Turnover in the UK accountancy sector continued to grow during July as the sector bucked the trend of falling revenue in the wider service sector.
Turnover in the accountancy sector rose by 0.69% from June to July, to highs of £3.54billion, according to figures from the Office for National Statistics (ONS).
The growth saw industry revenue increase by 16.65% year-on-year as accounting firms continued to benefit from volatile economic conditions.
The surge in industry revenue came as the whole of the UK’s services sector saw revenues fall 6% from June to July to £227billion, amid an economic downturn imminent.
Professor Atul Shah said the data is further proof that accountancy firms are “recession proof”, as he noted that firms have shown themselves to be able to take advantage of economic downturns.
He explained that the leading accounting firms in the UK receive reliable and consistent revenue from their audit segments.
This is further reinforced by the growing demand for advisory services, as companies seek guidance to manage volatility, Shah said.
Julie Matheson, regulatory partner at Kingsley Napely, said research shows the UK accounting sector remains “extremely robust” in the face of economic volatility.
The rising revenue from the accounting sectors came as legal sector revenues also rose 2.2% from June to July.