Accounting Firms Statistics 2024 – Everything You Need to Know

Are you looking to add Accounting Firms to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Accounting Firms statistics of 2024.

My team and I scanned the entire web and collected all the most useful Accounting Firms stats on this page. You don’t need to check any other resource on the web for any Accounting Firms statistics. All are here only 🙂

How much of an impact will Accounting Firms have on your day-to-day? or the day-to-day of your business? Should you invest in Accounting Firms? We will answer all your Accounting Firms related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Accounting Firms Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 394 Accounting Firms Statistics on this page 🙂

Accounting Firms Benefits Statistics

  • Candidates also pay attention to the potential for promotion (21%), non monetary benefits (17%), and modernity (16%). [0]
  • New research data illustrates the benefits and trends of cloud accounting 67 percent of accountants prefer cloud accounting. [1]

Accounting Firms Usage Statistics

  • Accounting software usage statistics show that Xero holds circa 47% of the market share. [2]

Accounting Firms Market Statistics

  • By 2026, the global market for accounting software will be valued at close to $12 billion, which means it’s growing at an expansion rate of 8.6% every year. [3]
  • Also, 21% of accountants believe that market demands are driving the cultural shift in accountancy. [4]
  • 83% of accountants agree that investing in the latest technologies and digitalization is necessary to keep up with the market. [4]
  • 83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. [4]
  • The estimated value of $5.4 billion is astounding, considering that the global accounting software market size in the same year was valued at over $11 billion. [2]
  • Accounting software usage statistics show that Xero holds circa 47% of the market share. [2]
  • According to FinanceOnline, by the end of 2024, the worldwide cloud market is expecting to reach 4.25 billion. [5]
  • $416.23 million is the estimated value of the US accounting software market by 2024. [6]
  • The worldwide accounting software market was worth $12.01 billion in 2020, and it’s expected to grow at a CAGR of 8.5% between 2021 and 2026, reaching $19.59 billion. [6]

Accounting Firms Software Statistics

  • Accounting software statistics further show that 16%, 15%, and 13% answered with regulations, ongoing digitization, and generational changes, respectively. [0]
  • Unlike onpremise software, cloud hosted solutions reduce operating expenses by up to 50%. [0]
  • AccountancyAge forecasts that 78% of SMBs would depend on cloud accounting software by 2020. [0]
  • An even bigger share (58%). [0]
  • Rob Nixon, CEO and founder of PANALITIX, predicts that by the end of 2017, more than 90% of small and medium sized businesses will be using cloud accounting software. [7]
  • 2016 National Management of an Accounting Practice survey found that 56% of CPA firms surveyed are using cloud base software, up from 48% in 2014. [7]
  • It comes as no surprise then that the pre pandemic projections indicated that 78% of small businesses would transfer all of their accounting to cloud software. [3]
  • The US accounting services statistics show that almost 75% of accounting tasks can be automated by using the software. [3]
  • By 2026, the global market for accounting software will be valued at close to $12 billion, which means it’s growing at an expansion rate of 8.6% every year. [3]
  • The top reasons for not using accounting software include may not be secure (38% of businesses), is too expensive (35%), and it is generally too complicated to learn (18%). [3]
  • In comparison, the next most well known accounting software brand is familiar to only 25% of business owners. [3]
  • 78% of SMBs will rely exclusively on cloud accounting software by 2020. [4]
  • Large businesses are 41% less likely to buy cloud based accounting software than small businesses. [4]
  • Also, 20.4% of businesses want cloud. [4]
  • On the other hand, 19.7% of businesses want on. [4]
  • 82% of small businesses use some form of accounting software, be it onpremise or cloud. [4]
  • 64.4% of small and midsized businesses in the United States used software to streamline their accounting. [4]
  • Of companies buying accounting software, 37% are first. [4]
  • Of companies upgrading their accounting software, 35% are coming from Intuit QuickBooks. [4]
  • Furthermore, more than 20% of businesses require accounting software that can handle tasks beyond core accounting. [4]
  • Key accounting software purchase motivations include to increase functionality (43%), replace a dated system (29%), improve usability (17%), consolidate multiple systems (10%), improve product support (10%), reduce cost (7%), and improve reporting (5%). [4]
  • Some businesses don’t use accounting software due to security issues (38%), high cost of programs (35%), and the long period of time required to learn to use software (18%). [4]
  • In 2017, 15% of small businesses used accounting software. [2]
  • According to the results of a survey of over 1,100 small businesses in the US, 15% of small businesses use accounting software as inventory, with this number only expected to grow. [2]
  • The estimated value of $5.4 billion is astounding, considering that the global accounting software market size in the same year was valued at over $11 billion. [2]
  • An accounting industry overview from Viewpoint further pointed to several reasons businesses that use accounting software haven’t integrated it with invoicing and payments solutions with security issues prevailing at 38%. [2]
  • It is closely followed by software prices with 35%. [2]
  • Another relevant problem is that 18% of respondents fear the long period required to use the software in question. [2]
  • QuickBooks Online is the most used accounting software in the US, with 44% of small businesses using this solution. [2]
  • Other popular small business accounting software solutions are Xero (4%), Freshbooks (4%), GoDaddy Bookkeeping (4%), Wave (3%), Sage 50 (2%), and Sage 300 (2%). [2]
  • Accounting software usage statistics show that Xero holds circa 47% of the market share. [2]
  • MYOB is a local Australian software that holds second place with 41%. [2]
  • 64.4 percent of small business owners use accounting software 30 percent of small businesses place accountants at the top of their list of trusted advisors. [1]
  • More than 64% of SMBs are using accounting software. [5]
  • Therefore, 58% of big organizations are already using cloud accounting software. [5]
  • More than 90% of accountants said that using cloud base accounting software brings a big difference in their business process. [5]
  • 67% of accounting professionals love to apply cloud accounting software in their business. [5]
  • Well, more than 21% of businesses want cloudbased accounting software while almost 20% of companies like to go for an on. [5]
  • $416.23 million is the estimated value of the US accounting software market by 2024. [6]
  • The worldwide accounting software market was worth $12.01 billion in 2020, and it’s expected to grow at a CAGR of 8.5% between 2021 and 2026, reaching $19.59 billion. [6]
  • Finance planning problems make 66% of the most common reasons for startup failure. [2]

