Accounting and Finance Software Market Scope
Accounting and finance software is used to process and record all the financial transactions within the modules such as accounts payable, accounts receivable, payroll, and trial balance. It is an essential part of any enterprise system. It also keeps track of transactions, cash flows, performs calculations and generates dashboards and reports. Accounting software should automate labor-intensive accounting tasks, accelerate tax preparation, and reduce the risk of human error in the workplace. Large and small & medium enterprises highly adopting accounting software in order to monitor financial transactions. Web-based accounting software is easy-to-use with browser-based access, and allows access from anywhere, at any time, from any device with a browser.
Accounting and Finance Software market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solution to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Accounting and Finance Software market throughout the predicted period.
Intuit (United States), Oracle (NetSuite) (United States), SAP (Germany), Infor (United States), Microsoft Corporation (United States), Certify Inc. (United States), Sage Group (United States), Acumatica, Inc. (United States), Epicor Software Corporation (United States) and Financial Force (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Xero Limited (Australia), FreshBooks Cloud Accounting (United States), Receipt Bank (United Kingdom), Coupa Software (United States), Zeta Software LLC (United Kingdom), Wave Accounting (Canada), Tradeshift (United States), Webgility (United States), AccountingSuite (United States) and SellerCloud (United States).
Segmentation Overview
The study have segmented the market of Global Accounting and Finance Software market by Type (Spreadsheets, Commercially-available Software, Enterprise Resource Planning Software (ERP) and Custom Accounting Software), by Application (Cash Management, Currency Management, Tax Management, Inter-Company Accounting and Others (Recurring Revenue Management, Fixed Assets, Payroll Management)) and Region with country level break-up.
On the basis of geography, the market of Accounting and Finance Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
The Trend of Designing Industry-Specific Accounting Systems and Cloud-Based Accounting Services for Start-Ups and Small- Sized Businesses
Market Growth Drivers:
Increasingly Adopting Cloud-Based and Accounting Software as It Reduces the Process Time and Growing Demand from Large and Medium Financial Institutions
Challenges:
Scalability and Customization and Lack of Expertise and Awareness
Restraints:
Expensive, High Costs for Maintenance, Lack of Integrations and Data Security and Privacy Concern
Opportunities:
Workflow Automation and Deployment in the Cloud-based Software and Technological Advancements such as Machine Learning and AI
Market Leaders and their Expansionary Development Strategies
In February 2020, financial and accounting software provider Intuit Inc. has announced that it will acquire personal finance company Credit Karma. Through the acquisition, Intuit will be able to tap into Credit Karma's vast data to offer in-depth financial recommendations to customers.
In April 2019, RMS partnered with Infor for M3 software, to offer clients seamless hotel-management solutions. Hotels and resorts using Infor M3 accounting and analytics technology can integrate their property-management data from RMS for greater insight into operational performance.
Key Target Audience
Accounting and Finance Management Software Vendors, Software Developers, Government and Public Organization, Financial Institutions, Venture Capitalists, End-Use Industries and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.