Accounting revenues fall by 4.9% in November

Accounting industry revenues have fallen by 4.9% in November 2024, compared with the previous month, to £3.97bn, according to the latest ONS figures. 

This figure is still higher than the average monthly revenue of £3.83bn in 2024. It is also a 1.4% rise on billings for the same month in the previous year. 

By comparison, revenues in the overall services sector – which includes the accounting industry – shrank 2.8% to £237bn in November 2024, 0.6% down on November 2023 data.

Julie Matheson, accounting industry regulatory partner at Kingsley Napley, said: “It seems the accounting industry didn’t quite match the sluggish growth of the wider UK economy in November and was one of the drags on the health of the overall services sector, where reportedly hospitality, IT and construction performance held up in contrast. 

“Today’s numbers will be a blow to accounting firm leaders after healthier growth in October but are consistent with the non-linear performance graph we have seen for much of 2024.” 

She added: “The outlook should clearly be continued caution for business planning for 2025.”