Accounting Firms Adoption Statistics

  • The public cloud accounting adoption rate is 91%, while the private one is 72%. [3]
  • 90% of accountants feel that there is a cultural shift in accountancy that leans toward technological adoption. [4]
  • 41% of C level accounting executives said the adoption of cloud computing would have the biggest impact in the next three to ten years. [4]
  • 83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. [4]
  • 85% of accountants believe that the profession in their country needs to pick up the pace of technology adoption to remain comeptitive internationally. [8]

Accounting Firms Latest Statistics

  • About 79% of accounting firms offer booking/accounting services to their clients. [0]
  • Cloud accounting is used by 82% of small businesses and 58% of enterprises. [0]
  • By 2024, The Business Research Company forecasts a CAGR increase by 9.1% to $868 billion. [0]
  • 87% agree that clients expect more flexibility and better service levels from accountants, without an increase in their rates. [0]
  • The Sage 2019 accounting industry statistics reveal that accounting is followed by payroll (25%), tax (24%), and compliance (20%). [0]
  • Other services accountants and accounting firms undertake are business advisory (17%), audit/assurance (15%), and outsourced CFO (5%). [0]
  • More precisely, about 1.44 million positions in the US belonged to employees in this category, according to accounting job statistics. [0]
  • About 18% responded that they get some assistance, while 7% use specialist accountants. [0]
  • An interesting detail in these bookkeeping statistics is that 2% of all participants said family and friends help them with accounting. [0]
  • Small business accounting statistics show that about 24% of the participants said that they are undecided on this matter. [0]
  • Only 14% responded positively and said that they expected more from their accountants. [0]
  • Somewhat satisfied, neutral, and somewhat dissatisfied was the chosen response for 21%, 9%, and 3%, respectively. [0]
  • An impressive 91% of companies with 26 100 employees are satisfied with their accountant’s efforts. [0]
  • 21% of SMBs owners admit to not knowing enough about bookkeeping. [0]
  • An ICAS 2016 study meanwhile discovered that 30% of SMBs owners consider accountants to be their most reliable collaborators. [0]
  • The completion time length and the complexity of the process are sources of concern for 15% and 13%, respectively. [0]
  • Finally, about 5% of the participants named financial penalties as their primary headache when it comes to bookkeeping. [0]
  • According to the same bookkeeping industry statistics, these are followed by auditing (48%) and tax planning (30%). [0]
  • The last on the list are personal finances with 16% and bookkeeping with 14%. [0]
  • 36% of accounting professionals are satisfied with their job. [0]
  • Also, candidates in the accounting field express high confidence (80%). [0]
  • That said, 82% of accountants would hire someone from a nontraditional background. [0]
  • About 43% of responders, according to the latest accounting statistics, say that new accountants should have experience outside of this field. [0]
  • Also, diversity is starting to play a role in the recruitment process of accountants, with about 30% of businesses admitting to actively trying to diversify their labor. [0]
  • The same Bureau of Labor statistics on accounting show that the lowest 10% made less than $45,220 a year. [0]
  • The accounting job growth rate for the period 2019. [0]
  • By 2029, the Bureau of Labor statistics on accounting are likely to show employment change at around 61,700. [0]
  • The finance and insurance sector alongside the government are the second largest employers with 9% and 8%, respectively. [0]
  • The BLS accounting stats place about 7% of accounting professionals and clerks in company management. [0]
  • Another 6% of specialists in this field are self. [0]
  • Wasp Barcode has established that the second most common accounting position in SMBs is a general bookkeeper (21%). [0]
  • With 19% and 12%, next on the list come accounting managers and controllers, respectively. [0]
  • Finally, staff accountants make about 4% of bookkeeping jobs in SMBs. [0]
  • This is worrisome information since about $3.6 billion globally is lost to fraud, according to accounting fraud statistics presented in an ACFE study. [0]
  • The same study discovered that an organization typically loses around 5% in revenue due to fraud every year. [0]
  • Among that 74% who responded negatively to the question, 49% had no idea what ghost assets are. [0]
  • Only 26% of the Wasp Barcode participants said they know what ghost assets are and how they affect their books. [0]
  • Most participants (57%). [0]
  • Next comes relationship building (46%), business advisory (44%), and experience outside accounting (43%). [0]
  • Only 36% of the responders consider project management a vital skill of a future accountant. [0]
  • Among companies with 11 25 employees, 41% find being reactive instead of proactive the main issue with their accountant. [0]
  • Timelines (37%) and lack of guidance (32%). [0]
  • These business owners also feel that their accountant doesn’t provide enough advice (27%) and doesn’t educate them (23%). [0]
  • The list is rounded up with client demands (13%) and investments (12%). [0]
  • Interestingly, about 10% of those who took the survey claimed that there was no evolution at all. [0]
  • Company reputation was selected by 40% of the participants in the Sage Practice of Now 2019 study. [0]
  • Accounting industry statistics further show that equally important (34%). [0]
  • Location can make or break the deal for 33% of future staff. [0]
  • Flexi’s cloud accounting statistics also conclude that most accountants (67%). [0]
  • Also, 58% of enterprises are already using this type of service. [0]
  • Switching to cloud accounting has boosted revenues for accounting businesses by 15%. [0]
  • Another interesting fact here is that about a third (38%). [0]
  • Cloud accounting statistics show that businesses that have cloud bookkeeping in place note, on average, a 15% yo. [0]
  • Namely, more than half of accounting firms (58%). [0]
  • Accounting stats show that among them, 22% ‘strongly agree’ with the statement and 36% ‘agree’ with it. [0]
  • Less than one third of responders (28%). [0]
  • Accounting statistics reveal that, out of the accounting professionals who already use automation, 41% said it had made their staff more competent and confident. [0]
