Name: the public accounting market
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Summary

The global accounting services market continued to grow, with a compound annual growth rate (CAGR) of 5.7%, from $460.2 billion to $574.4 billion. Despite a brief slowdown during the initial phases of the Covid-19 pandemic in March, April and May 2020, the sector proved resilient and even saw its sales increase by 10% in June 2020 compared with the previous year. This ability to adapt during the crisis could be partly attributed to the transition to teleworking and the high demand for accounting services to manage government aid, short-time working arrangements and other financial complexities generated by the pandemic.

The French accounting market is also showing robust growth, with a 19.7% increase in revenues for accounting firms. However, legislative changes, such as the PACTE law, have introduced both challenges by raising audit thresholds and opportunities by broadening the range of services accountants can offer. The sector continues to be shaped by technological advances, changing regulations and strategic mergers and acquisitions aimed at service diversification and territorial expansion

Demand dynamics in the French public accounting market

Demand for chartered accountancy services in France has experienced robust and steady growth over the past few years, marked by an increase in sales of around 20%, from €15-20 billion to over €20 billion. This growth trajectory reflects a landscape where increasingly complex regulatory requirements, such as the introduction of the prélèvement à la source (withholding tax), the VAT anti-fraud law, among others, are driving companies to seek expert advice to navigate these changes. In addition, the PACTE law, while shaking up the sector with higher thresholds for statutory audits, has potentially reduced revenue streams from auditing; nevertheless, it has also broadened the scope of services accountants can offer, potentially offsetting any loss of income.

Accounting firms operate in a competitive environment, vying for market share based on their specialization and geographical presence. The sector is segmented into large firms such as KPMG and Deloitte, groups such as In Extenso, associations such as CER France, and numerous independent firms. This landscape is in a state of flux, with firms diversifying their competencies, merging or acquiring consulting and asset management entities to strengthen their market position. Key client figures show that a significant number - around 71% - of companies and more than half of associations use the services of chartered accountants.

Small businesses, particularly those with fewer than 50 employees, mainly outsource their accounting needs because of the limited resources available to maintain an in-house accounting department. The increase in business start-ups, with a notable peak in micro-entrepreneurs of around 73% and an increase in sole proprietorships of around 62%, represents a substantial opportunity for chartered accountants to capture a new client base. However, this positive trend is slightly mitigated by the decline in business failures, which means that fewer companies in difficulty require professional accounting assistance.

Finally, technological innovations are redefining customer expectations and the nature of competition in the sector. The march towards automation and the profound implications of artificial intelligence on traditional accounting tasks herald a future where adaptation and investment in technological capabilities are essential to the growth and sustainability of this profession

The French public accounting market boasts a diverse range of firms, each bringing a unique set of services, expertise and geographical presence. Here, we take a closer look at the main entities that have had a significant impact on the sector.

KPMG: KPMG is one of the large firms that has established a formidable presence in the market. It is one of the "Big Four" and offers a wide range of services beyond traditional accounting, including consulting services.
Deloitte: Another member of the Big Four, Deloitte is renowned for its extensive service offering, encompassing auditing, consulting, financial advisory and risk management. Its global presence and innovative approach make it a top choice for companies of all sizes.
EY (Ernst & Young): EY is a global leader in insurance, tax, transaction and advisory services. Strongly committed to building a better world of work, the company draws on its global network to deliver high-quality services.
PwC (PricewaterhouseCoopers): PwC is synonymous with trust and quality in the industry. Its expertise in auditing and assurance, consulting and tax services has earned it a large and loyal client base.
Mazars: An international, integrated and independent organization, Mazars specializes in audit, accounting, tax, legal and advisory services. It prides itself on providing personalized services to a wide range of clients, from SMEs to large corporations.
Fiducial: A major player in the market, Fiducial offers a unique solution for small businesses, providing not only accounting and tax services, but also legal, financial and human resources services.
Cerfrance: A cooperative network, Cerfrance brings together a wide range of skills to support its customers in accounting, legal, tax and environmental matters. Its associative nature gives it a strong regional presence and a commitment to supporting local businesses.
ATH, France Défi, Eurus, Fidunion, Walter France: These are groups of independent companies that have come together to pool their resources. They offer the strength of a large company with the personalized approach of smaller operations. These alliances enable them to cover larger geographical areas and offer a wide range of specialized services.

Each of these players brings its own strengths to the table, whether it's the broad reach and extensive service portfolios of the Big Four, or the regional approach of law firms

the public accounting market - France

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Number of pages : 30 pages
Format : Digital and PDF versions
Last update : 05/03/2024

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Summary and extracts

1 Market overview

1.1 Presentation

The chartered accountant is an accounting professional whose profession is governed by the Ordre des experts-comptables. They keep the accounts of commercial and civil enterprises, as well as non-profit associations. To avoid conflicts of interest, the chartered accountant may not be an employee of any of the structures he or she supports. In France, the profession is regulated by Ordinance no. 45-2138 of September 19, 1945, and Decree no. 2012-432 of March 30, 2012. Chartered accountants' missions are subject to a monopoly, and all firms must be registered with the Order in order to practice.

