Financial Audit Software Market: Introduction
- Financial audit software reviews and analyzes financial transactions to adhere to compliance and reduce fraud. This type of software allows companies to identify doubtful transactions that may affect their profitability and ensures compliance with internal financial regulations and policies.
- Accounting departments mainly use financial audit software but can also be used by procurement teams to monitor travel or for expenditure audits and cost transactions.
- Financial audit tools need to integrate with solutions that capture financial transactions such as ERP systems, accounting software, procurement software, and travel & expense software.
- Financial Audit category product must provide functionality to automate the auditing of all types of financial transactions like identify and analyze the transactions which will allow users to audit transactions and deliver reports on suspicious behavior, risk assessment, and audit performance.
- The COVID-19 crisis is affecting industries worldwide, and the global economy is anticipated to take the worst hit in the year 2022. The outbreak has generated significant interference in banking, financial services and insurance sector. However, by the end of year 2022, the market is expected to grow at a healthy rate.
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Global Financial Audit Software Market: Dynamics
Global Financial Audit Software Market: Key Drivers
- Financial audit software provides customers with bookkeeping, maximum efficiency in accounting, compiling and reporting financial statements and value added analysis.
- Significant growth in the global financial audit software market is expected in the near future due to strict government regulations for compliance and growing need for effective risk management. Financial audit software helps businesses to consolidate audit information to derive an idea of the company’s financial statistics.
- Vendors in the market have combined financial audit software with many cognitive technology-based solutions such as AI to streamline and standardize the process of financial audit.
North America to Account for Major Share of the Global Financial Audit Software Market
- In terms of region, the global financial audit software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa and South America.
- North America is expected to hold the largest share in the global financial audit software market. In this region, major vendors have adopted various organic and inorganic strategies to maintain their competitive position in the market.
- Growth rate of the market in the APAC region is projected to be the highest during the forecast period, credited to various financial audit software vendors that are expanding their reach in the region to cater to changing customer requirements.
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Global Financial Audit Software Market: Competitive Landscape
Keys Players Operating in the Global Financial Audit Software Market
Organic and inorganic growth strategies are followed in the financial audit software market. Product approvals, product launches, and patents are the organic growth strategies on which many companies are focusing. Inorganic growth strategies such as acquisitions, and partnership & collaborations are observed in the market. These activities have resulted in the expansion of business and customer base of market players. Key players in the financial audit software market are expected to experience profitable growth opportunities in the future with the rising demand for products in the global financial audit software market.
- AppZen Inc.
- Chrome River Technologies, Inc.
- Hubdoc Inc.
- MindBridge Analytics Inc.
- Audit Prodigy
- Wolters Kluwer Tax & Accounting
- Suralink Inc.
- Thomson Reuters
In July 2019, Thomson Reuters announced the acquisition of HighQ. HighQ provides a secure cloud-based platform for client engagement, workflow automation, and business collaboration.
In March 2022, Wolters Kluwer Tax & Accounting launched its cloud-based financial audit software. This solution helps audit departments of the public sector to automate tasks and audit executions.
Global Financial Audit Software Market: Research Scope
Global Financial Audit Software Market, by Software
- Audit, Risk & Compliance Management
- BI & Analytics Applications
- Business Transaction Processing
- Customer Experience
- Enterprise IT
Global Financial Audit Software Market, by Service
- Consulting Services
- Integration Services
- Training & Support Services
- Operations and Maintenance Services
Global Financial Audit Software Market, by Deployment Mode
Global Financial Audit Software Market, by Enterprise Size
- Large Enterprises