  • 35% said updating their technology had helped them keep pace with client expectations and increased retention rates. [0]
  • At the other end of the spectrum, Only 6% of respondents said they don’t believe automation can help with any business tasks at their firm. [0]
  • The lack of funds (38%) and time (13%). [0]
  • The State of Accounts report 37 percent of small and medium sized business owners think accountancy is becoming more automated and that they can complete a range of tasks themselves. [7]
  • The same report found that 59% of small businesses don’t think they will need an accountant in 10 years’ time. [7]
  • The Sleeter Group found that 72% of small business owners have changed their CPA or accounting firms because the firm “did not give proactive advice, only reactive service.”. [7]
  • Business advisory services will account for more than 80% of revenue in the future, per Rob Nixon 8. [7]
  • Starting salaries for accountants and bookkeepers are set to rise by 3.7% in 2017, according to the annual salary guide from staffing company Robert Half Management Resources. [7]
  • a study by the American Institute of CPAs found that 92% of CPAs said they are not future ready. [7]
  • According to Statista , in just eight years , the number of people using an accountancy service dropped by about 20%. [7]
  • Technology poses the threat of replacing 94% of accountants and auditors. [3]
  • 37% of accounting personnel will work remotely in the US in 2021. [3]
  • 94% of accountants have adopted cloud accounting. [3]
  • 60% of small business owners feel they aren’t knowledgeable when it comes to accounting. [3]
  • A 4% job growth is projected in the period of 2019–2029. [3]
  • In addition to this, technology threatens to replace 99% of tax preparers, 98% of bookkeepers and auditing clerks, and 97% of payroll and timekeeping clerks. [3]
  • So who handles the remaining 75% of tasks?. [3]
  • Well, a whopping 72% of self employed people do their accounting. [3]
  • Additionally, 2% ask family and friends for help, and 1% seek the assistance of a mysterious “other person.”. [3]
  • This brings the percentage of accountants with CPA to 46.3% of all in the workforce. [3]
  • When it comes to accounting companies’ biggest concerns this year, 36% of them cite that the uncertainty that the pandemic brought is what worries them the most. [3]
  • Globally, almost one third (31%). [3]
  • Research also shows that using cloud computing for your accounting can reduce costs for a business by up to 50%. [3]
  • Small to medium businesses make up 99% of global companies. [3]
  • On the other hand, 62% are of the opinion that their accountants do all they can to minimalize the amounts they pay in taxes, while another 24% are undecided. [3]
  • Interestingly, 71% of small companies outsource their tax preparation—this is an accounting service outsourced the most. [3]
  • By their own admission, just over 60% of small business owners aren’t very knowledgeable when it comes to the finance and accounting aspect of their business. [3]
  • What’s more, the accounting industry overview shows 36% of small companies have timeline issues, 32% don’t get enough guidance, 29% feel their accountants don’t provide advice, and 23.6% feel their accountants don’t educate them. [3]
  • According to accounting labor statistics, more than 70,000 people who live or work in the UK publicly display that they’re employed in accounts payable. [3]
  • An organization typically loses around 5% of revenues every year, accounting fraud statistics show. [3]
  • just the tip of the iceberg as 40% of cases aren’t even publicly reported. [3]
  • There are currently 1.69 million accounting positions filled, with an expected 4% growth in demand for accountants during a ten. [3]
  • Caucasians make up the bulk of accountants, with a whopping 74.8% of accountants falling into this ethnicity. [3]
  • Second up are black people, who represent 12.1% of accountants, and 4.9% of accountants identify as Asian. [3]
  • Technology literacy (57%), relationship building (46%), business advisory (44%), experience in a specific industry (43%), and project management (36%). [3]
  • Accounting firms are in high demand for these services 79% accounting and bookkeeping, 25% payroll, 24% tax, 20% compliance, 17% business advisory, 15% assurance and audit, and 5% act as outsourced CFOs. [3]
  • Accounting automation statistics are quick to point out that 29% of automated technology is applied to and in the accounting industry. [3]
  • Additionally, the latest reporting shows that 50% of all accounting tasks can be done through the technologies available today. [3]
  • By the end of 2026, it is expected to reach $19.59 billion with a CAGR of 8.5% from 2021 to 2026. [4]
  • Other drivers include regulations (16%), ongoing digitization (15%), generational changes (13%), Client demands (13%), and investments to keep pace (12%). [4]
  • 82% of accountants say clients are more demanding today in terms of wider services offering. [4]
  • 91% of accountants say that accounting technology has increased their productivity. [4]
  • Interestingly, only 38% of accountants believe that today’s accountancy training programs will be relevant enough to sustain a successful practice by 2030. [4]
  • Recent data shows that accountants are actively training or considering to upskill in other areas, such as client management and business advisory services (63% of respondents), business management (59%), and project management (56%). [4]
  • In a bid to build practices that are ready for the next decade, 74% of accountants have reviewed their business practices in the last year. [4]
  • Some of the top services undertaken by accounting firms include accounting/bookkeeping (79%), payroll (25%), tax (24%), compliance (20%), business advisory (17%), assurance/audit (15%), and outsourced CFO (5%). [4]
  • The highest full time accounting positions in small businesses are CFO (30%), general bookkeeper (21%), accounting manager (19%), controller (12%), and staff accountant (4%). [4]
  • Surprisingly, only 26% of small businesses understand how ghost assets impact their accounting books and taxes. [4]
  • A recent survey by SJD Accountancy found that 72% of self employed contractors handle their accounting tasks without seeking assistance from a professional. [4]
  • Consequently, the remaining 28% get some assistance from general accountancy firms (18%), specialist accountants (7%), family & friends (2%), and another person (1%). [4]
  • Besides, 35% of self employed contractors say making mistakes when doing their accounts is the most stressful thing. [4]
