Accounting services provide systematic and comprehensive recording of financial transactions pertaining to businesses. The accounting services 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.
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The global accounting services market is valued at $584 billion in 2017. Drivers of the market are economic growth, financial reporting standards transition and regulatory reforms.
The accounting services market in The Business Research Company’s report is segmented into three segments, namely payroll and bookkeeping services, tax preparation services and other accounting services. While the first segment accounts for nearly half of the market share, the remaining is attributed to the two segments.
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The USA was the largest country in the accounting services market in 2017, accounting for more than one-third of the market share. The USA was followed by Germany and UK as the next largest countries in the market.
The top five competitors in the market made up 15% of the total market in 2017.Pwc LLP was the largest competitor in the accounting services market, followed by Ernst & Young LLP and Deloitte LLP. Pwc LLP was founded in 1998 and is headquartered in New York, USA. It operates through three divisions i.e. advisory, audit and assurance and tax.
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