Region : Global | Format: PDF | Report ID: FBI100107
Accounting Software for Simpler Businesses If you're a sole proprietor or freelancer, then you probably don't need all of the features offered by full-featured small business accounting tools. Accounting software not only fulfills all the accounting elements of an organization, but it also eliminates the complicacy and errors associated with manual accounting. So yes, online accounting software is the future, and it’s better for any organization to adopt it as soon as possible. The accounting software can compile your business’s financial information and present to you in a simplified manner. Accounting software helps users identify business trajectories and provide a basic understanding of how ledgers are maintained.
The global accounting software market size, valued at USD 11,071.6 Mn in 2018, is projected to reach USD 20,408.0 Mn by the end of 2026, exhibiting a CAGR of 8.02%.
We are in process of revamping Accounting Software Market with respect to COVID-19 Impact.
Request Sample
The global market is expected to have a significant growth in the forecast period owing to the demand for computerized accounting. A significant trend observed in the accounting software industry is due to the ongoing shift from the conventional way of storing financial records manually to using an accounting information system. In the past, accounting software focused on basic accounting needs such as general ledger, accounts receivable, accounts payable, payroll, and occasionally inventory.
Today, accounting software interoperates with Customer Relationship Management (CRM), supply chain management, human resource management, and dashboards and reporting applications. The accounting software is used to process and record all the financial transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. Similarly, it also keeps track of transactions, cash flows, performs calculations and generates dashboards and reports. Large enterprises and small & medium enterprises highly adopt accounting software in order to monitor financial transactions.
Request a Free sample to learn more about this report.
'Increasing Demand for Cloud-Based Accounting Software'
Today’s leading solutions deliver real-time business visibility via easy to create dashboards and reports. Comprehensive financial consolidation, reporting, and analysis across multiple business entities are growing drastically. In order to manage financials, organizations are embracing accounting software.
Names Of Accounting Softwares
With the increase in demand for cloud computing, the end-use industries are increasingly adopting cloud-based and accounting software as it reduces the time to process and is cost effective. Security is the main concern of the organization for adopting cloud-based accounting software. Also, it is being projected that there will be a heavy growth of the cloud-based accounting software for the forecast 2019 – 2026.
To know how our report can help streamline your business, Speak to Analyst
Regional Analysis
'Increasing investment in the technologically driven solutions is supplementing the revenue growth of North America, whereas Asia Pacific is estimated to have a significant growth'
North America generated an accounting software market revenue of US$ 3,759.4 Mn in 2018 and is anticipated to emerge dominant in the global market during the forecast period. Growth witnessed in the region is likely to be driven by the presence of the strong and prominent players operating in accounting software across the U.S. and spending by the U.S. government for the provision of accounting management systems in various public and private organizations.
North America Accounting Software Market, 2018
To get more information on the regional analysis of this market, Request a Free sample
Likewise, Asia Pacific generated a market revenue of US$ 2,635.9 Mn in 2018 and is expected to witness growth in the investments of the small and medium enterprises for adopting the technologically enhanced software. Also, the accounting software market growth in Asia Pacific is on the verge of an economic revolution with the emergence of a banking and financial sector. The emerging economies of China, India, and Singapore are expected to be the key contributors to the market.
Report Overview
'A significant trend observed in the penetration of the market across the range of end-use industries.'
Simply Accounting
The report on accounting software provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate for all possible segments in the market. The global market has been segmented by type, component, enterprise size, end-use industry and geography. By type, the global market is categorized into spreadsheets, ERP, custom accounting software, tax management software.
Based on the component, the global market is segmented into software and services. On the basis of enterprise size, the market is bifurcated into large enterprises and small & medium enterprises. Based on the end-use industry, the global market is categorized into banking financial services and insurance, IT & telecommunication, government & public sector, automotive, retail & consumer goods, oil & gas, manufacturing, healthcare, construction and real estate and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
Accounting Softwares List
To gain extensive insights into the market, Request for Customization
Along with this, the report provides an elaborative analysis of the accounting software market dynamics and competitive landscape. Various key insights provided in the report on the market are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, an analysis of pages printed by digital technology, macro and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape.
