Accounting Services in the US Market Size, Industry Analysis, Trends and Forecasts 2023-2028

New York has the next-highest number of accountants, with 111,660, followed by Texas, with 104,490. The most important key figures provide you with a compact summary of the topic of “Accounting industry in the U.S.” and take you straight to the corresponding statistics. The term refers to the world’s four largest firms — Deloitte, Ernst & Young (EY), Klynveld Peat Marwick Goerdeler (KPMG), and PricewaterhouseCoopers (PwC). Accounting stats show that Deloitte led the pack with $59.3 billion in 2022. Meanwhile, PwC was second with $50.3 billion, EY ranked third with $45.2 billion, and KPMG was fourth with $34.64 billion in annual revenue. As AI continues to develop and rise in popularity, we’ll likely see frequent groundbreaking technological advancements in accounting software.

This will drive the need for tools that help accountants automate the handling of notices, reducing the manual busywork, and create a new revenue stream by offering audit protection services. This trend has accelerated exponentially as client interactions have gone remote with Covid restrictions. Coupling the pandemic with the new generation of clients who expect mobile solutions, the adoption of mobile accounting technology will likely continue to grow. Davis serves as CEO of Canopy, the award-winning cloud-based practice management platform servicing accounting professionals. Nearly 65% of the US revenue ($86 billion) was generated by the four largest accounting firms.

Uncertainty About the Direction of Interest Rates, Recession Fears, and Budget Uncertainty Overall

Now that’s a statistic worth noting for every business leader concerned with optimizing the bottom line in their Accounts Payable department. There is an immense economic impact of the sector, with $155 billion in annual revenue, and the sheer number of businesses and individuals that rely on the services of accounting professionals. It is a powerful reminder of the importance of the accounting industry and the vital role it plays in the US economy. The world accounting industry statistics of professional accounting continues to grow, allowing
big data to provide new opportunities for financial data analysis and insight. As accounting statistics become available from a wider range of sources, accountants can better identify various trends and patterns that will inform business decisions and improve performance. The median annual wage in 2021 was $77,250 in the U.S., but accountants’ salaries vary depending on location, industry, and job title.

• Annual salary growth in the accounting industry was 1.6% from 2004 to 2020.
• As automation increases and the performance of cloud-based systems improves, existing accounting firms may have to reexamine their agreements with their existing clients.
• The majority of businesses (82.6%) are implementing e-invoicing to reduce processing costs.
• Aluminium prices will be driven up by Asian construction firms and carmakers.
• 36% of finance and accounting professionals express satisfaction with all aspects of their job.
• While relatively confident there will always be a need for their skills, the overwhelming majority of accountants feel they’re not future-ready.

It’s estimated that U.S. accounting firms brought in a combined $141 billion in 2022, more money than any year prior. The Big four — Deloitte, Ernst & Young, PricewaterhouseCoopers, and KPMG — are the leading firms in the U.S., earning billions in revenue annually and employing over 1 million people worldwide. More than half of all small business owners use accounting software instead of enlisting the help of qualified accountants to aid them in their business’s accounting tasks. Kathryn is a Chartered Professional Accountant with over 7 years of experience in both public practice and industry accounting.

Products & Services Segmentation

If, in 2024, Saudi Arabia and the UAE agreed to conduct BRICS+ oil trade in yuan, and Brazil adopted it for trading with Argentina, the dollar’s dominance would be weakened. Wind and solar consumption will reach twice 2019’s level, boosted by America’s Inflation Reduction Act and the REPowerEU plan. The cost of producing renewable energy will fall, but will still be 10-15% above 2020 levels.

Germany will lead the EU’s 1% investment growth, pouring $61bn into green infrastructure. Improving America’s ageing infrastructure may not be voters’ top priority when choosing a president. Joe Biden will nonetheless boast of his efforts to reboot power and transport. America’s gross fixed investment, a proxy for infrastructure spending, will rise by less than 1% in real terms in 2024, versus 2.7% worldwide. At that rate, the gap between America’s infrastructure spending and its needs will hit $2.6trn in the decade to 2029, or $260bn a year. In North America, the average cost of processing a single invoice is $13.04.