Revenues top £3bn for the first time after historic 2020

The UK Accounting industry’s turnover rose to £3.08bn in January – up 14.1 per cent on the previous month.

This represents the highest monthly figure in history according to Office of National Statistics data.

Growth far outstripped the overall UK Services Sector (including Accounting) which fell 14.4% month-on-month.

Despite the impact of Covid, the profession was remarkably resilient in 2020, posting the highest billing year in history, with £31.1bn in revenues, marginally up by 0.4 per cent on 2019, itself a previous record year.

Compared to January 2020, turnover for Accounting in January 2021 was robust, up 3.7 per cent For context, the overall Services Sector was down significantly by 15.8 per cent over the same period. 

The figures were analysed by the London law firm Kingsley Napley whose Regulatory partner for accounting Julie Matheson described the  early weeks of 2021 as “outstanding for the Accounting industry”.

She said: “Numerous firms are now considering growth in the dual context of impending audit reform and a post-Lockdown reopening of the economy. In these uncertain times, Accounting firm leaders need to carefully analyse their plans in light of increased activity by regulators and with reference to staff morale and mental health, after a year of remote working.”