Financial sector reforms boost the market for accountancy services
Global Business Research Company Accounting Services Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UNITED KINGDOM, Jan. 10, 2022 /EINPresswire.com/ — Regulatory reforms in the financial sector have increased demand for accounting services such as accountancy and tax advice. For example, the Basel-3 standards implemented in 2019 have thus increased the demand for accounting services globally. The Basel Committee on Banking Supervision conceived Basel III as a set of internationally agreed policies in response to the financial crisis. The reforms aim to improve the regulation, supervision and management of banking risks. Over the next five years, accounting services market statistics show that other major changes, such as the exit of the UK from the EU, will create additional demand for accounting consultants, thereby boosting the market.
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Some accountants outsource typical core 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 markets. customers and analyze their customers’ business data. This extra attention and analysis transforms the role of a traditional accountant into a business advisor and takes customer service to the next level by developing strong advice-oriented relationships. For example, QX Accounting Services (QXAS) Ltd provides outsourced accounting, finance and other services to accountants and accounting firms in the UK.
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The global accounting services market size is expected to grow from USD 1.17 trillion in 2021 to USD 1.32 trillion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The accounting services market growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, work remotely and the closure of business activities that have resulted in operational challenges. The accounting services market is expected to reach $2.020 billion in 2026 with a CAGR of 11.1%.
Key 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 accounting services market region in 2021. Western Europe was the second largest accounting services market region. Regions covered in the Accounting Services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
TBRC Global Accounting Services Market report is segmented by Type into Payroll Services, Tax Preparation Services, Bookkeeping, Financial Auditing, Other Accounting Services, by IT Services End Use Industry , manufacturing, financial services, construction, other, by service provider in large business , small and medium business.
Global Accounting Services 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 & Medium Enterprise) – Global Market Size, Trends & Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provides Accounting Services Market Overview, Forecast, Market Size and Growth for Overall Market, Accounting Services Market Segments, Geographies, Accounting Services Market Trends, Services Market Drivers accounts, constraints, revenues, profiles and market shares of the main competitors.
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