Financial accounting advisory services (FAAS) refers to professional services provided by firms and consultants to assist businesses and organizations in addressing complex accounting and financial reporting challenges. These services are tailored to meet evolving regulatory standards, improve financial transparency and optimize decision-making processes for organizations of all sizes. FAAS is a specialized branch of financial consulting that supports companies in navigating issues related to accounting changes, financial reporting and compliance with international accounting standards.
The financial accounting advisory services market consists of sales, by entities (organizations, sole traders, or partnerships), of financial accounting advisory services that include organizations such as corporations, government entities, nonprofit organizations and small and medium-sized enterprises (SMEs). These services are typically used by finance teams, accounting departments and executives responsible for financial planning and compliance. They are especially relevant during periods of organizational change, such as mergers and acquisitions, initial public offerings (IPOs), bankruptcy proceedings, or transitions to new accounting standards.
The global financial accounting advisory services market was valued at $82,358.68 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 4.00%.
Increasing Financial Literacy
The increasing financial literacy supported the growth of the financial accounting advisory services market during the historic period. As financial literacy improves, businesses, including small and medium enterprises (SMEs), are better equipped to recognize the value of professional financial advice and the need for accurate financial reporting, tax compliance, and risk management. This heightened awareness has led to a greater demand for advisory services to navigate complex accounting frameworks, optimize tax strategies, and ensure compliance with evolving financial regulations. For instance, in August 2023, according to European Commission, a primary executive arm of the European Union (EU), financial literacy was embraced by just 57% of American adults, while 73% of teenagers express a desire for improved personal finance education. On average, financial illiteracy costs Americans $1,819 annually and a substantial 77% of the population grapples with financial anxiety. The increasing financial literacy drove the growth of the financial accounting advisory services market.
Development Of Consulting Platforms For Streamlined Financial Management
Companies operating in the financial accounting advisory services market are developing consulting platforms to streamline financial management processes, enhance decision-making and provide businesses with real-time insights into their financial performance. These platforms aim to offer integrated solutions, including budgeting, forecasting, and reporting, while ensuring compliance and optimizing financial operations. For example, in December 2024, Vallum Advisors, a US-based full-service investor relations and financial communications consultancy, launched full lifecycle business advisory firm. This initiative is designed to offer comprehensive support to middle-market clients, providing integrated solutions such as investor relations advisory, transaction advisory and extensive assistance for CFOs. With this expansion, Vallum Advisors strengthens its position in the business advisory sector, focusing on building long-term client relationships and improving operational efficiency through expert guidance.
The global financial accounting advisory services market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 16.17% of the total market in 2023.
Financial Accounting Advisory Services Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global financial accounting advisory services market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for financial accounting advisory services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The financial accounting advisory services market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider financial accounting advisory services market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by organization size, by application and by industry vertical.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the financial accounting advisory services market.
- Growth Analysis And Strategic Analysis Framework Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by organization size, by application and by industry vertical in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Recent Developments Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for financial accounting advisory services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Accounting Change Services; Buy-Side Support; Bankruptcy Services; IPO Advisory Services; Financial Reporting Issue And Restatement Services; Technical Accounting; Financial Statement Preparation; Accounting Software Migration; Cash Flow Management Services; Other Types
- 2) By Organization Size: Large Enterprises; Small And Medium-Sized Enterprises
- 3) By Application: Personal; Companies; Government; Other Applications
- 4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI); IT And Telecom; Manufacturing; Retail And E-Commerce; Other Industry Vertical
- Companies Mentioned: PricewaterhouseCoopers (PwC); Deloitte Touche Tohmatsu Limited (Deloitte); Ernst & Young (EY) Global ltd.; KPMG International Limited (KPMG); BDO International Limited
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; financial accounting advisory services indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.