Bookkeeping

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Bookkeeping
Industry Statistics & Market Size • Revenue £1bn • Annual Growth 06-11 1.9% • Employment 19,190 • Businesses 1,958

What is the Bookkeeping Industry?
Firms in the Bookkeeping industry record the transactions of businesses (and other organisations) for the purposes of record keeping and accounting. Industry Products • Maintaining transaction records • Generating financial reports • Reconciliations Industry Activities • Maintaining daybooks • Maintaining petty cash books • Keeping journals • Maintaining ledgers • Keeping a chart of accounts

Industry Analysis & Industry Trends The Bookkeeping industry provides bookkeeping services on an outsourced basis. This industry has grown because of clients increasingly outsourcing backoffice administrative activities in order to focus their efforts on core business functions. The industry grew strongly through the 1990s and early 2000s, as an outsourcing trend took hold. Businesses looked to become leaner, more flexible and more focused on their core competencies. Over the past five years, competition from offshore providers has intensified, particularly those based in India where low-cost, skilled, English-speaking labour is available. Industry Report - Industry Analysis Chapter The Bookkeeping industry exists to cater to businesses that prefer to outsource non-core, labour intensive back-office activities. The industry grew strongly through the 1990s and early 2000s as an outsourcing trend took hold. Businesses looked to become leaner, more flexible and more focused on their core competencies by outsourcing many ancillary functions, including bookkeeping. Over the five years to the end of 2010-11, the industry's revenue is expected to grow at an average rate of 1.9% per annum. This low growth is largely due to the declines experienced in 2009-10 and the current year, which have virtually offset the growth of previous years, including a 7.7% revenue rise in 2006-07.

The Statistics - SME Market

According to statistics published in October 2010 by the Department for Business Innovation & Skills (BIS), at the start of 2009: • • •


SMEs together accounted for more than half of employment (59.8%) and turnover (49%) in the UK Of the 4.8 million businesses, 99.3% were small, 0.6% medium and 0.1% large UK business enterprises employed an estimated 22.8 million people, 48.2% of which were in small businesses The estimated combined turnover of the 4.8 million business enterprises in the UK was £3,2 billion with SMEs accounting for 36% of this

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