Serbia’s accounting and consulting industry is entering a period of expansion as regulatory reforms, digital tax administration and European Union alignment increase demand for compliance, reporting and financial advisory services. Growth is moving beyond traditional bookkeeping toward integrated solutions covering tax control, electronic invoicing, sustainability reporting, audit preparation and investor-grade financial reporting.
According to IBISWorld, Serbia’s accounting and auditing industry is expected to reach approximately €1.1 billion in 2026, representing annual revenue growth of 15.9%. The sector comprised around 6,868 businesses during 2025, reflecting a broad professional services market serving companies across multiple industries.
The structure of Serbia’s economy continues to underpin demand for accounting services. Small and medium-sized enterprises (SMEs) account for 99% of all businesses, employ more than 64% of the workforce, generate 56.9% of gross value added and produce 63.7% of total business turnover. While bookkeeping, payroll administration and routine tax filings remain highly price competitive, demand for higher-value services is concentrated among foreign-owned manufacturers, exporters, construction companies, information technology firms, logistics providers, energy developers and industrial businesses trading with the European Union.
Audit Market Remains Highly Regulated
The statutory audit market remains significantly more specialised than general accounting services. According to IFAC, mandatory audits apply to large and medium-sized companies, financial institutions, public entities covered by the Capital Markets Law, and sole proprietors whose income exceeded €4.4 million during the previous financial year.
Accountancy Europe reports that Serbia has 317 qualified authorised auditors, while the register maintained by the Chamber of Authorized Auditors lists 83 audit firms and independent auditors, including international networks such as Deloitte, KPMG, PwC, BDO, Grant Thornton, RSM, Forvis Mazars, Crowe, TPA, PKF and UHY.
The regulatory framework governing accounting services has also expanded. The Serbian Business Registers Agency established the Register of Accounting Service Providers in 2021, creating a central registry for licensed legal entities and entrepreneurs providing accounting services and formalising the sector’s operating environment.
Digital Tax Administration Reshapes Accounting Services
Electronic tax administration continues to increase the role of technology within the profession. Amendments to Serbia’s Regulation on Electronic Invoicing were published in March 2026 and became applicable for tax periods beginning on 1 April 2026.
The changes require accounting professionals to manage reconciliation between the SEF electronic invoicing system, VAT records, enterprise resource planning platforms, invoice approval processes, internal documentation and tax reporting. The expanding use of digital tax systems is increasing demand for expertise in financial data management as well as tax compliance.
Additional reforms are being developed through Serbia’s alignment with European Union standards. In May 2026, the World Bank Centre for Financial Reporting Reform (CFRR) reported that Serbia is preparing amendments to its accounting and audit framework covering company size thresholds, group classifications and sustainability reporting.
The proposed framework introduces sustainability reporting based on the European Sustainability Reporting Standards (ESRS) for entities employing more than 1,000 people and recording annual turnover exceeding €450 million. It also introduces income tax reporting obligations for ultimate parent undertakings with revenue above €750 million in two consecutive financial years.
Integrated Advisory Services Gain Importance
Regulatory developments are expanding demand for firms capable of combining accounting, taxation, legal advisory, enterprise software integration, audit preparation, sustainability reporting and export compliance within a single service offering.
Professional service providers increasingly require expertise across financial reporting, tax advisory, ERP implementation, sustainability data management and regulatory compliance rather than relying solely on general business consulting.
Market opportunities between 2026 and 2028 include SEF and VAT controls, electronic invoicing integration, ERP implementation, monthly management reporting for SMEs, transfer pricing documentation for multinational companies, payroll and labour-tax compliance, audit readiness, ESG and ESRS assessments, CBAM documentation for exporters, investment incentive compliance and financial reporting supporting project finance.
Transfer pricing remains a significant area of activity following Serbia’s updated 2026 benchmark interest-rate rules, while consultations on revised Accounting Law and Audit Law amendments took place during spring 2026. The new reporting framework is expected to take effect from 1 January 2027, with sustainability reporting requirements to be introduced progressively through 2030.
Export-Oriented Businesses Drive Premium Demand
Companies with the greatest demand for advanced accounting and advisory services include automotive suppliers, machinery and metal-processing exporters, food and agribusiness producers, construction and real estate companies, foreign-owned manufacturing subsidiaries, renewable energy developers, logistics businesses, information technology firms, private healthcare providers and businesses preparing for bank financing, mergers and acquisitions or EU supply-chain due diligence.
Serbia exported goods worth €33.1 billion during 2025, while imports reached €41.9 billion. Member states of the European Union accounted for 58.3% of Serbia’s total external trade, increasing demand for financial documentation, tax compliance and reporting standards compatible with European commercial requirements.
Within the audit profession, international networks are expected to maintain their position among banks, listed companies, public-interest entities, multinational subsidiaries and businesses requiring complex group reporting. Mid-tier firms are positioned to expand among owner-managed industrial businesses, foreign-owned SMEs, donor-funded programmes, renewable energy projects, real estate companies and organisations requiring statutory audits outside the largest international firms.
Outsourced Finance Functions Expand
Accounting firms are increasingly providing outsourced finance functions extending beyond routine bookkeeping. Services now include monthly financial closing, VAT reconciliation, SEF controls, payroll administration, management reporting, cash-flow analysis, budget monitoring, tax calendar management, document archiving, invoice workflow management and reporting prepared for banking institutions.
Demand is increasing among companies seeking accounting systems that support tax risk management, financing applications, investor reporting and export compliance.
Consulting firms are also expanding into multidisciplinary advisory roles by coordinating accountants, lawyers, auditors, tax advisers, ERP specialists, grant consultants, human resources professionals and compliance experts according to client requirements.
Automation Increases Competitive Pressure
Digitalisation continues to increase competitive pressure within lower-value accounting services. Bookkeeping activities face greater automation through cloud accounting systems, electronic invoicing integration and digital tax administration, while consulting firms relying on broad but non-specialised advisory services face increasing competition.
The expansion of electronic invoicing, digital tax records and audit documentation is increasing demand for evidence-based financial reporting and verifiable compliance systems.
Businesses increasingly require integrated professional services covering accounting controls, tax compliance, audit preparation, EU export documentation, CBAM and ESG reporting, together with financial reporting suitable for banks, investors and regulatory authorities. Within this model, statutory auditors provide regulated assurance services, accounting firms manage operational financial data, and specialised advisers coordinate compliance between companies, financial institutions, tax authorities, verification bodies and international commercial partners.
