Leading companies in the accounting services market are 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, December 29, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the “Accounting Services Global Market Report 2022” – https://www.reportlinker.com/p06193736/?utm_source=GNW
The global accounting services market is expected to grow from $ 1,175.88 billion in 2021 to $ 1,324.77 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 previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 2019.02 billion in 2026 at a CAGR of 11.1%.
The accounting services market comprises 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 âârelating to companies and other organizations. . The accounting service consists of summarizing, analyzing, auditing and reporting financial transactions to agencies and tax collection entities.
It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and providing accounting advice. Accounting departments undertake processes in which human capital is the main input.
They make the knowledge and skills available to 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 business that automates payroll calculations, tax returns, and year-end taxes, among other services.
These services are used by various industries such as computer services, manufacturing, financial services, construction and others. The different service providers include large companies, small and medium enterprises.
North America was the largest region in the accounting services market in 2021. Western Europe was the second largest region in the accounting services market.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Regulatory reforms in the financial sector have increased the demand for accounting services such as bookkeeping and tax advice. For example, the Basel-3 standards implemented in 2019, have thus increased the demand for accounting services on a global scale.
The Basel Committee on Banking Supervision designed 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 stimulating the market.
Some accountants outsource 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 financial markets. their 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 advisory-driven relationships.
For example, QX Accounting Services (QXAS) Ltd provides outsourced accounting, financial and other services to accountants and accounting firms in the UK.
The coronavirus disease (COVID-19) outbreak has acted as a constraint on the accounting services market in 2020 as governments have imposed lockdowns and trade restrictions globally, limiting the need for professional services . COVID-19 is an infectious disease with flu-like symptoms. 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 with countries entering a state of ‘containment’ 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 this is a ‘black swan’ event and not related to any persistent or fundamental weaknesses in the market. global market or economy.
The countries covered by 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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