Global Accounting Services Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

25 Jun, 2021

The accounting services market consists of the sales of accounting services and related goods by entities (organizations, sole traders and partnerships) that provide recording and analysis of financial transactions and other financial values pertaining to businesses and other organizations. The accounting service involves summarizing, analyzing, auditing and reporting of the financial transactions to tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory. Accounting services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.

Global Accounting Services Market Size And Drivers:

The global accounting services market is expected to grow from $544.06 billion in 2020 to $573.29 billion in 2021 at a compound annual growth rate (CAGR) of 5.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $735.94 billion in 2025 at a CAGR of 6%. Regulatory reforms in the financial sector have heightened demand for accounting services such as accounting and tax advisory.

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Trends In The Global Accounting Services Market

Some accountants are outsourcing typical basic accounting tasks such as payroll accounting, accounts payable and accounts receivable to allow their employees to focus on higher value activities such as becoming vertical experts in their customer’s markets and analyzing their clients' business data. This extra attention and analysis is transforming the role of a traditional accountant into a business advisor and takes customer service to the next level by developing strong counsel-focused relationships. For instance, QX Accounting Services (QXAS) Ltd provides outsourced accounting, finance and other services to accountants and accountancy firms in the UK.

Global Accounting Services Market Segments:
The global accounting services market is further segmented based on type, end use industry and geography.
By Type: Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing and Other Accounting Services
By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Others
By Geography: The global accounting services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global accounting services market, accounting for 43% of the market in 2020.

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Accounting Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides accounting services market overviews, analyzes and forecasts market size and growth for the global accounting services market, accounting services market share, accounting services market players, accounting services market segments and geographies, accounting services market’s leading competitors’ revenues, profiles and market shares. The accounting services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.