50+ Accounting Statistics For 2024 (New Data, Trends & More)

The accounting world has changed drastically in the past several years due to advancements in technology, new regulations, and the evolving needs of businesses. To keep up with these changes, it is important to have an understanding of the current trends in accounting statistics.

This article will explore the most important accounting statistics for 2024, giving a comprehensive overview of what to expect from the upcoming year.

We will look at the major changes in accounting regulations, the rise of digital accounting, small business accounting, and the accounting workforce. With this knowledge, businesses can make informed decisions about their accounting strategies for the upcoming year.

Accounting Statistics 2024 Highlights

Here’s the list of key accounting statistics in brief:

1. The US accounting industry generated revenue of $132.96 billion.
2. There are more than 1.32 million accountants and auditors in the United States alone.
3. The combined revenue of the big four accounting firms worldwide is $189.44 billion in 2022.
4. The global accounting industry is worth $675.14 billion in 2023.
5. The global accounting industry is expected to reach $735.94 billion by 2025 at a CAGR of 6%.
6. The average annual salary for an accountant in the United States is $60,582 as of March 1, 2023.
7. 61% of US accountants are women which is an increment of around 3% from the previous year.
8. Around 70% of small businesses do not have an accountant.
9. The global accounting software market is projected to hit $70.2 billion by 2030.
10. 61% of small business owners are satisfied with their accounting service providers.
11. 82% of small businesses and 58% of enterprises use cloud accounting.

General Accounting Statistics

12. Accounting Industry Growth

The global accounting industry grew from $640.7 billion in 2022 to $675.14 billion in 2023 at a CAGR of 5.4%.

Here’s the table showing the accounting industry’s growth over the years:

13. Revenue of Accounting Services in the United States

The revenue of accounting services in the United States for the year 2022 is $132.96 billion.

Here’s the table showing the revenue of accounting services in the US over years:

14. The global accounting industry is expected to reach $735.94 billion by 2025.

Business Wire forecasts that the international accounting services industry is anticipated to grow at a compounded annual rate of 6%, reaching a market value of $735.94 billion by 2025.

15. Revenue of “big four” accounting firms worldwide

The combined revenue of the 4 largest accounting companies in 2022 was $189.44 billion. Among them, Deloitte contributed the highest revenue $59.3 billion in 2022.

Below is the list of the companies and their revenue in 2022:

16. Number of employees in “big four” accounting firms

There are 1.5 million people working for the main four accounting companies as a whole.

The number of employees working on each four accounting forms are shown in the table below:

17. 60% of businesses are not satisfied with their current accounting process.

Most small and medium business owners focus more on their business’s marketing and growth, leaving the accounting part less prioritized.

Small Business Accounting Statistics

18. 61% of SMBs are thrilled with their accounting service providers

While 82% of small business owners believe their accountant knows their business well, 61% are thrilled with the services their accountant provides.

19. Only 30% of SMBs are using external accountants

A study of Onpay claims that only 30% of small business owners are using external accountants to review their financial statements. That means the rest 70% of SMBs are using internal accountants or doing it alone.

20. 64.4% of SMBs are using accounting software.

Over 64% of small business owners rely on the accounting software to manage their finances.

21. 38% of SMBs believe that their accountants are responsible for their taxes

Almost two third small business owners believe that their accountants are not responsible for their taxes.

22. Over 42% SMBs expect their accountants to offer business advice

Nearly half of the business owners ask accountants to provide business advice along with accounting, tax work, and compliance.

Accounting Regulations Statistics

23. More than 50% of businesses have problems tracking legislative change

A recent survey conducted by Wolters Kluwer reported that more than 50% of surveyed firms find the pace of legislative change is fast making them difficult to track.

24. 94% of large businesses and 90% of small businesses are looking for technology to improve their tax season

The majority of small and large firms are looking for alternative technology to improve and ease their tax season.

Accounting Jobs Statistics

25. There are more than 1.31 million accountants and auditors in the US alone

According to bls.gov, there were 1,318,550 accountants and auditors in 2021 which is projected to grow by 5.6% by 2031. California contributed the highest accountant 151,320.

Here’s the table showing states with the highest accountants and auditors in 2021: (Data for 2024 is not available but you can assume the growth of 5.6% in each state)

26. The average annual salary of accountants in the United States is $60,582

According to Indeed, the median annual salary of accountants in the US is $60,582 as of march 1, 2023.

