The Latest Bookkeeping Industry Statistics Explained
In 2019, the bookkeeping, accounting, and auditing clerks industry in the US consisted of approximately 1.7 million employees.
The statistic “In 2019, the bookkeeping, accounting, and auditing clerks industry in the US consisted of approximately 1.7 million employees” indicates the total number of individuals working in roles related to bookkeeping, accounting, and auditing across various organizations in the United States during the specified year. This statistic reflects the significant presence of individuals involved in financial record-keeping and analysis within the industry, highlighting the importance of these roles in maintaining the financial health and compliance of businesses. The sizable workforce of 1.7 million employees suggests a substantial demand for such professional skills and underscores the industry’s contribution to economic activities in the country.
In 2018, bookkeeping services in the US generated $79 billion in revenue.
The statistic of bookkeeping services in the US generating $79 billion in revenue in 2018 represents the total amount of income generated by businesses providing bookkeeping services within the United States for that year. This figure highlights the significant financial impact and market size of the bookkeeping industry in the US, showcasing the demand for professional financial record-keeping and reporting services among businesses and organizations. The statistic indicates that bookkeeping services play a crucial role in supporting the financial operations and decision-making processes of businesses across various industries in the country, reflecting the importance of accurate financial management and reporting for sustainable business growth and success.
As of 2021, the bookkeeping industry is expected to have a market size of $88 billion.
The statistic indicating that the bookkeeping industry is poised to reach a market size of $88 billion by 2021 suggests significant growth and demand within the industry. This figure likely includes the total revenue generated by bookkeeping services such as accounting, financial statement preparation, payroll processing, and other related activities. The increasing complexity of financial regulations, the expansion of small businesses, and the digitization of financial processes are key factors contributing to the growth of the bookkeeping industry. The market size of $88 billion demonstrates the substantial economic impact of bookkeeping services and underscores the importance of accurate financial record-keeping for businesses of all sizes.
The bookkeeping industry’s annual growth from 2016 to 2021 is 3.7%.
The statistic that the bookkeeping industry has experienced an annual growth rate of 3.7% from 2016 to 2021 indicates that the industry has been expanding steadily over this period. This growth rate signifies a positive trend in the demand for bookkeeping services, likely driven by factors such as increasing complexity in financial regulations, the growing number of small businesses requiring bookkeeping support, and advances in technology that have enabled more efficient bookkeeping processes. A 3.7% annual growth rate suggests that the bookkeeping industry has been able to adapt to changing market conditions and capitalize on emerging opportunities, positioning it for continued success in the future.
The bookkeeping industry in the US has approximately 309,882 businesses.
The statistic stating that the bookkeeping industry in the US comprises approximately 309,882 businesses indicates the overwhelming presence and significance of bookkeeping services within the country’s economy. This data signifies a significant number of entities engaged in providing bookkeeping services, ranging from independent practitioners to larger firms. These businesses play a crucial role in helping other industries, businesses, and individuals maintain accurate financial records, track expenses, and ensure compliance with tax regulations. The sheer volume of bookkeeping businesses also points to a competitive market where businesses must strive to differentiate themselves through high-quality services, innovation, and efficiency to attract and retain clients in this essential sector of the economy.
The bookkeeping industry currently employs around 80,433 people.
The statistic stating that the bookkeeping industry currently employs around 80,433 people represents the total number of individuals working within the bookkeeping sector at a given point in time. This figure signifies the workforce size dedicated to bookkeeping services, which includes tasks such as maintaining financial records, balancing accounts, and preparing financial statements for organizations. The presence of over 80,000 people in this industry showcases the substantial demand for bookkeeping expertise across various sectors of the economy, highlighting the importance of accurate financial record-keeping for businesses to succeed and comply with regulatory requirements. Additionally, this statistic provides insight into the scale of the bookkeeping workforce, offering valuable information for workforce planning, economic analysis, and industry benchmarking.
As of 2021, the number of global businesses in the bookkeeping industry is up by 1.1% since 2020.
This statistic means that from 2020 to 2021, there has been a 1.1% increase in the number of global businesses operating in the bookkeeping industry. This suggests that there has been a slight growth in the bookkeeping sector, with more businesses entering the market or existing businesses expanding their services. This increase could be indicative of various factors such as the growing demand for bookkeeping services, advancements in technology making bookkeeping more accessible, or changes in the regulatory environment promoting the need for professional bookkeeping services. Overall, the rise in the number of global businesses in the bookkeeping industry indicates a positive trend in the sector.
