Accounting ServicesPublished by: First Research, Inc. Published: Dec. 10, 2012 - 10 Pages Table of Contents
AbstractBrief Excerpt from Industry Overview Chapter:Companies in this industry provide services such as auditing, bookkeeping, payroll processing, and tax return preparation. Major companies include the "Big Four" accounting firms: Deloitte Touche Tohmatsu; Ernst & Young; KPMG; and PricewaterhouseCoopers, as well as payroll services providers Automatic Data Processing (ADP) and Paychex and tax preparer H&R Block. The global accounting services industry has revenues of more than $200 billion. Like the US, the worldwide market is dominated by the Big Four accounting firms. The US accounting services industry includes about 100,000 firms with combined annual revenue of about $125 billion. Moderate growth is forecast for the next two years. Key growth drivers include increased outsourcing of accounting services and improved economic conditions that increase corporate growth and personal income. Besides offices of certified public accountants, the industry includes firms that provide bookkeeping, payroll, tax preparation, and other accounting services. COMPETITIVE LANDSCAPE Demand for accounting services depends on new business formations, the increasing complexity of corporate business, and higher personal income. The profitability of individual firms depends on the right mix of services and effective marketing. Large firms have advantages in providing wider ranges of services to large corporate clients and having the resources to serve customers with many locations. Small firms can compete effectively by specializing and providing superior service. The industry is labor-intensive: average annual revenue per worker is about $135,000. The industry is fragmented: the 50 largest companies hold just less than 50 percent of... Get full details about this report >> |
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