Accounting Firm Services Market Scope
The accounting firm offers a myriad of services that help business owners stay financially organized, tax compliant and that helps prepare for business growth. Business owners shouldn't look at an accounting firm merely as an outsourcing cost for bookkeeping but as an integral business partner. Not every accounting firm offers every type of service, and business owners should interview various firms to determine which is the best fit for the company's specific business needs.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are Right Networks, KPMG International Cooperative, Bench Accounting, and PwC. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Accounting Firm Services market throughout the predicted period.
Right Networks (United States), KPMG International Cooperative (Netherlands), Bench Accounting (Canada), PwC (United Kingdom), Wolters Kluwer (Netherlands), Accountingprose (United States), Dixon Hughes Goodman (United States), Sikich (United States), Positive Venture Group (Canada), AcctTwo Shared Services (United States) and Analytix (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Andersen (United States), Moore Global Network (United Kingdom), Avitus Group (United States) and Baker Tilly Virchow Krause (United States).
Segmentation Overview
The study have segmented the market of Global Accounting Firm Services market by Type (Online Service and Offline Service), by Application (Accounting and Auditing, Tax Filing and Planning, Management Consulting, Specialty Services, Consulting, Estate Planning and Others) and Region with country level break-up.
On the basis of geography, the market of Accounting Firm Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
The Trend of Designing Industry-Specific Accounting Systems and Cloud-Based Accounting Services for Start-Ups and Small- Sized Businesses
Market Growth Drivers:
increasing Industrialization and Starting New Business in the Developing Economies and Growing Demand from Large and Medium Enterprises
Challenges:
Scalability and Customization and Lack of Expertise and Awareness
Restraints:
Expensive, High Costs for Services and Data Security and Privacy Concern
Opportunities:
Technological Advancements such as Machine Learning and AI
Market Leaders and their Expansionary Development Strategies
On 8th April 2021 – Sikich announced Thursday that it will acquire the assets of Process Stream, a leader in digital transformation services for regulated industries, including life sciences and insurance. Process Stream specializes in quality management, IT compliance, and insurance systems implementations and consulting., and On 17th December 2019, Sikich announced Tuesday that it has agreed to acquire Alexandria, Virginia-based public accounting firm Halt, Buzas & Powell, Ltd. The deal marks Sikich’s entry into the Washington, D.C., and Baltimore metro markets and expands its presence on the East Coast.
On 10th Dec 2020 - Sikich announced today that it has signed an asset purchase agreement to acquire the operating assets of Hochschild, Bloom & Company, LLP, a public accounting firm based in the greater St. Louis metropolitan area. The move expands Sikich’s presence in the St. Louis area.
Key Target Audience
Accounting Firm Services Providers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.