Managed services for finance and accounting offer a scalable solution for streamlining the arduous and perpetual tasks associated with banking and accounting. The delegation of accounting responsibilities to an external entity, commonly referred to as a managed service provider, is a common practice. Managed service providers utilize accounting software to automate their clients' bookkeeping and other financial tasks. Moreover, enterprises that prioritize the provision of managed services for finance and accounting services ensure compliance with accounting standards, financial laws, and legal regulations. The range of services provided encompasses accounts payable, accounts receivable, bookkeeping, and standard financial year-end services. It is anticipated that COVID-19 will have a significant impact on managed service providers in the MEA (Middle East and Africa) and Asia Pacific. Surprisingly, the epidemic has contributed to market expansion. Managed service providers and IT consulting firms are in high demand in work-from-home environments.
The APAC and MEA finance and accounting managed services industry market was valued at US$ 879.72 Mn in 2019 and is expected to reach US$ 1,059.35 Mn by 2025, is expected to exhibit a CAGR of 7.0% over the forecast period (2020-2025).
Major Players in the APAC and MEA Finance and Accounting Managed Services Industry
1. Baker Tilly
Baker Tilly is an accountancy and business advisory network, was founded in 1987 and headquartered in London, United Kingdom. It operates in 146 countries.
2. BDO
BDO is an international network of public accounting, tax, consulting and business advisory firms that provide professional services, was founded in 1963 and headquartered in Zaventum, Belgium. It operates in more than 160 countries.
3. CROWE
CROWE is a multinational professional services network. It is the 8th largest global accounting network in the world by revenue. It was founded late in 1915 as Horwath & Horwath and now from 2018 Crowe and headquartered in New York City, United States of America. It operates in 130 countries across the world.
4. Deloitte
Deloitte is a British multinational professional services network, was founded in and headquartered in London, England. It operates in more than 150 countries. In May 2023, Deloitte received five 2023 SAP® Pinnacle Awards.
5. Ernst & Young Global Limited
Ernst & Young Global Limited is a British multinational professional services partnership, was founded in 1989 and headquartered in London, England. It operates in more than 150 countries. In June 2023, EY, the world's foremost professional services firm, released a report titled 'Future of GCCs in India - a vision 2030' highlighting the growth of GCCs in India by 2030 due to the country's skilled workforce, favorable business and policy environment, and expanding infrastructure.
6. Grant Thornton
Grant Thornton provides professional services network of independent accounting and consulting member firms that provide assurance, tax, and advisory services to privately held businesses, public interest entities, and public sector organizations. It was founded in 1980 and headquartered in England, U.K. It operates in more than 140 countries.
7. KPMG
KPMG is a multinational professional services network, was founded in 1987 and headquartered in Amstelveen, Netherlands. It operates in over 150 countries. According to the fourth annual KPMG LLP "Chief Tax Officer Outlook," Chief Tax Officers will increasingly rely on outsourcing, co-sourcing, and managed services models to help them survive and thrive in January 2023.
8. Mazars
Mazars is a French global audit, accounting and consulting group, was founded in Paris, France and headquartered in 1945. It operates in more than 95 countries through member firms.
9. PWC
PWC is a British multinational professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world. It was founded in 1998 and headquartered in London, England. It operates in 152 countries. According to a PwC research, the top 100 global corporations' market caps will drop the most in May 2023 since 2009.
10. RSM International
RSM International branded RSM since 2015 is a multinational network of accounting firms forming the sixth-largest accountancy professional services network in the world by revenue. It was founded in 1964 and headquartered in London, United Kingdom. It operates in 120 countries. In January 2023, RSM revenues in Asia Pacific reached $1 billion as network bolsters manpower.
11. TMF Group
TMF Group is a Dutch multinational professional services firm, was founded in1988 and headquartered in Amsterdam, Netherlands. It operates in more than 75 countries. In April 2023, TMF Group expands its presence in APAC through the acquisition of Sino Corporate Services Group.
*Definition: The practice of managed services involves contracting out the upkeep and foresight of a variety of processes and duties, ostensibly with the goal of improving operations and reducing budgetary expenses by eliminating directly engaged people.
