Bookkeeping Services Providers Statistics 2024

Bookkeeping Services Providers Statistics 2023: Facts about Bookkeeping Services Providers are important because they give you more context about what’s going on in the World in terms of Bookkeeping Services Providers.

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On this page, you’ll learn about the following:

Top Bookkeeping Services Providers Statistics 2023

Top Bookkeeping Services Providers Statistics 2023

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Bookkeeping Service Providers “Latest” Statistics

According to Flexi, cloud bookkeeping companies see an average of 15% revenue increase.^[1]
64.4% of American small and medium-sized firms utilized software to simplify their bookkeeping.^[2]
64% of company owners manage their own books, where so 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.^[3]
In 2021, 79% of accounting firms offered consulting services; given that just 58% of businesses provide client accounting bookkeeping services, this is fairly prevalent.^[3]
The business sector was the top customer of accounting, tax preparation, bookkeeping, and payroll services, which accounted for 69.2% of overall revenues.^[4]
The operational revenue of accounting, tax preparation, bookkeeping, and payroll services increased by 5.2% to 21.4 billion in 2019.^[4]

Bookkeeping Service Providers “Services” Statistics

If taxable services make up over 5% of your charge unless you individually display the costs for taxable and nontaxable services, your entire charge is taxable.^[5]
12% of accounting companies intend to provide services relating to the coronavirus.^[2]
Accountants are actively pursuing training in or considering expanding their skill sets in client management and business advice services; project management received 56%, and business management received 59% of the respondents.^[2]
According to 82% of accountants, customers are now more demanding in terms of the range of services available.^[2]
79% of accounting companies provide accounting/bookkeeping, while payroll services are 25%, taxes are 24%, compliance is 20%, business advice is 17%, assurance audits are 15%, and outsourced CFO services are 5%.^[2]
U.S. businesses get 30% of their income from auditing services, while 36.1% of income comes from tax preparation, planning, and advisory services.^[3]
Given that just 58% of businesses provide client accounting bookkeeping services, this is fairly prevalent.^[3]
U.S. Accounting Services data shows that the software can automate about 75% of accounting operations.^[6]
Consulting revenue made up almost 40% of Deloitte’s record total revenue, while auditing services were the main source of income for PwC and EY.^[7]
Payroll services and preparation of financial statements were next, each contributing 25.7% of total revenues in 2019.^[4]

