Bookkeeping, Financial Auditing and Other Accounting Services Market Growth, Size, Trends, Size, Share And Analysis Report 2024-2033

The bookkeeping, financial auditing and other accounting services market size has grown steadily in recent years. It will grow from $545.99 billion in 2023 to $566.49 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to economic growth, globalization of businesses, taxation changes, increasing business complexity, outsourcing trends.

The bookkeeping, financial auditing and other accounting services market size is expected to see steady growth in the next few years. It will grow to $673.7 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to remote work trends, data security concerns, rise in small business demand, environmental, social, and governance (ESG) reporting, advisory and consulting services. Major trends in the forecast period include digital transformation, technological advances in accounting, digital transformation, focus on cybersecurity, data analytics and business intelligence.

Market Overview -

Bookkeeping and financial auditing refers to an accounting term used for recording, classifying and evaluation of finances data. The primary purpose of bookkeeping is mainly concerned with recording of day-to-day transactions, whereas financial auditing ensures that financial statements are accurate and in accordance with generally accepted accounting standards. The other accounting services involve financial statement preparation: reviews and compilations, income tax preparation and compliance, income tax planning and consulting, monthly, quarterly, and annual financial reporting statements, implementation of new accounting software packages, bill paying services and Business management.

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Regulatory Reforms Reshape Opportunities For Bookkeeping And Accounting Services Worldwide

The regulatory reform in the financial sector is expected to propel the growth of the bookkeeping, financial auditing and other accounting services market going forward. Regulatory reform entails the province analyzing its regulations in-depth and completely to ascertain how to raise their standard and can create a more complex financial landscape that requires specialized knowledge and expertise, creating new opportunities for accounting firms to provide services to clients which give increased demand for compliance services, greater scrutiny of financial statements and others. For instance, In March 2023, the government of China implemented significant financial regulatory reform intending to establish a new regulatory entity, the National Financial Regulatory Administration, to replace the China Banking and Insurance Regulatory Commission. The reform focuses on four key areas such as improving the framework for financial stability; improving supervision and protecting consumer and investor interests; improving the functioning of capital markets; and restructuring the central bank's organization. Furthermore, in December 2022, the British government unveiled a comprehensive financial regulation reform package aimed at revamping ""EU regulations."" The Edinburgh Reforms include 30 measures, including changes to key regulations enacted in the aftermath of the 2008 financial crisis. The new laws are revisions to the ""ringfencing"" regime, which requires banks to keep their investment banks separate from their consumer's arms. Therefore, the regulatory reforms in the financial sector are driving the growth of the bookkeeping, financial auditing and other accounting services market going forward.

Competitive Landscape -

Major companies operating in the bookkeeping, financial auditing and other accounting services market report are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Pvt. Ltd., Oracle Corporation, KPMG International, SAP SE, BDO International Limited, Intuit Inc., RSM International Association, Grant Thornton International Ltd., AcuityCFO LLC, Crowe Horwath International Limited, Moore Stephens International Limited (Moore Global), Mazars Group, Nexia International Limited, CBIZ & MHM LLC, Marcum LLP, Baker Tilly Virchow Krause LLP, CliftonLarsonAllen LLP, Moss Adams LLP, Plante Moran PLLC, Xero Limited, Rehmann Group LLC, Dixon Hughes Goodman LLP, EisnerAmper LLP, Raffa P.C., Bookkeeper360 Inc., Bharat Global Compliance LLP, Richards Financial Services Inc., AcctTwo Shared Services LLC

Tech Revolution Expense Auditing Tool Leads The Charge In Transforming Accounting Services

Technological developments are a key trend gaining popularity in the bookkeeping, financial auditing and other accounting services market. Major companies operating in the bookkeeping, financial auditing and other accounting services market are developing advance technologies to sustain their position in the market. For instance, in June 2021, SAP Concur, a US-based SaaS company, unveiled Verify, a new intelligent expense auditing tool. Verify conducts automated evaluations of expense reports to identify potential issues and anomalies based on employer spend regulations. Verify uses data analysis from tens of millions of expenses and receipts within the SAP Concur platform to apply a library of AI and ML detection scenarios to find probable spend concerns.

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Key Segments -

The bookkeeping, financial auditing and other accounting services market covered in this report is segmented -

1) By Type: Tax Preparation Services, Bookkeeping Services, Payroll Services
2) By Service Provider: Large Enterprise, Small And Medium Enterprise
3) By End User: Banking, Financial Services And Insurance (BFSI), Government, Manufacturing, Healthcare, IT And Telecom, Other End Users

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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