But accounting software can do the calculation precisely and accurately without manpower. It will require manpower to complete things. The reason being, in accounting calculation, is tedious and complex. Businesses purchase accounting based software to increase their functionality and replace the dated system.Besides, these factors make this software more deployable for small businesses. Additionally, features that ensure the company's accurate financials, such as time-saving, cost-effective operation, and higher overall productivity, are expected to drive the demand.It has emerged as a better solution for managing the accounts of a business, as it can easily manage account payables, account receivables, business payroll, general ledger, and other business modules. Accounting software increases efficiency, as it is used to keep track of accounting transactions or to manage the money flowing in and out of business.Increased Efficiency Offered by Accounting Software to Drive the Market Growth This has increased the demand for more dynamic and remote access to the business financial records and systems by the individuals who need to work on them and those who majorly need to access this timely information accurately to make decisions to manage the financial affairs. Moreover, as multiple countries worldwide have been facing the challenge of dealing with the coronavirus outbreak and lockdown, more businesses, especially small businesses, have been working remotely.Moreover, the insights provided by MYOB Advisor include visualization of cash flow that enables the advisor to help their client see where their cash is going or provide a view of top customers and help clients better manage their high-value relationships. Accountants and bookkeepers can customize the description based on their SME client's knowledge and experience. For instance, an Australia-based tax, accounting, and other business services software provider's solution, MYOB Advisor, gives natural language descriptions of a business's financial position.

One of the notable strategies exhibited by these accounting software new entrants is the inclusion of advanced features, such as artificial intelligence, for applications, such as planning, learning, problem-solving, and speech recognition. Additionally, they have been targeting the ever niche 'micro and small and medium' businesses.

The market has seen a significant share of vendors with accounting at the core and has been leveraging the cloud's cost benefits.

The software has also emerged as a better solution for managing a company's accounts, as it can easily manage account payables, account receivables, business payroll, and general ledger, along with other business modules. It helps increase efficiency, as it is used to keep track of all the accounting transactions and manage the money flowing in and out of business.

The increasing trend of small and medium enterprises collaborating with e-commerce players and integration with other online applications, such as automated bank feeds, automated billing features, among others, is expected to further drive the adoption of accounting software during the forecast period.

Implementing accounting software across SMEs helps to reduce errors out of dealings with clients and companies, thereby improving relationships and reputations, while ensuring time to focus on the core business idea. These systems are designed to increase productivity by archiving, automating, and integrating human resource systems.

The accounting software solutions are used to streamline the accounting process, save time, and ensure an error-free transaction between the companies and clients.

One of the biggest changes is the cloud-based offering of accounting software solutions. Over the past two decades, the financial and accounting software solution market has witnessed numerous changes. The Accounting Software Market was valued at USD 12.01 billion in 2020 and is expected to reach USD 19.59 billion by 2026, at a CAGR of 8.5% over the forecast period 2021 - 2026.

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