Australia Accounting Services Market Set to Nearly Double by 2033

The Australia accounting services market reached USD 11.4 billion in 2024 and is forecast to expand to USD 21.1 billion by 2033, growing at a compound annual growth rate (CAGR) of 6.5% between 2025 and 2033. This growth underscores the heightened reliance on professional accounting support across industries as businesses navigate an increasingly complex regulatory landscape, embrace digital technologies, and seek strategic financial insights to enhance performance.

Accounting services encompass a broad range of offerings, including payroll services, tax preparation, bookkeeping, financial auditing, and other specialised functions that support business operations and compliance. The market is also analysed across end-use industries such as finance, manufacturing, retail, public sector, IT and telecom, among others, and regionally across major Australian states and territories. As organisations increasingly outsource non-core functions and demand high-value financial expertise, the accounting services sector is emerging as a cornerstone of business resilience and growth.

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Why the Market Is Growing So Rapidly

1. Increasing Regulatory Compliance Requirements

Australia’s regulatory environment for financial reporting and taxation is continually evolving, driven by standards set by bodies like the Australian Accounting Standards Board (AASB), Australian Securities and Investments Commission (ASIC), and Australian Taxation Office (ATO). As regulations become more sophisticated and compliance requirements tighten, businesses increasingly turn to professional accounting firms to ensure accuracy, reduce risk, and avoid penalties, fueling demand for specialised services.

2. Digital Transformation and Cloud Adoption

Technological innovation — particularly the adoption of cloud-based accounting systems, AI-enabled analytics, and automation tools — is reshaping how services are delivered. These technologies enhance real-time reporting, reduce manual errors and improve collaboration between clients and service providers, making external accounting partners more effective and indispensable.

3. Growth of SMEs and Startups

The expansion of small and medium-sized enterprises (SMEs) and startups across Australia has boosted demand for outsourced financial management. New businesses seek support with bookkeeping, payroll, tax filing, and compliance, enabling them to focus on strategic growth while ensuring financial governance and sustainability.

4. Escalating Complexity of Taxation and Financial Transactions

Australia’s tax framework is sophisticated and subject to frequent updates. This complexity — compounded by cross-border transactions, digital assets, and emerging financial products — drives companies to seek expert accounting advice for accurate reporting, risk mitigation, and strategic planning.

5. Shift Toward Advisory and Consulting Services

Accounting firms are increasingly adding value beyond traditional compliance work by offering financial planning, investment strategy, mergers and acquisitions advice, and risk management consulting. This shift enhances revenue potential and positions accounting professionals as strategic partners in business decision-making.

What the Opportunities Are

1. Advanced Advisory Services:

Growing demand for high-value services like financial forecasting, merger integrations and risk assessment presents an opportunity for firms to expand beyond compliance into strategic consulting.

2. ESG and Sustainability Reporting:

With environmental, social, and governance (ESG) considerations gaining traction among investors and regulators, accounting providers can develop specialised reporting services that help organisations demonstrate transparency and sustainability outcomes.

3. Automation and AI-Powered Solutions:

Leveraging AI and machine learning to automate routine tasks such as data entry, reconciliations, and payroll can free up firm resources for higher-value activities and improve service quality.

4. Cloud-Native Services:

Cloud platforms facilitate remote access, scalability and integration with other enterprise systems, enabling accounting firms to serve clients more efficiently and at lower cost.

5. Outsourced Accounting for SMEs:

There is a clear opportunity to tailor affordable, scalable outsourced accounting packages specifically for small and mid-tier businesses that lack in-house expertise.

6. Sector-Specific Financial Expertise:

Developing domain expertise for industries like healthcare, tech, manufacturing, and public sector can differentiate firms and drive deeper client relationships.

7. Cybersecurity and Data Protection Services:

As accounting moves increasingly online, robust cybersecurity offerings that protect sensitive financial information will become a competitive advantage.

Recent News & Developments in Australia Accounting Services Market

• March 2025: Acclime expanded its footprint in Australia by acquiring Sydney-based accounting firm Bedford, enhancing service capacity and positioning itself as a major professional services player with over 200 employees. This strategic move underscores consolidation trends and expanded service offerings in the accounting market.

• July 2025: Perth-based Carbon Group acquired The Outsource Group, strengthening its bookkeeping and CFO services portfolio. The acquisition reflects growing investor confidence in outsourced financial services and signals increased integration of CFO-level support for SMEs.

• September 2025: Industry reports indicate a rise in demand for technology-enhanced accounting services, with firms integrating cloud-based platforms and analytics tools to support remote and hybrid client engagement models. Early adoption metrics show increased customer satisfaction and improved efficiency across mid-sized accounting practices compared to traditional models.

Why Should You Know About Australia Accounting Services Market?

The Australia accounting services market is a rapidly evolving ecosystem pivotal to business continuity, compliance and strategic growth. With a projected surge from USD 11.4 billion to USD 21.1 billion by 2033, the sector exemplifies how regulatory complexity and digital transformation create long-term demand for professional expertise.

For investors, this market offers a compelling mix of stability and innovation — anchored in essential services and enhanced by technology-driven differentiation. Businesses and policymakers benefit from the sector’s role in promoting financial transparency, strengthening governance standards, and supporting economic resilience. As Australia’s economy advances and corporate structures become more sophisticated, accounting services will remain integral to organisational success, risk mitigation and sustainable growth.