Accounting is an age-old and essential part of any business life cycle. Helping businesses to stay up-to-date with finances and legal tax obligations, Accountants can lay the groundwork for a business to navigate into a successful future and to ride out turbulence during economic downturn. A member of Chartered Accountants ANZ also has the industry connections, expertise and knowledge to help inform and guide business decisions.
In this guide we will explore the specialist areas of Accounting, as well as the importance of Accounting for modern businesses, and featuring insight from Chartered Accountants ANZ, NZ Country Head Peter Vial, FCA.
Overall, the New Zealand accounting market appears to be in a state of cautious optimism. While economic factors may cause some fluctuations, the long-term trend suggests a growing and evolving market that is adapting to meet the needs of its clients.
The New Zealand accounting industry has undergone a period of significant transformation over the past decade.
Adapting to Regulatory Changes: A constant stream of new regulations has been a major driver of growth. This includes:
Initially, accountants adapted by drawing on skills from related fields like law. However, the industry has seen the rise of specialised accountants with in-depth knowledge and formal recognition of new regulations.
Despite economic uncertainties, the Accounting industry has shown consistent growth. Industry revenue in New Zealand is estimated to reach $4.5 billion in 2024, reflecting a steady CAGR (Compound Annual Growth Rate) over the past five years, with no signs of slowing down, especially as we head into a period of economic turmoil, and are faced with the rise of AI.
Importance in the Next 5 Years: Even with potential economic headwinds in the next five years, accounting services will remain crucial for businesses:
The New Zealand accounting industry has transformed alongside the evolving regulatory and economic landscape.
The organisational structure of accounting firms in New Zealand can vary depending on their size. Smaller firms might have a simpler structure with a sole proprietor or a small partnership at the helm, managing a team of accountants who handle a range of client needs. Larger firms tend to adopt a more hierarchical structure with partners overseeing senior managers or directors who lead specific service areas like tax, audit, financial advisory or business advisory. These managers then supervise teams of qualified accountants and support staff, ensuring efficient completion of client projects and adherence to professional standards.
As denoted from its title, Tax Accountants are specialists in all things taxation. Audits, financial reports and tax returns (both personal and corporate) are all part of this style. A Tax Accountant can be asked for financial tax advice, clarification surrounding tax laws and assistance in filing tax returns correctly.
Financial Accountants or ‘Finance Managers’ are often the leader of an Accounting team. They monitor and use financial transactions to create detailed financial reports and determine corporate liabilities. Business income and expenses are also verified via a Financial Accountant.
Management Accountants take care of the financial information that a business requires. As well as identification of this information, they provide advice on financial planning and risks, and make reports to management to assist with decision-making.
Cost Accountants investigate a company’s costs associated with providing its services. They analyse all the day-to-day expenses of the business and the factors present in production or service-delivery to help minimise costs and maximise efficiency.
Specialists are Chartered Accountants who are recognised for their advanced skills and knowledge in niche areas of the profession. A CA Specialist is someone who has gained formal recognition for their skills and who has pursued a focus in a dedicated area of Accounting. You can learn more about the different specialisations below.
A CA Risk Specialist is an accountant recognised for their significant knowledge & experience in this growing and intellectually rewarding field. An official Risk Specialist is well versed in governance, enterprise risk management, strategic risks, financial risk & more.
Business Valuation specialists are trusted leaders in an expanding niche area. As specialists in financial reporting, tax mergers and acquisitions, and strategic decision making (amongst others), they are game-changers for businesses, in this complex and exciting field.
A CA Forensic Accounting specialist holds significant knowledge and experience in legal disputes and mediations, fraud and financial investions, loss & damage assessments, and the provision of expert evidence in court.
SMSF’s are a growing and evolving sector, (more relevant to Australia but still worth being aware of). A CA SMSF specialist can provide trusted services and advice to the superannuation industry. They are experts in administering, auditing and advising on the range of SMSF’s.
A CA Financial Planning specialist is a highly knowledgeable and experienced accountant who can provide financial advice. Financial Planning specialists are chosen via a rigorous process and, with regular professional development, can be a force of change in your business.
It cannot be overstated that an Accountant is a core role for any business. Chartered Accountants have the skills to shift from the bigger picture to the smaller detail across every aspect of business. With over 136,000 members globally, Chartered Accountants are making an impact everywhere.
Demand for chartered accountants and their unique combination of technical expertise and interpersonal skills remains strong. Businesses rely on experienced accounting professionals to guide them through the current uncertain economic landscape. Chartered accountants develop and hone their skills and expertise over many years of professional study and work experience. These skills are highly transferable, leading to a continual flow of talent into other roles and sectors in New Zealand and overseas. Chartered accountants make a significant contribution to the economy at the local, national and global levels. They play key roles in business, the public sector, the not-for-profit sector and in academia.
