For both non-accounting as well as accounting firms outsourcing has become very appealing. Studies have revealed that number of hiring in the domain of accounting and finance by reputed U.S. firms are likely to increase. Since the demise of Andersen due to the infamous Enron Scandal KPMG, Touche, Ernst Young and Price water house Coopers are known as the big four. Before this it is used to known as the big five. External Factors affecting the performance of the Industry A business unit does not operate in hollow. It operates in an environment. The business environmental factors can be categorized as micro and macro environmental factors. The micro or internal environmental factors are those that can be controlled, where as the macro or external environmental factors cannot be controlled by the firm and yet those factors affect the modus operand of a firm immensely. Therefore it is important for companies belonging to any industry monitor the external environmental factors and develop or modify business strategies accordingly. The external environmental factors include Political, Economic, Social and Technological factors or in short PEST (Cowan, 2005). Political Factors The political environment in US is quite stable. Although the country has been engaged in conflicts in Iraq and Afghanistan; the local political environment has not been hampered by those issues. The Us government - both present and past have welcomed business investments due to which the country has become one of the economic super powers. However due to increase in competition there have been cases of unethical practices. As a result the government has imposed strict legal measures for companies induced in unethical practices. Accounting professionals have a huge role to play to ensure ethical practices are conducted by the company. Hence from an accounting firm’s perspective it is important that reporting and mandatory disclosures are carried out ethically to avoid legal punitive actions from government or any other regulatory bodies (Henry, 2008). Economic Factors The global economy especially Europe and U.S. are looking to get over the economic recession. The economic downturn has forced most of the companies including the major firms to focus on cost minimization. The accounting professionals play a very important role in providing recommendation to the management to minimize cost without comprising the overall the performance of the firm. Also due to the economic recession, various companies look to outsource the accounting activities to specialist accounting firms. This may cause the companies a few bucks, but all in all the it actually helps the companies to make the business operations a lot more smoother as professionals would be looking after the core accounting issues. Social Factors The people of U.S. have always been entrepreneurial in nature and hence this provides a lot of opportunity to the accounting firms as such companies may look for specialists who can help the companies in overall accounting operations. A part forms these, the customers now days prefer to but from companies that are more ethical in nature. Hence, as mentioned before the accounting professional play major role in putting up an image of the company as a socially responsible ethical firm. (Kolb, 2008). Technological Issues The rise of technology has been a boon as well as curse for the specialist accoun
Marketing Feasibility Study Accounting Industry Overview The outsourcing phenomenon has surrounded the accounting industry and provides a wide range of services that ranges from accounts payable, book keeping, invoicing, debt collection and tax return preparation…
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Market analysis Table of Contents Market analysis 1 Table of Contents 2 Introduction 3 Discussion 3 Product 3 Price 5 Place 6 Promotions 6 Conclusion 7 References 8 Introduction The age increased market competition has led to considerable pressures on business organizations to ensure organizational efficiency.
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