Ferrier Hodgson is a firm specialising in corporate recovery, corporate advisory , forensic accounting and forensic IT. The firm has a specialist management consulting arm called Azurium. Ferrier Hodgson was established in Ferrier Hodgson is now one of the largest specialist corporate turnaround and insolvency management firms in the Asia Pacific.
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The Australian Financial Review Top Accounting Firms for reveals a jump in the percentage of Top firms that reported advisory is the fastest growing part of the business. More than 80 per cent of firms in the list nominated business, tax and advisory services as among their fastest growing divisions. Acquisitions and mergers also continue to drive expansion at many firms even as growth in core compliance work has slowed. Accounting firms that have emulated big four firms have been the big winners in this year's list of Top firms.
This compares to growth of 1. The level of growth varied markedly by segment. Overall, 37 firms posted revenue increases of more than 10 per cent, 55 firms posted growth of up to 10 per cent and eight firms saw their revenue shrink during the financial year.
Statutory audit has become just one part, and a small part at that , of these professional services juggernauts. BDO posted the highest growth of any firm in this segment , with revenue up 8. PKF was close behind with revenue up 8. Mergers and acquisitions were the driving force behind many of the 37 firms on the list growing faster than 10 per cent a year, Mr Crosby said. Most firms are keen for fees, but also hard-nosed about the type of clients they are taking on," he said.
An example of acquisition-driven growth is Moore Stephens. The market for accountants wanting to sell their firms is also healthy with good practices able to obtain a premium, said Magnus Yoshikawa, the director of Jadeja Partners and a specialist in accounting merger and acquisitions.
Premium prices are being paid in capital cities with a similar outcome for good practices in regional and rural areas. Magnus Yoshikawa, the director of Jadeja Partners and a specialist in accounting merger and acquisitions.
Almost every firm in the Top , produced by the Financial Review in partnership with Chartered Accountants ANZ, said the adoption of cloud computing was a positive development for clients and their firm. One boutique regional accounting firm in the Top , Doyle Partners, uses cloud accounting software to open a "live portal" into client data and offer real-time advice to clients. But many firms confessed that they still struggled to make use of practice management software to improve their operations and provide enhanced services to clients, Mr Smith said.
Most firms did not have the capacity to fund their own research and development and were "highly dependant on the industry's technology suppliers for solutions". Some do not have their suite built out effectively to have a compelling solution. Many firms are frustrated with this lack of progress. Insolvency firm KordaMentha was one of eight firms that posted a revenue decline in this year's Top The drop in revenue at the firm has come amid a broader slowdown in the insolvency market, which saw PwC purchase insolvency firm PPB Advisory for a knock-down price in June.
The overall market is probably down 30 to 40 per cent," KordaMentha co-founder Mark Korda said. This means there are now just two other significant independent insolvency firms in the Australian market, McGrathNicol, which posted revenue up 7. The insolvency market shake-up might not be over yet. The CEO of CAAA, Fleming Stojanovski, said the high growth was partly the result of the firm moving to provide clients with a broader range of accounting and tax advice.
We're going from the standard tax and compliance work to getting clients to take a more holistic view of their affairs," he said. Email the reporter at edmundtadros afr. This is the time to start imagining your firm as it should be — bearing in mind four things in order to succeed in the next normal. The latest investment made by the dealmakers at Sydney private equity outfit Five V Capital is all about smarts. Read about what Australia's biggest accounting and consulting firms are doing to protect their bottom lines from the COVID downturn.
The PwC veteran, who has 25 years of experience in tax advice, took over as CEO from Luke Sayers in March just as the coronavirus pandemic was taking hold.
Professional services firms are working to reimagine the workplace to meet staff demand to permanently integrate remote working when the pandemic ends. Skip to navigation Skip to content Skip to footer Help using this website - Accessibility statement.
Companies Professional Services Accounting Print article. Edmund Tadros Professional services editor. Nov 6, — Big four surge, mid-tier grow modestly The level of growth varied markedly by segment. Edmund Tadros is an award-winning journalist who leads our coverage of the professional services sector.
He is based in our Sydney newsroom. Connect with Edmund on Twitter. Email Edmund at ed. License article. Read More Accounting. Santos gas project averts moratorium bill. Let's get real on director duties: Westpac chairman. Crennan warns directors on disclosure laws.
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top 100 accounting firms, ranked by revenue 2010-11 - Kelly+Partners
2018 Top 100 Accounting Firms: Number crunchers follow the big four into advisory