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 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. The global accounting services market is expected to grow from $574.5 billion in 2019 to $576 billion in 2020 at a compound annual growth rate (CAGR) of 0.3%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $687.7 billion in 2023. North America was the largest region in the global accounting services market, accounting for 43% of the market in 2019. Western Europe was the second largest region accounting for 35% of the global accounting services market. Africa was the smallest region 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.
The major players in the global accounting services market are PwC LLP, Ernst & Young LLP, Deloitte LLP, KPMG LLP, BDO International Ltd
The countries covered in the global accounting services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
The global accounting services market is segmented:
1) By Type: Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing and Other Accounting Services
2) By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Others