Accounting Software | Market Overview |Key Features & Trends

Accounting Software is mainly designed for accounting experts to manage accounts and perform day to day accounting procedures. Accounting is an organized practice, work, or process of communicating and tracking financial data.

360Quadrants has released a quadrant on the best accounting software to help businesses make quicker and more informed decisions for their business. Ranking Quadrants are generated post analysis of companies (product portfolios and business strategies) and will be updated every three months based on market and regional analyses and developments in the accounting software space. 360Quadrants conducts an in-depth SWOT analysis which helps service providers learn about new opportunities and areas where they lag behind their peers. It also helps clients choose the most appropriate vendor for their requirements.

Market Overview in Detailed:

The Accounting Software Market reached USD 12.03 Bn and is expected to reach USD 19.6 Bn by 2025, at a CAGR of 8% over the 2020-2025 estimate period. The accounting software and financial management system industry has undergone many shifts in the last twenty years. One of the main shifts is to deliver accounting software applications focused on the cloud.

Accounting software operates internally with various other applications such as CRM, SCM, HRM, and analytical dashboards and reports. Within financial functions such as accounts payable, cash inflows, payroll, and trial balance, accounting solution is used to manage and monitor all such transactions. This software also monitors sales, maintains cash flows, conducts analyses, and produces visualizations and reports. Large businesses and small and medium-sized organizations are widely embracing the best accounting software for tracking financial transactions.

Key Features of the Best Accounting Software;

Auto-billing Capability –

Best accounting software enables setting up a billing schedule helping automatically charge subscription-based and recurring clients. It also secures all client card information and receives payments within seconds.

Late Payment Reminders –

To avoid constant late payments that slows down businesses, the software enables the creation of automatic reminders to gently push clients with emails when invoices are overdue. It also has default settings, or can manually customize messages to meet business needs.

Read a Press Release on Accounting Software: https://www.360quadrants.com/press-release/360quadrants-releases-best-accounting-software-companies-of-2020

Trends in Accounting Software Market;

Developments such as SaaS have seen the industry introduce on-premise options to cloud-based services. Today, there are more technical challenges to the accounting process. The accounting trends are:

Bots and AI – Although artificial accounting technology is in its initial stages, growing numbers of companies are starting to use it as part of their services. Most of the suppliers released smart assistants using machine learning and AI to support financial advisers in their everyday tasks. All types of businesses, including entrepreneurs and small firms, may benefit from knowledgeable aides in accounting.

Two-tier design – Businesses often prefer to follow two different approaches to handle their budgets, leading to the drawbacks of some accounting strategies and ERP schemes. For example, a manufacturer may choose an ERP that delivers reliable manufacturing but weak accounting interface, as well as a different accounting system that will better support their requirements.

Read a Blog on “Best Accounting Software for Medium-Sized Businesses”: https://blog.360quadrants.com/2020/best-accounting-software-for-medium-sized-businesses/