What’s interesting about this is that a week ago the firm Deloitte announced it is set to dissolve one of its six business units, Deloitte Private, an advisory arm aimed at small and medium enterprises and high net-worth individuals, and move its partners, staff and clients to other divisions.
Both these closures seem on the back of either low profit or low growth, but both entities were operating in the space of advisory consulting, an area that small Australian accounting firms are being told are the areas for growth.
So it seems there is some confusion at the growth of consulting for Australian accounting firms at the same time as margins are being squeezed on Australian accounting compliance fees, and we’re being told our compliance time should be coming down due to automation, data matching, robotics, etc.
It seems like the walls are closing in on Australian accounting firms!
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