[IMGCAP(1)]Competition is mounting for accountants from similar service providers that are cannibalizing key clients.

In 2013, more firms will offer accounting services in response to rebounding demand, especially from finance and insurance companies. In particular, competition is escalating from various industries, including software publishing, management consulting, payroll services, bookkeeping and the legal profession. As a result, the accounting services industry will face several challenges in the five years to 2018. However, as firms familiarize themselves with the competition, they will be able to hedge these threats to gain a competitive edge.

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