Healthy Outlook for Accounting and Advisory Services

Road SignWhile the economy continues to sputter, with concerns about Grexit, bank rates and rising food prices, there are many indicators that things are improving. Housing starts in most large North American cities are up. Car sales continue to exceed 2014 figures in both US and Canada. Year-to-date, the NASDAQ Composite index is up 9.95%.

Is the Accounting Services sector another bright spot? US accounting firm BDO USA reports 26% growth in annual revenue for fiscal 2015 (ended June 30, 2015). Its consulting and advisory practice saw a 51.4% growth. BDO has completed 13 acquisitions since 2012, which has also contributed to its $1.05 billion in annual revenue. Grant Thornton’s Interim 2015 Financial Statements also report a healthy increase in revenue half-way through its fiscal year. The need for accounting, tax prep, and assurance services never go away, regardless of what is happening in the economy.