Accounting Statistics 2024 - Everything You Need to Know

Are you looking to add Accounting 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 statistics of 2024.

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

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

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

On this page, you’ll learn about the following:

Best Accounting Statistics

Best Accounting Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 274 Accounting Statistics on this page 🙂

Accounting 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 Market Statistics

By 2026, the global market for accounting software will be valued at close to $12 billion, which means it’s growing at an expansion rate of 8.6% every year. ^[2]
Also, 21% of accountants believe that market demands are driving the cultural shift in accountancy. ^[3]
83% of accountants agree that investing in the latest technologies and digitalization is necessary to keep up with the market. ^[3]
83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. ^[3]
According to FinanceOnline, by the end of 2024, the worldwide cloud market is expecting to reach 4.25 billion. ^[4]
According toVerified Market Reports, The Cloud Accounting Software market will reach an estimated valuation of US$ 4320 million in 2024. ^[5]
According toFlexi, the global market size for cloud accounting was $2.62 billion, and by the end of 2024, it is estimated to be $4.25 billion. ^[5]
According toAccounting Today, the value of the accounting software global market will be $11.8 billion in the next 8 years. ^[5]

Accounting 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]
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. ^[2]
The US accounting services statistics show that almost 75% of accounting tasks can be automated by using the software. ^[2]
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. ^[2]
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%). ^[2]
In comparison, the next most well known accounting software brand is familiar to only 25% of business owners. ^[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]
78% of SMBs will rely exclusively on cloud accounting software by 2020. ^[3]
Large businesses are 41% less likely to buy cloud based accounting software than small businesses. ^[3]
Also, 20.4% of businesses want cloud. ^[3]
On the other hand, 19.7% of businesses want on. ^[3]
82% of small businesses use some form of accounting software, be it onpremise or cloud. ^[3]
64.4% of small and midsized businesses in the United States used software to streamline their accounting. ^[3]
Of companies buying accounting software, 37% are first. ^[3]
Of companies upgrading their accounting software, 35% are coming from Intuit QuickBooks. ^[3]
Furthermore, more than 20% of businesses require accounting software that can handle tasks beyond core accounting. ^[3]
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%). ^[3]
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%). ^[3]
More than 64% of SMBs are using accounting software. ^[4]
Therefore, 58% of big organizations are already using cloud accounting software. ^[4]
More than 90% of accountants said that using cloud base accounting software brings a big difference in their business process. ^[4]
67% of accounting professionals love to apply cloud accounting software in their business. ^[4]
Well, more than 21% of businesses want cloudbased accounting software while almost 20% of companies like to go for an on. ^[4]
As reported byPCMag, US Business of Bureau Index, 20% of Small Business Enterprises without accounting software, struggle to last in their 1st year. ^[5]
According toStatistia, the percentage of small business owners using accounting software is 64.4%. ^[5]
According toAccounting Today, the value of the accounting software global market will be $11.8 billion in the next 8 years. ^[5]

Accounting Adoption Statistics

The public cloud accounting adoption rate is 91%, while the private one is 72%. ^[2]
90% of accountants feel that there is a cultural shift in accountancy that leans toward technological adoption. ^[3]
41% of C level accounting executives said the adoption of cloud computing would have the biggest impact in the next three to ten years. ^[3]
83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. ^[3]

