1. Technology poses the threat of replacing 94% of accountants and auditors.
(The Future of Employment) (Fortune)
That’s a pretty significant percentage. In addition to this, technology threatens to replace 99% of tax preparers, 98% of bookkeepers and auditing clerks, and 97% of payroll and timekeeping clerks.
Accountant facts in another study by McKinsey projected that 400 and 800 million of all jobs would be automated by 2030.
2. Accountants only handle 25% of self-employed people’s accounting tasks.
So who handles the remaining 75% of tasks? Well, a whopping 72% of self-employed people do their accounting. Additionally, 2% ask family and friends for help, and 1% seek the assistance of a mysterious “other person.”
3. The US accounting industry statistics show it has generated over $110 billion in revenue.
KPMG, PWC, EY, and Deloitte—these four firms are responsible for over one-half of the revenue, having earned $56 billion.
Looking at the global report, these four firms had combined revenue of over $157 billion, employing more than one million people.
4. One of the interesting facts about accounting tells us 83% of accountants feel clients are more demanding these days.
The vast majority of accountants say that their clients are more demanding and expect more from them than they did five years ago.
But how can accountants keep up with the increased demand while remaining relevant?
They need to embrace technology.
5. There are a total of 664,532 CPA licenses in the US.
This brings the percentage of accountants with CPA to 46.3% of all in the workforce.
The survey was conducted in almost each of the 55 states—the exception being Hawaii, Wisconsin, Utah, and Delaware.