Global Accounting Practice Management Software Market: Introduction
Accounting practice management software helps in managing front- and back-office operations for companies providing accounting services. Accounting practice management software is used to organize the services offering of a company, as well as track delivery using workflows and task management. The software can be deployed and used across the entire company but is most beneficial for independent accountants.
COVID-19 Impact on the Global Accounting Practice Management Software Market
The COVID-19 pandemic is expected to positively impact the global accounting practice management software market. The cloud-based model of accounting practice management software has helped end-users reduce operational cost as well as control and monitor work remotely.
Global Accounting Practice Management Software Market – Dynamics
Increasing Adoption of Automation & Digitization by SMEs
Large as well as small & medium enterprises are increasingly adopting digitization, smart technologies, and automation across industries for financial management. Overall, 90%-95% of total enterprises are small & medium in size while only 5%-10% are large. Majority of SMEs within the U.S. have integrated or are looking to integrate their financial workflow with automation to gain operational efficiency. Thus, adoption of accounting software has increased globally. Adoption of automation in the workflow process by SMEs is expected to drive the growth of the market.
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Increasing Need to Reduce Operational Cost
Organizations are increasingly striving to reduce operational cost to survive in this competitive environment. Financial institutions, retail enterprises, and many other industries are eliminating manual operational work and shifting to workflow on a software. Accounting practice management software eliminates manual work and reduces labor cost. Labor cost is one of the components which needs to be paid by organizations. This cost can be optimized through accounting practice management software.
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Constant Security Concerns and Network Issues Restricting Growth of the Market
Cloud security and network transmission issues
Accounting practice management software models that rely heavily on cloud services are susceptible to service impairment or control loss, data leakage, service loss including service interruption, or in worse cases monetary loss. The user experience may also be affected by unstable network transmissions at some places and this limits the reach of cloud-based services including cloud-based and hybrid services/solutions in the impacted regions.
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North America to Dominate the Global Accounting Practice Management Software Market
In terms of region, the global accounting practice management software market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the accounting practice management software market during the forecast period due to strong adoption from small & medium enterprises for financial management.
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