of highly experienced professionals with extensive experience in Singapore, Malaysia, Hong Kong, Indonesia’s financial, tax, corporate, and regulatory milieu. Our directors and staff are from a range of international, cultural, academic and professional backgrounds – all sharing the common goal of achieving excellence in all of our professional services. To ensure that you benefit from the highest-quality service, your 3E engagement team’s members are selected based on their industry expertise, experience and knowledge of pertinent business activities. Our engagement teams consistently provide you with the significant added-value you deserve – that’s why 3E has one of the highest rates of repeat business in the industry.3E AccountingMain Singapore Office: 51 Goldhill Plaza #07-10/11, Singapore 308900Main Line: +65 6690 9262Email: info@3ecpa.comWebsite Link: www.3ecpa.com.sgwww.3ecpa.com.mywww.3ecpa.com.hkwww.3ecpa.co.idwww.3ecpa.comOne Stop Solution For Your Business
PITCHER PARTNERS
1,481
+61 3 8610 5477
Accounting and business advisory experts sharing insights about issues impacting family-controlled and privately owned businesses, high net-worth individuals, the public sector and NFP organisations.Pitcher Partners is an association of independent full service accounting, audit and advisory firms with a long standing reputation for providing superior expertise and advice to clients with a particular focus on the middle market. In fact, when we formed in 1991, we did so with the specific goal of providing services to these middle market businesses who we believed then and still believe today deserve the best possible accounting and advisory services.Now, with more than 140 partners and 1300 staff across the association, we have resources and depth of technical expertise few can match. We are large enough to meet the challenges presented by our clients, regardless of their size or location, but have retained the ability to maintain close and personal involvement with them and with each other.Several Pitcher Partners partners and directors are represented on high profile committees where we particularly represent and advocate for the interests of the middle market.
BDO LLP SINGAPORE
411
+65 6990 2838
BDO in Singapore is a full-service professional services firm providing audit, tax and advisory services. We have a long history of serving small and medium-sized enterprises (SMEs), large privately-held businesses and multinational companies across a broad spectrum of industries in Singapore. With a strength of over 550 employees, we offer a comprehensive range of services, including Audit and Assurance, Business Restructuring and Forensic Accounting, Cybersecurity, Tax Advisory, Risk Advisory, Business Advisory, Financial Risk and Governance, Management Consulting and Business Outsourcing Services. BDO LLP is an independent member firm of BDO International - the world’s fifth-largest accountancy network. We are part of a global brand and accounting network with over 1,713 offices across 164 countries.
BDO
60,637
+65 6828 9118
BDO is the leading provider of professional services within the mid-tier of our profession. We are proud to deliver seamless client service, from 1658 offices in 167 countries, across the world. Our 91K+ professionals continuously transform our approach by embracing future-oriented technology and focusing on quality. Strategic decisions and investments made in recent years have further equipped the organisation with the global infrastructure and innovative solutions needed to deliver long-term value for our clients.As a purpose-driven organisation, we do better.
SIDEKICK
47
+64 3 443 4417
Business Sidekicks getting you where you want to be through Accounting, Tax & Advisory services.
TANDEM GROUP CHARTERED ACCOUNTANTS
33
+64 6 758 5273
Chartered Accountants with offices in New Plymouth, Hawera & Waitara. Our clients include wholesalers, retailers, engineers, farmers, education, retirement villages, tradesmen, property developers, investors, manufacturers, oil & gas industry professionals, importers and exporters. We have a team of competent accountants. We provide holistic business services including all aspects of business support.
