Audit Profitability Pushed Down Due to Fee Pressure
The continuing pressure on fees has, according to firms across the country, been pushing profitability down. This news has come as a result of a new survey published by CaseWire, an international IT provider.
The survey found that around 80% of firms have been reporting strong fee pressure from their clients, and they blame this for their continual fall in profitability from audit services.
While this has remained true for a number of years, around a quarter of all people questioned have said that they aren’t suffering quite as bad as they were the same time last year.
81% of respondents have lowered their rates due to the increase in service pressure just to keep their clients, and less than 10% have stood their ground with their clients. What’s more, 15% also claimed that they would offer more of their services and time for the same fee price.
Stonehouse Accountants operate in the Peterborough, Kettering, Corby and Market Harborough area, call us now if you’re looking to change accountant or need a new one. 01733 26588.