UK accounting industry sees turnover drop 15.8% in April
The UK accounting sector was hit by a 15.8% drop in turnover to Â£ 2.92 billion in April 2021 compared to March 2021 which saw turnover reach 3.46 billion pounds, according to the latest figures from the Office of National Statistics (ONS).
Although the results were lower than the previous month, it was the highest on record for April, which is generally behind the March figures for cyclical reasons.
April 2021 would also have been the fourth highest month on record, up 32.1% from the previous year which saw revenue of Â£ 2.1 billion.
In addition, the accounting industry’s revenues were less resilient than the UK services sector as a whole, which fell 9.8% month-on-month to Â£ 177.5 billion.
Julie Matheson, Regulatory Partner, Accounting Services at Kingsley Napley LLP, said: âThis is proof that the accounting industry has adapted to the Covid-19 environment across the UK.
âAfter the uncertainty of 2020, the sector has declined to a new normal, above pre-pandemic levels. Executives at accounting firms are undoubtedly looking to adjust their business models to meet increased customer demand while looking to the future in the face of impending regulatory reforms. “
She added: âLeaders must remain vigilant about the need to support their staff, whether they are always working from home or increasingly coming back to the office part-time. “