Accounting Firms Statistics


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Accounting Firms Statistics 2023: Facts about Accounting Firms outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Accounting Firms, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Accounting Firms Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 55 Accounting Firms Statistics on this page 🙂

Accounting Firms “Latest” Statistics

  • 15% of small firms in the U.S., according to the findings of a study of over 1,100 small enterprises, utilize accounting software as inventory, and this percentage is only anticipated to rise.[1]
  • Statistics on the use of accounting software indicate that Xero owns around 47% of the market share.[1]
  • According to a viewpoint accounting market review, there are several reasons why companies that use accounting software haven’t connected it with invoicing and payment systems, with security concerns dominating at 38%.[1]
  • 44% of small companies in the U.S. use QuickBooks Online, making it the most popular accounting program in the country.[1]
  • According to the most recent accounting data, 43% of respondents believe that new accountants should have expertise outside of this sector.[2]
  • According to the same figures for the accounting sector, the auditing comes in second place with 48% and tax planning third with 30%.[2]
  • According to AccountancyAge, 78% of SMBs will rely on cloud accounting software by the year 2020.[2]
  • Statistics for the accounting sector also indicate that business culture and remuneration are essential to 34% of respondents.[2]
  • Accounting software revealed that 16%, 15%, and 13% of respondents cited legislation, ongoing digitalization, and generational shifts.[2]
  • According to accounting fraud estimates provided in research by the ACFE, around 3.6 billion are lost to fraud worldwide.[2]
  • Recent accounting records show that the workforce has been shrinking at a pace of -2.18%, from 998,000 in 2019 to 741,000 in 2020.[3]
  • Accounting data also reveals that 30% of business owners engage someone to handle essential financial and accounting matters.[3]
  • 87% of the organizations polled acknowledged that using a cloud-based infrastructure sped up accounting operations.[3]
  • According to statistics from May 2020, 10% of accounting employees made more than $128,680 per year.[3]
  • The second largest percentage of occupations in the accounting industry are held by bookkeeping, accounting, and auditing clerks (10.3%).[3]
  • 57% indicated that accounting professionals’ top supplementary skill is technological literacy.[4]
  • Within the next three years, 58% of accounting professionals will automate accounting duties utilizing ai technologies.[4]
  • The majority of accountants, 67%, like cloud accounting and think that using it helps their firms succeed.[4]
  • 73% feel confident making suggestions for adopting technology, such as A.I. and accounting automation.[4]
  • Clients now anticipate more services and resources from accountants than they did five years ago, according to 82% of accounting companies.[4]
  • 36% of finance and accounting professionals said they were happy with every element of their work.[4]
  • With more than 50% of them being midsized organizations, 36% of accounting firms affirm that pandemic-related difficulties are their largest difficulty.[5]
  • According to 36% of small accounting companies, the largest challenge is keeping up with legislative change.[5]
  • According to 41% of C-level accounting executives, the use of cloud computing will have the most influence during the next three to 10 years.[5]
  • According to 81% of C-level accounting executives, harmonizing company standards with global accounting will undoubtedly impact the accounting sector in the next three to 10 years.[5]
  • 90% of accountants believe that cloud accounting and digital business processes will soon be the primary differentiators between firms.[5]
  • According to a recent SJD Accountancy study, 72% of independent contractors manage their accounting chores without professional support.[5]
  • Only 21% of small and mid-sized firms in the U.S. have connected their accounting system with payments and invoicing tools, according to a Viewpost poll.[5]
  • 64% of company owners manage their books. Many of the time-consuming tasks associated with bookkeeping have been eliminated by cloud-based small-company accounting software that can transmit transactions instantly from bank accounts.[6]
  • Accounting companies also increased their efforts significantly, with over 80% of businesses offering consultancy services linked to COVID-19.[6]
  • With most users in the U.S., QuickBooks Online has a market share of 62% of the small company accounting software industry worldwide.[6]
  • Given that just 58% of businesses provide client accounting bookkeeping services, this is fairly prevalent.[6]
  • Accounting automation statistics quickly highlight that the accounting sector uses and benefits from 29% of automated technologies.[7]
  • According to the most recent statistics, modern technology can handle 50% of all accounting activities.[7]
  • Typically, a company loses 5% of its annual income. Statistics on accounting fraud demonstrate.[7]
  • The worldwide market for accounting software is expected to reach close to $12 billion in value by 2026, rising at an annual pace of 8.6%.[7]
  • Over 60% of small company owners admit they aren’t highly aware of their companies’ financial and accounting aspects.[7]
  • In 43% of accounting businesses, more work is being completed online.[8]
  • 90% of accountants believe that the sector has undergone a cultural change.[8]
  • 43% of accounting organizations have seen a rise in the amount of remote work.[8]
  • Diversifying the accounting profession may increase innovation by around 20% and decrease risk by about 30%.[9]
  • While women made up 60.4% of the 1.219 million accounting, tax, bookkeeping, and payroll services professionals in the U.S. in 2019, 79.7% of the workforce comprised white people.[9]
  • Women made up 42% of managers but just 17% of partners among the big four, the major accounting firms in the U.K., as of 2019.[10]
  • Women make up just 23% of partners in U.S. CPA companies, but 42% of CPAs in accounting and finance roles and 47% of professional employees.[10]
  • 70% of recruits by CPA firms were Caucasian despite having 41% bachelor’s degrees and 46% master’s degrees.[10]
  • 16% of employers said that a lack of training prevents them from employing new personnel.[11]
  • 50% of senior accounting sector executives anticipate more advancements in automated accounting systems.[11]
  • According to 51% of respondents, skills in financial business advice will be required for work in accounting in the future.[11]
  • 53% of accounting businesses utilize cloud technology to boost communications and project management capabilities.[11]
  • Companies were ready to recruit people without accounting credentials in 82% of cases. 42% of businesses are doing their hardest to diversify their staff.[11]
  • Between 2017 and 2022, the U.S. accounting services market size increased by 20% annually.[12]
  • According to Statista, the number of persons utilizing accounting services fell by almost 20% from 35.48 million in spring 2008 to 28.67 million in only eight years.[13]
  • More than 90% of small and medium-sized firms will utilise cloud accounting software.[13]
  • According to research by the Sleeter Group, now known as Accountex, 72% of small company owners have switched to CPA or accounting firms since those companies only provided reactive service and no proactive assistance.[13]
  • 37% of small and medium-sized company owners believe that accounting is becoming more automated and that they can handle various responsibilities independently.[13]

