The global accounting practice management market was valued at US$ 2,693.9 million in 2018 and is expected to increase to US$ 6,455.1 million by 2027, registering a CAGR of 13.7% over the forecast period from 2019 to 2027, according to Global Accounting Practice Management Market Report, by Deployment Type (On-premise and Cloud-based), by Solution (Proposal Management Software, Billing Management Software, Client & Workflow Management Software, Budgeting & Resource Management Software, and Business Dashboard Software), by Service (Managed Services, Integration Services, and Managed Services), by Enterprise Size (SME’s and Large Enterprise), by Vertical (Enterprises, Accounting Firms, Government, and Academic Institutions), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
Significant growth in sectors such banking, trading, taxation, and accountings and account managing firms is expected to drive growth of the global accounting practice management market. This solution aids enterprises in book keepings, taxations, timesheets maintenance, dash-boarding, and document management, which enhances the overall business performance. Accounting industry faces a lot of challenges in its operations. Innovation and implementation of new technologies such as real-time data analytics and artificial intelligence (AI) based tools for operations such as accounting practice and for providing audit services are already adopted by many firms across the world such as Deloitte and KPMG. Real-time data helps accountants to get access to real-time information, which can provide them with capability to avoid upcoming uncertain situations and also leads to faster decision support. Increasing awareness about data monitored operations across various accounting applications along with real-time data analytics in order to provide meaningful data of exact current situational analysis is expected to aid in growth of the accounting practice management market.
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Key Trends and Analysis of the Global Accounting Practice Management Market:
- Accounting firms based in the U.S. have witnessed strong growth in the past few years, owing to increasing number of businesses and a significant rise in the equity markets. For instance, according to ’ analysis, the revenue generated by the U.S. accounting services including tax preparation and payroll services increased by 50% in between 2013 and 2018, which in turn is expected to boost demand for accounting practice management software in the near future.
- In Asia Pacific region, there is a significant rise in adoption of accounting practice management software in emerging economies such as China and India, owing to significant rise in the number of small and medium enterprises and high demand for financial accounting software among accounting firms. These SMEs are adopting cloud-based solutions and services, as these solutions are easy to implement and cost-effective. For instance, in 2017, Asia Pacific generated revenue of US$ 461.8 Mn and is expected to reach US$ 1,689.2 Mn by 2026, with a CAGR of 15.9% over the forecast period.
- Increasing technological innovations such as introduction of cloud accounting practice coupled with machine learning, AI, data analytics, and real-time monitoring & operations to provide access to information faster, in order to take better decisions while saving time is one of the key trends that is expected to drive growth of the global accounting practice management market. Moreover, increasing demand for reducing the time taken to prepare financial reports is one of the most common requirements of end users. Market players are focusing on developing accounting practice management solutions with advanced features such as big-data, machine learning, and AI to cater to the market requirements. For instance, according to Worldwide Market Reports’ analysis, Toler Bly & Associates CPA PLLC (founded in 2004, North Carolina-based company) moved to fully cloud-based accounting firm within two days in 2009 with the help of an IT firm after which the company stated that moving to cloud-based technology was beneficial, as it is more secure and helped them to increase their remote workforce.
- Players across the globe are focusing on research and development in accounting audit services for applications in various verticals, by adopting novel technology-based tools such as blockchain technology, artificial intelligence, machine learning, and data analytics to implement and improve the business. For instance, according to Worldwide Market Reports’ analysis, in 2017, Mauldin & Jenkins (a regional firm in Georgia) formed a Forward and Strategic Thinking Committee to study how new environment (with new innovated solutions and technologies) will affect a firm and the audit services, which the company has planned to provide to its customers in the future.
- Major players operating in the global accounting practice management market include Intuit Inc., Aeroworkflow, Jetpack Workflow, Karbon, Inc., Pascal Workflow, Practice Ignition, Senta, Star Computer Group, Thomson Reuters/Tax & Accounting, Wolters Kluwer, XERO Limited, and others