Accountancy industry in great shape as MGI Worldwide global accounting network grows
The 2019 World Survey from the International Accounting Bulletin(IAB) has found that the accountancy industry is in good health, while MGI Worldwide international accountancy association has seen overall growth of eight per cent.
The IAB has unveiled its most recent World Survey, highlighting the growth of the accountancy industry. While the accounting profession has shown strong growth overall and is definitely in robust health, MGI Worldwide has performed well. With an average of eight per cent growth over the last year, we are the 19th largest network in the world.
The MGI Worldwide accounting group performed well in a range of categories. Our audit services grew by 12 per cent in the last year, while our advisory services grew by eight per cent and our tax services by three per cent. This is a great achievement that we are very proud of.
Clive Bennett, MGI Worldwide Chief Executive, comments: “The International Accounting Bulletin has ranked MGI Worldwide as the world's 19th largest international accountancy network. The IAB also ranked us 19th in Europe (13th in the Eurozone), 17th in Africa, 19th in the Middle East, 20th in North America, 20th in Asia-Pacific and 23rd in Latin America. We are 17th in the UK.
"At a time of fierce competition and major consolidation in North America, we grew 8% to total revenue, which is a great achievement. We now have firms in 92 countries, with continued growth expected this year.”
Accountants working much more closely and collaboratively with their clients
Overall, the entire industry is in a very strong place. Part of this is due to the rise of accounting technology and digitisation within the sector, which has allowed accounting professionals to spend more time understanding their clients and planning out the best courses of action for them.
“Accountants are working much more closely and collaboratively with their clients making sure information is up to date and meaningful,” said Roger Isaacs, MGI Worldwide Chairman and Partner at Milsted Langdon LLP, UK, when asked for comment to add to the survey.
Of course, it’s not all smooth sailing for accountancy. One issue that has come to the forefront is that businesses are spending more money on technology rather than recruitment, which could lead to a deficit of talented staff.
However, Hana Daenhardtová - Partner at MGI Worldwide member firm LTA Tax, Czech Republic- was quoted in the 2019 World Survey saying that in order to improve at recruiting top talent, businesses need to be more upfront about job descriptions and salary.
She added: “It is important to be active in environments where graduates are active, hence firms should be present on social networks and share interesting content.”
Overall, it is clear that 2018 has been a good year for MGI Worldwide and the accounting profession as a whole. We are incredibly pleased to see our international accounting association in the global top-20 and look forward to another 12 months of growth and success.
MGI Worldwide is a top 20 ranked global accounting network with some 5,200 independent auditors, accountants and tax experts in over 260 locations around the world.