New research shows the accounting software market will grow to $11.8 billion by 2026, up from just $5.7 billion in 2017. The expansion is impressive but not really surprising considering that most companies are going through a digital transformation right now. But what gets lost in that explanation is that new accounting software is about more than just a tech upgrade.
Companies are actively seeking out newer, better, and smarter accounting solutions because they’re considered a mission-critical asset. Finance and accounting influence every aspect of decision-making, and the only way to leverage them strategically is with a robust, data-driven solution. Legacy solutions have become a daily obstacle and a competitive liability, which is prompting a wave of businesses to invest in new accounting applications.
A recent survey shines light on this issue. Industry accountants were asked what factors motivated their decision to purchase new accounting software in 2018. They bring up a lot of common pain points, all of which are solved by next-generation accounting technology:
- Needing New Functionality – Modern accounting relies on complex calculations and a vast array of metrics. Today’s accounting tools incorporate a much wider range of features, along with capabilities that are tailored to specific industries and company profiles.
- Replacing Legacy Solutions – Accounting solutions from previous generations lack things like artificial intelligence and machine learning that power newer solutions. Plus, as older software loses support it will only become harder to work with.
- Wanting Better Interfaces – Users expect a clean and clear interface that is immediately understandable. Newer software relies on the best principles of design and makes sophisticated financial insights available to accountants and non-accountants alike.
- Consolidating Different Systems – Data that is stuck inside silos ends up interrupting workflows and forcing accountants to work with incomplete information or enter data multiple times. Current accounting software offers a platform for integrating both financial and non-financial data in one place.
- Reducing Overall Costs – Relying on a patchwork of on-premises technologies creates significant costs in terms of licensing and maintenance/support. Upgrading to a cloud-based solution offers greater value at a lower overall cost.
- Accessing Smarter Reporting – Detailed reporting is time- and labor-intensive, and it only gets harder as data volumes grow. Smarter reporting tools are able to automatically generate reports to give decision makers stronger insights in less time.
Sage Intacct is a great example of why advanced accounting software is such an important resource. It offers companies new capabilities and improved workflows. More importantly, it empowers companies to remain relevant and stay sustainable.Don’t think of new software as just a new accounting tool. Think of it as the foundation of your financial future. Contact AcctTwo to consult with experts in the accounting software market.
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