Accounting Statistics 2024
– Everything You Need to Know


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

LLCBuddy editorial team did hours of research, collected all important statistics on Accounting, 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 Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 129 Accounting Statistics on this page 🙂

Accounting “Latest” Statistics

  • According to the most recent accounting data of Sage Practice of Now (2019), 43% of respondents believe that new accountants should have expertise outside of this sector.[1]
  • According to AccountancyAge, 78% of SMBs will rely on cloud accounting software by the year 2020.[1]
  • A greater percentage (58%) has spent money on accounting software to satisfy customers’ expectations, according to Sage Practice of Now (2019).[1]
  • By 2030, the Bureau of Labor statistics on accounting are likely to show an employment change of around 96,000.[1]
  • Around 5% of individuals identified financial penalties as their worst accounting concern, according to AccountancyAge.[1]
  • 58% of accounting businesses said that AI will support their job and automate a variety of everyday duties.[1]
  • Cloud accounting statistics show that businesses that have cloud bookkeeping in place note, on average, a 15% year-over-year revenue growth.[1]
  • Revenues for accounting firms have increased by 15% after making the switch to cloud accounting.[1]
  • According to Bureau of Labor statistics on accounting, the lowest 10% made less than $45,220 a year.[1]
  • According to accounting fraud estimates provided in a research by the ACFE, around $3.6 billion are lost to fraud worldwide.[1]
  • 53% of them have already started using cloud based practice management tools for client communication and project management, according to Sage.[2]
  • 57% indicated that accounting professionals’ top supplementary skill is technological literacy.[2]
  • Within the next three years, 58% of accounting professionals are anticipated to automate accounting duties utilizing AI technologies.[2]
  • The majority of accountants, 67%, like cloud accounting and think that using it helps their firms succeed.[2]
  • 73% feel confidence making suggestions for adopting technology, such as AI and accounting automation.[2]
  • Clients now anticipate more services and resources from accountants than they did five years ago, according to 82% of accounting companies.[2]
  • 36% of finance and accounting professionals said they were happy with every element of their work.[2]
  • According to 81% of C-level accounting executives, the accounting sector will undoubtedly be impacted by the harmonization of company standards with global accounting in the next three to 10 years.[3]
  • 90% of accountants believe that in the near future, cloud accounting and digital business processes will be the primary differentiators between firms.[3]
  • According to a recent SJD Accountancy study, 72% of independent contractors manage their accounting chores without professional support.[3]
  • A survey by Viewpost reveals that only 21% of small and midsized businesses in the US have integrated their accounting system with payments and invoicing products.[3]
  • According to the ACCA 2016 survey, 74% of C-level accounting executives are certain that the transition to a cashless society would have the most long term impact by the year 2025.[3]
  • 12% of accounting firms are planning to add Coronavirus-related services in 2021, according to Accounting Today (2020).[3]
  • 21% of accountants think that the cultural change in accounting is being driven by market needs.[3]
  • 59% of finance and accounting professionals say that by 2020, data science and analytics skills will be required in the industry.[3]
  • According to Coursera, 25% of accounting professionals lack the knowledge or skills necessary to use data more effectively.[3]
