(I-BusinessNews.Com, November 05, 2018 ) Digitalization of tax offices in most developed and developing countries is evolving the role of accountants. They are increasingly providing advisory and taxation guidance as well as traditional filing and lodging services which have become less important with the growth of e-filings. For instance, the Australian Tax Office will now allow e-tax. This will reduce the manual processing of data and make the tax return process easier allowing accountants to focus on high end tasks.
THE BUSINESS RESEARCH COMPANY EXPECTS GLOBAL ACCOUNTING SERVICES MARKET TO GROW TO $700 BILLION BY 2021
North America was the largest region in the accounting services market in 2017, accounting for almost half of the market share. The reason behind this was the transition of financial reporting standards. Nowadays more countries are aligning with international financial reporting standards, or IFRS, or generally accepted accounting principles, or GAAP in the United States, resulting in more demand for accounting services. However, differences continue between these two approaches and within countries resulting in continued opportunities for local players with knowledge of local markets.
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According to The Business Research Company’s Consultant, accounting
firms should consider outsourcing basic accounting tasks to reduce operational costs and enable customers to focus on high value activities. Accounting service companies should consider instant chat applications to enable real time interactions with clients and ensure faster resolution of issues. Companies should consider e-tax filing services to increase their service offerings and to increase their overall revenues and reduce costs.
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PricewaterhouseCoopers International Limited (PwC) was the largest company in the accounting services market, with revenues of EUR 25.4 billion ($28 billion) for the financial year 2016. PwC’s growth strategy is to become a technology-enabled organization by 2025, by digitalizing its business and its services by working with companies such as Google, Oracle and Microsoft. Going forward, PwC seeks on adding new services of IT and data assurance and security and acquire new clients from mature as well as developing markets.
Accounting services provide systematic and comprehensive recording of financial transactions pertaining to businesses. The service involves summarizing, analyzing, auditing and reporting of the financial transactions for tax collection agencies and entities. It also involves auditing and preparing financial statements, designing accounting systems, developing budgets and accounting advisory. It includes offices of certified public accountants, tax preparation services, and payroll services.
Accounting Services Global Market Report 2018 is a detailed report giving
a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.
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