30+ amazing accounting statistics showing the power of numbers

Numbers like these don’t just represent industry trends; they highlight the massive role accounting plays in businesses, job markets, and the economy. From the size of the industry to salary insights and career growth, accounting statistics tell a bigger story about where the profession is today and where it’s headed.

In this blog, we’ll explore 30+ accounting statistics, giving you insights into the power of accounting and future trends.

General accounting statistics

And guess what? It’s set to grow at an annual compound rate of 5.4% and reach a jaw-dropping $735.94 billion by 2025. In the U.S. alone, accounting services hit a record-breaking $145.7 billion in revenue in 2023^[4], climbing from $144 billion in 2022. That’s a lot of zeros, and it proves how much businesses rely on accounting to stay afloat and grow.

But that’s just the beginning—there’s more about the industry’s incredible impact in the bookkeeping facts below.

1. Global accountant workforce

There are 1.4 million accountants and auditors in the U.S. alone^[5]. That’s nearly equivalent to the population of a mid-sized city like Dallas. These professionals make sure businesses don’t sink under financial mismanagement.

2. Median salary for accountants

The median salary for accountants and auditors is $71,550, according to the Bureau of Labor and Statistics^[6]. And if you’re in San Francisco, it climbs to $96,099. That’s a testament to the financial rewards of mastering the art of accounting.

3. Job growth in accounting

If you’re considering a career in accounting, here’s good news: the field is set to grow by 4% by 2032, with 126,500 new job openings every year^[7].

4. Big four accounting firms

The Big Four—Deloitte, PwC, Ernst & Young, and KPMG—are the titans of the accounting world. Together, they brought in $190 billion in revenue in 2022^[8] and exceeded $200 billion in 2023^[9]. It currently employs over a million people globally. 

These firms handle high-profile clients, conduct groundbreaking audits, and set industry standards, making them the gold standard for accounting excellence. 

5. Invoice volume growth

According to a Versapay report^[10], businesses in the US generate 400 billion invoices, and the number keeps climbing by 5-15% each year. That’s a mountain of paperwork growing steadily, and scalable accounting solutions have become increasingly important for handling the surge efficiently and keeping businesses running smoothly.

That’s what this next section is about!

Technology in accounting

Accounting software is revolutionizing the industry, and the numbers prove it. Businesses are shifting to digital platforms to automate tasks, improve accuracy, and save time. 

Curious? Let’s dive into the numbers that prove just how much tech is reshaping accounting. These facts about bookkeeping will make you rethink what’s possible with the right tools in your corner. 

1. Automation potential

Almost 75% of accounting tasks can be automated^[12] using advanced software. This means fewer hours spent on tedious tasks like data entry and invoice processing and more time for accountants to focus on strategic planning and advisory roles.

2. Adoption of cloud accounting

If automation is changing how accountants work, cloud accounting is the platform making it all possible.

94% of accountants have embraced cloud services, and 67% prefer cloud accounting to traditional methods^[13]. With cloud platforms, you can access data anywhere, anytime, making it perfect for today’s hybrid work culture. This has given birth to the concept of virtual bookkeeping, which is a smart solution for small businesses looking for services at a fraction of the cost.

Also read: All you need to know about virtual bookkeeping

Plus, companies using cloud accounting report 15% year-over-year revenue growth^[14] and attract five times more customers than those without. 

3. AI integration 

Cloud accounting streamlines access and collaboration, and artificial intelligence takes it a step further by making processes smarter and faster. Building on the efficiency of cloud platforms, AI is set to transform repetitive tasks like data entry and invoice management. 

In fact, within three years, 58% of accounting professionals are expected to automate repetitive tasks using artificial intelligence^[15]. 

4. Cost savings

Here’s a stat that will catch any CFO’s eye: cloud accounting slashes labor costs by up to 50%^[16].
For growing businesses, this is a game-changer. Cutting costs while boosting efficiency is the holy grail, and cloud accounting delivers both in spades.

Additionally, automation in accounts payable can save $16 or more per invoice^[17] and pay for itself within 6 to 18 months.

Think about the number of invoices your business processes each month. That’s a lot of money staying in your pocket—and a lot less hassle for your team.

5. Future skills demand

56% of future accounting jobs will require expertise in automation and data science^[18]. As technology evolves, so does the skill set for accountants. 

6. Security concerns

Despite all these benefits, some businesses remain hesitant to adopt technology in their bookkeeping. 38% of businesses that avoid accounting software cite security as their main concern^[19], reflecting a barrier to digital adoption. 

