Accountants see further revenue hit due to pandemic

COVID-19 has already heavily impacted both the accounting and SMSF sectors, with firms facing business pressures on a variety of fronts.

SMSF Adviser sister title My Business commissioned Momentum Intelligence to conduct a survey to investigate how COVID-19 has affected a range of professional services sectors.

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The industries surveyed included accounting, aviation, defence, financial services, law, mortgage broking and real estate.

The survey found that 46 per cent of surveyed businesses across all industries said they’ve not just already experienced a decrease in revenue, but they also expect their revenue to decline further over the next three months.

On the accounting front, it found that 54 per cent of them expect their future revenue to decrease over the next three months.

This is despite 40 per cent saying that they have already experienced a negative impact on their business revenue as a result of COVID-19.

The survey also examined the state of mental health across the professional services sectors. Overall, it found that 20 per cent indicated a “negative” mental health state, with accounting recording one of the highest rates of the sectors, at 21 per cent.

Despite the social and economic disruptions of COVID-19, most professionals reported a “positive” mental health state, with 69 per cent of accountants reporting “positive” mental health.

The remaining 9 per cent of accounting respondents referred to their mental state as “neutral”.

“This dynamic report will serve as a barometer of how businesses, and working Australians, are adapting to the changed working and social environment throughout the COVID-19 pandemic,” said Momentum Intelligence head of strategy Michael Johnson.

“This will enable us to map attitudes, confidence and business activities as they evolve by market sectors, revealing which industries and professions are adapting most effectively to the ‘new normal’.”

The Momentum Intelligence survey was based on responses to an online questionnaire between 2 and 22 April.

A total of 6,740 responses were received at time of publishing and the results have been evenly weighted across each industry, including 1,715 responses for the accounting industry.

Breakdown of sample sizes by industry

This dynamic report will serve as a barometer of how businesses, and working Australians, are adapting to the changed working and social environment throughout the COVID-19 pandemic.

This will enable us to map attitudes, confidence and business activities as they evolve by market sectors, revealing which industries and professions are adapting most effectively to the “new normal”.

The first instalment of the survey report is expected to be released next week, with more articles to come.