Accounting 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]
Technology poses the threat of replacing 94% of accountants and auditors. ^[2]
37% of accounting personnel will work remotely in the US in 2021. ^[2]
94% of accountants have adopted cloud accounting. ^[2]
60% of small business owners feel they aren’t knowledgeable when it comes to accounting. ^[2]
A 4% job growth is projected in the period of 2019–2029. ^[2]
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. ^[2]
So who handles the remaining 75% of tasks?. ^[2]
Well, a whopping 72% of self employed people do their accounting. ^[2]
Additionally, 2% ask family and friends for help, and 1% seek the assistance of a mysterious “other person.”. ^[2]
This brings the percentage of accountants with CPA to 46.3% of all in the workforce. ^[2]
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. ^[2]
Globally, almost one third (31%). ^[2]
Research also shows that using cloud computing for your accounting can reduce costs for a business by up to 50%. ^[2]
Small to medium businesses make up 99% of global companies. ^[2]
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. ^[2]
Interestingly, 71% of small companies outsource their tax preparation—this is an accounting service outsourced the most. ^[2]
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. ^[2]
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. ^[2]
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. ^[2]
An organization typically loses around 5% of revenues every year, accounting fraud statistics show. ^[2]
just the tip of the iceberg as 40% of cases aren’t even publicly reported. ^[2]
There are currently 1.69 million accounting positions filled, with an expected 4% growth in demand for accountants during a ten. ^[2]
Caucasians make up the bulk of accountants, with a whopping 74.8% of accountants falling into this ethnicity. ^[2]
Second up are black people, who represent 12.1% of accountants, and 4.9% of accountants identify as Asian. ^[2]
Technology literacy (57%), relationship building (46%), business advisory (44%), experience in a specific industry (43%), and project management (36%). ^[2]
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. ^[2]
Accounting automation statistics are quick to point out that 29% of automated technology is applied to and in the accounting industry. ^[2]
Additionally, the latest reporting shows that 50% of all accounting tasks can be done through the technologies available today. ^[2]
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]
By the end of 2026, it is expected to reach $19.59 billion with a CAGR of 8.5% from 2021 to 2026. ^[3]
Other drivers include regulations (16%), ongoing digitization (15%), generational changes (13%), Client demands (13%), and investments to keep pace (12%). ^[3]
82% of accountants say clients are more demanding today in terms of wider services offering. ^[3]
91% of accountants say that accounting technology has increased their productivity. ^[3]
Interestingly, only 38% of accountants believe that today’s accountancy training programs will be relevant enough to sustain a successful practice by 2030. ^[3]
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%). ^[3]
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. ^[3]
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%). ^[3]
The highest full time accounting positions in small businesses are CFO (30%), general bookkeeper (21%), accounting manager (19%), controller (12%), and staff accountant (4%). ^[3]
Surprisingly, only 26% of small businesses understand how ghost assets impact their accounting books and taxes. ^[3]
A recent survey by SJD Accountancy found that 72% of self employed contractors handle their accounting tasks without seeking assistance from a professional. ^[3]
Consequently, the remaining 28% get some assistance from general accountancy firms (18%), specialist accountants (7%), family & friends (2%), and another person (1%). ^[3]
Besides, 35% of self employed contractors say making mistakes when doing their accounts is the most stressful thing. ^[3]
Other worries include how long it takes to complete (15%), the complexity of the process (13%), and being slapped with financial penalties (5%). ^[3]
90% of accountants say that cloud accounting and digital business processes can be the key differentiator among companies in the near future. ^[3]
67% of accounting professionals prefer cloud accounting. ^[3]
58% of large companies utilize cloud accounting in their operations. ^[3]
SMBs represent 90% of businesses globally ; however, only a small fraction of SMB owners are equipped to perform accounting on their own. ^[3]
21% of SMB owners feel that they are not knowledgeable enough about accounting and finance. ^[3]
SMBs outsource the following accounting tasks tax preparation (71%), payroll (50%), auditing (48%), tax planning (30%), personal finances (16%), and bookkeeping (14%). ^[3]
30% of SMBs regard their accountants as their most trusted advisors. ^[3]
Companies with less than 25 employees feel that their accountants are more reactive than proactive (41%). ^[3]
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. ^[3]
74% of Clevel accounting executives are certain that the emergence of the cashless society will have the greatest long term effect after 2025. ^[3]
Interestingly, 56% of firms in the UK believe that accountants will help them accomplish tasks outsides the field of accountancy in the future. ^[3]
Moreover, 59% of small businesses in the UK believe they won’t need to hire an accountant in 10 years’ time. ^[3]
79% of accountants are confident in providing general business management advice to their clients. ^[3]
Also, 82% of accountants are considering hiring from a nontraditional background. ^[3]