Also Read

How Useful is Accounting Firms

One of the primary functions of accounting firms is to help businesses maintain accurate financial records. This involves keeping track of income and expenses, managing accounts payable and accounts receivable, and producing financial statements that provide key insights into a company’s financial health. Without proper accounting practices in place, businesses may struggle to effectively manage their finances and make sound business decisions.

Accounting firms also play a crucial role in helping businesses comply with regulatory requirements. In today’s fast-paced and ever-changing business environment, staying compliant with tax laws and financial regulations can be a daunting task. Accounting firms have the expertise and knowledge to help businesses navigate complex regulatory landscapes and ensure that they are meeting all their legal obligations. This not only helps businesses avoid fines and penalties but also builds trust with stakeholders and investors.

In addition to record-keeping and compliance, accounting firms can provide valuable insights and recommendations to help businesses improve their financial performance. By analyzing financial data and trends, accounting firms can identify areas where a business may be overspending, missing out on potential revenue opportunities, or failing to maximize profitability. With this information, businesses can make informed decisions and implement strategies to drive growth and success.

Another important service that accounting firms offer is auditing. Audits provide an independent and objective assessment of a company’s financial statements, internal controls, and compliance with laws and regulations. This can help businesses identify weaknesses in their financial reporting processes and ensure the accuracy and integrity of their financial information. For publicly traded companies, audits are often required by regulatory bodies to ensure transparency and accountability.

But are accounting firms useful for businesses of all sizes, or are they more beneficial for larger corporations with complex financial needs? While larger companies may have greater resources and more complex financial structures, accounting firms can still provide value to small and medium-sized businesses.

For small businesses, accounting firms can help streamline financial processes, provide guidance on budgeting and cash flow management, and ensure compliance with tax laws. By outsourcing financial tasks to accounting firms, small businesses can focus on core operations and strategic growth initiatives without getting bogged down in day-to-day accounting tasks.

Similarly, medium-sized businesses can benefit from the expertise and strategic insights that accounting firms offer. With more complex financial needs and reporting requirements than small businesses, medium-sized companies can leverage the specialized knowledge and resources of accounting firms to drive efficiency, identify cost-saving opportunities, and make informed decisions to fuel growth.

In conclusion, accounting firms are undeniably useful for businesses of all sizes, offering a wide range of services that can help companies manage their finances, comply with regulations, and make informed decisions. Whether it’s maintaining accurate financial records, providing strategic insights, conducting audits, or ensuring compliance, accounting firms play a vital role in helping businesses succeed in today’s complex and dynamic business environment.

Reference

  1. 99firms – https://99firms.com/blog/accounting-stats/
  2. balancingeverything – https://balancingeverything.com/accounting-statistics/
  3. capitalcounselor – https://capitalcounselor.com/accounting-statistics/
  4. contentsnare – https://contentsnare.com/accounting-statistics/
  5. financesonline – https://financesonline.com/accounting-statistics-analysis-of-trends-data-and-market-share/
  6. fitsmallbusiness – https://fitsmallbusiness.com/accounting-statistics/
  7. goremotely – https://goremotely.net/blog/accounting-statistics/
  8. money-zine – https://money-zine.com/resources/accounting-industry-trends/
  9. und – https://onlinedegrees.und.edu/blog/diversity-in-accounting/
  10. catalyst – https://www.catalyst.org/research/women-in-accounting/
  11. fundera – https://www.fundera.com/resources/accounting-statistics
  12. ibisworld – https://www.ibisworld.com/industry-statistics/market-size/accounting-services-united-states/
  13. introhive – https://www.introhive.com/blog/13-statistics-show-big-changes-future-accounting-firms/

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