- Improve data precision by reducing the chance of human miscalculations.
- Automated processes and automated workflows speed up the whole accounting phase.
- Organize and access data conveniently in a central location.
Accounting Software is mainly designed for accounting experts to manage accounts and perform day to day accounting procedures. Accounting is anorganized practice, work, or process of communicating and tracking financial data.
360Quadrants has released a quadrant onthe best accounting softwareto help businesses make quicker and more informed decisions for their business. Ranking Quadrants are generated post analysis of companies (product portfolios and business strategies) and will be updated every three months based on market and regional analyses and developments in the accounting softwarespace. 360Quadrants conducts an in-depth SWOT analysis which helps service providers learn about new opportunities and areas where they lag behind their peers. It also helps clients choose the most appropriate vendor for their requirements.
CATEGORIZATION OF ACCOUNTING SOFTWARECOMPANIES
360Quadrants evaluated over 40 companies offering accounting software, of which the top 14 were categorized and placed on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Leaders.
QuickBooks, NetSuite, Sage Intacct, Xero, FreshBooks, Zoho Books, and SAPERPhave been identified as visionary leaders as they have established product portfolios and a robust market presence and business strategy. They have a strong portfolio of best accounting software and associated services. These vendors have been marking their presence in the accounting software market by offering highly customized and easily deployable software for their commercial clients, coupled with their robust business strategy to achieve continued growth in the market.
Microsoft Dynamics NAV and Microsoft Dynamics GPhas been identified as an innovator as ithasa focused product portfolio and an innovative business strategy, which help it set new trends in the market.Ithas an innovative portfolio of accounting software and strong potential to build strong business strategies for its business growth to be at par with the Visionary leaders. Innovators have been at the forefront in deploying their solutions for niche and custom requests by clients, requiring the processing of high-performance workloads.
Oracle, Outright, and GnuCash have been identified as emerging companies as they have a niche product offering and a decent business strategy, which helps them achieve consistent growth. These emerging players specialize in offering niche and tailor-made solutions and services highly to their clients. Most emerging vendors have been undertaking multiple acquisitions and boosting their sales capabilities in various regions to offer their integrated services to a wide range of clients.
FreeAgent and Odoo have been recognized as dynamic differentiators as they have an innovative portfolio of solutions and services. They have an extensive network of channel partners and resellers to increase the deployment of their services across various vertical markets.Over the years, the dynamic vendors have been consistently generating positive revenue growth in the accounting solutions market, and their market position is enhanced by organic and inorganic strategies undertaken by them over the period.
360QUADRANTS COMPANY EVALUATION METHODOLOGY
Top Companies in Accounting Software have been rated using the following methodology –
- A highly experienced team of researchers and senior analysts conducts extensive research to generate a list of vendors.
- An algorithm is used to collect inputs from key stakeholders—industry experts, buyers, vendors, and 360Quadrants analysts—based on criteria for Product Maturity and Company Maturity.
- Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
- Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage, or sector footprint.
- Approximately 90+ in-depth parameters were considered for research for the accountingsoftware. These parameters will be updated every six months to ensure the latest developments are taken into consideration.
- A weight is assigned to each stakeholder based on information gathered pertaining to the above criteria as well as inputs from stakeholders. These inputs follow the order of priority given below:
- Industry Experts
- 360Quadrants Analysts
- The inputs are analyzed, and a final rating is assigned to each vendor.
- After the finalization of ratings, each vendor is placed in the most relevant quadrant based on its score.
Read a Press Release on Accounting Software: https://www.360quadrants.com/press-release/360quadrants-releases-best-accounting-software-companies-of-2020
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