Global Accounting, Auditing and Bookkeeping Services Market to Reach US$267 Billion by 2015, According to a New Report by Global Industry Analysts, Inc.

Share Article

GIA announces the release of a comprehensive global outlook on the Accounting, Auditing and Bookkeeping Services Industry. The global accounting, auditing and bookkeeping market witnessed growth, albeit at a slower pace, all through 2010, recovering from hardships encountered in 2009. The prolonged and persistent period of economic recession placed the Big Four as well as several small and medium accounting firms in a difficult and tensed phase and at the same time paved way for quality enhancements in financial reporting.

Accounting, Auditing and Bookkeeping Services: A Global Outlook

Follow us on LinkedIn – Businesses during the crisis period were confronted with increasing receivables and slow collections, and with most of them reporting decreased tax season revenues, accounting, auditing and bookkeeping firms serving such companies were the worst hit. Even those accounting firms which remained strong for a certain amount of time slowly succumbed to the worst economic climate. Nevertheless, the recession induced certain positive changes in the market, foremost among them being the accelerated trend of financial professionals donning more responsible positions in the organizations they serve. Accounting, auditing and bookkeeping service providers are portraying a more active role as trusted advisers as the market comes out of the recessionary impact. Accountancy in most of the client organizations now supervises top management in all monetary aspects related to business running. Moving forwards, the traditional accounting and financial services is going to evolve into a more mature profession specializing in niche areas such as high-level diagnosis and high level guidance and advisory. During the crisis, accounting firms also spent more time with existing clients and tried developing innovative solutions for better serving their needs rather than scouting for new clients. Increased automation significantly reduced the time taken for the routine accounting jobs, forcing accounting professionals to expand scope of work.

PwC retained the top spot among the Big Four, followed by Deloitte, E&Y and KMPG. After witnessing a subdued performance in 2009, the Big Four companies inched ahead in 2010. The firms utilized the time period for building a strong platform to serve the increased client demand they anticipated post crisis. The companies invested in building markets, strengthening global strategies and in training people instead. Smaller companies on the other hand sought opportunities to grab smaller and mid-sized clients from the Big Four.

Region wise, the slowdown and stricter regulatory environment continue to have a bearing on US tax accountancy industry. The American Recovery and Reinvestment Act of the year 2009 brought in an era of tax cuts reducing demand for services of tax accounting professionals in the US. On the contrary, in Europe, implementation of new regulations has been the major growth driver for the accounting services market. Germany and the United Kingdom are the two major countries in Europe which are witnessing a rapid growth in their offshore accounting services markets, mainly because of a shortage of labor and also price pressures. Segment-wise, in the global market, services that are in high demand currently are internal audit, risk management and due diligence, while IPO and corporate finance are still in a lull. The service segment of cross-border tax advice demonstrated consistent growth. The International Accounting Standards are being rapidly adopted in several countries. Around 120 countries have permissions for IFRS implementation for the present.

The research report titled “Accounting, Auditing and Bookkeeping Services: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a bird’s eye view of the industry, highlights latest accounting trends, and demand drivers as well as the negative impact of recent economic recession on the industry. Discussion on the industry’s regional markets are amply detailed with unbiased research commentary and punctuated with a number of fact-rich market data tables designed to provide the reader a rudimentary understanding of the prevailing market climate. Markets briefly synopsized to offer the reader a prelude to regional dynamics, include US, Canada, Japan, Belgium, Estonia, Germany, Italy, Norway, Russia, Sweden, UK, Australia, China, Hong Kong India, Malaysia, Taiwan, Argentina, Brazil, Mexico and United Arab Emirates. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.

For more details about this comprehensive industry report, please visit –
http://www.strategyr.com/Accounting_Auditing_and_Bookkeeping_Services_Industry_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

Follow us on LinkedIn

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Public Relations
Visit website