  • Other worries include how long it takes to complete (15%), the complexity of the process (13%), and being slapped with financial penalties (5%). [4]
  • 90% of accountants say that cloud accounting and digital business processes can be the key differentiator among companies in the near future. [4]
  • 67% of accounting professionals prefer cloud accounting. [4]
  • 58% of large companies utilize cloud accounting in their operations. [4]
  • SMBs represent 90% of businesses globally ; however, only a small fraction of SMB owners are equipped to perform accounting on their own. [4]
  • 21% of SMB owners feel that they are not knowledgeable enough about accounting and finance. [4]
  • SMBs outsource the following accounting tasks tax preparation (71%), payroll (50%), auditing (48%), tax planning (30%), personal finances (16%), and bookkeeping (14%). [4]
  • 30% of SMBs regard their accountants as their most trusted advisors. [4]
  • Companies with less than 25 employees feel that their accountants are more reactive than proactive (41%). [4]
  • 81% of C level accounting executives believe that harmonization of business standards with global accounting will certainly impact the accounting industry in the next three to ten years. [4]
  • 74% of Clevel accounting executives are certain that the emergence of the cashless society will have the greatest long term effect after 2025. [4]
  • Interestingly, 56% of firms in the UK believe that accountants will help them accomplish tasks outsides the field of accountancy in the future. [4]
  • Moreover, 59% of small businesses in the UK believe they won’t need to hire an accountant in 10 years’ time. [4]
  • 79% of accountants are confident in providing general business management advice to their clients. [4]
  • Also, 82% of accountants are considering hiring from a nontraditional background. [4]
  • Technology literacy (57%), relationship building (46%), business advisory (44%), industry experience outside accountancy (43%), and project management (36%). [4]
  • 67% of small businesses are satisfied with their accounting services. [4]
  • Also, in 2017, 39% of accounts payable teams said that the volume of their invoices increased by up to 10% from the previous year. [4]
  • Approximately 42% of businesses/clients expect their accountants to offer business advice. [4]
  • 40% of accountants say they feel less confident about the prospects for their practices. [4]
  • More than 50% of C level accounting executives expect that the development of more sophisticated automated accounting systems will have a big impact on the industry in the next three years. [4]
  • 50% of accounting tasks can be automated through currently available technologies. [4]
  • 37% of business owners think that they can complete more accounting tasks on their own as processes become automated. [4]
  • Most importantly, 83% of accountants in the UK’s small businesses say that understanding technology is as vital to their roles as understanding accountancy. [4]
  • Only 17% of small businesses use asset management solutions that allow auditing. [4]
  • A survey by Viewpost reveals that only 21% of small and midsized businesses in the US have integrated their accounting system with payments and invoicing products. [4]
  • However, only 11% of the upgraders are from Sage 50. [4]
  • QuickBooks Pro (9%), QuickBooks Online (5%), QuickBooks Enterprise (4%), and QuickBooks Premier (3%). [4]
  • Also, 39% of accountants say they are early adopters of technology. [4]
  • The top reasons why accountants adopt new technology include to increase efficiency (64%), improve the quality of service (44%), and attract new clients (42%). [4]
  • 80% of executives believe that AI in accountancy gives them a competitive advantage. [4]
  • 79% of business owners say that accounting AI is the key to increasing their company’s productivity. [4]
  • 66% of accountants say they are more than willing to invest in artificial intelligence, while 55% are already planning on using it. [4]
  • 58% of accountants believe that AI is helpful in automating accounting tasks and improving overall operational efficiency. [4]
  • 58% of accountants ‘strongly agree’ or ‘agree’ that artificial intelligence will automate tasks and improve their firms. [4]
  • Moreover, 20% of accountants are currently investing in and utilizing artificial intelligence , and another 20% state that they are planning to invest in in the next 12 months. [4]
  • 52% of senior executives report that they discounted data they didn’t understand. [4]
  • 25% of accounting professionals lack the skills or expertise to make greater use of data. [4]
  • Also, 59% of finance and accounting professionals say that by 2020, data science and analytics skills will be required in the industry. [4]
  • 75% of C level accounting executives believe data mining and new analytical technologies will impact the accounting industry. [4]
  • Meanwhile, 21% of accountants are currently adopting advanced and predictive analytics leveraging Big Data and 23% are planning to invest in this technology within the year. [4]
  • The top accounting challenges facing SMBs are accounts receivables/collections (51%), cash flow (44%), paperwork (33%), closing the books monthly (28%), and payroll management (27%). [4]
  • 66% of companies in the United Kingdom are at risk due to the mismanagement of accounting paperwork. [4]
  • 64% of small businesses in the US spend $1,000 annually on tax preparation. [4]
  • 26% of US companies take up to 10 hours per year to handle tax related duties, while 40% claim it can add up to 40 hours per year. [4]
  • Also, 69% of CFOs rely on spreadsheets to build reports. [4]
  • 36% of small accounting firms agree that keeping up with regulatory change is their biggest issue. [4]
  • 47% of large firms’ biggest challenge is recruiting and retaining their best employees. [4]
  • 36% of accounting firms confirm that pandemic related issues are their biggest challenge with more than 50% of them being midsized firms. [4]
  • 67% of the firms started offering Corona virus related services in 2020. [4]
  • 60% of large firms plan to invest more in technology in 2021 while 41% of small firms and 38% of midsized firms plan to do the same. [4]
  • 89% of small firms have staff who work 100% remotely. [4]
  • 26% of large firms plan to increase the number of their remote staff in 2021. [4]
  • Small firms (6%) and midsized firms (13%). [4]
  • 12% of accounting firms are planning to add Coronavirus related services in 2021. [4]
  • 66% of Businesses at Risk Due to Paperwork Storage. [4]
