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Growth of Accounting Industry in USA – Infographic
The accounting industry in the USA has experienced remarkable growth in recent years. It reshapes the landscape of year-end progress, accuracy, and productivity. This expansion is pushing the demand for accounting services.
The Transformative Landscape of the Accounting Industry in the USA
Rising Revenue Trends
To comprehend the magnitude of this growth, let’s delve into some compelling statistics:
Tax Preparation Services: These services have generated revenue on a steady ascent. The anticipation is reaching a substantial $8,300 million by 2020 in the US. This surge in demand for tax-related services underscores the complexity of the U.S. tax system. It drives individuals and businesses to seek professional assistance.
Big Four Influence: The influence of major players in the industry, such as Deloitte is undeniable. In 2017, Deloitte reported an astounding revenue of $40 billion. Their contribution to the industry highlights their exceptional capabilities and testament to the growing need for accounting solutions.
As we look to the future, the growth trajectory of the accounting industry shows no signs of slowing down. In 2018, it is estimated that the collective revenue generated by accounting, tax preparation, bookkeeping, and payroll services will reach approximately $160 billion. This prediction underscores the increasing reliance on professional accounting services to navigate the intricacies of financial compliance, reporting, and strategic financial management.
The accounting industry in the USA is experiencing a remarkable transformation, driven by the rising demand for accounting services. The impressive revenue figures and the influence of major industry players such as Deloitte underscore the pivotal role that accounting plays in the modern business landscape. As the complexities of financial regulations continue to grow, the need for expert guidance and comprehensive accounting support is expected further to fuel the industry’s growth in the years ahead, shaping the future of financial management and reporting in the United States.
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