Increased Adoption of Accounting Software

Posted by on May 16, 2018 in Blog

Adoption of Accounting Software, Cloud Accounting Software, Accounting Software, Singapore Accounting Software

Accounting Software automates and accelerates the work of an accountant or bookkeeper by reducing or simplifying recurring tasks like paying bills, entering double entries, issuing of invoices and generating several types of financial reports. These days various Accounting Software has an auto-matching feature which facilitates the performance of monthly bank reconciliation.

With the introduction of Cloud Accounting Software, it brings immense convenience to users by allowing them to simply record transactions, retrieve accounting information, issue invoices and produce reports on the go, anyplace and anytime. For businesses, such convenience at a reasonable cost only means bigger adoption of the Accounting Software over the years. We trust its popularity will keep on going.

New buyers made up a major portion of the market for accounting software last year, at 37 percent. More companies are finding that inheritance accounting systems can’t stay up with their needs and say that online accounting software is more in line with their company processes. The findings, revealed in a survey, point towards an express increase in the adoption of accounting software, as well as the adoption of cloud computing.

More than one-third of upgrades last year was QuickBooks users, and 11% come from Sage 50. One-fifth of buyers were looking for functions that go beyond accounting, such as payroll, inventory and invoicing. Bigger companies tended to hunt for business intelligence capabilities: Businesses with more than 50 employees were over 70 percent more likely to need software that handles budgeting, business intelligence, and fixed assets.

The buyers looking for the major additional feature aside from core accounting, invoicing, inventory management, payroll, order management, and procurement.

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