  • According to Sage (2019), 58% of accountants think AI may assist automate accounting procedures and increase operational effectiveness.[3]
  • Accounting software that can perform duties outside of basic accounting is required by more than 20% of organizations.[3]
  • Cloud accounting is preferred by 67% of accounting professionals, according to Sage (2021).[3]
  • According to ACCA (2016), 75% of C-level accounting executives believe data mining and new analytical technologies will impact the accounting industry.[3]
  • Key accounting software purchase motivations include to increase functionality (43%), replace a dated system (29%), improve usability (17%), consolidate multiple systems (10%), improve product support (10%), reduce cost (7%), and improve reporting (5%).[3]
  • According to Xero, 37% of company owners believe that as procedures become automated, they will be able to handle more accounting work on their own.[3]
  • According to Sage (2019), 90% of accountants believe that there has been a cultural change in accounting that favors the use of technology.[3]
  • More than 50% of C-level accounting executives expect that the development of more sophisticated automated accounting systems will have a big impact on the industry in the next three years.[3]
  • 83% of UK’s small company accountants believe that knowledge of technology is just as critical to their jobs as knowledge of accounting.[3]
  • SMBs outsource the following accounting tasks: tax preparation (71%), payroll (50%), auditing (48%), tax planning (30%), personal finances (16%), and bookkeeping (14%).[3]
  • 90% of firms worldwide are SMBs. However, according to the World Bank 2017, just a tiny percentage of SMB owners are capable of handling their own accounting.[3]
  • According to Wasp Barcode Technologies, 26% of small firms are aware of the effect phantom assets have on their accounting records and taxes.[3]
  • 66% of companies in the United Kingdom are at risk due to the mismanagement of accounting paperwork.[3]
  • According to the 2021 AICPA Trends Report, the number of accounting graduates saw a decline in 2019-2020 compared to the previous five years, which was anywhere from 76,000 to 79,000.[4]
  • During the COVID-19 pandemic, accounting companies increased efforts significantly, with over 80% of businesses offering consultancy services linked to COVID-19.[4]
  • According to accounting labor statistics, more than 70,000 people who live or work in the UK publicly display that they’re employed in accounts payable.[5]
  • Accounting automation statistics are quick to point out that the accounting sector uses and benefits from 29% of automated technologies.[5]
  • According to the most recent statistics, modern technology can handle 50% of all accounting activities.[5]
  • Only 25% of company owners are aware with Paychex Accounting Online, the second most popular accounting software brand.[5]
  • 71% of small businesses contract out their tax preparation. This is the most outsourced accounting service.[5]
  • 78% of small firms will switch their whole accounting operations to cloud software.[5]
  • According to US accounting services data, software can automate about 75% of accounting operations.[5]
  • The utilization of accounting software by small company owners is 64.4%, according to Statista.[6]
  • Nearly 90% of accountants think that technology advancements are being fueled by a cultural transformation in the accounting profession.[7]
  • 21% of US small and medium sized firms have implemented an accounting system with payment and invoicing features.[7]
  • Using cloud based accounting software, according to more than 90% of accountants, significantly improves their company process.[7]
  • The most intriguing accounting challenges of SMBs are accounts receivables/collections (51%), cash flow (44%), paperwork (33%), closing the books monthly (28%), and payroll.[7]
  • About 20% of organizations choose an on-premises product, while more than 21% prefer cloud.[7]