COOPERAITKEN LTD
53
+64 7 888 8002
CooperAitken is a well established Chartered Accountancy company with offices in Morrinsville, Matamata, Thames and Hamilton.We have a history of excellence and service to our rural, commercial and personal clients.Our philosophy is simple; to work closely with our clients assisting them to grow and develop. We hold strong rural and family values while being a corporate sized business, involved with small to medium sized business entities.We offer expert business services including; tax, software support, companies and trusts administration, marketing, HR and ACC. http://www.cooperaitken.co.nz/
CROWE
8,881
+65 800 778 7879
Crowe LLP is a public accounting, consulting, and technology firm with offices around the world. Crowe uses its deep industry expertise to provide audit services to public and private entities. The firm and its subsidiaries also help clients make smart decisions that lead to lasting value with its tax, advisory, and consulting services, helping businesses uncover hidden opportunities in the market – no matter what challenges the markets present. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
MDD FORENSIC ACCOUNTANTS
335
+65 6327 3785
Founded in 1933, MDD is a leading international forensic accounting firm that provides economic damage quantification assessments for its clients.Collectively, our staff and partners speak over 30 languages and hold 18 distinct professional designations. We frequently work with law firms, government entities, multi-national corporations, small businesses, insurance companies and independent adjustment firms.With over 40 offices in Australia, Brazil, Canada, Hong Kong, Japan, New Zealand, Singapore, Thailand, Korea, the UAE, the UK and the USA, MDD is proud of its exceptional dedication, singularly qualified experts and demonstrated results in this highly specialized area of accounting.
KORDAMENTHA
379
+65 6593 9333
KordaMentha is an advisory and investment firm that helps clients to grow, protect and recover value. We have a team of almost 400 specialists across Asia-Pacific with diverse backgrounds – in finance and real estate through to agriculture, law enforcement and the c-suite. Specialists who combine their unique skills and experiences to deliver fresh solutions to the region’s most complex commercial challenges.
CPA AUSTRALIA
1,344
+61 1300 737 373
Our core services to members include education, training, technical support and advocacy.Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the general public.Our VisionOur goal is to partner with members, so they are prepared for today and tomorrow in a globally connected worldOur PurposeWe are partners for progress. Through trusted relationships we develop business professionals with tomorrow’s capabilities.WHAT IS A CPA?A Certified Practising Accountant (CPA) is a finance, accounting and business professional with a specific qualification. Being a CPA is a mark of high professional competence. It indicates a soundness in depth, breadth and quality of accountancy knowledge.CPAs are highly respected by employers and members. It provides members with an internationally recognised qualification as well as the opportunity to complete specialist training and continuing professional development (CPD).Find out more at cpaaustralia.com.au View our social media house rules www.cpaaustralia.com.au/terms/social-media-house-rules
STRETTONS
32
+64 7 376 1700
Strettons is the oldest accountancy firm in Taupo and can trace its beginnings back to the 1950s. Since those humble beginnings, the firm has experienced significant growth.It is now the largest accountancy firm operating in the Central Plateau. Our large team of professionals can provide a diverse range of skills and experience to our clients. We are proud to be renowned as being a great place to work and our loyal staff are a testament to that reputation.
JOHNSTON ASSOCIATES CHARTERED ACCOUNTANTS LTD
33
+64 9 361 2792
Welcome to Johnston Associates, an independent organisation committed to providing you with the best quality professional service to meet all your accounting and business requirements. The practice is focused on offering clients integrated business solutions to ensure they have a business structure that best suits their needs. We pride ourselves on our personalities and passion to see our clients succeed in business. Johnston Associates is a four Partner, four associate, practice situated at Level 1, One Jervois Rd, Ponsonby, Auckland with offices in Tamahere, Gisborne, Nelson, Richmond and Blenheim and also an offshore office in Apia, Samoa. The practice is up to date with all the current topical issues and trends and systems.Continuing professional education is an integral part of the practice and we utilise leading edge accounting processes and systems for the benefit of our clients. Our services cover a wide range of business and consulting areas.
