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2025 Accounting & Bookkeeping Trends: 51 Key Statistics

An accountant may work in a number of industries, including government, retail and banking, but the most common industry for an accountant is the services industry. As accounting outsourcing trends continue to evolve, having experts focused on helping your business navigate the complexities of today’s accounting landscape will be a strong strategic advantage. Staying compliant with ever-shifting regulatory environments requires a lot of expertise, so prioritize hiring agile accounting professionals who can focus on navigating Bookkeeping for Any Business Industry the adoption of new policies. Payroll management is another common function to outsource, particularly for businesses with a growing workforce or operations in multiple locations. Outsourcing this task frees up internal resources and ensures accuracy, allowing businesses to focus on more strategic financial activities.

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• Automation and AI are already starting to revolutionize how financial data is processed and analyzed.
• Every cent counts and every transaction can make the difference between financial success and failure.
• Gaining this expertise typically involves several years of hands-on work and a proactive approach to learning the subtleties of the chosen field.
• As a result, bookkeeping services providers have experienced an increase in demand for their services as businesses look to navigate the complex financial landscape.
• Small business accounting statistics show that about 24% of the participants said that they are undecided on this matter.

This growth is expected to continue in the coming years, with the bookkeeping industry projected to grow by another 4% annually by 2024. This growth is being driven by a number of factors, including the increasing complexity of financial affairs and the need for businesses to save money by outsourcing their bookkeeping. For example, by analyzing cash flow trends in financial statements, you can help a small business client improve their liquidity management. Or, you could analyze their profitability across different products or services and advise them on which areas to focus their efforts.

#29 – Virtual Assistants

• If you don’t feel comfortable with a freelancer, there are many firms that offer bookkeeping services as well.
• The American Institute of Professional Bookkeepers (AIPB) can help prepare you for the national certified bookkeeper (CB) exam by training you in payroll, inventory, error correction, and more.
• Keeping up with the dynamic changes in the world of bookkeeping is essential for business leaders to achieve financial success.
• You can join Noble’s courses in-person in Manhattan or virtually from the comfort of your home or office.
• Bookkeeping focuses on recording and organizing financial data, including tasks such as invoicing, billing, payroll and reconciling transactions.
• When we reached out to an agent to clarify this point, the conversation went in circles for about 15 minutes before we were given any concrete information.

There are a few key statistics and trends that entrepreneurs should be aware of when contra asset account it comes to the bookkeeping industry. First, it is important to note that the majority of bookkeepers are self-employed. This trend is expected to continue in the future, as more people choose to start their own bookkeeping businesses. In the United States alone, the number of bookkeepers has increased by 21% since 2014.

This ensures compliance with legal industry standards and efficient handling of client funds. The real estate and property management sector often outsources bookkeeping because their bookkeeping involves handling numerous transactions and managing various properties. Outsourcing bookkeeping in this industry helps in efficiently tracking rents, maintenance costs, and other property-related expenses. SaaS (Software as a Service) companies offer software solutions to businesses on a subscription basis, which means they usually have complex financial structures. That includes recurring revenue models, subscription billing, and various expense categories like software development or customer acquisition costs.

Learn more about bookkeeping, how it differs from accounting, the required qualifications, and bookkeeping jobs and salaries. By outsourcing bookkeeping, nonprofit leaders can focus on their mission and programs while ensuring that financial records are accurate and up-to-date. If you want your bookkeeping business to be financially successful, you should consider working with law firms. Specializing in legal bookkeeping can help you gain experience so that you can charge more in the future. This demand is being met with enthusiasm, as students increasingly recognize that the profession provides both a transformative role and long-term value. Setting up a dedicated workspace and using secure online tools for client communication and data management makes it easy to manage your business remotely.

• Accounts Receivable involves tracking money owed by customers for goods or services delivered.
• As a small example, helping a client go paperless is a great solution to save time, money, and the environment.
• For instance, a bookkeeper specialized in cryptocurrency could benefit from fintech conferences, while one focusing on small businesses might find value in local chamber of commerce events.
• We’ve carefully assessed each option’s features, pricing, and real-world performance to help you make an informed decision.
• Flexibility-wise, it offers above-average work vs. life balance and an alternative working schedule.

As of 2023, there are roughly 200,000 certified public accountants in the Philippines. And because the CPA examination pass rate averages around 25%, there are only a couple thousand new CPAs added to that total each year. With this dwindling offshoring pool and an increase in the demand for outsourcing, it’s important to remember that offshore talent is a finite resource. Examine your firm’s carbon footprint and seriously consider becoming a carbon neutral accounting firm. Sign up to get B Corp certified and identify ways your firm can move forward supporting a future for everyone.

Entrepreneurs and Growing Businesses

For instance, a bookkeeper specialized in cryptocurrency could benefit from fintech conferences, while one focusing on small businesses might find value in local chamber of commerce events. … Although digitalization and modern information technology will continue to Cash Flow Management for Small Businesses transform the bookkeeping profession, at this time, we cannot say that bookkeeping is a dying profession. Remember, the key is to pinpoint a few options that don’t show any signs of slowing down in the years to come.