Accounting “Account” Statistics

  • According to Sage Practice of Now (2020), 87% agree that consumers want accountants to be more flexible and provide greater service without raising their fees.[1]
  • Accounting data show that among accounting professionals using automation, 41% said that it had increased the staff’s competence and confidence.[1]
  • Diversity is beginning to influence the hiring of accountants, with around 30% of companies admitting to actively attempting to diversify their staff.[1]
  • Among companies with 11-25 employees, 41% find being reactive instead of proactive the main issue with their accountant.[1]
  • An ICAS 2016 study discovered that 30% of SMBs owners consider accountants to be their most reliable collaborators.[1]
  • Suggestions from other professional advisers, according to 49% of respondents, are the most important resource for small company owners when they decide to hunt for an accountant.[2]
  • 51% agree that financial business advising skills like cash flow and growth modeling are necessary for accountants entering the field today.[2]
  • 62% agree that by 2030, the training programs available now for accountants won’t be sufficient to operate a profitable firm.[2]
  • Eighty two of accountants said they are thinking about hiring people with atypical backgrounds.[2]
  • 85% of accountants think that their country’s industry has to accelerate the use of technology to be competitive on the global stage.[2]
  • According to a recent research by Sage, 45% of accountants want to automate time consuming, repetitive processes like data input.[2]
  • According to Indeed, an accountant makes on average $55,459 per year, whereas a qualified CPA makes on average $65,289 per year.[2]
  • 87% of respondents to the Sage Practice of Now 2020 survey agree that customers want accountants to be more flexible and provide greater service without raising their prices.[2]
  • Over half of small companies depend only on their owner or manager to manage their money, and around 70% of those organizations don’t even have an accountant, according to Onpay.[2]
  • According to a US Bureau of Labor Statistics (BLS) estimate, as of May 2020, the median annual salary for accountants and auditors was $73,560.[2]
  • Among small enterprises, just 61% are satisfied with the range of services that their accountant provides, according to Onpay.[2]
  • With more than 50% of them being midsized organizations, 36% of accounting firms affirm that pandemic related difficulties are their largest difficulty.[3]
  • The largest challenge, according to 36% of small accounting companies, is keeping up with legislative change.[3]
  • The use of cloud computing, according to 41% of C-level accounting executives, will have the most influence during the next three to 10 years.[3]
  • 83% of accountants agree that investing in cutting edge technology and digitization is essential to be competitive in the market.[3]
  • 21% of accountants are currently adopting advanced and predictive analytics leveraging big data and 23% are planning to invest in this technology within the year.[3]
  • 82% of accountants are thinking about employing someone with an unconventional experience.[3]
  • In 2017, 39% of accounts payable (AP) teams said that the volume of their invoices increased by up to 10% from the previous year.[3]
  • About 42% of company customers anticipate receiving business guidance from their accountants.[3]
  • 35% of independent contractors believe that the most stressful thing is making errors while performing their accounting.[3]
  • The average salary difference between an accountant with a doctorate degree and one with an associate degree is about 4%.[4]
  • With the bulk of its users in the US, QuickBooks Online has a market share of 62% of the small company accounting software industry worldwide.[4]
  • More than 50% of the US revenue ($66 billion) was generated by the four largest accounting firms.[4]
  • By 2026, the global market for accounting software will be valued at close to $12 billion, which means it’s growing at an expansion rate of 8.6% every year.[5]
  • Over 60% of small company owners admit that they aren’t highly aware about the financial and accounting aspects of their companies.[5]
  • Caucasians make up the bulk of accountants, with 74.8% of accountants falling into this ethnicity. Second up are black people, who represent 12.1% of accountants, and 4.9% of accountants identify as Asian.[5]
  • 62% of respondents believe their accountants make every effort to reduce the amount of taxes they owe, while 24% are unsure, according to goremotely.net.[5]
  • Technology literacy (57%), relationship building (46%), business advisory (44%), experience in a specific industry (43%), and project management (36%) are all vital skills a 21st-century accountant must possess.[5]
  • There are currently 1.69 million accounting positions open, with an expected 4% growth in demand for accountants during a ten-year period.[5]
  • 58% of small firms do not anticipate having face to face meetings with their accountants, according to Arbitrue.[6]
  • 70% of small company accountants anticipate that their consulting responsibilities will increase in strategic importance, according to PayPie.[6]
  • 21% of small company owners believe they don’t know enough about the accounting and finance of their firms.[7]
  • Over the next 30 years, automation, according to 50% of accounting professionals, will have a significant influence on the accounting industry.[7]
  • According to 74% of C-level accounting executives, the transition to a cashless society would have the most long term impact beyond the year 2025.[7]
  • Most of the small businesses outsource their tax preparation (71%), payroll (50%), auditing (48%), tax planning (30%), personal finances (16%), and bookkeeping (14%).[7]

Accounting “Report” Statistics

  • According to NSBA (2018), 26% of US businesses report that handling tax related obligations may take up to 10 hours per year, while 40% estimate that it can take up to 40 hours per year.[3]
  • 31% of US small companies spend more than $5,000 annually on managing their federal taxes and just 15% of small firms report spending more than $10,000 on federal tax administration.[4]
  • A study by the American Institute of CPAs found that 92% of CPAs said they are not future ready.[6]
  • Recent study findings by Sage Practice of Now 2018 report, cloud accounting is preferred by 67% of accountants.[6]

