Accounting Software | Market Growth Driver & Opportunities | Benefits & Recent Development
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- In October 2016, Quickbooks acquired Bankstream which provides a daily, secure, reliable, and accurate feed of client transaction data.
- Developments such as SaaS have seen the industry introduce on-premise options to cloud-based services. Today, there are more technical challenges to the accounting process.
360Quadrants has released a quadrant on the best accounting software to 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 software space. 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.
Who Uses Accounting Software?
Accounting Software is utilized by accountants, administrators, CFOs, and other representatives of accounting teams. The accounting team ranges in size based on the scale of the organization and the scope of its activities, which can have one person accountable for all or staff in control of particular financial processes such as AP, AR, cash management, or cost management.
Computer accounting solutions are a must for virtually any company. They enable businesses to manage economic wellbeing and strategize long-term success. Online invoicing helps firms to file invoices, receive payments electronically, and get charged more easily. Expenditure monitoring is another important accounting feature that helps businesses to monitor, manage, compensate, and evaluate expenditures relevant to the workers. Financial information, such as forecasts, income & loss accounts, balance sheets, and cash flow statements are perhaps the most demanded best accounting software features.
Market Growth Drivers:
- The emergence of small businesses and growing investment in the cloud and SaaS market
- Growing demand for advanced automated finance processes
Market Growth Opportunities:
- The software can be integrated with different online applications, such as automated billing features and automated bank feeds
- Use of AI and automation to record the transactions automatically
- Rise of adoption in Cloud-based software will provide a great opportunity to cut costs
Benefits of accounting software:
Simplification - Accounting software put control of funds in the hands of a non-accounting crowd, aimed at giving significance to statistics while executing electronic computations. With hardly any training, the company owner can execute all financial transactions and meet the legal requirements from a desktop computer or Smartphone, even without having to pay a third party to keep the expenditure in the loop.
Cost reduction - Accounting and finance frameworks simplify key estimates and operating processes and gain a charge of the sales process and you don't need to outsource financial services to an external specialist. They also raise printing and storage prices and store confidential data is safe and controlled locations.
Total financial disclosure - The key advantage of effective accounting processes for an accountant or an auditor is that they avoid expensive and repeated human mistakes. Calculating incorrect quantities or failing to disclose results on time will potentially contribute to a business problem and this is when it is most helpful to optimize calculations.
- In March 2020, Freshbooks started its service in the United Kingdom. The firm has also rolled out a new set of functions geared toward British business needs.
- In November 2018, Xero a suite of online best accounting software for small businesses, accountants, and bookkeepers acquired Instafile which is a cloud accounting firm.
- In September 2018, Sage Intacct a financial management software acquired Budgeta Inc. a modern budgeting and forecasting solution empowering businesses to plan faster, smarter, and more collaboratively.
Read a Press Release on Accounting Software: 360quadrants Releases Best Accounting Software Companies Of 2020
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