Major players in the bookkeeping, financial auditing and other accounting services market are Deloitte Touche Tohmatsu Limited, KPMG International, PricewaterhouseCoopers (PwC), Grant Thornton International Ltd.
New York, June 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bookkeeping, Financial Auditing and Other Accounting Services Global Market Report 2023" - https://www.reportlinker.com/p06464161/?utm_source=GNW
, Ernst & Young pvt Ltd, RSM International Association, Moore Stephens International Limited (Moore Global), Mazars, BDO global, Nexia International Limited, Bharat LLP, Oracle Corporation, Richards Financial Services Inc, SAP SE, Xero Limited, Intuit Inc, AcuityCFO LLC, Bookkeeper360, and AcctTwo Shared Services.
The global bookkeeping, financial auditing and other accounting services market is expected to grow from $520.32 billion in 2022 to $542.17 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bookkeeping, financial auditing and other accounting services market is expected to reach $622.67 billion in 2027 at a CAGR of 3.5%.
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.
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.
North America was the largest region in the bookkeeping, financial auditing and other accounting services market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in bookkeeping, financial auditing and other accounting services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of bookkeeping, financial auditing and other accounting services are tax preparation services, bookkeeping services and payroll services.Tax preparation services refer to a procedure that involves the professional preparation of tax returns for individuals or corporations.
The various service providers are large enterprises, small and medium enterprises in a variety of industries including BFSI, government, manufacturing, healthcare, IT and telecom, and others.
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.
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.
In January 2021, BDO LLP, a Belgian-based network of public accounting, tax, consulting and the business advisory firm acquired MBAF LLC for an undisclosed amount.With this acquisition, BDO LLP will primarily increase its non-public auditing presence to become the largest accounting and consulting firm in Florida.
MBAF LLC is a US-based accounting firm specializing in accounting & financial reporting services.
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.
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.
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.
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