Accounting “Other” Statistics

  • Accounting statistics reveal that, out of the accounting professionals who already use automation, 35% said that keeping up with customer expectations and improving retention rates were made possible by modernizing their technology.[1]
  • Accounting industry statistics further show that candidates consider the likelihood of advancement (21%), non cash incentives (17%), and modernism (16%).[1]
  • In the Wasp Barcode survey, 26% of participants claimed to understand what phantom assets are and how they impact their books.[1]
  • Cloud-hosted solutions, as opposed to on premise software, save operational costs by up to 50%.[1]
  • According to Robert Half, accounting and financial professionals said that 41% of their job pleasure comes from solving difficulties.[2]
  • According to Wolster Kluwer, 43% of businesses are taking steps to reduce their physical and mortar presence or switch to an online.[2]
  • 58% said that advancing technology has increased productivity and efficiency, which is crucial for making room for the addition of service options that customers desire.[2]
  • According to Sage, 75% feel confident in their ability to provide customers advice regarding their sector, such as the typical profit margin for small company owners.[2]
  • 79% of the businesses questioned feel confident about offering company owners consulting and management services including cash flow management.[2]
  • 91% said that technology helps them be more productive or to concentrate on their customers.[2]
  • The Accounting Today 2022 Year Ahead Survey revealed that 51% of businesses cited keeping up with regulatory change as their main issue.[2]
  • According to Accounting Today 2022 Year Ahead Survey, the tech budgets for small and midsized businesses increased by around 2% from the previous year, whereas the budget for big businesses actually shrank by 1.6%.[2]
  • According to Wolster Kluwer, despite these obstacles, 36% of small businesses and 45% of big businesses indicated that the current tax season was somewhat or much better than the previous one.[2]
  • Over 50% of the businesses questioned said they had trouble keeping up with legislation changes.[2]
  • More than 60% of major businesses claim that technology is assisting with employee morale and engagement, which are two aspects crucial to worker retention.[2]
  • Only 10% of small businesses and 2% of big businesses think they are using their present technology to its fullest potential.[2]
  • 90% of small businesses and 94% of big businesses are turning to technology this year to help them have a better tax season.[2]
  • Accounting AI, according to 79% of business owners, is the secret to boosting efficiency at their organizations.[3]
  • 60% of big businesses want to increase their technology spending, compared to 41% of small businesses and 38% of midsized businesses.[3]
  • 6% of small businesses and 13% of medium sized businesses want to reduce the number of remote employees, according to Accounting Today.[3]
  • With a CAGR of 8.5% from 2021 to 2026, it is anticipated to reach $19.59 billion by the end of that year.[3]
  • Other upgraders come from QuickBooks Pro (9%), QuickBooks Online (5%), QuickBooks Enterprise (4%), and QuickBooks Premier (3%).[3]
  • Accounting software is not used by all firms owing to security concerns (38%), expensive program costs (35%), and the extensive training needed to utilize the software (18%).[3]
  • According to NSBA (2018), 64% of small businesses in the US spend $1,000 annually on tax preparation.[3]
  • 64.4% of small and midsized businesses in the United States used software to streamline their accounting, according to Statista in 2016.[3]
  • US businesses get 30% of their income from auditing services. Tax preparation, planning, and consulting services are another 36.1% of revenue.[4]
  • Automated clearing house (ACH) payments are leading the way as the growing alternative to paper checks, with 50% of companies reporting an increase in ACH payments from 2020 to 2021.[4]
  • According to Mineral Tree, more than 48% of larger companies have made the switch to an automated accounts payable (A/P) process, but smaller companies seem more reluctant to adopt the new technology.[4]
  • Most S-corporations (S-corps) are fairly small, with 4.3 million (91.5%) having total assets of less than $1 million, according to IRS SOI Tax Stats.[4]
  • Technology threatens to replace 99% of tax preparers, 98% of bookkeepers and auditing clerks, and 97% of payroll and timekeeping clerks.[5]
  • According to FinanceOnline, by the end of 2023, the worldwide cloud market is expecting to reach $4.25 billion.[7]

