Axia Consultants: Accounting software trends

The continued growth of web-based and web-enabled Accounting Software and systems, including:

• Cloud computing / SaaS - wholly online accounting software
• Hosted or combined online / on-premise accounting software services and systems (and the beginning of the reduction of solely on-premise accounting software)
• Web services, web support
• e-procurement, e-commerce, e-expenses systems and electronic payment integrated within accounting software
• Web interfaces from 3rd party web-based systems such as e-expenses
• Workflow functionality integrated within accounting software
• Improving analytics, business intelligence and reporting
• e-filing for taxation returns
• Enhanced security - online and offline

Non-web Accounting Software trends - continued growth of:

• Industry sector specific or vertical market solutions
• Accounting software combined (or integrated) with specialised modules for industry specific needs / vertical markets (and the reduction of generic accounting systems)
• Integration with other associated accounting software modules eg CRM (and the consequent reduction of stand-alone accounting systems)
• Improved integration with 3rd party software
• Seamless integration with 3rd party office products eg Excel, Word
• Software scalability
• Functionality and features added to accounting software
• Accounting software suitable for large organisations, redesigned for medium and smaller sized businesses. And conversely accounting software that is suitable for small / medium sized businesses, extended to be suitable for medium / larger size businesses
• International functionality of accounting software - to support employees in multiple countries with multiple languages
• Software customisation capabilities
• Intuitive use of functionality / ease of use
• Financial and accounting regulations
• Using technology and workflow functionality to reduce operational accounts department costs
• Faster software set up, implementation and upgrade time scales

Accounting Software market trends - continued growth of:

• Replacing existing systems with web-based accounting software and web-enabling activities and processes
• Competition, especially in the mid-range Accounting / ERP software market
• Accounting software market / vendor consolidation