Accounting firms offers essential services that businesses and individuals require to handle their finances and keep the business running. However, a lot of individuals still hesitate to opt for accounting as a career.
On account of this, Finsmart Accounting – trusted by CPA firms outsourcing to India – recently shared accounting statistics and industry insights. These statistics will help you understand why accounting is a great career option in 2023. Without further ado, let’s dive into the accounting industry stats and trends.
Accounting statistics of 2022
- As of 2020, the size of the accounting industry is $544.06 billion. The same is constantly growing as the number of businesses that need accounting services increases.
- Recent data on accounting industry growth show that it will gaining almost $200 billion in market size over a period of five years. The impressive growth numbers strongly indicate that accounting is a healthy industry.
- The accounting industry’s revenue has been growing for the previous three years despite the pandemic, increasing from $133.4 billion in 2021, and $127.8 billion in 2020. Accounting statistics for 2022 show the sector remains resilient this year as well.
- 51% of accountants feel that they also need to provide financial business advisory services.
- The average CPA salary is $65,289 per year, while for accountants, it is $55,459.
- Tax (38.9%) and auditing services (42.1%) are the biggest performers in the accounting industry.
- Accounting statistics show that 43% of accountancy firms are increasing the amount of work done virtually.
- 81% of accountancy firms feel that there will be a big increase in remote work after the pandemic.
- Based on accounting statistics for 2022, 29% of businesses with less than $250 million in revenue use automated accounting software.
Accounting statistics for 2022: Endnotes
Above are some interesting accounting statistics for 2022. By considering these statistics, you will be able to understand the importance of accounting as a career.
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