But with advancements in encryption and cloud security, these fears are becoming less justified by the day.

Workforce trends in accounting

1. Diversity in recruitment

Did you know that 82% of accountants are now open to hiring candidates from non-traditional backgrounds^[20]? This shift reflects the industry’s need for diverse perspectives to meet evolving market demands. 

2. Gender representation

Women held 59.7% of accounting jobs in the U.S. in 2020^[21], making it one of the few industries where females outnumber males. This trend is a testament to the growing opportunities and leadership roles available for women in accounting.

3. Job satisfaction

What’s the most rewarding part of being an accountant? For 41% of professionals, it’s problem-solving^[22]. Whether it’s reconciling complex transactions, identifying overlooked tax deductions, or streamlining cash flow management, accountants thrive on solving challenges.

4. Technology literacy demand

Technology has brought countless benefits to accounting firms, but for new hires, this rapid tech adoption can feel like a double-edged sword. While firms thrive on these advancements, they now expect accountants to hit the ground running with a strong grasp of technology.

In fact, 57% of firms emphasize technology literacy as the most critical additional skill for accountants^[23]. 

5. Generational training gaps

If technology literacy is the most critical skill firms demand, here’s the real kicker: finding qualified talent to meet these demands is proving to be a massive challenge for small businesses. 58% of CFOs and 62% of controllers report struggling to find skilled accounting professionals^[24]. To bridge the gap, 68% of CFOs and 77% of controllers are outsourcing—or considering outsourcing—key accounting functions.

This talent crunch goes hand-in-hand with rising expectations for what accountants should deliver. For example, 14% of small business owners believe their accountants aren’t doing enough to minimize their taxes^[25].

Meanwhile, millennials are raising the bar even higher. Half of them want their accountants to go beyond standard services and provide actionable business insights. 

This generation values accountants who don’t just crunch numbers but also help shape strategies for success.

Forensic accounting statistics

That’s more than the GDP of some countries! Forensic accountants play a pivotal role in combating this financial menace. Their work goes beyond just balancing the books—they’re detectives, uncovering fraud that could cripple businesses. Without their expertise, companies are left vulnerable to both monetary and reputational damage.

And so, for the vital role that they play, forensic accountants earn an average annual salary of $86,267, with senior professionals earning upwards of $133,000^[27].

And the opportunities don’t stop there. With the US Bureau of Labor Statistics (BLS) predicting a 4% increase in jobs for forensic accountants through 2032^[28], this field is only growing. That means more demand, more opportunities, and, yes, potentially even more money.

Impact of accounting on business success

1. Cash flow management

Here’s one of the most alarming facts about bookkeeping: 38% of startups fail^[29] because of poor cash flow management. Without a clear picture of how money moves in and out of your business, you’re navigating blind.

Effective cash flow management ensures you track payments, avoid late penalties, and plan for growth without cash crunches derailing your plans.

Also read: What is a cash flow statement and how to read it (Explained with examples)

2. Expense mismanagement

But what if you don’t know where your money’s going despite keeping a strict record of your books? Well, that’s the reality for 29% of business owners who lack insight into their highest expense areas^[30]. This oversight leads to inefficiencies and missed opportunities to save. 

To fix this, you need to go beyond bookkeeping and dive into advanced expense management and financial analysis. Identifying expense patterns and implementing smarter budgeting strategies can turn those inefficiencies into growth opportunities.

3. Impact on decision-making

Numbers don’t lie, and they certainly don’t fail to guide businesses. Companies with accurate financial reporting are 70% more likely to make effective strategic decisions. 

From scaling operations to launching new products, strong accounting practices provide the data needed to make confident, informed choices.

The bottom line

That means nearly 40% of businesses are working with accountants who fail to provide the guidance needed for smarter financial decisions, cost savings, and growth.

If you’ve ever wondered whether your accountant could do more, you’re probably right. Many businesses work with accountants who might fall short when it comes to identifying tax-saving opportunities, optimizing cash flow, and providing strategic financial planning. That’s where CoCountant comes in—offering expert accounting services needed to help you make smarter financial decisions.

Your business has unique accounting requirements, and that’s why we offer you a dedicated accountant who understands them inside and out. With direct access to insights, clarifications, and updates, you’ll always have a financial expert ready to guide you.

Let’s end this article with an accounting statistic too: businesses with strong financial management practices are 70% more likely to make confident, effective decisions. Why not be one of them? CoCountant can help you get there.