Technology literacy (57%), relationship building (46%), business advisory (44%), industry experience outside accountancy (43%), and project management (36%). ^[3]
67% of small businesses are satisfied with their accounting services. ^[3]
Also, in 2017, 39% of accounts payable teams said that the volume of their invoices increased by up to 10% from the previous year. ^[3]
Approximately 42% of businesses/clients expect their accountants to offer business advice. ^[3]
40% of accountants say they feel less confident about the prospects for their practices. ^[3]
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. ^[3]
50% of accounting tasks can be automated through currently available technologies. ^[3]
37% of business owners think that they can complete more accounting tasks on their own as processes become automated. ^[3]
Most importantly, 83% of accountants in the UK’s small businesses say that understanding technology is as vital to their roles as understanding accountancy. ^[3]
Only 17% of small businesses use asset management solutions that allow auditing. ^[3]
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. ^[3]
However, only 11% of the upgraders are from Sage 50. ^[3]
QuickBooks Pro (9%), QuickBooks Online (5%), QuickBooks Enterprise (4%), and QuickBooks Premier (3%). ^[3]
Also, 39% of accountants say they are early adopters of technology. ^[3]
The top reasons why accountants adopt new technology include to increase efficiency (64%), improve the quality of service (44%), and attract new clients (42%). ^[3]
80% of executives believe that AI in accountancy gives them a competitive advantage. ^[3]
79% of business owners say that accounting AI is the key to increasing their company’s productivity. ^[3]
66% of accountants say they are more than willing to invest in artificial intelligence, while 55% are already planning on using it. ^[3]
58% of accountants believe that AI is helpful in automating accounting tasks and improving overall operational efficiency. ^[3]
58% of accountants ‘strongly agree’ or ‘agree’ that artificial intelligence will automate tasks and improve their firms. ^[3]
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. ^[3]
52% of senior executives report that they discounted data they didn’t understand. ^[3]
25% of accounting professionals lack the skills or expertise to make greater use of data. ^[3]
Also, 59% of finance and accounting professionals say that by 2020, data science and analytics skills will be required in the industry. ^[3]
75% of C level accounting executives believe data mining and new analytical technologies will impact the accounting industry. ^[3]
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. ^[3]
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%). ^[3]
66% of companies in the United Kingdom are at risk due to the mismanagement of accounting paperwork. ^[3]
64% of small businesses in the US spend $1,000 annually on tax preparation. ^[3]
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. ^[3]
Also, 69% of CFOs rely on spreadsheets to build reports. ^[3]
36% of small accounting firms agree that keeping up with regulatory change is their biggest issue. ^[3]
47% of large firms’ biggest challenge is recruiting and retaining their best employees. ^[3]
36% of accounting firms confirm that pandemic related issues are their biggest challenge with more than 50% of them being midsized firms. ^[3]
67% of the firms started offering Corona virus related services in 2020. ^[3]
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. ^[3]
89% of small firms have staff who work 100% remotely. ^[3]
26% of large firms plan to increase the number of their remote staff in 2021. ^[3]
Small firms (6%) and midsized firms (13%). ^[3]
12% of accounting firms are planning to add Coronavirus related services in 2021. ^[3]
66% of Businesses at Risk Due to Paperwork Storage. ^[3]
Also, you should know that 75% of modern accounting tasks can be accomplished through automation. ^[4]
Almost 90% of the accountant believes that a cultural shift in the Accounting industry is leading to technological changes. ^[4]
60% of companies aren’t happy about their current Accounting & Finance process. ^[4]
To satisfy client needs, more than 58% of accounting firm invests in accounting solutions. ^[4]
69% of CFOs are using spreadsheets to generate financial reports. ^[4]
You may know that more than 90% of world businesses are small businesses. ^[4]
21% of small business owners think that they don’t have sufficient knowledge about their companies accounting and finance. ^[4]
30% of SMBs believe their accountants are their best advisors. ^[4]
70% of small business accountants see their advisory roles becoming more strategic. ^[4]
58% of SMBs don’t expect to meet with their respective accountants faceto. ^[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]
More than 42% of SMBs expect their accountants to offer business advice. ^[4]
Most of the small businesses outsource their tax preparation (71%), payroll (50%), auditing (48%), tax planning (30%), personal finances (16%), and bookkeeping (14%). ^[4]
Bestin class enterprises are processing a single invoice 71 percent faster than all others. ^[4]
Only 14% of paper invoices are inputted on the same day they are received. ^[4]
Companies that are using cloud based accounting can generate 15% of more in revenue. ^[4]
However, 67% of companies today want to shift theiraccounting processinto the cloud. ^[4]
50% of the accounting executives believe that automation will have a great impact on the accounting business over the next 30 years. ^[4]
80% of professionals believe that AI in accountancy gets them to advantage while maintaining their cash flow, payroll, and tax management. ^[4]
However, a survey revealed 21% of small and midsized businesses in the US have applied accounting system with payments and invoicing products. ^[4]
