LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global accounting and audit services market is expected to grow at a CAGR of 7% over the next five years due to the complexities associated with the financial managements of large companies.
The research report titled ‘Global Accounting and Audit Services Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices, and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the accounting and audit services market will be driven by increasing volumes of data and complexities arising due to stringent audit-related regulations,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Also, the market is driven by regulations whereby it is mandatory for companies listed in financial markets to be audited by an external auditor and the results need to be published at the end of the financial year,” adds Angad.
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Cost saving opportunities in the global accounting and audit services market
The adoption of various cost-optimization levers helps buyers of global accounting and audit services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global accounting and audit services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as big data and advanced analytics, integrated auditing of ERP systems laser, and cloud computing help analyze large volumes of financial data in a short time, leading to cost-savings to the extent of 7% of the total category spend.
Buyers expect their suppliers (accounting firms) to grant in-house auditing teams access to auditing tools used by them and provide the credentials for access and visibility to relevant audit documents. Buyers also expect their suppliers to possess capabilities such as resolving accounting and auditing challenges that may arise during the auditing process.
Supplier competition saving aspects
Suppliers compete on the basis of direct fee discounts and offer value-added services such as environmental audit. Clients prefer to engage with suppliers that are conversant with regional regulations and standards set forth by regulatory bodies such as the FRC for divisions of their organizations operating in the UK. Suppliers need to exhibit thorough knowledge and expertise with all auditing standards related to the region where they operate.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global accounting and auditing services market is the bundling of accounting and auditing along with tax advisory services. Buyers expect their suppliers to possess capabilities such as resolving accounting and auditing challenges that may arise during the auditing process.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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