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Accounting Stats

Similar patterns of automation and the digital transition have been transforming the accounting industry like other verticles. Both in the UK and globally, the accounting services market is recovering and scoring good rates of growth. With accounting stats showing that automation is becoming an integral part of the profession, accountants are now expected to go beyond their traditional roles and provide advisory services — while answering to high demand and with a shrinking talent pool.

For more on this hectic climate the industry is having, check out our stats and facts on accounting.

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Accounting Statistics—Highlights

Accounting Industry Statistics in the UK

Accounting in the UK has been living through one of its most hectic turns in the wake of Brexit and transitioning to Making Tax Digital regulations. Contrary to the clients, who largely remained dubious about the digital transition, most of the UK accountants think it had a positive effect in reducing errors and time management.

Firms are also receiving increasing demands on diversifying their services to include higher-value activities a business advisor would provide—with many recognising technology adoption would free up space needed for strategic advisory work.

Only a small amount of firms have suffered declining client bases—though unfortunately, economic turmoil hit sole practitioners and small businesses worse. But the demand is possibly on the rise, as accounting stats point to a correlation between consistent management and increased outsourcing activities.

Accounting Industry Statistics Around the World

The accounting industry is one of those verticals which haven’t received a significant blow from the overall disruption the pandemic caused in the world economy. Experiencing unprecedented operational challenges, firms were pushed to embrace and invest in digital projects — which in turn helped their recovery. The digital trend also found its place in governmental regulations around the world, paving the way to new possibilities for specialisation.

Accounting Employment Statistics From Across the UK

The demand for accounting talent in the UK has increased significantly in the wake of Brexit and the pandemic—as of 2022, the talent pool is shrinking and competition is quite fierce. Aligning with the trends in the accounting industry which includes widening service catalogues, firms are seeking to recruit talent from different backgrounds, specifically those with tech skills to support digital transformation projects. Needless to say, cloud accounting jobs are in high demand, as evidenced by accounting jobs statistics.

While salaries remain stable for current employees, newcomers can expect a competitive salary, with incentives as such in place it is expected that the accounting employment rate will rise rapidly. Employees are seeking to harness new technology and request hybrid working schedules that’ll improve their work/life balance.

Industry Ethics and Accounting Fraud Statistics

Accounting fraud makes up a significant portion of occupational fraud and is among the most disruptive forms of corporate misconduct. Cases of such typically occur as a result of pressure to achieve certain profit levels or a combination of unethical cultural factors which also allow inappropriate behaviour to slip by.

Though digitalisation of processes helped firms improve their network of accountability and combat data tampering, forensic accounting statistics reveal that accounting fraud is still a very real problem across the nation and globally. Besides financial losses, figures also underscore the disastrous impact of unethical professional behaviour on employees’ mental health.

Statistics on Accounting and Digitalisation

Covid-19 proved a catalyst for the ongoing digitalisation process across the industry. Cloud-accounting and fast adoption of an array of financial software deliver significant benefits like safe transmission of accounting data, more accurate projections, and automating mechanical tasks which free up space for further strategic consulting—which result in increased revenues and client satisfaction. Instant cloud access also paves the way for business expansion by unlocking new client territories and talent.

Cost remains the biggest obstacle in implementing new technologies, yet facts about accounting reveal a fast adoption rate for fintech solutions. Within the UK context, the Making Tax Digital initiative has partly rendered technology adoption hardly optional.

Sources: Accountancy Today, Statista, FRC, Quickbooks, Sage, PR Newswire, Xero, Yahoo Finance, Accelon, Statista, Allied Market Research, Naibuzz, Statista, Smart Vault, World Bank Group, PwC, KPMG, Business Research Company, Investopia, Robert Walters, Robert Half, Accountancy Daily, Global City, ACFE, Robert Half, PwC, CCAB, Datanyze, Kreston, Clutch, Accenture, Business Wire, Global Newswire

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