Slack And HipChat Enabling Real Time Interactions
Technology is driving collaboration between accountants and clients in the accounting services market. It is being driven by portals, tools and technology that promote simple flow of information between accountants and businesses. New communication technologies are replacing traditional communication platforms such as email. For instance, chat platforms such as Slack, HipChat and Basecamp are speeding up communications and enabling real time interactions.
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL OTHER ACCOUNTING SERVICES MARKET AT $37 BILLION IN 2017
North America was the largest geographic region in the market, accounting for two-fifth of the global market. The USA was the largest country accounting for one-third of the global other accounting services market.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, digitalization of tax offices in most developed and developing countries is evolving the role of accountants. They are increasingly providing advisory and taxation guidance as well as traditional filing and lodging services which have become less important with the growth of e-filings. For instance, the Australian Tax Office will now allow e-tax. This will reduce the manual processing of data and make the tax return process easier allowing accountants to focus on high end tasks.
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Delloite was the largest player in the other accounting services market, with revenues of $235 million (190.8 million euros) in 2016. Deloitte’s growth strategy is focused towards discovery and advancements in cognitive audit technologies that will help automate the process of auditing and enhance its quality. Artificial intelligence, language processing, data analytics and machine-learning technologies are some processes the company is currently working on. Deloitte also plans to strengthen its M&A approaches by acquiring strategic partners that will help growth of business as well as expansion of operation. In 2015, the company acquired companies in Australia (GMK Partners, Hervé Schauer Consultants, Analytics Group, The Londsdale Group) Canada (Visser Consulting), and Europe (Licetus, Kavanagh Fennell, AXOA).
The other accounting services market comprises establishments (except offices of CPAs) engaged in providing accounting services (except tax return preparation services only or payroll services only). These establishments may also provide tax return preparation or payroll services. Accountant (except CPA) offices, bookkeeper offices, and billing offices are included in this market.
Other Accounting Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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