  • We can automate 49% of accounting tasks. [2]
  • 15% of the FBI employees are accountants. [2]
  • Some other industries with good prospects to flourish over the next decade include technology, media, real estate, energy, and transportation, according to the Bureau of Labor Statistics data, analyzed by Fundera in 2018. [2]
  • You are probably aware that around 90% of startups fail. [2]
  • Said categories are Lack of money for further development (34%). [2]
  • Frauds are in general most commonly detected by tips, with the leading 42.2%. [2]
  • Those tips besides the employees come from customers, the percentage being 21.6. [2]
  • The other two were a lack of management review and an override of existing internal controls with 20% and 18.9%. [2]
  • Small business accounting statistics, however, also show that 88% of small business owners are very, or somewhat satisfied with their accountant’s services. [2]
  • Using the technology that we have, 49% of tasks in accounting are or can be fully automated. [2]
  • We are not, since, in Accounting Today, you can also find out that 58% of large companies are relying on the cloud. [2]
  • How could it then be that accountant statistics show 69% of CFOs still rely on traditional methods?. [2]
  • Only 14% of paper invoices are processed on the day of their arrival. [2]
  • The projected value for 2026 is $20.4 billion, meaning the compound annual growth rate stands at 8.02%. [2]
  • Second is QuickBooks Self Employed (16%), closely followed by QuickBooks Desktop (15%). [2]
  • Those accounting behemoths are in charge of over 80% of audits in the US. [2]
  • 2020 show results of 55%, while the rest of 56%. [2]
  • Circa 15% of the FBI employees are accountants. [2]
  • Did you know that of all the FBI staff, 15 percent are accountants?. [2]
  • Then, looking at how much individuals make, the average base salary for a CPA in the country ranges between C$44,000 and C$100,000, according to accounting statistics for Canada. [2]
  • The overall percentage of women studying accounting worldwide was 49% in 2018, up from 48% in 2014. [9]
  • As of the 2016 Canadian Census, women were 50.3% of all auditors, accountants, and investment professionals. [9]
  • 63.2% Germany 66.8% Ireland 58.4% Italy 60.2% Norway 57.0% Spain 57.7% Sweden 56.3% Switzerland 54.0% United Kingdom 57.0%. [9]
  • Among the UK’s largest accounting firms, which include the Big Four, women were 42% of managers but only 17% of partners. [9]
  • Bachelor’s Master’s Black women 4.2% 4.2% Asian women 4.7% 4.8% Latinas 6.9% 5.1% White women 29.3% 24.4%. [9]
  • Women Women are 61.7% of all accountants and auditors in the United States. [9]
  • Women are 50% of all full time staff at CPA firms, but make up just 27% of partners and principals. [9]
  • The percentage of women on management committees is growing 33% in 2019 compared to 19% in 2014. [9]
  • Women make up nearly half of directors (41%) and senior managers (44%). [9]
  • Few Women Lead Audits at Major Accounting Firms As of 2018, only 15% of lead engagement partners auditing S&P 500 companies were women. [9]
  • In the same year, none of the Big Four accounting firms exceeded 21% in the share of women lead engagement partners assigned to audit S&P 500 companies. [9]
  • In US CPA firms, women are only 23% of partners, yet 42% of CPAs in Accounting/finance functions and 47% of professional staff in accounting/finance functions. [9]
  • Among firms with 100 or more CPAs, women make up 16% of Executive Committees 45% of Directors 45% of Senior Managers Women of Color Are Especially Underrepresented in Accounting. [9]
  • In 2018, 71% of all professional staff at CPA firms were white. [9]
  • Asian/Pacific Islander professionals at CPA firms had a higher representation (17%) than Black (4%) and Latinx (6%). [9]
  • People of color made up close to half of graduates with accounting degrees (41% of Bachelor’s degrees and 46% of Master’s degrees). [9]
  • The representation of women of color employed among accountants and auditors in 2019 Black women 5.5% Asian women 8.0% Latinas 5.3%. [9]
  • Of the firms surveyed, 94% offer modified work arrangements , with the most popular MWA being flextime (82%). [9]
  • In firms with 100 or more CPAs, partners who are men are more likely to use MWAs than partners who are women. [9]
  • 84% of firms said telecommuting and 83% said flexible schedules helped with employee retention. [9]
  • 56% of firms said that both telecommuting and flexible schedules helped attract employees. [9]
  • More than a third (39%). [9]
  • Many CPA firms evaluate pay equity by department (64%) and region/office (52%). [9]
  • While 60.4% of the 1,219,000 accounting, tax preparation, bookkeeping and payroll services professionals employed in the U.S. in 2019 were women, 79.7% of the employee base was white. [10]
  • A study on the 2017 18 academic year noted while women earned 52.8% of the bachelor’s degrees and 55.7% of the master’s degrees, white women earned 29.3% of the bachelor’s degrees and 24.4% of the master’s degrees. [10]
  • Black, Asian and Latina women all earned less than 7% of bachelor’s degrees, and less than 6% of the master’s degrees. [10]
  • According to the 2019 Accounting MOVE Project, 53% of managers and 50% of supervisors/seniors staff are women, yet women only occupy 33% of management committees. [10]
  • as 90% of millennial and Generation X job seekers say that a company’s commitment to workplace diversity affects their decision to work there. [10]
  • Furthermore, employees working for organizations with high levels of diversity are 7% more likely to stay with their employers than employees working for organizations with low diversity levels. [10]
  • A Boston Consulting Group survey shows that companies with more diverse leadership teams report 19% higher innovation revenue when compared to companies with below. [10]
  • Studies indicate that the diversity of thinking stemming from diversity in accounting can enhance innovation by roughly 20% and reduce risk by around 30%. [10]
  • Other studies show the decisions coming from diverse teams deliver 60% better results. [10]
  • Breaking this down further reveals mixed gender groups make better decisions 73% of the time, and teams consisting of a broad spectrum of ages and different geographic locations make better business decisions 87% of the time. [10]
  • By contrast, all male groups make better decisions just 58% of the time. [10]
  • McKinsey reports companies in the top 25% for executive gender diversity are 21% more likely to experience above average profitability compared to those in the bottom 25%. [10]