About 33% of small businesses in the US outsource their bookkeeping functions.
The statistic indicates that approximately one-third, or 33%, of small businesses in the United States rely on external sources to manage their bookkeeping functions. This suggests that a significant portion of small businesses prefer to delegate their bookkeeping tasks to external professionals, possibly to streamline operations, reduce costs, or access specialized expertise. Outsourcing bookkeeping functions can offer these businesses benefits such as increased efficiency, accuracy, and time savings, allowing them to focus on core business activities. The statistic highlights the prevalent practice of outsourcing bookkeeping among small businesses and underscores the importance of considering external support for financial management needs.
By 2025, the bookkeeping software market is estimated to reach $4.1 billion.
The statistic indicates a projected growth in the bookkeeping software market, with an estimated value of $4.1 billion by the year 2025. This figure suggests a substantial increase in the demand for bookkeeping software in the upcoming years, likely driven by factors such as digitalization, technological advancements, and the growing importance of accurate financial management for businesses of all sizes. It signifies a lucrative opportunity for software developers and businesses operating in the financial technology sector, as the market continues to expand and evolve to meet the needs of modern financial management practices.
Approximately 28% of accounting tasks at small businesses are completely automated.
The statistic that approximately 28% of accounting tasks at small businesses are completely automated suggests that a significant portion of repetitive financial activities, such as data entry, invoicing, and transaction categorization, are now being performed by software and technology solutions rather than manually by employees. This level of automation indicates a trend towards efficiency and cost-saving measures within small businesses, allowing for greater accuracy and speed in financial processes. By leveraging automation tools, small businesses can streamline operations, reduce errors, and free up valuable time for employees to focus on more strategic and value-added tasks, ultimately contributing to improved productivity and competitiveness in the market.
The bookkeeping industry in Australia earns revenue of AUD 2 billion in 2020.
The statistic states that the bookkeeping industry in Australia generated a total revenue of AUD 2 billion in the year 2020. This figure reflects the overall financial performance of bookkeeping businesses in Australia during that period, indicating the total amount of money earned by these companies through the provision of bookkeeping services. This statistic provides insight into the size and economic significance of the bookkeeping sector within the Australian economy, highlighting its contribution to overall business operations and financial activities in the country.
The US’s largest bookkeeping firm generated $16.3 billion in accounting services in 2017.
The statistic indicates that the largest bookkeeping firm in the United States earned $16.3 billion in revenue from providing accounting services in the year 2017. This figure reflects the substantial scale and financial success of the firm’s operations. The revenue generated highlights the significant demand for accounting services in the market and suggests that the firm holds a strong market position within the industry. Additionally, the statistic underscores the firm’s importance within the economy as a provider of essential financial services to clients across various sectors.
The 10 largest accounting firms worldwide combined for over $155 billion in revenue in 2018.
This statistic indicates that the top 10 largest accounting firms globally generated a total revenue of more than $155 billion in the year 2018. This reflects the significant size and market dominance of these firms within the accounting industry. The high revenue figures suggest that these firms likely have a large client base and are involved in providing a wide range of services to corporations, organizations, and individuals worldwide. The financial success of these top accounting firms underscores their expertise, reputation, and ability to attract and retain clients, positioning them as key players in the global accounting sector.
As of 2021, 20.4% of bookkeeping services firms’ costs, on average, are wage costs.
The statistic “As of 2021, 20.4% of bookkeeping services firms’ costs, on average, are wage costs” means that, on average, across bookkeeping service firms, 20.4% of their overall costs are attributed to wages for their employees. This statistic provides insight into the financial structure of bookkeeping services firms, indicating that a significant portion of their costs is dedicated to compensating their workforce. It suggests that labor is a substantial component of the expenses incurred by these firms in delivering their services. Monitoring and managing wage costs is likely a critical aspect for these firms to ensure profitability and sustainability in the face of various economic factors and market conditions.
Conclusion
Based on the statistics presented, it is evident that the bookkeeping industry is experiencing significant growth and plays a crucial role in the financial health of businesses. As technology continues to advance, bookkeepers must adapt to stay competitive and provide valuable services to their clients. Keeping abreast of industry trends and embracing new technologies will be key for bookkeepers to thrive in this evolving landscape.
References
0. – https://www.thedailyrecords.com
1. – https://www.www.blueprint.com
2. – https://www.www.statista.com
3. – https://www.www.ibisworld.com
4. – https://www.www.raconteur.net
5. – https://www.www.claconnect.com
6. – https://www.www.globenewswire.com
