Chan & Naylor has officially been listed today as Australia’s fastest growing accounting firm as BRW publishes their survey results for Top 100 Accounting Firms, 2013.
Chan & Naylor is ranked in the Top 50 firms at 39th position, jumping 8 spots from its 47th position in 2012 and claiming the title as fastest growing accounting firm 2013 with a huge revenue uplift by 42.8 per cent to $18.6 million.
The national group had previously topped the fastest growing accounting firms in both 2007 and 2008.
The BRW 2013 Survey results also shows that the big four firms and middle tier firms experienced a significant drop in revenue. Poor economic conditions was the key reason clients pulled back spending with firms in 2012-13 and redundancies also featured heavily, with at least one in three firms in the top 100 admitting to making staff cuts.
In all respects, Chan & Naylor continues to buck the trend.
Co-founder David Naylor says about 15 per cent was organic growth, but the majority came via acquisitions of smaller firms expanding offices nationally.
Naylor says the firm specialises in property and wealth management advice, with in-house licensed financial planners.
When clients, who have traditionally come for tax-related advice, demand SMSF or general financial planning advice,
the firm can keep their business. It’s the accountant’s equivalent of “would you like fries with that,” Naylor says.
He says over the past year a number of smaller practice accountants joined the group. In terms of consolidation,
Naylor predicts a future where “larger firms get larger”, forced by a lack of succession planning. The BRW survey found that 25 per cent of top 100 firms still do not have a succession plan.
Click here to download ‘Kill or be killed – BRW Top 100 Accounting Firms 2013.pdf’ published 30 October or visit BRW.com.au to view results.