  • The report also notes companies with ethnically diverse leadership are 33% more likely to be more profitable than their peers. [10]
  • whose names “sound” Black are 14% less likely to get a call than candidates with whose names “sound” white. [10]
  • According to Market Watch, diversity training accounts for about $8 million in yearly spending for U.S. companies. [10]
  • , Why Sephora’s Hour Long Diversity Training May Have Been a Waste of Time McKinsey & Company, Delivering Through Diversity MOVE Project, 2019 Accounting MOVE Project Report PR Newswire, Over 86% of Job Seekers. [10]
  • 90% of accountants worldwide believe there has been a cultural shift in accountancy. [8]
  • According to the Accounting Today 2024 Year Ahead Survey , 51% of firms said their biggest challenge is keeping up with regulatory change. [8]
  • More than 50% of surveyed firms have struggled to keep up with legislative changes. [8]
  • Despite these challenges, 36% of small firms and 45% of large firms reported this year’s tax season was somewhat or much better than last year. [8]
  • 62% agree that today’s accountancy training program will not be enough to run a successful practice by 2030. [8]
  • 82% of accountants said they are considering recruiting from a non. [8]
  • 51% believe accountants joining the profession today need financial business advisory skills such as cash flow and growth modelling. [8]
  • 57% said technology literacy is the leading additional skill accountants need. [8]
  • More than one third (36%). [8]
  • 41% of accounting and finance professionals said that solving problems gives them the most satisfaction in their careers. [8]
  • More than 60% of large firms report technology is helping with staff engagement and morale two factors critical to retaining staff. [8]
  • 30% of firms say they’re actively seeking to diversify their workforce. [8]
  • 40% of new staff join a practice over its competitors because of its reputation. [8]
  • According to Indeed , the average salary of an accountant is $55,459 per year, while the average salary of a designated CPA is $65,289 per year. [8]
  • On average, accountants and auditors earned a median annual wage of $73,560 as of May 2020, according to the U.S. Bureau of Labor Statistics report. [8]
  • 43% of firms are making moves to downgrade their brick and mortar presence and or transition to a virtual. [8]
  • Around 70% of small businesses don’t have an accountant, and more than half of those businesses rely entirely on their owner or manager to handle their finances. [8]
  • 23% of small businesses said they would likely switch accountants within the following year. [8]
  • 49% said when they decide to look for an accountant, recommendations from other professional advisors are the most critical resource for small business owners. [8]
  • 50% of millennials are looking to replace their accountant. [8]
  • 39% of millennials are seeking an advisor that’s “enjoyable to work with.”. [8]
  • According to Sage Practice of Now 2020 report, 87% agree that clients expect more flexibility and better service levels from accountants, without an increase in their rates. [8]
  • Only 61% of small businesses are satisfied with the breadth of services their accountant offers. [8]
  • 82% of accounting firms report that clients expect more services and resources from accountants today than they did five years ago . [8]
  • 79% of firms surveyed are confident about providing business management and advisory services like cash flow management to business owners. [8]
  • 75% are confident about providing industry specific advice for clients such as standard profit margin for small business owners. [8]
  • 73% are confident providing technology implementation recommendations like AI and accounting automation. [8]
  • A recent study found that 45% intend to automate repetitive, time consuming accounting tasks, such as data entry. [8]
  • 58% of accounting professionals are expected to be automating accounting tasks using artificial intelligence solutions within the next 3 years. [8]
  • 58% said updating technology has improved efficiency and productivity vital for creating space for adding service offerings clients demand. [8]
  • 91% said technology allows them to focus on their clients or simply be more productive . [8]
  • This year, 90% of small firms and 94% of large firms are looking to technology to help achieve an improved tax season. [8]
  • Nearly 40% of all firms said they were either innovators or early adopters of technology. [8]
  • Only 7% of small firms and 2% of large firms believe they are 100% maximizing the value of their current technology. [8]
  • Accounting Today 2024 Year Ahead Survey , the tech budgets for small and midsized firms rose by roughly 2% from last year, but the budget spent on tech at large firms actually decreased by 1.6%. [8]
  • Large firms are much more likely to expect to spend more on tech in 2024, versus small firms. [8]
  • 67% of accountants prefer cloud accounting and believe that cloud technology makes their businesses more successful. [8]
  • 53% of them have already adopted cloud based practice management solutions for project management and communication with clients . [8]
  • $51,607 Median Salary $68,517 With CPA $16,910 / 25% There is a $16,910 or 25% increase in salary with a CPA. [11]
  • 7% Hiring at public accounting firms jumped 4% in 2020. [11]
  • 91% of all accounting firms expect to hire accounting graduates in the coming year. [11]
  • 68% of surveyed CFOs said it’s challenging to find qualified candidates. [11]
  • Most In Demand Credential, Above MBA 5.7% Industry unemployment rate. [11]
  • With a resounding 82 percent of all businesses failing due to poor or negative cash flow management, it’s good to know that there are helpful ways to improve your accounting. [1]
  • Coincidentally, small businesses account for 99.7 percent of all businesses. [1]
  • 70 percent of small business accountants see their advisory roles becoming more strategic. [1]
  • 58 percent of small businesses don’t expect to meet with their accountants faceto. [1]
  • 58 percent of large companies use cloud accounting. [1]
  • Companies that exclusively use cloud accounting add five times the number of clients than companies that do not exclusively use cloud accounting Companies that use 100 percent cloudbased accounting saw a 15 percent yearover. [1]
  • Cloud computing reduces labor costs by 50 percent. [1]
  • By 2020, 78 percent of small businesses will rely solely on cloud technology. [1]
