360Quadrants: Best Accounting Software: Market Overview and Key benefits

 Accounting software allows companies to streamline and simplify procedures in financial administration, maintaining correct reports, and increase operational performance through repetitive activities such as payment processing and reconciliation.

Best Accounting Software for medium-sized businesses offers the right tools that businesses and their teams require to become more productive and discover new ways to grow their businesses. With the instinctive mobile app, it enables sending invoices, track expenses, and connect with customers, all from the convenience of using mobile phones or tablets. Time management tools provided by the software enable tracking the time spent to make invoicing simpler and easier. This helps in getting all the information required within the stipulated time period for taxation purposes.

Market Overview:

In 2019, 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 percent 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.

Competitive Leadership Mapping Terminology:

The competitive leadership mapping (Quadrant) showcased below provides information for accounting solutions. Vendor evaluations are based on two broad categories: product offering and business strategy. Each category carries various criteria, based on which vendors have been evaluated. The evaluation criteria considered under product offerings include the breadth of offering, delivery (based on industries that the vendors cater to, deployment models, and subscriptions), features/functionality, delivery, product quality and reliability, and product differentiation. The evaluation criteria considered under business strategy include geographic footprint (on the basis of geographic presence), channel strategy and fit, vision alignment, and effectiveness of growth (on the basis of innovations, partnerships, collaborations, and acquisitions).

Key benefits of Accounting Software-

Time Saving-

The major advantage of accounting software is that it saves a lot of time over manual bookkeeping. With a computerized accounting system, front end business documents and back end transaction recordings are accomplished simultaneously. For instance, one can create customer invoices, prepare bank deposits and write checks in the program, with the added benefit that the system records each transaction. The software also helps to manage all over the working of accountancy within few times.

Financial Statements-

As compared to the manual accounting system, the computerized accounting system enables monetary articulations for any time frame to be created with the snap of a catch. This allows a business head to continuously monitor an organization’s monetary execution and address any issues before they get to be risky.