Accounting Software | Trends & Evaluation Methodology | 360quadrants

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.

360quadrants Company Evaluation Methodology:

Top Accounting Software companies have been rated using the following methodology;

1. A highly experienced team of researchers and senior analyst’s conducts extensive research to generate a list of vendors.

2. An algorithm is used to collect inputs from key stakeholders—industry experts, buyers, vendors, and 360Quadrants analysts—based on criteria for Product Maturity and Company Maturity.

3. Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.

4. Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage, or sector footprint.

5. Approximately 90+ in-depth parameters were considered for research for the accounting software. These parameters will be updated every six months to ensure the latest developments are taken into consideration. 

best accounting software

Trends in Accounting Software Market;

Developments such as SaaS have seen the industry introduce on-premise options to cloud-based services. Today, there are more technical challenges to the accounting process. The accounting trends are:

Bots and AI – Although artificial accounting technology is in its initial stages, growing numbers of companies are starting to use it as part of their services. Most of the suppliers released smart assistants using machine learning and AI to support financial advisers in their everyday tasks. All types of businesses, including entrepreneurs and small firms, may benefit from knowledgeable aides in accounting.

Two-tier design – Businesses often prefer to follow two different approaches to handle their budgets, leading to the drawbacks of some accounting strategies and ERP schemes. For example, a manufacturer may choose an ERP that delivers reliable manufacturing but weak accounting interface, as well as a different accounting system that will better support their requirements.

Read a Press Release on Accounting Software: https://www.360quadrants.com/press-release/360quadrants-releases-best-accounting-software-companies-of-2020