  • Relevant accounts payable statistics include 39 percent of AP professionals reported that their total invoices have seen an increase of as much as 10 percent over the past year. [1]
  • A study by the American Institute of CPAs found that 92 percent of CPAs said they are not future ready. [1]
  • 83 percent of accountants say clients demand more from them today than they did five years ago 67 percent of accountants feel that the profession is more competitive than ever. [1]
  • All four sections must be passed within an 18 month period with a score of 75% or higher. [12]
  • Qtr Qtr Pass Rates 1 47.97%. [12]
  • 2 65.29% 3 56.89% 4 47.50% Average 52.84% Memorize the Audit Opinion – “Cheat Sheet” for entire section. [12]
  • Qtr Qtr Pass Rates 1 61.76% 2 76.92% 3 69.89% 4 60.77% Average 65.56% Shortest test, 72 questions altogether. [12]
  • Qtr Qtr Pass Rates 1 46.37% 2 62.86% 3 55.67% 4 43.53% Average 49.98% Statistically the hardest section to pass Schedule extra study time. [12]
  • 1 55.42% 2 75.97% 3 66.12% 4 58.00%. [12]
  • Average 62.29% Taxation questions comprise over 60% of questions 3. [12]
  • good for building confidence CPA Exam Tips Review Course – 100% recommended to prepare for exam. [12]
  • Also, you should know that 75% of modern accounting tasks can be accomplished through automation. [5]
  • Almost 90% of the accountant believes that a cultural shift in the Accounting industry is leading to technological changes. [5]
  • 60% of companies aren’t happy about their current Accounting & Finance process. [5]
  • To satisfy client needs, more than 58% of accounting firm invests in accounting solutions. [5]
  • 69% of CFOs are using spreadsheets to generate financial reports. [5]
  • You may know that more than 90% of world businesses are small businesses. [5]
  • 21% of small business owners think that they don’t have sufficient knowledge about their companies accounting and finance. [5]
  • 30% of SMBs believe their accountants are their best advisors. [5]
  • 70% of small business accountants see their advisory roles becoming more strategic. [5]
  • 58% of SMBs don’t expect to meet with their respective accountants faceto. [5]
  • 74% of Clevel accounting executives are certain that the emergence of the cashless society will have the greatest long term effect after 2025. [5]
  • More than 42% of SMBs expect their accountants to offer business advice. [5]
  • Most of the small businesses outsource their tax preparation (71%), payroll (50%), auditing (48%), tax planning (30%), personal finances (16%), and bookkeeping (14%). [5]
  • Bestin class enterprises are processing a single invoice 71 percent faster than all others. [5]
  • Only 14% of paper invoices are inputted on the same day they are received. [5]
  • Companies that are using cloud based accounting can generate 15% of more in revenue. [5]
  • However, 67% of companies today want to shift theiraccounting processinto the cloud. [5]
  • 50% of the accounting executives believe that automation will have a great impact on the accounting business over the next 30 years. [5]
  • 80% of professionals believe that AI in accountancy gets them to advantage while maintaining their cash flow, payroll, and tax management. [5]
  • However, a survey revealed 21% of small and midsized businesses in the US have applied accounting system with payments and invoicing products. [5]
  • Furthermore, 55% of accountants plan to apply artificial intelligence in the next 3 years. [5]
  • The most intriguing accounting challenges of SMBs are accounts receivables/collections (51%), cash flow (44%), paperwork (33%), closing the books monthly (28%). [5]
  • It needs almost 10 hours for 26% of US companies to handle tax. [5]
  • On the other hand, 40% of businesses claim that they can add up to 40 hours every year. [5]
  • 52% of business feels they are paying too much in taxes. [5]
  • 61% of small business owners are fully satisfied with services provided by their accountant. [6]
  • 51% of accountants believe that tech skills will be the most important part of their profession in the next 5 to 10 years. [6]
  • The CPA exam pass rate in Q1 2021 ranged from 46.64% to 59.29%. [6]
  • 62.6% of all accountants in the US are women. [6]
  • Based on the May 2020 data, 10% of workers in accounting earned over $128,680 per year. [6]
  • In contrast, 10% of the employed earned less than $45,220 per year. [6]
  • 24% of all auditors and accountants work in these fields. [6]
  • Others are far less numerous finance and insurance (9%), government (8%), and management of companies and enterprises (7%). [6]
  • At the same time, 7% of auditors and accountants are self. [6]
  • Most accountants work in the office (91%). [6]
  • Accounting stats also show us that 30% of owners have an employee who takes care of the necessary finance and accounting issues. [6]
  • 17% use external and internal accountants, and 13% use the help of external accountants only. [6]
  • 18% do it once a month, and 23% talk with their accountant once a quarter. [6]
  • On the other hand, 11% of managers and business owners consult their accountant only once or twice a year for certain questions, or during tax season. [6]
  • Yet, over 25% of them agree it is the accountant’s responsibility to help them with tax filing and support, business consulting, payroll, picking a business entity, accounts payable and receivable, payroll, and cash flow. [6]
  • 43% of work positions are associated with auditors and accountants. [6]
  • Bookkeeping, accounting, and auditing clerks hold the second largest share of positions in the accounting sector at 10.3%. [6]
  • In comparison, tax preparers make 6.62% of employers. [6]
  • According to recent bookkeeping statistics, the number of employees has been declining at a rate of 2.18%, dropping from 998,000 in 2019 to 741,000 in 2020. [6]
  • Likewise, 43% of accountants claim that technology implementation in their profession made them more productive, and 40% plan to invest in predictive analytic capabilities. [6]
  • Another report indicates that 87% of the surveyed companies confirmed that leveraging a cloud based infrastructure helped speed up the accounting processes. [6]
  • Furthermore, accounting facts show 22% of the surveyed strongly agree that AI will improve their companies, while a mere 4% strongly disagree with this statement. [6]
  • Today, 88% of Americans absolutely agree tax evasion is not acceptable. [6]
  • Roughly speaking, accountants make up 0.38% of the US population. [6]
  • What’s more, it’s expected that the demand for auditors and accountants will grow by 4% between 2019 and 2029. [6]
  • Over half of accountants (51%). [6]