Segmentation
ATTRIBUTE
|
DETAILS
|
By Component
|
|
By Enterprise Size
|
|
By Type
|
|
By End-use Industry
|
|
By Geography
|
|
Key companies covered in the report
Accounting Software Sap
- Oracle (NetSuite) (The U.S.)
- Sage Group Plc. (The U.K.)
- Zeta Software LLC (The U.K.)
- Microsoft Corporation (The U.S.)
- Epicor Software Corporation (The U.S.)
- Xero Ltd. (New Zealand)
- SAP SE (Germany)
- Intuit Inc. (The U.S.)
- Infor, Inc. (The U.S.)
- Acumatica Inc. (The U.S.)
Key Industry Developments
- April, 2019: RMS partnered with M3, a cloud-based financial platform, to offer clients seamless hotel-management solutions. Hotels and resorts using M3 accounting and analytics technology now can integrate their property-management data from RMS for greater insight into operational performance.
- April, 2019: Mobile bank Starling partnered with accounting software provider FreeAgent to help small business owners cut the time they spend on daily admin, digitize their finances and relax about tax.
Frequently Asked Questions
Accouting software supports organozations to record and process accounting transcations within functional modules which includes payroll, trial balance, accounts payable and others. In 2018, globally accounting software market accounted for USD 11,071.6 Mn.
According to Fortune Business Insights, the accounting software market is projected to grow at a compounded annual growth rate (CAGR) of 8.02% due to integration of accounting software with pther technology such as big data, optical character recognization and others.
North America is expected to hold the maximum share in the global accounting software market during the forecast period followed by Europe. In North America, there is increasing deployment of software in Government & Public Sector and IT & Telecommunication.
In terms of enterprise size, globally large enterprise is accounting maximum market revenue share, as there is rising deployment of different solutions for betterment of process and increase operational efficiency. Also, lage enterprises are upgrading their exisiting solutions with technological advanced solutions.
Among the key driving factors of accounting software market are increasing demand for cloud-based accounting software
Oracle (NetSuite) (The U.S.), Sage Group Plc., Microsoft Corporation, Xero Ltd. (New Zealand) and SAP SE (Germany) are among the leading market players functioning in accounting software market. The market leaders are making considerable investment in advanced technology and analytics tools and intrioduction of SaaS based solutions in the market
Accounting software is used to collect information about and report on the financial viability of a business. This software is critical to the proper administration of an organization. Before deciding upon which software package to use, it is important to understand the different types of accounting software, and under what circumstances each one should be used. The following list itemizes the general classifications of accounting software:
-
Spreadsheets. Quite a small business can be run just using an electronic spreadsheet for its accounting software. The spreadsheet software is inexpensive and the system can be configured in any way at all. However, spreadsheets are prone to error, since information may be entered in the wrong place, incorrectly, or not entered at all, resulting in inaccurate financial statements. Consequently, spreadsheets are typically only used by organizations that have very low transaction volumes.
-
Commercially-available software. Commercial off-the-shelf (COTS) software is the predominant accounting software used throughout the world. It is moderately configurable to the needs of a business, contains multiple layers of error detection to prevent the entry of incorrect information, and produces standard reports that can usually be configured to the needs of the user. There are COTS packages that are specific to certain industries, with extra features to address the needs of their target markets. COTS software may require the services of consultants to install, and can require a lengthy installation process, as well as on-site staff to maintain the software. A variation on this concept is accounting software that is available as an online service, which requires users to log into the vendor's site to access the software. The latter approach requires the payment of a per-user fee each month, rather than an up-front purchase of the software.
-
Enterprise resource planning software (ERP). ERP software integrates information from all parts of a business into a single database. This approach eliminates the problems associated with having independent department-specific software that does not share information. However, it is also painfully expensive and may require more than a year to install. This software is usually only needed by the largest and most complex organizations.
-
Custom accounting software. This software is custom developed for an organization. This approach is usually only taken when an entity's needs are so specific that they cannot be met by a COTS or ERP package. However, this approach is rarely taken, since custom software tends to be buggy and requires more maintenance than commercially-available packages.
Related Courses
Accounting Information Systems
Bookkeeping Guidebook
New Controller Guidebook
Bookkeeping Guidebook
New Controller Guidebook