B2B Accounting Software Industry
Delivered August 27, 2019. Contributor: ChristineD
Goals
Gain an understanding of the B2B accounting software landscape with regard to the trends, pain points, and other emerging concerns. The information will be used to recommend improvement plans for an accounting software provider to make them more competitive.
Early Findings
B2B ACCOUNTING INDUSTRY ANALYSIS
- Based on a survey conducted with accounting professionals, the impact of the latest technologies and the industry's adaptability to the rapidly changing market are the key challenges of the accounting software sector.
- Major technology innovations such as "data automation, blockchain, and artificial intelligence" are heralding the coming of the "transformation economy."
- This can translate to extensive modifications to client requirements, employment processes, and overall accounting business operations.
- According to David Vaudt, the Government Accounting Standards Board Chairman, the accounting industry can still remain relevant in the next ten years if they can predict and visualize the potential applications of technology in their space.
- Aside from that, they also need to transform and adapt to the future technological innovations to stay relevant.
- Meanwhile, a survey conducted with 269 accounting and financial services firms revealed that their primary business challenge for the year is finding the right candidate for the available jobs.
- Some of Intuit's competitors include Freshbooks, FreeAgent, and Zoho Books.
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