Industry Background:
Group accounting software is utilized in the accounting and financial operations of a group of companies. The group accountants use this software tool to consolidate subsidiaries for statutory reporting applications ensuring that all entities within the group follow the correct accounting standards. This software helps businesses to assess their financial health and meet the legal companies through accounting tools such as account payables, general ledgers, accounts receivables, stock management, billing, and others.
This growth is primarily driven by Growing Number of Financial Businesses and Need for Managing the Financial Operations for Managing Ledgers and Payables.
Globally, a noticeable market trend is evident Integration of Predictive Technology in Group Accounting Software. Major Players, such as Sage Intacct (United States), OneStream Software (United States), NetSuite Inc. (United States), Workday Adaptive (United States), Oracle Corporation (United States), Intuit Inc. (QuickBooks) (United States), LucaNet AG (Germany), IBM (United States), CFOUR (United States), AccountsIQ (United Kingdom), CCH Tagetik (Italy), AccountantsWorld (United States) and Access Group (United Kingdom) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 31st December 2021, AccountantsWorld was Acquired by IRIS Software Group. The acquisition of AccountantsWorld is a further strategic step in IRIS’ mission to revolutionize the professional accounting market in North America, bringing together leading technology, capability, and deep sector knowledge to help accountants address the challenge of growing and supporting North American businesses.
On 26th July 2021, Sigma launches an accounting software with Axelor. As part of a strategic partnership and more than 2 years of collaboration, Sigma is partnering with Axelor to launch a new range of innovative and next-generation accounting and financial solutions for MidCaps. Sigma relies on Axelor’s expertise as a publisher of business and vertical solutions to combine functional richness and specification of different sectors.
Regulatory Insights:
"U.S. accounting standards provide a framework for reporting that seeks to deliver transparent, consistent, comparable, relevant, and reliable financial information. Establishing and maintaining high-quality accounting standards are critical to the U.S. approach to regulation of capital markets, which depends on providing high-quality information to facilitate informed investment decisions." "IASC standards provide guidance in the areas of disclosure and accounting for the inventories of service providers. U.S. GAAP does not. U.S. GAAP provides specialized guidance on inventories related to the motion picture, software, and agricultural industries. IASC standards do not."
Market Drivers
- Growing Number of Financial Businesses
- Need for Managing the Financial Operations for Managing Ledgers and Payables
Market Trend
- Integration of Predictive Technology in Group Accounting Software
Restraints
- Regulatory Guidelines and Standards Imposed in the Group Accounting Software Market
Opportunities
Surging Demand for the Group Accounting Software from Large Size Businesses Primarily Dealing with Investments and Banking Operations
Challenges
Stiff Competition in the Group Accounting Software Market
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Group Accounting Software Study Sheds Light on
The Group Accounting Software Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Group Accounting Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Group Accounting Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.