LONDON, May 26, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the accounting services market, accounting firms are implementing blockchain technology for faster and more accurate audits, reconciliation, and compliance. Blockchain in accounting comprises a decentralized, distributed ledger or network, concerned with cryptocurrency transactions; records of information; recording and storing of assets, liabilities, transactions; ownership of assets; maintenance of ledgers with accurate financial information; and providing methods of recording cash flow and reconciling accounts. Accounting firms record transactions directly into a joint register, with an interlocking system using blockchain. This technology facilitates secure transactions, provides access to information in near-real-time, and creates transparent records of accounting data and other audit processes. For instance, accounting firms such as PwC (PricewaterhouseCoopers) announced the release of blockchain auditing services in 2018. KPMG launched a Digital Ledger Services program in 2016 to investigate blockchain applications and partnered with Microsoft to create Blockchain Nodes to identify new applications and use cases for blockchain technology. Ernst & Young and PWC accept bitcoin as a payment method and are moving towards blockchain research for accounting practices.
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The global accounting services market 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 rise in the accounting services market growth rate is mainly due to 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 market is expected to reach $2.01 trillion in 2026 at a CAGR of 11.1%.
The use of advanced technologies such as artificial intelligence to analyze and quickly identify irregularities in data is gaining popularity among accounting services industry trends. Auditors use artificial intelligence to spot suspicious activities or inaccuracies in accounting entries and transactions. Artificial intelligence uses rules created by humans to reason through issues and reach conclusions by identifying patterns from the huge data sets available. Artificial intelligence tools can be adjusted to figure out how accounting entries are being used to cover up irregularities like incorrect revenue recognition or deferred liabilities by businesses. Technology advances – Key technology trends impacting finance functions, per Thack Brown of SAP, include Hyperconnectivity, Super Computing, Cloud Computing, Smarter World, and Cyber Security, in addition to others, are driving finance and accounting transformation. For example, GL.ai is a tool developed by PricewaterhouseCoopers which helps the company identify anomalies in a business’s general ledger.
Major companies in the accounting services market include PwC, Ernst & Young, KPMG, Deloitte Touche Tohmatsu Limited, ADP LLC, BDO LLP, Paychex Inc., Grant Thornton LLP, RSM International, and H & R Block Inc.
TBRC’s global accounting services market analysis 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.
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, the Middle East, and Africa.
Accounting Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide accounting services market overviews, accounting services market analyze and forecast market size and growth for the whole market, accounting services market segments and geographies, accounting services market trends, accounting services market drivers, accounting services market restraints, accounting services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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