Global Accounting Services Market Report 2022

Major companies in the accounting services market include PwC, Ernst & Young, KPMG, Deloitte Touche Tohmatsu Limited, ADP LLC, BDO LLP, Paychex Inc., Grant Thornton LLP, RSM International, and H&R Block Inc.

New York, 29 Dec. 2021 (GLOBE NEWSWIRE) — Announces Release of “Accounting Services Global Market Report 2022” –

The global accounting services market is expected to grow from $1175.88 billion in 2021 to $1324.77 billion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $2019.02 billion in 2026 with a CAGR of 11.1%.

The accounting services market includes the sales of accounting services and related goods by entities (organizations, sole proprietorships, and partnerships) that provide the recording and analysis of financial transactions and other financial values ​​relating to businesses and other organizations. The accounting service consists of summarizing, analyzing, auditing and reporting financial transactions to tax collection agencies and entities.

It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and advising on accounting. Accounting departments undertake processes where human capital is the main input.

They make available the knowledge and skills of their employees, often on an assignment basis, where one person or team is responsible for delivering services to the client.

The main types of accounting services are payroll services, tax preparation and bookkeeping services, financial auditing, and other accounting services. A payroll service provider is a company that automates payroll calculations, tax filings, and year-end taxes, among other services.

These services are used by various industries such as IT services, manufacturing, financial services, construction, and others. The different service providers include large enterprises, small and medium enterprises.

North America was the largest accounting services market region in 2021. Western Europe was the second largest accounting services market region.

Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Regulatory reforms in the financial sector have increased the demand for accountancy services such as bookkeeping and tax consultancy. For example, the Basel-3 standards implemented in 2019 have thus increased the demand for accounting services globally.

The Basel Committee on Banking Supervision conceived Basel III as a set of internationally agreed policies in response to the financial crisis. The reforms aim to improve the regulation, supervision and management of banking risks.

Over the next five years, other major changes, such as the UK’s exit from the EU, will create additional demand for accounting consultants, thereby boosting the market.

Some accountants outsource typical core 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 markets. customers and analyze their customers’ business data. This extra attention and analysis transforms the role of a traditional accountant into a business advisor and takes customer service to the next level by developing strong advice-focused relationships.

For example, QX Accounting Services (QXAS) Ltd provides outsourced accounting, finance and other services to accountants and accounting firms in the UK.

The coronavirus disease (COVID-19) outbreak acted as a drag on the accounting services market in 2020 as governments globally imposed shutdowns and restricted trade, limiting the need for professional services . symptoms such as fever, cough and difficulty breathing.

The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have led to a decline in economic activity as countries enter a state of ‘lockdown’ and the outbreak is expected to negatively impact businesses throughout 2020 and until 2021.

However, the accounting services market is expected to recover from the shock during the forecast period as it is a “black swan” event and not related to any persistent or fundamental weaknesses in the market. market or the global economy.

The countries covered in the accounting services market 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, United Arab Emirates, United Kingdom, United States, Venezuela, Vietnam.

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