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Accounting Finance Market Trends

Report ID: GMI9534
Published Date: May 2024
Report Format: PDF

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Accounting Finance Market Trends

Accounting services increasingly embrace collaboration, driving partnerships with technology firms, consultants, and industry experts. This collaborative approach allows for the integration of diverse skill sets and resources, enabling accountants to offer more comprehensive solutions tailored to clients' evolving needs in a rapidly changing business landscape.

For instance, in May 2024, Temenos Multifonds announced an extension of its partnership with Citi Securities Services, aimed at consolidating Citi's worldwide fund services onto the Temenos Multifonds SaaS platform. This strategic move involves integrating Citi's regional fund accounting operations into a unified global operating model on Temenos Multifonds. Citi will harness the Organization Size of Temenos' cloud-based fund administration platform to deliver a cohesive global service to its clientele.

Blockchain technology disrupts traditional accounting practices, transforming processes such as auditing, transaction verification, and data security. Smart contracts automate financial transactions, reducing the need for intermediaries and enhancing transparency. This decentralized ledger system revolutionizes how financial data is recorded and verified, minimizing errors and fraud. As blockchain adoption grows, accountants and finance professionals need to adapt to this paradigm shift, leveraging blockchain expertise to stay competitive and provide innovative solutions to clients.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of accounting finance reached USD 636.1 billion in 2023 and will witness 5% CAGR between 2024 and 2032, led by integration of sustainability considerations into accounting and financial practices.

The large enterprises segment will register over 6.5% CAGR from 2024 to 2032, as large enterprises outsource specialized accounting functions to third-party service providers to access expertise, scalability, and cost efficiency.

North America market held over 35% share in 2023, driven by increasing adoption of cloud-based accounting software owing to remote work trends.

BDO International Limited, Deloitte Touche Tohmatsu Limited, Dixon Hughes Goodman LLP, Ernst & Young Global Limited (EY), Grant Thornton International Ltd., HLB International Limited, KPMG International Cooperative, Kreston International Limited, and Moore Global Network Limited among others.