Bookkeeping, Financial Auditing and Other Accounting Services Market Report 2025

The bookkeeping, financial auditing and other accounting services market size has grown steadily in recent years. It will grow from $532.56 billion in 2024 to $553.22 billion in 2025 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to economic growth, globalization of businesses, taxation changes, increasing business complexity, outsourcing trends.

The bookkeeping, financial auditing and other accounting services market size is expected to see steady growth in the next few years. It will grow to $671.13 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to remote work trends, data security concerns, rise in small business demand, environmental, social, and governance (ESG) reporting, advisory and consulting services. Major trends in the forecast period include digital transformation, technological advances in accounting, digital transformation, focus on cybersecurity, data analytics and business intelligence.

Regulatory reforms in the financial sector are expected to drive growth in the bookkeeping, financial auditing, and other accounting services market. These reforms involve a thorough analysis of existing regulations to enhance their standards, creating a more complex financial landscape that demands specialized knowledge and expertise. This shift opens new opportunities for accounting firms to offer compliance services, as well as increased scrutiny of financial statements and other related services. For instance, in March 2023, the Chinese government implemented significant financial regulatory reforms by establishing the National Financial Regulatory Administration to replace the China Banking and Insurance Regulatory Commission. This reform focuses on four key areas: improving financial stability, enhancing supervision to protect consumer and investor interests, optimizing capital market functioning, and restructuring the central bank's organization. Additionally, in December 2022, the British government introduced a comprehensive financial regulation reform package, known as the Edinburgh Reforms, aimed at overhauling EU regulations. This package includes 30 measures, including changes to the 'ring-fencing' regime, which requires banks to separate their investment banking activities from their consumer banking services. Thus, these regulatory reforms in the financial sector are driving the growth of the bookkeeping, financial auditing, and other accounting services market.

The rise in digital transactions and e-commerce growth is expected to boost the bookkeeping, financial auditing, and other accounting services market in the coming years. Digital transactions refer to the electronic transfer of products, services, or financial assets through digital platforms, computer systems, or the Internet. E-commerce involves the buying and selling of goods and services online. Both digital transactions and e-commerce rely on bookkeeping, financial auditing, and accounting services to ensure the accurate recording, monitoring, and analysis of financial data for businesses in real time. For example, in September 2023, PeakSpan Capital LLC, a U.S.-based private equity firm, reported that the total global value of electronic wallet payments reached $7.5 trillion in 2022, with the global mobile payment industry estimated at $53.5 billion. Similarly, in November 2023, the U.S. Census Bureau reported that retail e-commerce sales in the United States for the third quarter of 2023 totaled $284.1 billion, reflecting a 2.3% increase over the previous quarter. Therefore, the growth of digital transactions and e-commerce is driving demand for bookkeeping, financial auditing, and other accounting services.

Technological advancements are a significant trend gaining traction in the bookkeeping, financial auditing, and other accounting services market. Leading companies in this sector are developing advanced technologies to maintain their competitive edge. For example, in May 2024, Caseware International Inc., a Canada-based software solutions provider, launched AiDA, an AI-powered digital assistant aimed at transforming auditing and accounting processes. AiDA delivers precise answers to profession-specific inquiries, improving the efficiency of accounting, audit, and finance professionals by addressing methodology and compliance questions in real time. The assistant also helps process and analyze audit evidence, facilitating the creation of essential audit workpapers and deliverables. By streamlining workflows, AiDA enables professionals to concentrate on strategic decision-making rather than routine tasks, ultimately promoting practice growth and enhancing client financial success. Additionally, Verify leverages data analysis from millions of expenses and receipts within the SAP Concur platform to implement a library of AI and machine learning detection scenarios, identifying potential spending issues.

Major companies in the bookkeeping, financial auditing, and other accounting services market are increasingly focusing on advanced solutions, such as standalone Software as a Service (SaaS) payroll systems, to better serve their existing clients. A standalone SaaS payroll solution is a cloud-based software that delivers comprehensive payroll services independent of other corporate processes. For instance, in November 2022, Immedis, an Ireland-based provider of cloud-based global payroll solutions, launched One View. This SaaS solution offers a consistent payroll accounting and employee experience worldwide. One View addresses a common frustration for businesses that pay employees in multiple countries using various in-country payroll methods and suppliers. In an increasingly interconnected yet complex world, One View is an ideal choice for enterprises hesitant to engage a single multi-country payroll outsourcing provider. It delivers coherent global control, reporting, and insights across all countries where employees are compensated.

In July 2023, AuditFile, a U.S.-based cloud audit software company, acquired John Wiley and Sons Inc. for an undisclosed amount. The primary goal of this acquisition is to enhance AuditFile's auditing capabilities by integrating advanced artificial intelligence (AI) into its platform through the incorporation of Advantage Audit, an audit planning tool and program. John Wiley and Sons Inc. is known for offering a variety of educational resources, including services related to bookkeeping, financial auditing, and other accounting functions.

Major companies operating in the bookkeeping, financial auditing and other accounting services market include Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Pvt. Ltd., Oracle Corporation, KPMG International, SAP SE, BDO International Limited, Intuit Inc., RSM International Association, Grant Thornton International Ltd., AcuityCFO LLC, Crowe Horwath International Limited, Moore Stephens International Limited (Moore Global), Mazars Group, Nexia International Limited, CBIZ & MHM LLC, Marcum LLP, Baker Tilly Virchow Krause LLP, CliftonLarsonAllen LLP, Moss Adams LLP, Plante Moran PLLC, Xero Limited, Rehmann Group LLC, Dixon Hughes Goodman LLP, EisnerAmper LLP, Raffa P.C., Bookkeeper360 Inc., Bharat Global Compliance LLP, Richards Financial Services Inc., AcctTwo Shared Services LLC.

North America was the largest region in the bookkeeping, financial auditing and other accounting services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global bookkeeping, financial auditing and other accounting services market report during the forecast period. The regions covered in the bookkeeping, financial auditing and other accounting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bookkeeping, financial auditing and other accounting services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bookkeeping and financial auditing refer to accounting processes used for recording, classifying, and evaluating financial data. The primary focus of bookkeeping is on recording day-to-day transactions, while financial auditing ensures that financial statements are accurate and comply with generally accepted accounting standards. Other accounting services include financial statement preparation, reviews and compilations, income tax preparation and compliance, income tax planning and consulting, and the creation of monthly, quarterly, and annual financial reports. Additional services may involve the implementation of new accounting software, bill-paying services, and business management support.

The primary categories within bookkeeping, financial auditing, and accounting services encompass tax preparation, bookkeeping, and payroll services. Tax preparation involves the professional handling of tax returns for individuals or corporations. These services are offered by a range of providers, including large enterprises and small to medium-sized businesses across diverse industries such as BFSI (Banking, Financial Services, and Insurance), government sectors, manufacturing, healthcare, IT and telecommunications, and various other industries.

The bookkeeping, financial auditing and other accounting services market research report is one of a series of new reports that provides bookkeeping, financial auditing and other accounting services market statistics, including bookkeeping, financial auditing and other accounting services industry global market size, regional shares, competitors with a bookkeeping, financial auditing and other accounting services market share, detailed bookkeeping, financial auditing and other accounting services market segments, market trends and opportunities, and any further data you may need to thrive in the bookkeeping, financial auditing and other accounting services industry. This bookkeeping, financial auditing and other accounting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bookkeeping, financial auditing and other accounting services market includes revenues earned by entities by providing employee benefit plan audits, service organization control (soc) audits, financial statement audits, and due diligence services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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