About Financial Reporting Software
Financial reporting provides the report containing organization financial status which is useful to management, investors. Financial reporting software does all the work related to the finance department and beneficial to keep accurate data and provide reminders which avoid penalties. A good financial reporting software can make the task of preparing reports easy for your business.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Financial Reporting Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Zoho (India), Sage Intacct (United States), IBM (United States), QuickBooks (California), Microsoft (United States), Xero (New Zeland), SAP (Germany), NetSuite (Oracle) (United States), Sage (United States) and FreshBooks (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are KashFlow (United Kingdom), Float (United States), Workiva Inc (United States), Qvinci (United States), Host Analytics (United States), Cougar Mountain (United States), Multiview (Canada), Aplos Accounting (United States) and Adaptive Insights (United States).
Segmentation Overview
AMA Research has segmented the market of Global Financial Reporting Software market by Type (On-premise Financial Reporting Software and Cloud-hosted Financial Reporting Software), Application (Small Businesses, Midsized Businesses and Large Businesses) and Region.
On the basis of geography, the market of Financial Reporting 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). If we see Market by Marketing Channel, the sub-segment i.e. Direct Marketing will boost the Financial Reporting Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Usage of Big Data and Analytics and Increasing Use of Technologies to Manage Documents and Data
Market Growth Drivers:
Ease of Integration with Existing Software Platforms and Adaptation of New Softwares
Challenges:
Concerns Regarding Cyber Security Issues
Restraints:
Security Threats like Data Hacking
Opportunities:
Increase in Use of Web-Based, Cloud-Based Interface and Increasing Number of Business Worldwide
Market Leaders and their expansionary development strategies
In October 2021, insightsoftware, a global provider of financial reporting and performance management solutions for the Office of the CFO, acquired Magnitude, a leader in operational reporting and continuous intelligence for data-driven enterprises.The deal reinforces insightsoftware’s vision to provide a comprehensive suite of software solutions to help organizations run a world-class financial operation.
In January 2023, Trullion, the leading accounting automation platform, announced the availability of two new modules, Revenue by Trullion and Audit by Trullion, for early adopter companies and firms. The launch comes atop the rapid adoption of Trullion's lease accounting module, the only AI-powered tool for ASC 842 and IFRS 16 compliance.
California Consumer Privacy Act (CCPA) is passing a law for the protection of data in the United States which will be effective by January 2020. It is expected to be the country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact ~4% of global annual sales.
Key Target Audience
Association & Industrial Bodies, Software Provider, Professional Service Provider, Government & Research Organization, IT Companies, Cloud Service Providers, System Integrators, Reseller & Distributors and Investor & Venture Capitalist
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.