Global Accounting Software Market (2021 to 2026)


Dublin, April 19, 2021 (GLOBE NEWSWIRE) — The report “Accounting Software Market – Growth, Trends, COVID-19 Impact and Forecast (2021-2026)” has been added to from ResearchAndMarkets.com offer.

Accounting Software Market was valued at USD 12.01 Billion in 2020 and is projected to reach USD 19.59 Billion by 2026, growing at a CAGR of 8.5% over the forecast period 2021-2026. Over the past two decades, the market for financial and accounting software solutions has seen many changes. One of the biggest changes is the cloud-based offering of accounting software solutions.

Accounting software solutions are used to streamline the accounting process, save time and ensure an error-free transaction between businesses and customers. These systems are designed to increase productivity by archiving, automating and integrating human resource systems. Implementing accounting software in SMEs helps reduce errors in customer and business dealings, thereby improving relationships and reputation, while ensuring time to focus on the main business idea. the company.

The growing trend of small and medium-sized businesses collaborating with e-commerce players and integration with other online applications, such as automated banking feeds, automated invoicing features, among others, is expected to further drive adoption. of accounting software during the forecast period. It helps to increase efficiency as it is used to track all accounting transactions and manage money coming in and going out of the business. The software has also emerged as a better solution for managing a company’s accounts as it can easily manage accounts payable, accounts receivable, payroll and general ledger, and other business modules.

The market has seen a significant share of vendors with accounting at their core and leveraged the cost advantages of the cloud. In addition, they targeted niche “micro and small and medium enterprises”. One of the notable strategies presented by these new entrants in accounting software is the inclusion of advanced features, such as artificial intelligence, for applications such as planning, learning, problem solving and recognition. vocal.

For example, Australian provider of tax, accounting and other business services software, MYOB Advisor, provides natural language descriptions of a company’s financial condition. Accountants and bookkeepers can customize the description based on the knowledge and experience of their SME client. Additionally, the insights provided by MYOB Advisor includes cash flow visualization which allows the advisor to help their client see where their money is going or provide a view of the best clients and help clients better manage their relationships valuable.

Additionally, as several countries around the world have faced the challenge of coping with the coronavirus outbreak and lockdown, more businesses, especially small businesses, have been working remotely. This has increased the demand for more dynamic and remote access to corporate financial records and systems by the people who have to work there and those who primarily need access to this information in a timely and accurate manner to take decisions to manage financial affairs.

Main market trends

Increased Efficiency Offered by Accounting Software to Boost Market Growth

  • Accounting software increases efficiency because it is used to track accounting transactions or to manage money coming in and going out of the business. It has emerged as a best solution to manage a company’s accounts as it can easily manage accounts payable, accounts receivable, company payroll, general ledger, and other business modules.
  • Additionally, features that ensure the accuracy of business financials, such as time savings, cost-effective operation, and higher overall productivity, are expected to drive demand. Also, these factors make this software more deployable for small businesses.
  • Businesses buy accounting-based software to increase their functionality and replace the outdated system. The reason is, in accounting calculation, it is tedious and complex. It will take manpower to complete things. But accounting software can do the calculation precisely and accurately without manpower.
  • Moreover, automation in the accounting industry is also an ongoing trend driven by the advancement of software. Accounting has been made highly automated without the need for significant physical intervention. The latest accounting software has allowed organizations to minimize their human resources. This has led to efficient use of capital and better management of available resources

Asia-Pacific will experience the strongest growth

  • Asia-Pacific is expected to experience faster growth for accounting software, primarily due to factors such as increasing penetration of mobile business accounting applications and increased adoption of cloud computing technologies and solutions in the region. Additionally, the emergence of small businesses and increasing investment by SMBs in the cloud and SaaS market is likely to drive the market growth.
  • By implementing various initiatives to build business confidence in the cloud, local governments are playing an important role in developing the cloud integration services market in the region, thereby developing more opportunities for the market studied.
  • Additionally, the growing attention of governments in the region to facilitate organizational payments and transactions and generate a trail of debt, liabilities, and assets is increasing the demand for the market studied.
  • For example, the Australian government’s focus on improving payment times for large corporations could be vital in the coming months. Recently, in April 2020, Small Business Minister Stuart Nash told the Parliamentary Epidemic Response Committee that he intended to write to larger businesses to encourage them to pay their bills to local SMEs as quickly as possible.

