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 efficient audits, reconciliation and compliance. accurate. Blockchain in accounting includes a decentralized and distributed ledger or network, concerned with cryptocurrency transactions; information registers; recording and storage of assets, liabilities, transactions; ownership of assets; keeping records containing accurate financial information; and providing methods for recording cash flows and reconciling accounts. Accounting firms record transactions directly in a common ledger, with a locking system using blockchain. This technology facilitates secure transactions, provides access to near real-time information, and creates transparent records of accounting data and other auditing processes. For example, accounting firms such as PwC (PricewaterhouseCoopers) announced the release of blockchain audit 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 form of payment and move towards blockchain research for accounting practices.
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The global accounting services market is expected to grow from $1.17 trmillion in 2021 at $1.32 trmillion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The increase in the growth rate of the accounting services market is mainly due to the reorganization of their businesses and the recovery from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market should reach $2.01 trillion in 2026 at CAGR of 11.1%.
The use of advanced technologies such as artificial intelligence to quickly analyze and identify irregularities in data is gaining popularity among trends in the accounting services industry. Auditors use artificial intelligence to spot suspicious activity or inaccuracies in accounting entries and transactions. Artificial intelligence uses rules created by humans to reason about problems and draw conclusions by identifying patterns from the huge data sets available. Artificial intelligence tools can be tuned to understand how accounting entries are used to hide irregularities such as incorrect revenue recognition or deferred liabilities by companies. Technological advancements – Key technology trends impacting finance functions, according to SAP’s Thack Brown, include hyperconnectivity, supercomputing, cloud computing, a smarter world, and cybersecurity, among others, driving the transformation of finance and accounting. For example, GL.ai is a tool developed by PricewaterhouseCoopers that helps the company identify anomalies in a company’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 in IT services, manufacturing, financial services, construction, other; by service provider in large enterprise, small and medium enterprise.
North America was the greater region in the accounting services market in 2021. Western Europe was the second largest region in the accounting services market. Regions covered in the Accounting Services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Global Accounting Services Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide insights into the Accounting Services market, analyze the market Accounting Services and forecast market size and growth for the overall market, Accounting Services Market Segments & Geographies, Accounting Services Market Trends, Accounting Services Market Drivers, Accounting Services Market Restraints accounting services, revenue, profiles and market shares of leading accounting services market competitors in 1000+ industry reports, covering over 2500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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