The growth of the global accounting software market has been on an upward trend since 2010. The actual numbers have surpassed the numbers projected for the growth of the market every year. The year-on-year growth has been phenomenal because of the increasing need of firms to automate routine accounting tasks and bookkeeping so that financial and accounting professionals have more time to focus on decision-making and scientific analysis of financial data.
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The popularity of on-site or on-premises accounting software has dropped significantly. Nearly 70% of the accounting software used today is cloud-based or web-based. An increasing number of companies are choosing to shift from on-premise to web-based cloud accounting software for better collaboration, connectivity, accessibility, and security. Artificial Intelligence, machine learning, and advanced analytics are finding the increased application and will soon be in wide use, as is the case with most other software.
In established fields such as retail and manufacturing, accounting software is becoming increasingly important for better inventory management and point of sale transaction. Small and medium enterprises are also witnessing considerable growth in their usage of accounting software.
With automation, more firms want to save on manual labour and cut out mundane, repetitive tasks. And in tasks like bookkeeping and record-keeping, accounting software has been immensely helpful to users.
Security threats and cost inefficiency remain the major threats to accounting software worldwide. Due to an increasing number of cyber attacks, accounting software manufacturers have to beef up their security offerings, in order to provide a robust accounting solution to firms as the software handles sensitive financial data.
The cloud and mobile-based applications have been the most widely accepted trends for accounting software in the past year. Quickbooks, Freshbooks, Zoho Books, Sage, and Odoo remain the top sellers in the accounting software market, their popularity driven by adapting to the cloud model.
Read more on Market Research: Global Business Accounting Software Analysis 2017-’24
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