5 Riveting Statistics in 2022 For Aspiring Accountants

No matter the business type, accountants have a rather significant role to play. As professionals, they are responsible for your numbers to add up right, run seamless audits, and manage payroll systems.?

Now, although accounting has remained important since the very beginning, the job role in itself has witnessed a sea of changes, keeping in line with the industry demands. That's why, we stress on choosing the right kind of accounting institute to help find the right alley through functional and industry-oriented learning.

Here’s a look at five such vital industry statistics that every aspiring accountant should be aware of in 2022.

The global accounting services market is expected to reach a figure of $868 billion by the end of 2022.

With increased number of acquisitions and mergers, coupled with tech stock performances and standard transitions, the field of accounting has never been shy of growth.?

According to a research study by The Business Research Company, the CAGR forecast for accounting is expected to grow by 9.1%, amounting to $868 billion.?

Nevertheless, the research study also cited a handful of factors that might add brakes in between and include the likes of corporate scandals, inconsistent deliveries, and insignificant wage rates.?

More than 80% of accountants believe companies are increasingly becoming demanding?

Sage accounting reports accounting professionals (87% of them) admitting to the fact that clients have actually turned more demanding over the past few decades. This chiefly has to do with flexibility and enhanced services but comes without considering rate revision.?

Accounting is the top service in demand?

The Sage 2019 accounting industry stats have revealed accounting (79%) to be the most sought after service, followed by payroll (25%), tax (24%), compliance (20%), business advisory (17%), audit/assurance (15%), and outsourced CFO (5%).

More than 20% of SMBs owners admit having no knowledge about bookkeeping

Such stats reassure that accounting professionals are finally getting their long due respect from Small and Mid Size Businesses. This is great news for aspiring professionals, as it will only help to broaden the outlook towards the job role and for that matter the employment type.?

Previously, a 2016 study conducted by ICAS discovered how 30% of SMB owners regard accountants as most reliable among all collaborators.

Task preparation is the most outsourced job closely followed by Payroll?

A study by the Wasp Barcode reveals task preparation (71%) to be the most outsourced job by the SMBs. This is closely followed by payroll (50%), auditing (48%) and tax planning (30%).?

Personal finances and bookkeeping, reportedly, takes the end positions on the list with 16% and 14% respectively.?

Are you an aspiring accountant looking for your dream or best accounting institute???

Don't know where to start??

Fret not! You’ve come to the right place .?

At ICA, we have coined a niche for ourselves as India’s premier accounting institute that offers the best of both worlds for students–theory and practical knowledge right from Day 1. Our Certified Industrial Accountant (CIA) courses have been designed keeping in mind the changing demands of the industry and is a perfect call for anyone who aspires to have a successful career in finance.?

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