Bookkeeping Services Providers “Other” Statistics

35% said keeping up with customer expectations and improving retention rates were made possible by modernizing their technology.^[1]
43% of respondents believe that new accountants should have expertise outside of this sector.^[1]
Auditing comes in second place with 48% and tax planning third with 30% most outsourced services.^[1]
According to AccountancyAge, 78% of SMBs will rely on cloud accounting software by the year 2020.^[1]
Statistics for the accounting sector also indicate that business culture and remuneration are essential to 34% of respondents.^[1]
Accounting software reveals that 16%, 15%, and 13% of respondents cited legislation, ongoing digitalization, and generational shifts.^[1]
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]
41% of businesses with 1,125 workers say their accountant’s major problem is that they are reactive rather than proactive.^[1]
49% of the 74% who gave unfavorable responses to the inquiry were unaware of what phantom assets are.^[1]
30% of SMB owners see accountants as their most dependable partners.^[1]
58% have spent money on the accounting software to satisfy customers’ expectations.^[1]
With 26-100 workers, an incredible 91% of businesses are happy with the work of their accountants.^[1]
38% of accountants believe their firm can only be sustained by 2030 with the present training programs.^[1]
Only 6% of those surveyed stated they didn’t think automation could benefit any business operations at their company.^[1]
58% of accounting businesses said that AI would support their job and automate a variety of everyday duties.^[1]
Only 14% of respondents stated they anticipated more from their accountants in the positive category.^[1]
26% of participants claimed to understand phantom assets and how they impact their books.^[1]
On small company accounting, roughly 24% of the respondents said they were unsure about this.^[1]
Revenues for accounting firms have increased by 15% after making the switch to cloud accounting.^[1]
15% and 13% of respondents expressed concerns about the procedure’s complexity and duration.^[1]
Along with the government, the financial and insurance industries employ 9% and 8% of the labor force, respectively.^[1]
The lowest 10% of accounting workers, according to the same Bureau of Labor Statistics, earned less than $45,220 annually.^[1]
According to accounting fraud estimates provided in research by the ACFE, around 3.6 billion are lost to fraud worldwide.^[1]
Timelines 37% and inadequate direction 32% fulfill the top three grievances listed in the most recent small company accounting data.^[1]
Cloud-hosted solutions, as opposed to on-premise software, save operational costs by up to 50%.^[1]
With more than 50% of them being midsized organizations, 36% of accounting firms affirm that pandemic-related difficulties are their largest difficulty.^[2]
According to 36% of small accounting companies, the largest challenge is keeping up with legislative change.^[2]
Accounting AI, according to 79% of business owners, is the secret to boosting efficiency in their organizations.^[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.^[2]
83% of accountants agree that investing in cutting-edge technology and digitization is essential to be competitive in the market.^[2]
90% of accountants believe that in the near future, cloud accounting and digital business processes will be the primary differentiators between firms.^[2]
Only 21% of small and mid-sized firms in the U.S. have connected their accounting system with payments and invoicing tools.^[2]
74% of C-level accounting executives are certain that the transition to a cashless society will have the most long-term impact by the year 2025.^[2]
56% of UK businesses think accountants will assist them in the future with jobs that are not directly related to accounting.^[2]
While 23% of accountants want to invest in this technology this year, 21% of accountants are already using sophisticated and predictive analytics with big data.^[2]
The top issue for 47% of major businesses is finding and keeping the best people.^[2]
In 2021, 60% of big businesses wanted to increase their technology spending, compared to 41% of small businesses and 38% of midsized businesses.^[2]
In 2021, 6% of small businesses and 13% of medium-sized businesses wanted to reduce the number of remote employees.^[2]
21% of accountants think that market needs are driving the cultural change in accounting.^[2]
59% of those working in finance and accounting believe that the need for data science and analytics capabilities in the sector will increase by 2020.^[2]
82% of accountants are thinking about employing someone with unconventional experience.^[2]
The number of their invoices climbed by up to 10% from the prior year, according to 39% of accounts payable ap teams in 2017.^[2]
About 42% of company customers anticipate receiving business guidance from their accountants.^[2]
With a CAGR of 8.5% from 2021 to 2026, it is anticipated to reach 19.59 billion by the end of that year.^[2]
25% of accounting professionals lack the knowledge or skills necessary to use data more effectively.^[2]
58% of accountants think AI may assist in automating accounting procedures and increase operational effectiveness.^[2]
Accounting software that can perform duties outside of basic accounting is required by more than 20% of organizations.^[2]
74% of accountants examined their company procedures in the last year in an effort to create practices that are prepared for the next ten years.^[2]
38% of accountants think that the current crop of accounting training programs will be enough to support a flourishing career by the year 2030.^[2]
Cloud accounting is preferred by 67% of accounting professionals.^[2]
55% of accountants have already planned to use artificial intelligence, and 66% are more than eager to invest in it.^[2]
37% of company owners believe that as procedures become automated, they will be able to handle more accounting work on their own.^[2]
90% of accountants believe that there has been a cultural change in accounting that favors the use of technology.^[2]
More than 50% of C-level accounting executives believe that the sector will be significantly impacted during the next three years by the development of more advanced automated accounting systems.^[2]
83% of UK small company accountants believe that knowledge of technology is just as critical to their jobs as knowledge of accounting.^[2]
Accounting technology, according to 91% of accountants, has enhanced productivity.^[2]
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%).^[2]
26% of small firms are aware of phantom assets’ effect on their accounting records and taxes.^[2]
64% of American small companies spend $1,000 a year on tax preparation.^[2]
66% of British businesses are in danger as a result of improper accounting paperwork handling.^[2]
82% of small firms utilize accounting software, whether it is hosted on-site or in the cloud.^[2]
83% of accountants think they must keep up with the rate of technological development if they want to maintain a competitive advantage in the market.^[2]
