Accounting services market comprises of sales of accounting services & related goods by entities that provide recording and financial transactions analysis and other financial values pertaining to businesses and other organizations. Accounting services are type of service that provides the recording and analysis such as payroll, tax preparation, bookkeeping, auditing, and among others. The accounting service involves analyzing, summarizing, auditing & reporting of the financial transactions to tax collection agencies or entities. It involves designing accounting systems, auditing & preparing financial statements, developing budgets and accounting advisory. These services undertake the processes where human capital is a major input. They make available the knowledge & skills of their employees, often on the assignment basis, where a team or individual is responsible for the delivery of services to the customer.
According to study, “Accounting Services Global Market Opportunities And Strategies To 2023” the key companies operating in the global accounting services market are Crowe Horwath, RSM, Studio International Tornamb, Ruihua CPA, Accenture, DSG Chartered Accountants, Pan-China CPA, ADP (Automatic Data Processing, Inc.), Italian Accountants Studio Del Gaizo Picchioni, KPMG, PWC (PricewaterhouseCoopers), Moore Stephens UK, Alvarez and Marsal, RWT, Spira Twist and Associates, Rodl Partner, Champion Accountants, Ernst and Young, Grant Thornton, Mazars, BDO International, Deloitte, Charles Ghadban Accounting, Baker Tilly, Picco Accounting, KML Bookkeeping Services, HRBlock. Key companies are adopting various business strategies such as expanding in other geographies, investing in technology to digitalize the business, integrate & gain competitive advantage and in acquisitions & mergers to strengthen their service offerings.
Based on type, accounting services market is segmented as financial auditing, tax preparation services, payroll services, bookkeeping, and other accounting services. The tax preparation services segment holds major share in global market owing to increase in number of new businesses & startups. The payroll services segment is anticipated to witness higher growth rate due to rise in demand for such solutions across different enterprises in order to ensure effective management during the forecast period. In addition, based on end-use industry, market is segmented as IT services, financial services, manufacturing, construction and others.
The accounting services market is driven by growth in number of new businesses, followed by increase in start-up culture and rise in government initiatives towards creating more employment avenues. However, shortage of skills may impact the market. Moreover, growth in technological development and regulatory reforms are key opportunities for market.
Based on geography, the North-American region dominates the global accounting services market owing to growth in outsourcing for accounting tasks across the organization in the region. The European and Asian-Pacific regions are anticipated to witness higher growth rate due to increase in government initiatives over the forecast period. It is expected that future of the global market will be optimistic because of change in standards of financial reporting during the forecast period. It is also expected that global accounting services market will be reached at US $734.7 billion by 2023, at a CAGR of 6.3%.
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Ankur Gupta, Head Marketing & Communications