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The data shows that, across the industry, practices aren’t investing much into marketing online accounting and advisory services. This provides a real opportunity for practices to improve their marketing and to be seen by – and win over – the high proportion of businesses actively looking to switch advisors.
United Kingdom 2018
Accounting & Bookkeeping
Industry Performance Report
See how your practice compares and where you want to get to
Inside cover: Max Henderson, Hotpod Yoga, London | Xero customer
Cover: Sian Kelly, Inform Accounting, Birmingham | Xero partner
We’re very pleased to share with you this accounting and bookkeeping industry
performance report, the 2018 edition of Xero’s partner benchmarking study for the UK
market. This year’s report sharpens the focus on forward planning, as partners have
told us that the most valuable use of previous reports was to inform their strategic and
annual planning. We’ve also added significantly more detail on marketing and advisory
services, in line with the feedback.
We produced our first detailed benchmarking reports – for the United Kingdom, Australia,
New Zealand, and the United States – in 2016 and 2017. Over 2000 practices took part
in those studies, and now over 5000 accounting and bookkeeping firms globally have
participated in providing the rich data that lets Xero partners compare their firm with
other similar practices.
This report includes findings in two new areas.
It shows results for practices who’ve taken different approaches to positioning their firm
in the market (see tables 3 to 5). It’s evident that raising these questions helps practices
agree and articulate their firm’s strategy for 2018 and the following three to five years.
It reveals the composition of advisory services revenue and what partners are prioritising
in 2018. In the ‘what if’ scenario in table 6, we show what the 2017 results would have
been for a firm with 250 small business clients. This demonstrates the potential revenue
to be gained from advisory services.
As you read through this report, you’ll see illuminating patterns emerge – in client
management, marketing, pricing, billing, employee compensation and advisory services.
The data shows that, across the industry, practices aren’t investing much into marketing
online accounting and advi