31% of small companies spend more than $50,000 annually managing their federal taxes. Just 15% of small firms report spending more than $10,000 on federal tax administration.^[3]
The average salary difference between an accountant with a doctorate degree and one with an associate degree is about 4%.^[3]
With 50% of businesses predicting an increase in ACH payments from 2020 to 2021, automated clearing house ACH payments are paving the way as the expanding substitute for paper checks.^[3]
Greater than 48% of bigger businesses have switched to an automated ap procedure, while smaller businesses are more hesitant to do the same.^[3]
With the bulk of its users in the U.S., QuickBooks Online has a market share of 62% of the small company accounting software industry worldwide.^[3]
The four biggest accounting companies produced over 50% of the U.S. economy’s 66 billion income.^[3]
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%.^[6]
Over 60% of small company owners admit that they aren’t highly aware of their companies’ financial and accounting aspects.^[6]
With a staggering 74.8% of accountants belonging to this ethnicity, Caucasians make up the majority of accountants.^[6]
Technology poses a danger to replacing 97% of payroll and timekeeping clerks, 98% of bookkeepers and auditing clerks, and 99% of tax preparers.^[6]
Only 25% of company owners are aware of Paychex Accounting Online, the second most popular accounting software brand.^[6]
78% of small firms will switch their whole accounting operations to cloud software is thus not surprising.^[6]
62% of respondents believe their accountants make every effort to reduce the amount of taxes they owe, while 24% are unsure.^[6]
35% of enterprises are too pricey, 38% are too complex to understand, and 18% are too expensive.^[6]
The uncertainty the epidemic brought about bothers 36% of accounting firms the most regarding their top concerns this year.^[6]
67% of accounting companies either use big data now or intend to in the future.^[8]
5% will use data analytics for product rationalization, 10% will use big data, and 8% will use both.^[8]
82% of accounting businesses seek applicants with unconventional backgrounds, and 43% of companies are looking for employees with expertise outside of accounting.^[8]
A model developed utilizing data mining methods could predict the audit opinion of individual and consolidated financial statements with an accuracy of roughly 82.5%.^[8]
In 15% of breaches, healthcare companies were implicated. 12% in the public sector and 10% in the financial sector.^[9]
25% of accounting professionals lack the knowledge or skills necessary to use data more effectively.^[9]
26% of U.S. 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.^[9]
37% of company owners believe that as procedures become automated, they will be able to handle more accounting-related work on their own.^[9]
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.^[9]
While working from home, 47% of workers identified distraction as the cause for falling for a phishing scam. 2.^[9]
Only 7% of major businesses spend less than $25,000 on security, compared to 50% of large businesses that spend $1 million or more yearly.^[9]
In 2021, 60% of big companies wanted to increase their technology spending, compared to 41% of small companies and 38% of midsized companies.^[9]
70% of cybersecurity experts think that the cybersecurity skills shortage has an effect on their firm.^[9]
According to 74% of senior accounting executives, the transition to a cashless society would have the most long-term impact after 2025.^[9]
According to 75% of C-level accounting executives, data mining and new analytical tools will influence the accounting business.^[9]
81% of cybersecurity experts claim that the epidemic has affected their work role.^[9]
72% of independent contractors manage their accounting chores without professional support.^[9]
20% of malicious domains are only getting started and are utilized around a week after registration.^[9]
35% of independent contractors believe that the most stressful thing about handling their accounts is making errors.^[9]
Businesses most often contract out their accounting 37% and other more technical responsibilities.^[9]
90% of accountants believe that the culture of accounting is changing to be more technologically oriented.^[9]
56% of UK businesses think accountants will assist them in the future with jobs that are not directly related to accounting.^[9]
Large enterprises are 41% less likely to purchase cloud-based accounting software compared to small organisations.^[9]
While 23% of accountants want to invest in this technology during the next year, 21% of accountants are already using sophisticated and predictive analytics employing big data.^[9]
A data breach occurred in more than 93% of healthcare companies throughout the course of the previous three years.^[9]
20% of accountants say they are actively using and investing in artificial intelligence, and another 20% say they aim to do so in the next year.^[9]
82% of small firms utilize accounting software, whether it is cloud-based or not.^[9]
Ransomware detections have been more prevalent in nations with larger populations of internet users, with the U.S. leading the pack with 18.2% of all ransomware attacks.^[9]
90% of firms worldwide are SMBs; however, only a small percentage of SMB owners are competent enough to handle their own accounting.^[9]
31% of customers believe their interactions with businesses have generally improved since the GDPR came into effect.^[9]
Increasing efficiency was the main reason small firms outsourced (24%), followed by access to expertise (18%).^[9]
U.S. payroll and HR software sales increased by 8.7%, 10.8 billion in 2020.^[10]
Over 60% of small firms have changed payroll cash outflows due to fluctuations in employment.^[10]
70% of workers responded that delaying their paychecks by a week would make it difficult for them to fulfill their financial responsibilities.^[10]
93% of U.S. workers get their paychecks by direct deposit.^[10]
In contrast to the 56 million net new employment generated by major enterprises between 2000 and 2019, 105 million net new jobs were created by small businesses, which accounted for 65% of job growth.^[10]
There are small companies in every area of the us economy, as seen in the table below, which lists the top 12 industries by the number of small firms as of 2017.^[10]
According to the economic policy institute, state level research reveal that 10% to 20% of companies mistakenly categorize employees as independent contractors.^[10]
The good news is that 93% of workers claimed they always get their paychecks on time, but just 60% are very positive that their paycheck deductions and net pay are right, while another 27% are only somewhat certain.^[10]
Compared to revenue’s 5.5% growth to 15.7 billion, operating expenditures rose somewhat faster.^[4]
The top 10 accounting firms in Canada account for 47% of the industry’s operating revenue, indicating that the sector is very consolidated.^[4]

