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Despite pandemic disruption, the advisory industry is ready for growth

March 10, 2022

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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The past two years have undoubtedly transformed the world of accountancy and tax advisors. In the depths of pandemic disruption, bookkeepers and accountants continued to be trusted advisors to small business owners across the nation. This vital support helped many to survive, and even thrive. However, amidst disruption and ongoing bumps in the road to recovery, how is the industry faring?

Our new report ‘The state of the industry’ seeks to answer that question by exploring how the pandemic has shaped the industry today. Encouragingly, it reveals that despite persistent challenges, such as hiring talent and rapid regulatory changes, the sector is poised for growth.

What catalysts have led us here?

As millions of Australians weathered shifting lockdowns, entrepreneurs (both existing and emerging) turned to technology to build, adapt, grow or market their brands online. Advisors were called on to help business owners implement digital tools that enabled the creation of new service offerings.

Alongside their clients, they explored the limits of flexible working enabled by tech. This saw many practices expand into different regions. Meanwhile, heightened demand for industries like construction and professional services led to a boom in small business creation, generating even more demand for skilled advice.

These factors have created countless opportunities for advisors to grow, innovate and connect. However, the challenge now lies in understanding where opportunities exist, and how to embrace them to the fullest. Both through the uncertainty of the near future, and during what we hope will be more stable years ahead.

Over the next decade, bookkeepers and accountants will play a critical role in Australia’s pandemic journey and beyond, providing services from advisory through to compliance and digitalisation. Because our economic future lies with those courageous enough to lead small businesses into a new era.

Why leave it there?

To download the 'State of the Industry' full report

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