Raphael Bohne
Research expert covering professional services
Accounting industry in the U.S. - statistics & facts
The U.S. accounting industry has proven itself to be a highly profitable and indispensable line of business, where number crunching has become a way of deciphering the language of business and unlocking the secrets to financial growth. In this industry of problem solving, transparency is somewhat assured as financial strategies are developed and turned into reality. The revenue of the accounting services industry in the United States has grown exponentially since 2013 and reached 147.5 billion U.S. dollars in 2023. The leading accounting firms in the U.S. by revenue have consistently been the Big Four global accounting and auditing firms in Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG.
Despite these slightly gloomier statistics, the revenue of the accounting service industry in the United States has never been higher, as the average annual expenditure on accounting fees per consumer unit in the United States also reached a record high. Bearing in mind these positive financial figures and an increasingly globalized economy, the accounting industry seems to be a somewhat future-proof market that has thrived in the face of adversity.
High wages, high employee retention
Since 2020, the number of accountants and auditors employed in the U.S. has increased annually. The same was true for the number of bookkeeping, accounting, and auditing clerks employed in the U.S., but this number took a slight hit in 2023. California has consistently been the state with the highest employment level in accounting and auditing, whereas the District of Columbia was the state with the highest wages. With these high retention rates and high wages, the accounting industry in the United States must be seen as an attractive economy.Increasing optimism, but risks remain for the industry
Members of the American Institute of Certified Public Accountants (AICPA) expressed generally increasing confidence in their businesses since the beginning of 2016; however, this index fell to a record low in the third quarter of 2020 as the COVID-19 pandemic took its toll on the industry. The Certified Public Accountants Outlook Index score soon recovered, but historically high annual inflation rates in the United States have dragged the score down again. Of the inflationary factors posing risks to accountancy businesses in the U.S., labor costs were by far the most pressing issues for accountancy businesses in the United States.Despite these slightly gloomier statistics, the revenue of the accounting service industry in the United States has never been higher, as the average annual expenditure on accounting fees per consumer unit in the United States also reached a record high. Bearing in mind these positive financial figures and an increasingly globalized economy, the accounting industry seems to be a somewhat future-proof market that has thrived in the face of adversity.