How Useful is Bookkeeping Services Providers

One of the most significant benefits of using bookkeeping services providers is the time that they save business owners and their staff. Keeping track of financial transactions, receipts, invoices, and other paperwork can be a time-consuming and tedious task. By outsourcing these responsibilities to a dedicated bookkeeping service, business owners can focus on other aspects of their operation, such as growing their business or serving their clients.

In addition to saving time, bookkeeping services providers can also help businesses save money. By keeping accurate and up-to-date financial records, these professionals can ensure that business owners are aware of their financial situation at all times. This information can help businesses make informed decisions about their spending, budgeting, and savings, ultimately leading to better financial outcomes for the business.

Furthermore, bookkeeping services providers can help businesses stay organized and compliant with tax regulations. Tax laws and regulations are constantly changing, and it can be challenging for business owners to stay up-to-date with the latest changes. By utilizing the expertise of a bookkeeping service, businesses can ensure that they are meeting all of their tax obligations and avoid costly penalties and fees.

Another advantage of using bookkeeping services providers is the insight and expertise that they bring to the table. These professionals have extensive experience working with a variety of businesses across different industries, allowing them to offer valuable advice and suggestions to their clients. Whether it’s identifying cost-saving opportunities or recommending best practices for financial management, bookkeeping services providers can help businesses navigate the complexities of financial operations with ease.

Overall, bookkeeping services providers offer a range of valuable benefits to businesses of all sizes. From saving time and money to ensuring compliance with tax regulations and providing valuable insight into financial health, these professionals play a crucial role in supporting the success and growth of businesses. As the business world continues to evolve and become more competitive, utilizing the services of a bookkeeping provider can give businesses a competitive edge and help them thrive in the long run.

Reference

balancingeverything – https://balancingeverything.com/accounting-statistics/
financesonline – https://financesonline.com/accounting-statistics-analysis-of-trends-data-and-market-share/
fitsmallbusiness – https://fitsmallbusiness.com/accounting-statistics/
statcan – https://www150.statcan.gc.ca/n1/daily-quotidien/201130/dq201130e-eng.htm
texas – https://comptroller.texas.gov/taxes/publications/94-127.php
goremotely – https://goremotely.net/blog/accounting-statistics/
statista – https://www.statista.com/statistics/250479/big-four-accounting-firms-global-revenue/
maryville – https://online.maryville.edu/blog/data-analytics-in-accounting/
webinarcare – https://webinarcare.com/best-auditing-services-providers/auditing-services-providers-statistics/
netsuite – https://www.netsuite.com/portal/resource/articles/financial-management/small-business-payroll-statistics.shtml