PWC SINGAPORE
2,500
+65 9118 0811
Welcome to PwC Singapore’s LinkedIn Page. At PwC, we invite you to experience something different. A PwC that is open. Open to change. Open to new ideas. Open to the future. Our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com/sg
MOORE MARKHAMS NEW ZEALAND
128
+64 6 873 0355
You can trust Moore Markhams to guide your business to success. We will provide you with accountancy and business advice when your business needs it - not just when you ask for it.We are committed to providing dependable accountancy and business services of the highest quality, locally, nationwide and internationally; maintaining our reputation for integrity and professional excellence as chartered accountants. Traditional auditing and accountancy practices can only go so far in identifying potential business issues. By establishing a close understanding of your industry and developing a one-to-one relationship with you, we ensure you receive proactive advice that assists your business well beyond the numbers.Moore Markhams’ principals and senior managers work with you to support your business. All of our clients are actively supported at the top level in the development and implementation of their business strategies, and have direct access to expert accountancy and business advice.At Moore Markhams our aim is to help you maximise all available benefits and minimise any risk. Our services are tailored to meet your needs - delivered in a timely and proactive manner - actionable and aligned to your objectives. We provide assurance and accounting, tax, business advisory and business management services, while our specialist accountancy knowledge across a range of industries adds a commercial advantage to your decision making. Our chartered accountancy and business advisory firms plus specialist audit firms are all independently and locally owned. Together we form a New Zealand-wide network that has worked collaboratively for many years. We’re both leaders in our fields and effective business people. Using knowledge built up over many years, you’ll get practical and commercial financial solutions specific to your business sector. Moore Markhams firms are members of Moore Global Network Limited with member firms in principal cities around the world.
Forget what you think you know about professional services. We go beyond what’s expected and help others do the same.Grant Thornton is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading independent audit, tax and advisory firms. That means our network has more than 60,000 professionals in more than 135 countries who are ready to help public and private organizations of all sizes take on today’s challenges. But what sets us apart isn’t just what we do – it’s how we do it. Here, we believe in making business more personal and building trust into every result. We’re collaborators – obsessed with quality and ready for anything – who understand the value of strong relationships. It’s how we challenge the expectations of business and empower our people and clients to do it, too. One thing we won’t do? Grant Thornton LLP will never request money or any form of payment for services via social media. Please report any concerns at 1-800-810-3503.Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Please see grantthornton.com for further details.
KPMG
227,087
+65 6213 3388
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We have 227,000 outstanding professionals working together to deliver value in 146 countries and territories. With a worldwide presence, KPMG continues to build on our successes thanks to clear vision, defined values and, above all, our people. Our industry focus helps KPMG firms’ professionals develop a rich understanding of clients businesses and the insight, skills and resources required to address industry-specific issues and opportunities.The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
GRANT THORNTON AUSTRALIA
1,628
+61 2 8297 2782
Your business deserves remarkable support. No matter your industry, business lifecycle stage, market or growth plans, our experienced audit, assurance, tax and advisory professionals are dedicated to achieving the best outcome for you and your stakeholders. To us, care is as important as capability. We strive to provide a strikingly different experience – one that’s more personal, proactive, authentic and agile. To achieve that, we focus on investing in and building our relationship with you. Grant Thornton Australia is a member firm of the Grant Thornton global network – one of the worlds leading independently-owned and managed accounting and consulting firms. Our brand is respected globally and recognised by capital markets, regulators and international standards setting bodies. In Australia, we have over 1,300 people across Adelaide, Brisbane, Cairns, Melbourne, Perth and Sydney. Together, our purpose and values serve as our driving force and guidepost for all our interactions so that your business, our wider community and people within our own organisation have a strikingly different experience. Find out more: www.grantthornton.com.au
ACCA
4,208
+65 6734 8110
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants with over 200,000 fully-qualified members and 500,000 students worldwide - and theyre among the worlds best-qualified and most highly sought-after accountants. Our mission is to be a global leader in the profession by: - Providing opportunity and open access to people of ability wherever they are in the world- Supporting and promoting the highest ethical, governance and professional standards- Advancing the public interestFounded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. Through our public interest remit, we promote appropriate regulation of accounting, and conduct relevant research to ensure accountancy continues to grow in reputation and influence.In addition, we developed ACCA-X with edX (founded by Harvard University and the Massachusetts Institute of Technology) and Epigeum (part of Oxford University Press), bringing the best online courses in accountancy, finance and business to the wider public and equip individuals with the essential skills to kickstart and supercharge their careers. Find out more: http://www.acca-x.com---Our privacy policy: https://goo.gl/JfKztq
Top Accounting And Tax Companies in New-Zealand
Factors Contributing to Growth and Success:
The accounting industry in New Zealand has been driven by a range of factors, including the government's focus on innovation and entrepreneurship, the growth of the small and medium-sized enterprise (SME) sector, and the increasing demand for financial advice and consulting services. The government has launched several initiatives to promote innovation and entrepreneurship, such as the Innovation Partnership and the Callaghan Innovation Fund. These initiatives have encouraged businesses to invest in research and development, leading to the development of new products and services.
