Accounting Software is mainly designed for accounting experts to manage accounts and perform day to day accounting procedures. Accounting is an organized practice, work, or process of communicating and tracking financial data.
360Quadrants has released a quadrant on the best accounting software to help businesses make quicker and more informed decisions for their business. Ranking Quadrants are generated post analysis of companies (product portfolios and business strategies) and will be updated every three months based on market and regional analyses and developments in the accounting software space. 360Quadrants conducts an in-depth SWOT analysis which helps service providers learn about new opportunities and areas where they lag behind their peers. It also helps clients choose the most appropriate vendor for their requirements.
· The software can be integrated with different online applications, such as automated billing features and automated bank feeds
· Use of AI and automation to record the transactions automatically
· Rise of adoption in Cloud-based software will provide a great opportunity to cut costs
Categorization of Accounting Software Companies:
360Quadrants evaluated over 40 companies offering accounting software, of which the top 14 were categorized and placed on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiates, and Emerging Leaders.
QuickBooks, NetSuite, Sage Intacct, Xero, FreshBooks, Zoho Books, and SAP ERP have been identified as visionary leaders as they have established product portfolios and a robust market presence and business strategy. They have a strong portfolio of best accounting software and associated services. These vendors have been marking their presence in the accounting software market by offering highly customized and easily deployable software for their commercial clients, coupled with their robust business strategy to achieve continued growth in the market.
Microsoft Dynamics NAV and Microsoft Dynamics GP has been identified as an innovator as it has a focused product portfolio and an innovative business strategy, which help it set new trends in the market. It has an innovative portfolio of accounting software and strong potential to build strong business strategies for its business growth to be at par with the Visionary leaders. Innovators have been at the forefront in deploying their solutions for niche and custom requests by clients, requiring the processing of high-performance workloads.
· In March 2020, Freshbooks started its service in the United Kingdom. The firm has also rolled out a new set of functions geared toward British business needs.
· In November 2018, Xero a suite of online best accounting software for small businesses, accountants, and bookkeepers acquired Instafile which is a cloud accounting firm.
· In September 2018, Sage Intacct a financial management software acquired Budgeta Inc. a modern budgeting and forecasting solution empowering businesses to plan faster, smarter, and more collaboratively.
Read a Press Release on Accounting Software: www.360quadrants.com/press-release/360quadrants-releases-best-accounting-software-companies-of-2020