Accounting services provide systematic and comprehensive recording of financial transactions pertaining to businesses. The service involves summarizing, analyzing, auditing and reporting of the financial transactions for tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory.
The top five companies covered are PwC LLP, Ernst & Young LLP, Deloitte LLP, KPMG LLP and BDO International Ltd. PricewaterhouseCoopers International Limited (PwC) was the largest company in the accounting services market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The global accounting services market was valued at around $582 billion in 2017. North America was the largest region in the accounting services market in 2017, accounting for more than 40% market share. The USA was the largest country in the market in 2017, accounting for nearly 35% market share.
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.
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