Chartered accountants perform a range of services, ranging from financial and tax compliance and advisory services to strategic risk and opportunity management. As trusted advisors, chartered accountants need to understand the wider business environment and consider risks and opportunities from a broad perspective.
The market for experienced accountants remains tight. To attract and retain top talent, employers in the sector continue to respond with a range of enhanced wellbeing benefits and incentives, including flexible working arrangements which became the norm during the Covid-19 era. Firms are onboard with the new way of working as they compete to secure the talent they desperately need. Chartered Accountants ANZ continues to work across the profession and with the Government to address the ongoing talent shortage in the accounting sector.
NZ Country Head - Chartered Accountants ANZ
Accountants are often in-demand, and with linear pathways from graduate to manager, it maintains a reliable and steady stream of supply. However, finding an Accountant that has experience in your industry and can fit into your team perfectly requires an additional lens - one that a hiring specialist can bring. We have dedicated Accounting Recruitment teams located in both Auckland and Wellington who bring decades of experience in recruitment.
For many of our team, this means they’ve come from working as Accountant’s themselves, or have always worked in the accounting recruitment field. They have the know-how and the drive to find you the perfect match. We communicate actively with hundreds of candidates every week; understanding what they’re up to, what their future goals are, and where they’d like to head with their career.
In many cases this means that when we chat, we’ll already have someone in mind who will make a great fit for your team. Our team are up-to-date with market trends, aware of what’s required of Accountants, and are prepared to deliver you the perfect candidate.
Accounting is one of the oldest and most reliable industries. In economic downturn, and economic boom, accountants are essential to ensure businesses are meeting their legal obligations. A career in Accounting can be an exciting move, driven by analytics and data insights that is perfect for the analytical mind.
This framework establishes the suite of reporting standards and reporting tiers that apply to various entities. This comprises a multi-sector, multi-tiered approach and sets out the full range of standards that apply based on the sector and size that an entity is operating in. The Accounting Standards Framework is design for two key objectives, namely to meet user needs by development high quality reporting standards, and to balance the costs and benefits associated with reporting. As a key regulator, the XRB conducts targeted reviews of these frameworks.
The accounting industry is consistent and is professionally structured to ensure a hierarchy of checks and supports are in place. Day-to-day will be steeped in professional development, performing professional services and verifying work for clients. Depending on the seniority you are operating at, a ‘day in the life’ will see you communicating with clients, verifying tax returns, balance accounts and books, managing business incomings/outgoings, or even managing payroll. Accounting teams are usually led by managers and business partners who oversee the flow of work between the accountants in their team, to ensure accountability and accuracy. As you progress through your career, you will take on a greater volume of responsibility and a greater level of accounts management. If you are operating in the Big 4, this may see you working with similar entities year on year, whilst medium and smaller entities may deal with a more diverse range of organisations.
The below data is accurate as of May 2024 and based on roles that we actively recruit for. For the most up-to-date salary information, view our salary guide.
Accountants with the following years of experience can expect the following average pay.
The Accounting career path is a linear progression that has reliable check-in and promotional points. Within 3 years, a graduate can expect to be an Intermediate Accountant, with opportunities for promotion and growth alongside and above this.
Entering the accounting workforce in New Zealand is relatively straight forward. To become an accountant you usually need to have an Accounting Degree, or a Degree in Business/Commerce majoring in Accounting.
Most Accountants are members of Chartered Accountants Australia New Zealand (CAANZ). To become a Chartered Accountant, you must:
Once this criteria is fulfilled, chatting to an Accounting Recruitment Specialist is your best option. We work closely with accounting firms and with the hiring managers within these firms, often having long relationships and understanding what they are looking for.
Demand for accountants in New Zealand remains high, and is expected to continue on this trajectory as the economy balances after the pandemic and the 2023/2024 economic recession. There is strong confidence in the stability of the Accounting market, and businesses are more frequently electing to use Accountants - both in-house and via the accounting firms.
If you’d like to discuss your potential to become an Accountant in New Zealand, you can click here to contact any of our Accounting recruiters.
Note: For accounting jobs in New Zealand you must be a citizen, resident or have attained a work-visa. Accountants remain on the New Zealand shortlist of needed talent.
Thanks for your interest in what we do here at FIND. We love meeting and helping amazing kiwis every day and will always do our best for our clients and candidates. We've been simplifying the recruitment game since 2008, so don't hesitate to get in touch if you need our help!
