Business owners benefit from accounting software as it helps them have a clear understanding of their profitability, track receivable and payable accounts and be prepared for tax season. The increasing usage and demand of the accounting solutions from the business sector translates to its growth in the coming times. The global Accounting Software market size is projected to reach USD 22.910 Billion by 2027, from USD 14.17 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period 2021 to 2027.
Automated processes are a compelling trend in the accounting industry. It minimizes confusion and leads to lesser errors. The increasing prevalence of remote working (WFH) around the sector encourages the need for cloud-based solutions. That will allow organizations and firms to operate with efficiency worldwide. Businesses have begun to outsource their accounting functions including the taxation parts to benefit from having a qualified team at their disposal to help them grow and expand. As technology makes accounting tasks easier, the industry focuses on data analysis. Accountants are adapting to new roles as advisors. With sui generis skillsets of analyzing data and interpreting it to make sense, they become even more beneficial to the business.
In addition, accounting software is used by businesses to track cash flow, financial statement, bank accounts and purchase orders. These systems at times are integrated with specialized functionality for particular businesses such as self employed, freelancers or small businesses. Accounting solutions are often a central component of an organization’s enterprise resource planning (ERP) system, and contribute to saving time and costs with overall higher productivity.
In order to assist businesses in selecting the right solution provider in the space and strengthen their operational capabilities, CFO Tech Outlook has compiled a list of the Top 10 Accounting Solution Providers in Europe. Besides, the magazine also includes insights from thought leaders in the sectors on the industry trends, recent innovations, best practices and their advice for aspiring CIOs and CXOs.
We present to you CFO Tech Outlook’s, “Top 10 Accounting Solution Providers in Europe – 2021.”