Financial Sector Reforms Drive The Accounting Services Market

The Business Research Company’s Accounting Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022 – 2026

LONDON, GREATER LONDON , UK, January 10, 2022 /EINPresswire.com/ — Regulatory reforms in the financial sector have heightened demand for accounting services such as accounting and tax advisory. For instance, Basel-3 standards implemented in 2019, thus increased the demand for accounting services globally. The Basel Committee on Banking Supervision designed Basel III as a set of internationally agreed-upon policies in response to the financial crisis. The reforms are intended to improve bank regulation, oversight, and risk management. Over the next five years, the accounting services market statistics show that further major changes, such as the UK’s exit from the EU will create additional demand for accounting consultants, thereby driving the market.

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Some accountants are outsourcing typical basic accounting tasks such as payroll accounting, accounts payable and accounts receivable to allow their employees to focus on higher value activities such as becoming vertical experts in their customer’s markets and analyzing their clients’ business data. This extra attention and analysis is transforming the role of a traditional accountant into a business advisor and takes customer service to the next level by developing strong counsel-focused relationships. For instance, QX Accounting Services (QXAS) Ltd provides outsourced accounting, finance and other services to accountants and accountancy firms in the UK.

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The global accounting services market size is expected to grow from $1.17 trillion in 2021 to $1.32 trillion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The accounting services market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The accounting services market is expected to reach $2.02 trillion in 2026 at a CAGR of 11.1%.

Major players covered in the global accounting services industry are PwC, Ernst & Young, KPMG, Deloitte Touche Tohmatsu Limited, ADP LLC, BDO LLP, Paychex Inc., Grant Thornton LLP, RSM International and H&R Block Inc.

North America was the largest region in the accounting services market in 2021. Western Europe was the second largest region in the accounting services market. The regions covered in the accounting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

TBRC’s global accounting services market report is segmented by type into payroll services, tax preparation services, bookkeeping, financial auditing, other accounting services, by end use industry into it services, manufacturing, financial services, construction, others, by service provider into large enterprise, small and medium enterprise.

Accounting Services Global Market Report 2022 – By Type (Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, Other Accounting Services), By End Use Industry (IT Services, Manufacturing, Financial Services, Construction, Others), By Service Provider (Large Enterprise, Small and Medium Enterprise) – Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provides a accounting services market overview, forecast, market size and growth for the whole market, accounting services market segments, geographies, accounting services market trends, accounting services market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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