Here’s the table showing the range of annual salaries in the US:

27. The median yearly salary for an accountant in the US with more than 10 years of experience is $69,750

In the accounting industry, experience matters. The median yearly wage for an accountant with 1-2 years of experience is 56,172 which is less than $69,750.

28. 61% of US accountants are women

Accounting is one of the rare sectors where the majority of employees are women. A recent study by Zippa shows that 61% of US accountants are women which is an increment of 3% from the previous year.

29. Only 36% of accountants are satisfied with their jobs

Only 36% of accounting professionals in the study of 6,000 certified accounting and financial professionals say they are happy with their professions. 80% are hoping to find new jobs in the accounting industry.

30. The industry with the highest level of employment (32.55%) for accountants is accounting, tax preparation, bookkeeping, and payroll services

32.55% of the jobs for accountants are covered by accounting, tax preparation, bookkeeping, and payroll services.

31. County of Santa Cruz is the highest-paying company in the US for accountants

County of Santa Cruz pays $95,473 per year which is the highest-paying company in the US for accountants. Microsoft and City of Alamedia are second and third with salaries of $86,199 and $84,313 per year.

32. San Francisco (CA) is the highest-paying city for accountants in the US in 2023

San Francisco has a median annual salary of $82,239. San Francisco is followed by Houston (TX) and Denver (CO) with salaries of $69,026 and $68,263 per year.

33. The United Kingdom (UK) offers the highest compensation for accountants, with an impressive average yearly salary of $165,000.

Ireland and Switzerland come in second and third place respectively, with average yearly salaries of $132,000 and $120,000.

Accounting Software Statistics

34. The global accounting software market is projected to hit $70.2 billion by 2030

Allied Market Research predicts that the global accounting software market will skyrocket to $70.2 billion by 2030, exhibiting a remarkable CAGR of 19.6% between 2021 and 2030.

35. The accounting software market was worth $13.59 billion as of 2021

In 2021, the accounting software market was worth $13.59 billion which is an increment of 1.69 billion from 2020 at a growth rate of 14.2%.

36. 82% of small businesses and 58% of enterprises rely on cloud accounting

A recent study of Xero suggests that 82% of small businesses and 58% of enterprises rely on cloud accounting solutions to manage their finances.

37. 75% of accounting tasks can be automated by using accounting software

Recent statistics by US accounting services claim that nearly 75% of accounting tasks can be automated by using accounting software.

38. The business owner who doesn’t use accounting software

The business owner who doesn’t use accounting software due to security issues (38%), expensive (35%), and complicated to learn (19%).

39. 64.4% of business owners use accounting software

According to webinarcare.com, more than 64.4% of small business owners use accounting software. This number is in increasing trend.

40. Most used accounting software

QuickBooks is the most used accounting software with a market share of around 35%.

41. Reasons for buying accounting software

43% of accountants buy accounting software to increase functionality, 29% to replace the dated system, 17% to improve usability, 10% to consolidate multiple systems, 10% to improve product support, 7% to reduce cost, and 5% to improve reporting.

42. Large businesses are less likely to buy cloud accounting software

Large businesses are 41% less likely to buy cloud accounting software.

43. Accountant’s view on cloud accounting software

More than 90% of accountant believes that cloud accounting software plays a vital role to manage business finance.

Read about the best free accounting software.

Technology in Accounting Statistics

Artificial intelligence in accounting

44. 58% of industry leaders believe that AI can automate and ease accounting tasks to large extent.

45. More than 20% of US accounting firms are adopting AI to manage tasks.

46. Only 16% of business owners believe that AI is useless in accounting for their business.

47. 22% of business owners say that AI is helping to improve and automate business operations.

Accounting technology improved productivity

48. 56% of accountants say that the latest accounting technology has increased their productivity.

49. 40% of accountants rely on accounting technology to automate accounts payable and invoicing.

50. Accounting automation returns the investment within 6-18 months.

Future Accounting Trends Statistics

51. 78% of accounting professionals predicted that accounting methods will be automated in the future.

52. 92% of accountants feel that they are not ready for future accounting advancements.

53. Blockchain technology will be integrated with the current accounting methods to enhance security.

Conclusion

Accounting is a field that is constantly evolving and changing. The 50 + accounting statistics for 2024 demonstrate just how much the industry has grown and changed in the last few years.

Accounting professionals need to remain up to date on the latest trends, data, and other changes to succeed. With this in mind, accounting professionals need to stay informed on the most recent accounting statistics and trends for 2024.

Also Read:

7 Best Accounting Software For Schools.

7 Best Auto Dealership Accounting Software.

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