Also Read

How Useful is Accounting

Accounting: A Vital Pillar of Transparency and Efficiency

In today’s fast-paced economic landscape, accounting has emerged as an indispensable tool for businesses, governments, and individuals alike. It is the process of recording, classifying, and analyzing financial transactions, enabling a holistic view of an entity’s financial health. Although some may claim that accounting is merely a monotonous and routine administrative task, its true value extends beyond mere number crunching. Accounting serves as a crucial pillar of transparency, ensuring the smooth functioning of organizations and the overall integrity of economic systems.

One of the primary benefits of accounting lies in its power to provide financial transparency. By accurately recording the inflows and outflows of an organization’s resources, accounting brings clarity to its financial position. This transparency acts as a safeguard against mismanagement or fraudulent practices by holding organizations accountable for their actions. Importantly, it enables stakeholders such as investors, creditors, and regulators to make informed decisions, fostering trust and confidence in the financial system.

Moreover, accounting allows entities to assess their performance and make strategic decisions. With the help of financial statements, business owners can analyze their revenue, costs, and profits, identifying areas of strength and weakness. This enables them to implement effective strategies to drive growth, allocate resources, and steer their organizations towards prosperity. Similarly, governments can utilize accounting information to manage public finances more efficiently, ensuring the allocation of resources aligns with societal needs.

In addition to organizational benefits, accounting is vital for individuals in their personal financial management. By keeping track of personal income, expenses, and savings, individuals can gain better control over their financial situation. Accounting principles can be invaluable in budgeting, setting financial goals, and making wise investment decisions. By understanding their financial position, individuals can make more educated choices about their education, housing, healthcare, and retirement plans, fostering long-term financial security.

Furthermore, accounting plays a pivotal role in facilitating economic growth and stability. The financial statements produced through accounting provide a basic framework for evaluating the health of various sectors of the economy. Policymakers, in conjunction with accounting professionals and economists, can use this information to design appropriate regulations that protect the overall stability of financial markets. Accounting also enables the comparison of financial information across organizations, industries, and geographical regions, aiding in benchmarking, identifying best practices, and ultimately fostering economic development.

Critics may argue that the rise of sophisticated software and automation renders accounting obsolete. While it is true that technological advancements have automated certain tasks, it is essential to recognize that accounting goes beyond mere data entry. The accounting profession demands professionals with in-depth knowledge of tax laws, financial regulations, and ethical standards. Accountants possess analytical skills that are crucial in identifying trends, predicting risks, and providing strategic guidance. Human oversight is paramount in preserving the integrity and accuracy of financial information, especially during times of complexity and uncertainty.

In conclusion, accounting is a formidable discipline that underpins the transparency, efficiency, and stability of organizations and economies. Its ability to provide financial transparency, gauge performance, and aid decision-making is instrumental in facilitating growth, prosperity, and responsible governance. Accounting is not a mere administrative task; instead, it is a potent tool that enables informed decision-making, ensures accountability, and fosters trust among stakeholders. As businesses and economies continue to evolve, the significance of accounting will only continue to grow, making it an invaluable asset in navigating the challenging and dynamic financial landscape ahead.

Reference


  1. balancingeverything – https://balancingeverything.com/accounting-statistics/
  2. contentsnare – https://contentsnare.com/accounting-statistics/
  3. financesonline – https://financesonline.com/accounting-statistics-analysis-of-trends-data-and-market-share/
  4. fitsmallbusiness – https://fitsmallbusiness.com/accounting-statistics/
  5. goremotely – https://goremotely.net/blog/accounting-statistics/
  6. g2 – https://learn.g2.com/accounting-statistics
  7. wperp – https://wperp.com/76583/latest-accounting-statistics-for-you/

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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