France Country Report

Thought Leadership
December 1, 2021

This article is a contribution to the International Accounting Bulletin (IAB) France survey by PrimeGlobal member firm FITECO, and it was published in IAB's November 2021 newsletter. Please read the full article below and reach out to Jean-Marie Vandergucht, Managing Partner at FITECO, regarding any questions in relation to the article and doing business in Peru. 

Have there been any significant regulatory developments in France over the last 12 months?

No, there have been no significant developments over the last 12 months.

How would you describe the health of the accounting industry in France in terms of customer demand, fee pressure, and staff recruitment and retention?

Our firm, given the clients’ high demand for consulting and assistance, is in good financial health, and the pressure upon our fees must be balanced according to the industry involved. The most touched industries are restaurants, hotels, entertainment, but they also benefited from many government aids. Our main issue is the recruitment for our HR team.

Are there any services areas where demand has grown over the last 12 months?

There are no particular services, everybody is benefitting from the recovery.

Has there been any significant consolidation or merger activity in the accounting profession?

Indeed, we are observing many requests for firm purchases, and firm mergers. Several causes explain this : 

  • Retirements
  • Digitalization of processes, and change in the tools
  • Difficulties to recruit and keep the team members

What are your expectations for the next 12 months - are there any potentially significant developments in the pipeline?

The forecasts for the next 12 months seem good. However we must fear a downturn after the recovery we have seen.

We also have the presidential election in April 2022.