Furthermore, 55% of accountants plan to apply artificial intelligence in the next 3 years. ^[4]
The most intriguing accounting challenges of SMBs are accounts receivables/collections (51%), cash flow (44%), paperwork (33%), closing the books monthly (28%). ^[4]
It needs almost 10 hours for 26% of US companies to handle tax. ^[4]
On the other hand, 40% of businesses claim that they can add up to 40 hours every year. ^[4]
52% of business feels they are paying too much in taxes. ^[4]
99.7% of all businesses are small businesses. ^[5]
According toSmallbiztrends, 86% of Small Business Owners feel that their accountant is a trusted advisor. ^[5]
According to theSmall Business Report Accounting, 60% of the small business owners feel that they might not have enough knowledge about finance and accounting. ^[5]
According toICAS, the percentage of small businesses placing accountants at the peak of their list for trusted advisors is only 30%. ^[5]
According to PayPie, 70% of the small business accountants view their advisory roles into becoming more strategic. ^[5]
According to anSBA research paper, Small Businesses have plummeted down to 27.5% in the USA due to the ongoing COVID. ^[5]
According toArbitrue, small businesses that do not expect a meet with their respective accountants faceto. ^[5]
According toSage , the percentage of accountants who prefer cloud accounting is 67%. ^[5]
According toAccounting Today, 58% of large companies are already using cloud accounting. ^[5]
87% of companies have felt an acceleration in their businesses by incorporating cloud in their business processes, aMcAfee Report. ^[5]
According toXero, the companies that use cloud accounting exclusively saw a 15% growth in the yearover year revenue pattern and were also able to get five times the total number of customers than the companies that don’t use cloud accounting exclusively. ^[5]
According toForbes, the cost of labor is reduced by 50% with the help of cloud accounting. ^[5]
94% of Accounting Managers are using cloud services in the USA in 2019, reportsRobert Half. ^[5]
According toAccountancy Age, the percentage of small businesses that will solely rely on cloud accounting by 2020 is 78%. ^[5]
78% of finance professionals predict that all the future accounting methods will be automated, reportsThomson Reuters. ^[5]
According to theJournal of Accountancy, the percentage of accounting executives who believe that AI leads to competitive advantage is 80%, and 79% of them believe that it can increase the productivity of their company. ^[5]
56%of future accounting jobs will need a skill of automation, reports PwC, a British accounting giant. ^[5]
36% accountants agree, while 22% strongly agree that Artificial Intelligence will automate accounting tasks, improving productivity and efficiency, reportsSage. ^[5]
According toAccenture, the percentage of clients who preferred getting advice from both a human and a Robo adviser is 68%. ^[5]
59% of accounting professionals believe that the accounting industry will require data science and analytics in the near future, according to a report in theBusiness. ^[5]
According to Sage , the percentage of accountants who are ready to invest in AI is 66%, out of which 55% plan on using it in the next 3 years. ^[5]
Robotic Process Automation increases efficiency by 44% by automating manually repetitive tasks, reports RPA consultancy companyDigital Workforce. ^[5]
According toACCA, over 50% of the accounting executives expect that the development of automated and intelligent accounting systems will have a significant impact on accounting businesses over the next 30 years. ^[5]
According toiPayables, over the years, 39% of the AP professionals have reported that the total invoices that they work on have seen an increase of about 10%. ^[5]
According toVanguard Systems, depending upon the size of the company, $16/invoice or more can be saved via AP automation, and it starts paying for itself within an average of 6 to 18 months. ^[5]
39% of AP professionals feel that there has been a significant increase in invoices over the year 2017 2018, according toresearch data of ipayables. ^[5]
According to data byTradeshift, the total B2B payments in the US in invoices will reach $23 trillion. ^[5]
In adata report, automating an Accounts Payable process reduces 9095 percent of Paperwork and increases efficiency by 20. ^[5]
A research paper fromSagehas suggested that 83% of Accountants in the US think that companies are more demanding today than they were 5 years ago. ^[5]
According toCapitalCounselor, In 2019, the accounting industry in the US has reported a surge of 0.121% in the number of accountants with the total number reaching 1.28 million. ^[5]
According to theBureau of Labor Statistics, U.S. Department of Labor, the median annual wage for accountants and auditors was $71,550 in May 2019. ^[5]
According toRoger CPA, the highest paying cities for an accountant is San Francisco with a median annual salary of $96,099, followed by New York, Houston, Atalanta, and Dallas, which make the top 5. ^[5]
According to a study byAICPA, the percentage of CPAs who believe that they are not entirely future. ^[5]
According toArbitrue, by the year of 2020, the auditors will grow in population from 1.2 million to a vast number of 1.44 million. ^[5]
Glasgow International College English Language 65%.Tests are accepted for academic year following sitting. ^[6]
Beaconhouse SchoolsThe University of Glasgow offer a 15% discount on the first year of tuition fee to students from Beaconhouse Schools and who enrol on an undergraduate programme at the University of Glasgow. ^[6]
The University of Glasgow offer a 15% discount on the first year of tuition fee to students from Beaconhouse Schools and who enrol on an undergraduate programme at the University of Glasgow. ^[6]
Of the new submissions, 22 percent were desk rejected. ^[7]

