In reading through the annual top accounting firm lists, we came across an interesting accounting industry study by Bloomberg on the top 30 niche accounting services providing the most revenue growth for US firms.
Intrigued? Check out which niche areas could be the next big thing to help you grow your firm or practice!
International tax was once again the niche service with the biggest growth, and it increased by 6 percentage points from 2013.
State & local taxes was neck and neck with business valuations (which was last year’s fastest-growing niche) for the niche with the second biggest gains.
The accounting niche with the most year-over-year growth was mergers and acquisition, with and 11 percentage point increase. 70% of firms reported increased business from this niche.
Many niche services saw double digit increases, most notable was SOX compliance/risk management, technology consulting, and personal financial planning.
Taking a look at this listing of niche services should really get you thinking about all the different services you could offer to clients beyond taxes, including Receivables Management services!
Niche Accounting Services Providing The Most Value:
- International Tax
- Business Valuations
- State/Local Taxes
- Attest Services
- Litigation Support
- Estate/Trust/Gift Tax Planning
- Industry Specialization
- Mergers & Acquisitions
- Employee Benefits
- Business Management for Wealthy Individuals
- Succession Planning/family business
- Retirement Plans
- SOX Compliance/Risk Management
- Strategic Planning/Business Plans
- Technology Consulting
- Cost Segregation
- Personal Financial Planning
- Business Management for Small Businesses
- Investment Advice & Services
- CFO/Project Staffing Services
- Cash Flow Forecasting & Cash Flow Management (nearly the same as Receivables Management)
- Financing Arrangements
- Employment Search
- 1031 Like-Kind
- IFRS consulting
- Business Recovery/Recession Advice
- Payroll Services/Consulting
- Lease vs Buy Analysis
What niche has worked well for your firm recently? What new niches have you seen that you’d like to explore? We’d love to hear!