Furthermore, the overall market expansion of cloud-based apps will reach $168.6 billion by 2025 from $133.6 billion in 2020 at a CAGR of 4.8% (Statista, 2021). According to reports, the market’s $11.9 billion market value is heavily influenced by the transition to digitalized accounting services and the boost in cloud-based software (Research and Markets, 2022 and ReportLinker, 2022).Īs a matter of fact, the global accounting software market is expected to grow to $70.2 billion by 2030 at a compound annual growth rate (CAGR) of 19.6% (Research and Markets, 2022). The future of bookkeeping software looks bright as the overall accounting software market has continuously grown since 2020. Best Bookkeeping Software Table of Contents In addition, this resource will discuss the key statistics and trends to provide decision-makers with insights into the bookkeeping and accounting market. It will also encourage financial practitioners to adopt new bookkeeping and accounting technologies. This guide will enumerate the best bookkeeping software that will help advance data entry and financial monitoring in any business. This is particularly important as 82% of accountants believe that their clients expect them to provide counsel on the current trends and technologies in finance and accounting (Sage, 2020). These solutions also help in improving customer satisfaction and allowing employees to upskill in terms of accounting. Luckily, with the advancements in automation and digitalization in the industry, many business owners and administrators can now easily acquire cloud-based solutions such as bookkeeping software or public financial management systems to help manage daily finances. For example, high-growth micro-businesses and enterprises might find it laborious to record financial information due to more attention-demanding tasks. As companies grow, these transactions and other financial data increase and become much more difficult to keep tabs on.
Handling finances and recording transactions is a critical aspect of business management.
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