Competitive landscape

The accounting software market is moderately consolidated. Top players occupy most of the market. Moreover, the existing players already have their customer base, which does not want to switch to new players, and the new players cannot sustain the market any longer as they are acquired by the best players in the long run. Some of the key players include Oracle Corporation, Microsoft Corporation, Intuit Inc., SAP SE, Sage Software Inc., Infor Inc., Epicor Software Corporation, Xero Ltd., Unit4 Business Software Limited among others.

  • February 2020 — Intuit, maker of TurboTax, QuickBooks and Mint, also announced that it has agreed to acquire Credit Karma, which is a consumer technology platform with more than 100 million members in the United States, in Canada and the United Kingdom, for approximately $7.1 billion in cash and shares. The acquisition will bring the two technology leaders together with a common goal to help solve the personal finance challenges consumers face today, regardless of their financial circumstances.
  • April 2019 – Infor, a global leader in industry-specific enterprise cloud software, announced the completion of the acquisition of Efficient Frontiers, Inc. dba ReServe Interactive., headquartered in Livermore, CA. ReServe Interactive is a leading provider of cloud-based foodservices and foodservices. , restaurant reservations and floor management software that serves the restaurant, sports and entertainment, event center, golf and country club, and hospitality markets in the United States and Canada. ReServe Interactive’s highly scalable, dynamic, and intuitive retail and catering solution will enable Infor to offer more functionality through Infor CloudSuite Hospitality and increase Infor’s presence in non-hospitality venues such as centers entertainment venues, stadiums, wineries, and conference and convention centers.
  • February 2020 Intuit, the maker of TurboTax, QuickBooks, and Mint, also announced that it had agreed to acquire Credit Karma, which is a consumer technology platform with over 100 million members in the United States, Canada and in the United Kingdom, for approximately $7.1 billion in cash and shares. The acquisition will bring the two technology leaders together with a common goal to help solve the personal finance challenges consumers face today, regardless of their financial circumstances.

Reasons to buy this report:

  • The Market Estimate (ME) sheet in Excel format
  • 3 months of analyst support

Main topics covered:

1. INTRODUCTION
1.1 Study assumptions and market definition
1.2 Scope of the study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Bargaining power of suppliers
4.3.2 Bargaining power of consumers
4.3.3 Threat of new entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitute Products
4.4 Technology Overview
4.5 Market Impact Assessment of COVID-19

5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing trend of accounting automation
5.2 Market Constraints
5.2.1 Lack of awareness

6 MARKET SEGMENTATION
6.1 By type of deployment
6.1.1 On-site
6.1.2 Cloud-based
6.2 Size of organization
6.2.1 Small and medium enterprises
6.2.2 Large companies
6.3 Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Intuit Inc.
7.1.2 Sage Software Inc.
7.1.3 SAP OS
7.1.4 Oracle Corporation
7.1.5 Microsoft Corporation
7.1.6 Infor Inc.
7.1.7 Epicor Software Corporation
7.1.8 Unit4 Business Software Limited
7.1.9 Xero Ltd.
7.1.10 Zoho Corp.
7.1.11 Red Wing Software Inc.
7.1.12 MYOB Group Pty Ltd
7.1.13 Reckon Ltd.
7.1.14 Saasu Pty Ltd

8 SUPPLIER MARKET SHARE ANALYSIS

9 INVESTMENT ANALYSIS

10 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/494txd


        
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