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| Accounting Practice Management Market |
The global Accounting Practice Management Market is estimated to be valued at US$ 1.2 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The accounting practice management market includes accounting software that
helps simplify bookkeeping and accounting tasks. These software offer features
like accounts receivable/payable, invoicing, payments, time tracking, payroll,
and report building capabilities. They help small as well as large accounting
firms automate routine tasks and focus more on strategic tasks.
Market key trends:
One of the key trends in the accounting practice management market is
increasing adoption of cloud-based solutions. Cloud-based accounting software
is gaining popularity as it allows users to access data and files from anywhere
using internet-enabled devices. Cloud deployment eliminates the need for
on-premise hardware and reduces IT costs. It offers benefits like easy
collaboration, data security, automatic data backup, and software updates. As
cloud technology continues to evolve with improved security and scalability
features, more accounting firms are expected to migrate to the cloud.
Segment Analysis
Content: The accounting practice management market is segmented by solution,
deployment, end user, and region. Within solutions, the practice management
segment dominates accounting practice management market as it provides tools
like billing, invoicing, time tracking, and client relationship management that
help streamline daily tasks and workflows.
Key Takeaways
Market size: The global Accounting
Practice Management Market Growth is expected to witness high growth,
exhibiting CAGR of 7.8% over the
forecast period, due to increasing need for automation of daily accounting
tasks and need to enhance productivity.
Regional analysis: North America dominates the accounting practice management
market, owing to presence of major players in countries like US and early
adoption of cloud based technologies. Asia Pacific is expected to witness the
highest growth rate during the forecast period with increasing digitalization
of accounting processes in developing economies.
Key players: Key players operating in the Accounting Practice Management market
are AccountancyManager, Aero Workflow, Adra Accounts, ApprovalMax, EasyCloud
Consultants Pvt Ltd, IRIS Software Group, Nexus1040, I-SPIRIT, Omni Accounts,
and Attach Accounting System. AccountancyManager and Aero Workflow captured
significant market share owing to their product portfolio and geographic
presence.
Read More,
https://www.ukwebwire.com/accounting-practice-management-market-trends-size-and-share-analysis/
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