Additionally, the growth of the SME sector has driven demand for accounting services, as these businesses often lack the financial expertise needed to manage their finances effectively. Furthermore, individuals and businesses are increasingly seeking financial advice and consulting services to help them navigate complex financial regulations and make informed financial decisions.
Industry Growth and Comparison:
The accounting industry in New Zealand has experienced steady growth over the past decade, with the number of accounting firms increasing by 7% between 2012 and 2022. The industry's revenue has also grown steadily, with a 4.2% increase in 2022. However, the industry experienced a decline in revenue in 2020 due to the COVID-19 pandemic, with revenue decreasing by 8.1%.
Key Trends:
Technological disruptions are playing a significant role in shaping the accounting industry in New Zealand. The rise of digital technology has led to the development of new accounting tools and platforms, such as cloud-based accounting software and online financial management tools. These tools and platforms are more efficient and cost-effective, allowing accountants to provide their services more effectively.
Another trend that is emerging is the focus on sustainability and environmental responsibility. Consumers are becoming increasingly aware of their environmental impact and are demanding that businesses operate in an environmentally responsible manner. Accountants are responding by incorporating sustainable practices into their operations and providing financial advice and consulting services that align with environmental values.
Challenges:
The accounting industry in New Zealand faces several challenges, including the ongoing impact of the COVID-19 pandemic, increasing competition, and changing consumer behavior. Additionally, there is a growing concern about cybersecurity threats and data privacy, which could impact the industry's ability to provide effective financial services.
Future Outlook:
Despite these challenges, the accounting industry in New Zealand is expected to continue its growth trajectory in the coming years. The government's focus on innovation and entrepreneurship, coupled with the growing demand for financial advice and consulting services, is expected to drive growth in the industry. Additionally, the industry is likely to benefit from the increasing focus on technology, such as cloud-based accounting software and online financial management tools.
Conclusion:
In conclusion, the accounting industry is a critical part of the New Zealand economy, providing financial services and advice to businesses and individuals. The industry has experienced significant growth in recent years, driven by government initiatives, technological advancements, and changing consumer behavior. However, the industry also faces several challenges, including the ongoing impact of the COVID-19 pandemic and increased competition. To stay competitive and relevant, accountants must embrace emerging trends, such as technology, sustainability, and data analytics. By doing so, the industry can continue to play a critical role in providing businesses and individuals with high-quality financial services, driving economic growth and social development in New Zealand.
In addition to the trends mentioned above, several other factors are likely to shape the accounting industry's future in New Zealand. One such factor is the increasing importance of data analytics and artificial intelligence (AI). With more businesses using data analytics and AI to analyze financial data, accountants must adapt their financial advice and consulting services to account for these technologies. For example, accountants could use data analytics to better understand their clients' financial needs and provide more personalized and effective financial advice.
Another factor that could impact the industry's future is the growing demand for integrated financial services. Consumers and businesses are increasingly seeking financial service providers that can offer a range of services, such as accounting, tax advice, and financial planning. Accountants must adapt their service offerings to account for this trend and provide integrated financial services that meet their clients' diverse financial needs.