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

Reference

balancingeverything – https://balancingeverything.com/accounting-statistics/.
g2 – https://learn.g2.com/accounting-statistics.
goremotely – https://goremotely.net/blog/accounting-statistics/.
financesonline – https://financesonline.com/accounting-statistics-analysis-of-trends-data-and-market-share/.
wperp – https://wperp.com/76583/latest-accounting-statistics-for-you/.
acecloudhosting – https://www.acecloudhosting.com/blog/accounting-stats/.
gla – https://www.gla.ac.uk/undergraduate/degrees/accountingstatistics/.
chicagobooth – https://research.chicagobooth.edu/arc/journal-of-accounting-research/statistics.

How Useful is Accounting

One of the primary uses of accounting is to track the financial health of a company. By recording and analyzing financial transactions, accountants can provide owners and managers with a snapshot of the company’s current financial status. This information allows them to make informed decisions that can help the company grow and prosper. For example, if a particular product line is not selling well, accounting data can show this trend early on, allowing management to address the issue before it becomes a significant problem.

Another crucial function of accounting is to ensure the company complies with tax regulations. Paying taxes is a non-negotiable part of doing business, and failure to comply can result in fines or legal trouble. By keeping accurate and up-to-date financial records, accountants can help companies navigate the complex world of tax laws and ensure they pay the correct amount of taxes on time.

Accounting also provides transparency to stakeholders, such as investors and creditors. These external parties rely on financial statements to evaluate a company’s performance and financial health before making investment or lending decisions. Without accurate accounting data, these stakeholders would be left in the dark and might be hesitant to invest in or lend money to a company with uncertain financials.

Additionally, accounting helps businesses plan for the future. By analyzing past financial data, companies can forecast future trends and make informed decisions about budgets, investments, and expansion. Without this forward-looking approach, companies would be operating blindly, which could lead to missed opportunities or financial disasters.

Furthermore, accounting provides a baseline for assessing the effectiveness of business operations. By comparing financial data over time, companies can uncover inefficiencies, identify areas for improvement, and set benchmarks for success. This data-driven approach can help businesses streamline processes, reduce costs, and ultimately increase profitability.

In conclusion, accounting is a critical tool for businesses of all sizes and industries. From tracking financial health to ensuring compliance with tax laws, accounting provides the information necessary for informed decision-making and long-term success. Without accurate and timely accounting data, companies would be operating blindly, risking financial instability and missed opportunities. Investing in strong accounting practices is an investment in the future of a company and essential for its growth and success.

In Conclusion

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Accounting Statistics 2024 – Everything You Need to Know