Global Accounting Software Market – Snapshot
Accounting software is a type of software that processes and records accounting transactions within functional modules such as accounts receivable, accounts payable, payroll, and trial balance. It primarily functions as an accounting information system. Additionally, the accounting software also keeps track of cash flows, transactions, performs calculations, and generates reports; however, its functionality is not only limited to the processes mentioned above. In the long run, accounting software helps improve operations, profitability, efficiency, and also reduces costs. For instance, filing business taxes is a complex process, which requires one to keep close track of all business transactions. The accounting software helps make this process easier by ensuring that all business financial details are in one place.
Accounting software refers to a type of application software used to perform accounting activities and keep the record of all accounting transactions within functional modules including accounts receivable, accounts payable, general ledger, journal, trial balance, and payroll. Increased inclination among various organizations from diverse industrial sectors toward digitalization scenario is creating promising sales opportunities for vendors working in the global accounting software market.
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Accounting software systems are gaining traction across various end-users owing to plethora of advantages. With the help of these systems, the data entry and processes become simple and fast. Apart from this, the accounting software systems are widely accepted due to their ability to assist in improving efficiency, operations, and profitability of organizations. They are employed as an accounting information system as they assist in keeping all business financial details at one place.
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With the remarkable growth in digitalization all across the globe, the threat of data frauds is at its peak. The companies working in the global accounting software market need to focus on this aspect. They need to increase research and development activities to prevent data-related frauds and offer end-user safe accounting software services.
The enterprise accounting software segment is estimated to hold a prominent share of the market by the end of 2018. However, the tax management segment is estimated to expand at a considerable pace during the forecast period, as the software can easily generate the tax filing reports that are required for the business. Furthermore, based on application, the global accounting software market can be segregated into payroll management systems, billing & invoice system, enterprise resource planning systems, time & expense management systems, and others. The time & expense management systems segment is expected to expand at a significant pace in the near future. In terms of enterprise size, the global accounting software market can be classified into small and medium, and large enterprises.
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The accounting software market can be segmented based on deployment, software type, application, enterprise size, industry, and geography. In terms of deployment, the market can beclassified into Software as a Service (SaaS), on-premise, and hybrid. The Software as a Service (SaaS) segment is anticipated to expand at a prominent CAGR during the forecast period. Based on software type, the global accounting software market can be divided into commercial off-the-shelf, enterprise accounting software, custom accounting software, reconciliation, and tax management.
