Accountants calculate market potential

Accountants are often unsung heroes, as they do not work under the spotlight, but an organization of certified accountants is keen to promote their services.

Chen Yugui, secretary-general of the Chinese Institute of Certified Public Accountants, said the institute will organize a series of events, including contract signing ceremonies and press conferences, to promote the section of accountancy at this year's China International Fair for Trade in Services, which is running through June 1.

The contracts to be signed at the fair cover the one between ShineWing Certified Public Accountants and China Beijing Environment Exchange on carbon trading-related accountancy services and those for Russian and New Zealand accounting firms to join the Reanda International, a China-based network of independent accounting and consulting firms.

Emphasis will also be given to the unveiling ceremony for a demonstration zone for accountancy outsourcing in Wuxi, Jiangsu province, organizers said.

At the fair, the institute is expected to publish at the event the list of the top 100 Chinese accounting firms in terms of comprehensive strength and some large firms in the industry will release their latest information, they added.

Chen said the event offers a chance to increase the industry's popularity and a channel to conduct international exchanges.

By the end of March, China had more than 8,000 accounting firms and 250,000 certified public accounts that provide services for 3.5 million companies across the country. In 2012, the industry generated 50.8 billion yuan ($8.3 billion) in revenue.

Despite its important role, people outside the industry know little about services on offer because accountants usually "work backstage", Chen said.

The industry is better known than before as the previous fair has "helped the public see what certified accountants can do", Chen added.

Zhang Ke, chairman of accounting firm ShineWing, who is also vice-president of the Chinese Institute of Certified Public Accountants, said: "It might not produce immediate results by bringing in contracts but the long-term effects cannot be underestimated."

The fair also helps Chinese accounting firms go global, said industry insiders.

Some large firms said that their overseas revenue could account for as much as 15 percent to 20 percent of the total income.

In 2010, the industry's revenue from overseas services stood at only 570 million yuan, accounting for 1.58 percent of the industry's total revenue.

"The development of professional services industries, like accountancy, requires a much longer time than the manufacturing industry," Chen said.

"It should stand the test of markets, especially the international market."

Chen said his biggest wish is that the annual fair could help disseminate the idea of trade in services among the public.

"Winning contracts are just one aspect and it is more important to convey information and hope," he said.