EY set for more tax robotics in FY17-18

EY’s partnership revenue growth for FY16-17 was “100 per cent organic” and driven in part by traditional service line of tax, which it is looking to further digitise this financial year.

The big four firm this week reported partnership revenue increased by 10 per cent to $1.63 billion in the 12 months to 30 June this year.

Chief executive Tony Johnson said the organic growth focus relates to strategic cultural and personnel investment to drive productivity.

“A large part of our ability to drive this level of organic revenue growth can be traced back to our investments. Technology, people and culture are all integral to realising our vision, and we’ve seen accelerated return on these investments this year,” Mr Johnson said.

Core service lines of assurance, tax, advisory and transaction advisory services were predictably strong performers. More specifically, there was double-digit revenue growth in services related to consumer and industrial products, digital and technology, media and telecommunications and the government and public sector.

More traditional offerings related to transaction support, infrastructure advisory and M&A were also “strong drivers of service line growth,” the firm said in a statement.

In the next 12 months, EY is set for further investment on the technology front, citing market and client demand.

“Our mix of traditional and new and emerging businesses continue to change. For example in FY17 we continued to evolve our tax offering from ‘tech tax’ to ‘tax tech’, because for our clients, having tax technology is critical as is having technical tax capability,” said Mr Johnson.

“Robotics process automation, data analytics and process redesign are all driving significant cost savings for tax clients and enabling our people to focus on higher value strategic advice and counsel,” he said.

EY appointed 54 new partners in total over the reporting period, made up of 29 promotions and 25 directly admitted partners.

The total number of partners now stands at 552.

Of the new partners for 2017, 33 per cent are women. However, only 22.2 per cent of the total partnership is female. This is up from 20.6 per cent at the same time last year.

 

 

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