There are about 22,000 registered accountancy firms in the UK. The top 100 UK accountancy firms earned fees totaling £15.2bn in 2018 (source: Accountancy Age) and about three-quarters of this went to the top four firms (ie PwC, Deloitte, EY and KPMG).
While there are also mid-tier, regional and specialist “boutique” accounting firms, the needs of the UK’s micro businesses (ie those with fewer than 10 employees) are usually served by local accounting firms. Moreover, various online accountants have emerged in recent years, and these provide basic bookkeeping and compliance services for a fixed monthly fee.
Businesses in the UK purchased more than £17.7bn of accounting services in 2017 (source: Oxford Economics). So, how could hiring an accountant help your small business and how can you find the right one?