All accounted for: Corporate profit has risen, providing organizations with capital to spend on industry services

Over the five years to 2017, the industry has exhibited modest growth. For example, the number of businesses in the Prairie State has increased in concert with economic growth, many of which have enlisted accounting firms to assist with accounting advice, accounts preparation and tax consulting. The Accounting Services industry in Illinois is anticipated to strengthen over the five years to 2022. The number of businesses across the state is forecast to increase more rapidly than the previous five-year period, and these organizations will continue to hire operators to assist with their accounting needs...read more.

Industry Statistics & Market Size
Revenue
$5bn
Annual Growth 12-17
1.1%
Forecast Growth 17-22
Profit
Employment
26,937
Businesses
3,829
What Our Customers Say

Industry Threats & Opportunities

  • The number of businesses has increased in concert with economic growth, and many have enlisted accounting firms
  • Firms across the Prairie State have consolidated with one another to expand their operations
  • Businesses will have additional capital to spend on industry services
  • Industry Report - Industry Products Chapter

    Financial auditing and statement review servicesFinancial auditing services are estimated to account for 37.2%. Audits are commonly done in reference to a company's historical financial statements, whereby the auditor presents financial information in a manner that conforms to generally accepted accounting principles (GAAP). Audits are undertaken to ensure the validity of financial statements and to make sure that a company has not misstated its earnings or financial position. Because independence and expertise is valued in this type of service, most audit work is provided by CPAs. CPAs provide a range of services in addition to auditing and assurance, including corporate advisory, financial and estate planning, forensic accounting and various consulting services. Man...purchase to read more.

    Additional Insights for the Accounting Services in Illinois Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Accounting Services in Illinois Industry are

  • Access to highly skilled workforce
  • Having a good reputation
  • Effective quality control
  • IBISWorld analysts also discuss how external factors such as Corporate profit and Number of adults aged 20 to 64 in Illinois in the Accounting Services in Illinois industry impact industry performance..

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    What is the Accounting Services in Illinois Industry?

    Firms in this industry are certified to audit the accounting records of public and private organizations and to demonstrate compliance to generally accepted accounting principles in the state of Illinois. Certified public accountants (CPAs), included in this industry, provide a variety of accounting services, including auditing accounting records, designing accounting systems, preparing financial statements, developing budgets and providing advice on matters related to accounting.

    Industry Products
  • Financial auditing services
  • General accounting services
  • Tax planning and consulting
  • Tax preparation and representation services
  • Bookkeeping and other services
  • Industry Activities
  • Auditing
  • Providing accounting advice to corporate clients
  • Providing accounting advice to individuals and small businesses
  • Accounts preparation
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Corporate profit
  • Number of adults aged 20 to 64 in Illinois
  • Number of Businesses in Illinois
  • Initial public offerings

  • Current Performance
  • Uneven growth in Chicagoland
  • Consolidation
  • Shifting markets
  • Chart: Revenue Growth

  • Industry Outlook
  • Fiscal issues and tax reform
  • Market characteristics
  • Table: Accounting Services in Illinois Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Accounting Services in Illinois Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Manufacturing
  • Finance and Insurance
  • Real Estate and Rental and Leasing
  • Professional, Scientific and Technical Services
  • Consumers

  • Key Selling Industries
  • Business Analytics & Enterprise Software Publishing
  • Commercial Leasing
  • Computer & Packaged Software Wholesaling
  • Furniture Stores
  • Office Stationery Wholesaling

  • Products & Services
  • Financial auditing services
  • Tax preparation and representation services
  • Tax planning and consulting
  • Bookkeeping and other services
  • General accounting services
  • Chart: Accounting Services in Illinois Industry Products and Services Segmentation

  • Major Markets
  • Finance sector
  • Manufacturing sector
  • Individuals
  • Retail sector
  • Other businesses
  • Utilities and mining sector
  • Nonprofit organizations
  • Public sector
  • Chart: Major Market Segmentation for the Accounting Services in Illinois Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Accounting Services in Illinois

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Accounting Services in Illinois Industry

  • PricewaterhouseCoopersDeloitte Touche TohmatsuErnst & YoungKPMG International
  • Table: PricewaterhouseCoopers - financial performance
  • Table: Deloitte Touche Tohmatsu - financial performance
  • Table: Ernst & Young - financial performance
  • Table: KPMG International - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Accounting Services in Illinois Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Accounting Services in Illinois Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of Businesses in Illinois (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Auditing
  • The act of reviewing a company's financial operations to ensure regulatory compliance.
  • Generally Accepted Accounting Principles
  • A set of common accounting rules and standards that businesses adhere to when reporting their financial statements.
  • Initial Public Offering (Ipo)
  • The issuing of a company's common stock to the public for the first time.
  • Why buy this report?

    IBISWorld’s Industry Market Report on Accounting Services in Illinois is a comprehensive guide to market size and growth prospects. Ensure due diligence in your research with our strategic analysis of the factors influencing companies, including new product developments; economic, lifestyle and demographic influences; distribution and supply chain factors; and pricing issues.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Accounting Services in Illinois:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Accounting Services in Illinois market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Accounting Services in Illinois, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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