In France, the sector is experiencing significant and steady growth. It is estimated that sales of accounting services will increase by 34.5% between 2015 and 2023. A number of factors are contributing to the sector's growth, not least the changing regulatory framework with the arrival of the prélèvement à la source (withholding tax) in 2019, the introduction of the VAT anti-fraud law, and so on. Customers want support in understanding these changing regulations.

However, the Pacte law, has shaken up the sector by raising statutory audit thresholds and resulting in a loss of potential revenue for firms' statutory audit activities. Other measures, aimed at broadening the scope of expertise of chartered accountants could, however, counterbalance the raising of thresholds.

Chartered accountants are often in competition with each other, depending on their specialization and location. There are large firms (EY, Deloitte, KPMG, etc.), groups (In Extenso), associations (CER France) and independent firms. Today, we are witnessing a transformation of the profession, with several reforms concerning the clientele of audit and chartered accountancy firms in particular. As a result, players are seeking to diversify their range of skills by teaming up with players in the consulting and wealth management sectors.

2 Demand analysis

3 Market structure

4 Offer analysis

5 Regulations

6 Positioning the players

List of charts

Trends in the global accounting services market
Sales trends in accounting activities
Accounting companies and employees (NAF 69.20Z)
Number of DEC graduates
Accounting sales index
Rate of use of professional accountants by size of organization
Number of business start-ups
Number of business failures
Research interest in the "Chartered accountant" professional activity
Main reasons for using a chartered accountant
How long have clients been in touch with their accountant?
Breakdown of sector sales by service provided
French producer price index for accounting, auditing and tax consultancy services to French companies
The current state of digital transformation strategy in public accounting firms
What features have you made available to your customers?
Recruitment needs and potential pools of young, entry-level talent by profession between now and 2030.
Proportion of difficult hires among accounting employees

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Latest news

Baker Tilly is recruiting 300 people this year - 29/02/2024

Baker Tilly hired 300 new employees last year, and plans to hire as many in 2024.
Baker Tilly aims to reach 2,300 employees in its network of 60 offices in France.
Baker Tilly strengthened its CSR division in 2023 with the acquisition of software publisher Act21.
The company completed four external growth operations last year.
By 2023, Baker Tilly's sales had risen by 17% to €188 million
The company aims to double its sales to 400 million euros by 2030.
Public accounting now accounts for only 50% of the company's business, with auditing and consulting accounting for the remainder.

Accountancy: CAP 21 joins RSM - 22/02/2024

- The RSM Group is the world's sixth-largest audit, accounting and consulting network, present in 120 countries.
- CAP 21, which recently joined RSM, employs 17 people - including five chartered accountants and an asset manager - and supports around 300 executives.
- CAP 21 has sales of €2 million.
- CAP 21 is based near Strasbourg, Germany.
- RSM France has sales of 155 million euros and 1,350 employees.

EY receives bill for cancelled spin-off: $600 million - 12/02/2024

Demerger project aborted. The preparation of this operation cost 600 million dollars.
The audit and consulting firm employs 312,000 people worldwide
EY's global operational activities generated $6.4 billion in commissions from nationals national member companies in 2023, or around 13% of the $49.4 billion in revenues generated last year by the firm's various entities.

Gard-based accounting firm Altex acquires Apicap - 23/01/2024

financial group Altex has acquired Paris-based Apicap at the end of 2023 for 3 million euros.
Apicap employs 20 people and manages assets worth 400 million euros.
The Altex group comprises around ten accounting firms, employing 150 professionals.
Altex has made three acquisitions of firms in the Paris region over the past three years, and a fourth is currently under negotiation.
The group also holds stakes in around ten regional SMEs.
Altex, founded ten years ago, achieved sales of €66 million in 2023, up 30% year-on-year

For KPMG, hourly billing of consultants is no longer relevant - 16/01/2024

KPMG has invested 5 billion euros in tool development and training in the field of big data and AI worldwide over the past five years.
KPMG France's overall sales grew by 7% in 2023, to €1.47 billion.
KPMG's consulting business grew by 14% to 482 million euros.
KPMG's support services for mid-sized companies increased by 12.9%.
KPMG expects the value of audit mandates to double over the next three years.
KPMG's recruitment rate maintains the same annual pace of over 7%, with 2,700 new hires by 2023.

Accountancy: Sadec Akelys acquires Burgundy firm Corgeco - 04/01/2024

Sadec Akelys has acquired the Corgeco accounting firm.
Corgeco has four sites in Chalon-sur-Saône, Le Creusot, Autun and Montceau-les-Mines.
Corgeco employs 40 people.
Sadec Akelys now has 560 employees at 28 sites in France.
Corgeco's sales total 3.2 million euros.
Sadec Akelys was founded in 1976 and has its administrative office in Troyes.
Sadec Akelys also acquired Bordeaux-based Audecco in 2021.
Sadec Akelys has sales of 46 million euros.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Deloitte France

EY Ernst & Young France

Mazars Forvis Groupe

Fiducial France

ATH Association Technique Armonisation

France Defi

Eurus

Fidunion (PrimeGlobal)

CERFRANCE

PwC Audit

KPMG Expertise et Conseil

BDO

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