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Artificial Intelligence And Cloud Technologies Transforming Accounting Services

Artificial intelligence | the business research company
Accounting firms are increasingly moving their business operations to the cloud to reduce their operational expenditures. It eliminates the need for installing and updating programs and reduces investments on hardware and server equipment. These applications also integrate with banking and accounting software, thereby saving time and costs and also ensuring the safety and security of the data. For instance, Xero cloud accounting solutions offers platform for businesses and their accountants.

Accounting services is part of the professional services industry. The industry comprise establishments offering services such as auditing and preparing financial statements, summarizing and analyzing financial transactions for tax collections agencies and entities.

The industry is broadly classified into three sub segments

Offices of Certified Public Accountants are certified to audit the accounting records of public and private organizations and to attest to compliance with generally accepted accounting practices. Offices of certified public accountants (CPAs) may provide one or more of the following accounting services and it includes auditing financial statements, designing accounting systems, preparing financial statements, developing budgets and providing advice on matters related to accounting. These establishments may also provide related services such as bookkeeping, tax return preparation, and payroll processing.

Tax Preparation Services companies engage in providing tax return preparation services and does not include accounting, bookkeeping, billing or payroll processing services. Basic knowledge of tax law and filing requirements is required.

Payroll Services comprise establishments that collect information on hours worked, pay rates, deductions and other payroll-related data from their clients to generate paychecks, payroll reports, and tax filings. These establishments may use data processing and tabulating techniques as part of providing their services.

The Business Research Company expects the global accounting services market to grow to $613 billion in 2020. Americas was the largest geographical market in the accounting services industry with almost half the share of the market in 2016.

PwC emerged as the largest accounting services provider with a revenue of $24.1 billion in 2016. The company is striving to strengthen its position by digitalizing its business and services by working with companies such as Google, Oracle and Microsoft. Other market competitors include Deloitte, EY, BDO International and KPMG.

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The chart below shows the year-on-year growth of the global accounting market during 2016 – 2020.
artificial intelligence | the business research company
According to The Business Research Company’s Financial Services Consultant, Girish Kavali, the steady economic growth has driven the market for accounting services as greater economic activity will stimulate the usage of accounting services such as tax filing, auditing and payroll management across all countries. In addition to this, advancement in technology is another factor that is driving the accounting services market forward. The use of artificial intelligence and automation will open opportunities for smaller market players as well to explore additional revenue channels in the maturing markets.    

Global Accounting Services Market Analytics is a detailed report giving a unique insight into this market. The report is priced at $1250 for an individual user. To use across your office the price is $1750 and $2500 if you wish to use across a multinational company.

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