Monday, May 4, 2015

Accounting Software : Current trends

The continued growth of web-based and web-enabled Accounting Software and systems, including:

1.       Cloud computing / SaaS - wholly online accounting software
2.       Hosted or combined online / on-premise accounting software services and systems (and the beginning of the reduction of solely on-premise accounting software)
3.       Web services, web support
4.       e-procurement, e-commerce, e-expenses systems and electronic payment integrated within accounting software
5.       Web interfaces from 3rd party web-based systems such as e-expenses
6.       Workflow functionality integrated within accounting software
7.       Improving analytics, business intelligence and reporting
8.       e-filing for taxation returns
9.       Enhanced security - online and offline

Non-web Accounting Software trends - continued growth of:

1.       Industry sector specific or vertical market solutions
2.       Accounting software combined (or integrated) with specialised modules for industry specific needs / vertical markets (and the reduction of generic accounting systems)
3.       Integration with other associated accounting software modules eg CRM (and the consequent reduction of stand-alone accounting systems)
4.       Improved integration with 3rd party software
5.       Seamless integration with 3rd party office products eg Excel, Word
6.       Software scalability
7.       Functionality and features added to accounting software
8.       Accounting software suitable for large organisations, redesigned for medium and smaller sized businesses. And conversely accounting software that is suitable for small / medium sized businesses, extended to be suitable for medium / larger size businesses
9.       International functionality of accounting software  - to support employees in multiple countries with multiple languages
10.   Software customisation capabilities
11.   Intuitive use of functionality / ease of use
12.   Financial and accounting regulations
13.   Using technology and workflow functionality to reduce operational accounts department costs
14.   Faster software set up, implementation and upgrade time scales

Accounting Software market trends - continued growth of:

1.       Replacing existing systems with web-based accounting software and web-enabling activities and processes
2.       Competition, especially in the mid-range Accounting / ERP software market
3.       Accounting software market / vendor consolidation

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