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| Products/Services Breakdown | |
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| Financial Metrics | |
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2024 U.S. Industry Statistics & Market Forecast - Accounting, Tax Preparation, Bookkeeping, and Payroll Services
Market Size & Industry Statistics
The total U.S. industry market size for Accounting, Tax Preparation, Bookkeeping, and Payroll Services:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry include:- Increased automation and use of AI
- Shift towards cloud-based platforms
- Growing importance of cybersecurity measures
- Rising demand for real-time, data-driven decision making
- Emphasis on advisory and consulting services over traditional accounting tasks
- Expansion of remote work arrangements
- Increasing regulatory changes and compliance requirements
- Growth in outsourcing of accounting functions to specialized firms
- Integration of sustainable and environmental accounting practices
- Adoption of blockchain technology for transparency and efficiency
- Greater focus on data privacy and protection laws
- Impact of economic fluctuations on service demand
- Enhanced focus on client-centric and customized service offerings
- Rising competition from non-traditional firms offering financial services
- Continued professional education and upskilling due to evolving technologies
Product & Services Breakdown
Research products and services in the Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Tax Auditing Services |
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Billing Services, Including Medical Billing |
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Bookkeeping And Compilation Services |
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Full-Service Bookkeeping With Compilation Services |
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Bookkeeping Services Sold Separately |
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Compilation Services Sold Separately |
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Financial Auditing Services |
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Financial Statement Auditing |
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Specialized Financial Auditing |
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Financial Statement Review, Engagement, And Agreed-Upon Procedures For Financial Information |
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Other Financial Assurance And Related Services |
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Non-Financial Assurance And Related Services |
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General Accounting Services |
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Payroll Accounting Services |
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Full-Service Payroll Services |
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Payroll Services Sold Separately |
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Tax Planning And Consulting Services |
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Tax Planning And Consulting Service - Individuals And Unincorporated Businesses |
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Tax Planning And Consulting Service - Corporate And Other Clients |
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Tax Preparation And Representation Services - Individuals And Unincorporated Businesses |
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Tax Preparation And Representation Services - Corporate And Other Clients |
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Computerized Accounting Systems Services |
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Personal Financial Planning Services |
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Management Consulting Services |
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All Other Receipts |
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All Other Operating Receipts |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
|
|---|---|---|
| Total Revenue | Order at top of page |
|
| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Accounting, Tax Preparation, Bookkeeping, and Payroll Services company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Accounting, Tax Preparation, Bookkeeping, and Payroll Services measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 10% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 2% | |||
| Operations Specialties Managers | 6% | |||
| Business and Financial Operations Occupations | 48% | |||
| Business Operations Specialists | 7% | |||
| Financial Specialists | 41% | |||
| Accountants and Auditors | 32% | |||
| Accountants and Auditors | 32% | |||
| Tax Examiners, Collectors and Preparers, and Revenue Agents | 7% | |||
| Tax Preparers | 7% | |||
| Office and Administrative Support Occupations | 30% | |||
| Financial Clerks | 15% | |||
| Bookkeeping, Accounting, and Auditing Clerks | 9% | |||
| Bookkeeping, Accounting, and Auditing Clerks | 9% | |||
Accounting, Tax Preparation, Bookkeeping, and Payroll Services Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry. |
Source:
Innovation News
- May 13, 2024: Montgomery Capital Partners Fund V raises $40 million in funding.
- Apr 02, 2024: Cayosoft raises $15 million in funding.
- Mar 15, 2024: Cayosoft raises $15 million in funding.
- Jan 31, 2024: Log Still Distilling trademarks "MONK'S ROAD BOILER HOUSE" - Restaurant services; bar services; tasting room services
- Jan 26, 2024: Avetta trademarks "ASK AVA" - Supply chain business risk management services; Business risk management consultation
- Jan 25, 2024: Paycom Payroll trademarks "P PAYCOM CENTER" - Arena services
- Nov 09, 2023: Avetta patents Automated Esg Mapping
- Nov 09, 2023: Idbydna patents Systems And Methods For Analysis Of Samples
- Nov 02, 2023: Idbydna patents Systems And Methods For Analysis Of Presence Of Microorganisms
Recent Federal Contracts for Accounting, Tax Preparation, Bookkeeping, and Payroll Services
- Apr 02, 2024: KPMG LLP (Mclean, VA) awarded $5,195,134
- Apr 02, 2024: KEARNEY & COMPANY, P.C. (Alexandria, VA) awarded $3,180,955
- Apr 02, 2024: COTTON & COMPANY LLP (Alexandria, VA) awarded $65,739
- Apr 02, 2024: WILLIAMS, ADLEY & COMPANY - DC, LLP (Washington, DC) awarded $679,625
- Apr 01, 2024: DELOITTE & TOUCHE LLP (Arlington, VA) awarded $72,808
- Apr 01, 2024: GRANT THORNTON CJSC (Yerevan, ) awarded $13,800
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