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 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.
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 market segments in the accounting services market are Payroll & Bookkeeping Services, Tax Preparation Services and Other Accounting Services.
Payroll & Bookkeeping Services comprise establishments that collect information on hours worked, pay rates, deductions and other payroll-related data from their clients to generate paychecks, payroll reports, and tax filings.
Tax Preparation Services companies engage in providing tax return preparation services and does not include accounting, bookkeeping, billing or payroll processing services.
Other accounting services may include bookkeeper offices.