Accounting practice management helps in managing one’s clients and is used to collaborate and track the progress of both upcoming and past works. It includes front & back office operations such as proposals, payment processing, workflow management, sales enablement, client communication, reporting, and others.
Accounting practice management software is a solution, which aids in management of the front- and back-office operations for companies providing accounting services. This type of software is utilized to organize the services offered by a company and to keep track of delivery of product and services using workflows and task management. Accounting practice management solutions support accounting professionals in increasing productivity and improving the relationships with their customers.
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The global accounting practice management market is expected to witness significant growth during the forecast period (2019–2027). The market growth is majorly attributed to increasing benefits of the accounting practice management software in cost cutting and time saving. Use of accounting practice management software helps in book keeping, stream lining and managing taxes, data entry, and creating dashboards.
Increasing adoption by small and medium-sized enterprises (SMEs) is expected to support growth of the global accounting practice management market
Increasing number of SMEs (accounting service providers) globally is resulting in high demand for accounting practice management solutions, in order to reduce monetary losses. For instance, according to the U.S. Small Business Administration, number of small businesses in the U.S. was estimated to be 30.2 million in 2015. Accounting practice management software provides exact calculations to each and every operation related to billing, proposal development, workflow management, budgeting for different operations, and resource management to small & medium enterprises. The cost-to-company in manual resource management could have manual errors and lead to higher resource costs and wastage of funds. Furthermore, during manual billing of any transaction, manual errors can occur due to less efficient calculations and can lead to higher costs to the company during transactions between company and customers. Therefore, increasing awareness about fund & budget management is expected to lead to high demand for accounting practice management solutions during the forecast period.
Moreover, increasing demand for maintaining transparency in financial and taxation processes is also expected to drive growth of the accounting practice management market. The technology enhances business operational efficiencies by automating various operational routine tasks, setting timely objectives, and maintaining transparency and security in the data related operations.
North America is expected to account for the largest market share in the accounting practice management market. Asia Pacific is expected to witness fastest growth in the market over the forecast period. The market growth in North America is attributed to the presence of large number of market players in the region such as Intuit Inc., Doc.It, and Cloud Consultancy LLC and increasing need to supervise and control data entry processes. In Asia Pacific, the market growth is owing to significant rise in the number of small and medium enterprises and high demand for financial accounting software among accounting firms.
Increasing demand for accounting practice management software among European countries is boosting growth of the market
In small and medium-sized enterprises, the demand for external and internal accounting practices is increasing at a very high pace. Moreover, governments in the European region are focusing on boosting growth of the accounting practice management market.
For instance, the European Union took an initiative in 2014 to help small and medium-sized enterprises (SMEs), in order to develop accounting practices to minimize administrative burden, while maintaining the information value through the effective implementation of accounting practice management software for preparing tax sheets and financial statements.
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Some of the key 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.