The bookkeeping industry is a critical part of the economy, and it is important for entrepreneurs to understand the current status and future outlook of the industry. In this article, we will discuss the current statistics and trends of the bookkeeping industry, as well as what to expect in the future. So, whether you are an entrepreneur who wants to start a bookkeeping business or you are simply curious about the future of this industry, read on to learn more.
The Current State of the Bookkeeping Industry
The bookkeeping industry is currently enjoying a period of growth. In the United States alone, the number of bookkeepers has increased by 21% since 2014. This growth is expected to continue in the coming years, with the bookkeeping industry projected to grow by another 4% annually by 2024. This growth is being driven by a number of factors, including the increasing complexity of financial affairs and the need for businesses to save money by outsourcing their bookkeeping.
Statistics and Trends for the Bookkeeping Industry
There are a few key statistics and trends that entrepreneurs should be aware of when it comes to the bookkeeping industry. First, it is important to note that the majority of bookkeepers are self-employed. In fact, nearly 60% of bookkeepers work as sole proprietors. This trend is expected to continue in the future, as more people choose to start their own bookkeeping businesses.
Another trend that is worth noting is the increasing use of technology in the bookkeeping industry. In particular, cloud-based accounting software is becoming more and more popular. This trend is being driven by the convenience and flexibility offered by cloud-based accounting software.
What to Expect in the Future for the Bookkeeping Industry
The bookkeeping industry is projected to continue its growth in the coming years. This growth will be driven by a number of factors, including the increasing complexity of financial affairs and the need for businesses to save money by outsourcing their bookkeeping. In addition, the use of technology in the bookkeeping industry is expected to continue to grow, with more businesses turning to cloud-based accounting software. So, if you are an entrepreneur considering starting a bookkeeping business, now is a great time to do so. There is a lot of opportunity in this industry, and the future looks bright.
Conclusion
The bookkeeping industry is currently enjoying a period of growth, with the number of bookkeepers increasing by 21% since 2014. This growth is expected to continue in the coming years, as more businesses turn to cloud-based accounting software and the complexity of financial affairs increases. So, if you are an entrepreneur considering starting a bookkeeping business, now is a great time to do so. There are a lot of opportunities in this industry and the future looks bright.