I know you want to use Accounting Firms, thus we made this list of best Accounting Firms. We also wrote about how to learn Accounting Firms and how to install Accounting Firms. Recently we wrote how to uninstall Accounting Firms for newbie users. Don’t forgot to check latest Accounting Firmsstatistics of 2024.

Reference


  1. balancingeverything – https://balancingeverything.com/accounting-statistics/.
  2. g2 – https://learn.g2.com/accounting-statistics.
  3. 99firms – https://99firms.com/blog/accounting-stats/.
  4. goremotely – https://goremotely.net/blog/accounting-statistics/.
  5. financesonline – https://financesonline.com/accounting-statistics-analysis-of-trends-data-and-market-share/.
  6. wperp – https://wperp.com/76583/latest-accounting-statistics-for-you/.
  7. capitalcounselor – https://capitalcounselor.com/accounting-statistics/.
  8. introhive – https://www.introhive.com/blog/13-statistics-show-big-changes-future-accounting-firms/.
  9. contentsnare – https://contentsnare.com/accounting-statistics/.
  10. catalyst – https://www.catalyst.org/research/women-in-accounting/.
  11. und – https://onlinedegrees.und.edu/blog/diversity-in-accounting/.
  12. scranton – https://elearning.scranton.edu/resources/infographic/cpa-worth-it-statistics/.
  13. scranton – https://elearning.scranton.edu/resources/infographic/cpa-exam-statistics/.

How Useful is Accounting Firms

One of the primary roles of accounting firms is to help businesses maintain accurate and up-to-date financial records. This is essential for monitoring the health and performance of a company, as well as for meeting legal and regulatory requirements. Without proper financial records, businesses would struggle to make informed decisions, secure funding, or accurately report their financial results to stakeholders.

Furthermore, accounting firms play a key role in helping businesses manage their cash flow and budget effectively. By analyzing a company’s financial data, accountants can identify areas of wastage or inefficiency, as well as opportunities for growth and improvement. This insight is invaluable for business owners, helping them make strategic decisions that drive profitability and success.

In addition to financial record-keeping and budgeting, accounting firms also provide vital assurance services. These services help businesses demonstrate the accuracy and reliability of their financial statements to outside parties, such as investors, lenders, and regulators. This credibility is crucial for maintaining trust and confidence in a company, especially in today’s highly competitive and fast-paced business environment.

Another essential service provided by accounting firms is tax preparation and planning. Navigating the complex and constantly changing landscape of tax laws and regulations can be daunting for businesses, but accountants have the expertise and experience to help minimize tax liabilities and maximize tax savings. This can result in significant cost savings for businesses and ensure compliance with all relevant tax laws.

Moreover, accounting firms offer valuable advisory services that go beyond traditional financial reporting and compliance. Accountants can provide strategic guidance on business structure, profitability analysis, mergers and acquisitions, and other key areas of corporate decision-making. This kind of expert advice can help businesses adapt to changing market conditions, seize new opportunities, and overcome challenges that may arise.

Overall, accounting firms are a vital resource for businesses seeking to thrive and grow in today’s competitive marketplace. From managing financial records to providing expert advice on strategic decisions, accountants play a crucial role in helping businesses achieve their goals and secure long-term success. While some may perceive accounting firms as just another expense, the reality is that their services are an investment in the future of a business, paying dividends in the form of enhanced performance, financial stability, and competitive advantage.

In Conclusion

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