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This work "Industry Trend Report on Accounting Services" describes major problems and opportunities in the accounting service industry. The author outlines the future perspectives, historical development, present, and future trends. It also demonstrates the relationships with existing clients and businesses. …
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Accounting services industry is among the fastest-growing industries because it is recession-proof, and it keeps getting hotter as a result of the increasing influx of companies or businesses that need such a service. The accounting services industry of the USA includes more than 109, 000 companies with combined revenue of about $94 billion. The revenue is expected to rise at a moderate rate over the next five years. The key growth drivers for this industry are increasing the number of companies requiring accounting services, due diligence and increasing demand for accountability and transparency. The growth rating of the industry is slow. In the last quarter of 2014, the accounting services industry experienced an annual growth rate of 2.4 percent. In the third, it grew by 1.3 percent while in the second quarter the accounting services industry experienced the highest annual growth rate of 3 percent. However, in the first quarter, the accounting services industry experienced the lowest annual growth rate of 1.2 percent. Industry’s critical issues include susceptibility to accounting scandals and highly competitive industries. The industry experiences challenge such as Vulnerability to regulation, litigation, high cost of service innovation and dependence on large businesses and clients. Finally, its likely future trends include an increased focus on client service, technology integration challenges, Digital mobility opportunities, talent management and succession planning and social media as a business tool. The accounting services industry consists of firms that are certified and licensed to audit the accounting records of both private and public organizations. In addition, the firms are required to exhibit compliance with generally accepted accounting practices (GAAPs). This industry has Certified Public Accountants (CPAs) that offer a number of accounting services, for instance, designing accounting systems, auditing accounting records, developing budgets, preparing financial statements as well as providing advice on matters that relate to accounting to their clients.
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