Bookkeeping, Financial Auditing and Other Accounting Services Global Market Report 2024

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 observed in the past period stemmed from economic expansion, the globalization of businesses, shifts in taxation, rising business complexity, and trends favoring outsourcing.

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 anticipated growth in the upcoming period is linked to remote work trends, heightened concerns about data security, increased demand from small businesses, a focus on Environmental, Social, and Governance (ESG) reporting, and the rise of advisory and consulting services. Major trends expected in this period encompass digital transformation, technological advancements in accounting, a strong emphasis on cybersecurity, and the integration of data analytics and business intelligence.

Anticipated growth in the bookkeeping, financial auditing, and other accounting services market is expected to be propelled by regulatory reforms in the financial sector. This reform involves a comprehensive analysis of existing regulations to enhance standards, leading to a more intricate financial landscape requiring specialized knowledge and expertise. Consequently, regulatory changes create new opportunities for accounting firms to offer services, leading to increased demand for compliance services and heightened scrutiny of financial statements, among other aspects. A notable example is the significant financial regulatory reform implemented by the government of China in March 2023. This reform aims to establish the National Financial Regulatory Administration, replacing the China Banking and Insurance Regulatory Commission. The focus of the reform spans four key areas, including enhancing the framework for financial stability, improving supervision to protect consumer and investor interests, enhancing the functioning of capital markets, and restructuring the central bank's organization. Additionally, in December 2022, the British government unveiled the Edinburgh Reforms, a comprehensive financial regulation package aimed at overhauling "EU regulations." This package includes 30 measures, incorporating changes to key regulations enacted in the aftermath of the 2008 financial crisis, such as revisions to the "ringfencing" regime, mandating banks to keep their investment banks separate from consumer arms. Consequently, regulatory reforms within the financial sector are identified as a key driver propelling the growth of the bookkeeping, financial auditing, and other accounting services market in the foreseeable future.

The anticipated growth in the bookkeeping, financial auditing, and other accounting services market is expected to be significantly propelled by the rise in digital transactions and the expanding e-commerce landscape in the coming years. Digital transactions involve the electronic transfer of goods, services, or financial assets using digital mediums, computer systems, or the Internet. Concurrently, e-commerce, or electronic commerce, encompasses the buying and selling of goods and services over the web or through other electronic channels. The surge in digital transactions and e-commerce relies heavily on bookkeeping, financial auditing, and accounting services to ensure the accurate recording, monitoring, and analysis of financial data for businesses in real-time. Illustrating this trend, data from September 2023 provided by PeakSpan Capital LLC, a US-based private equity firm, indicates that the global value of electronic wallet payments reached $7.5 trillion in 2022, with the global mobile payment industry estimated at $53.5 billion. Additionally, figures from November 2023 released by the U.S. Census Bureau, a significant entity within the Federal Statistics Administration, reveal that retail e-commerce sales in the United States for the third quarter of 2023 amounted to $284.1 billion, reflecting a 2.3% (0.4%) increase over the previous quarter. In light of these developments, the increased prevalence of digital transactions and the growth of e-commerce serve as driving forces for the bookkeeping, financial auditing, and other accounting services market, as businesses increasingly rely on these services to manage and interpret financial data in the dynamic landscape of the digital economy.

Technological advancements have emerged as a prominent and widely adopted trend in the bookkeeping, financial auditing, and other accounting services market. Leading companies within this market segment are actively investing in the development of advanced technologies to maintain and enhance their competitive positions. A noteworthy example is SAP Concur, a US-based SaaS (Software as a Service) company, which introduced Verify, a cutting-edge intelligent expense auditing tool in June 2021. Verify represents an automated solution designed for the evaluation of expense reports, utilizing advanced technologies to identify potential issues and anomalies based on employer spend regulations. This innovative tool draws on data analysis derived from tens of millions of expenses and receipts within the SAP Concur platform. It employs a library of Artificial Intelligence (AI) and Machine Learning (ML) detection scenarios to efficiently identify probable spend concerns. By leveraging these sophisticated technologies, companies operating in the bookkeeping, financial auditing, and accounting services market can streamline processes, enhance accuracy, and adapt to the evolving demands of the industry. The introduction of such advanced tools exemplifies the commitment of major players to stay at the forefront of technological trends, ensuring their continued relevance and effectiveness in providing comprehensive financial services.

Prominent companies in the bookkeeping, financial auditing, and other accounting services market are placing a strategic focus on advanced solutions, with a notable emphasis on standalone Software as a Service (SaaS) payroll solutions, aiming to better address the needs of their existing clientele. A standalone SaaS payroll solution is a cloud-based software system designed to provide comprehensive payroll services independently of other corporate processes. An illustrative example is Immedis, an Ireland-based company specializing in cloud-based global payroll solutions. In November 2022, Immedis launched One View, a Software-as-a-Service (SaaS) solution that delivers a consistent worldwide payroll accounting and employee experience. One View represents a game-changing solution, particularly addressing a common source of frustration for enterprises managing payroll across multiple countries, utilizing diverse in-country payroll payment methods and suppliers. One View stands out as an innovative answer in a world becoming more interconnected yet simultaneously more complex. It caters to enterprises that may be hesitant to engage a single multi-country payroll outsourcing provider on an international scale. The solution offers coherent global control, reporting, and insights across every nation where employees are compensated. This strategic move by major players highlights a commitment to leveraging advanced technologies and tailored solutions to enhance the efficiency and effectiveness of bookkeeping, financial auditing, and accounting services in a globally interconnected business landscape.

In January 2021, BDO LLP, a Belgian-based network of public accounting, tax, consulting, and business advisory services, successfully acquired MBAF LLC in a transaction of undisclosed value. This strategic acquisition positions BDO LLP to significantly expand its non-public auditing presence, solidifying its standing as the largest accounting and consulting firm in the state of Florida. MBAF LLC, a prominent US-based accounting firm, specializes in providing comprehensive accounting and financial reporting services. This move underscores BDO LLP's commitment to enhancing its service offerings and market presence through strategic acquisitions in key regions, strengthening its position in the competitive landscape of accounting and consulting services.

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.

North America was the largest region in the bookkeeping, financial auditing and other accounting services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global bookkeeping, financial auditing and other accounting services market report during the forecast period. The regions covered in the bookkeeping, financial auditing and other accounting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bookkeeping, financial auditing and other accounting services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories within bookkeeping, financial auditing, and accounting services encompass tax preparation, bookkeeping, and payroll services. Tax preparation involves the professional handling of tax returns for individuals or corporations. These services are offered by a range of providers, including large enterprises and small to medium-sized businesses across diverse industries such as BFSI (Banking, Financial Services, and Insurance), government sectors, manufacturing, healthcare, IT and telecommunications, and various other industries.

The bookkeeping, financial auditing and other accounting services market research report is one of a series of new reports that provides bookkeeping, financial auditing and other accounting services market statistics, including bookkeeping, financial auditing and other accounting services industry global market size, regional shares, competitors with a bookkeeping, financial auditing and other accounting services market share, detailed bookkeeping, financial auditing and other accounting services market segments, market trends and opportunities, and any further data you may need to thrive in the bookkeeping, financial auditing and other accounting services industry. This bookkeeping, financial auditing and other accounting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bookkeeping, financial auditing and other accounting services market includes revenues earned by entities by providing employee benefit plan audits, service organization control (soc) audits, financial statement audits, and due diligence services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.