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.
PROPRIETARY RESEARCH AVAILABLE
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Proposed next steps:
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Our initial research shows that there are available reports on the topic. Given that, we recommend continuing the research to deliver the specified information in several research blocks. The geographical focus is the US.
(1) Provide 3-5 pain points that accounting professionals typically encounter in their work. Describe the pain points and the specific circumstances that describe the issues.
(2) Provide 2-3 technological trends and 2-3 recruiting trends that are impacting the accounting industry in the US. For each trend identified, we will include a detailed description of what is the trend, how or why it is impacting the accounting market, and examples of brands or companies that are manifesting the trend.
We will also provide 3-5 emerging concerns of key leaders in the accounting industry. For each concern, we will provide the background of the concern and any action steps that the leaders plan to take to address them.
We will also identify 3-5 competitors of Intuit's Firm of the Future site. We will ensure that the competitors identified have similar revenue, unique visitors, or other metrics. For each competitor, we will provide the name, the website link, and the most recent available revenue or other metrics used.
We will also deliver a competitive landscape of the identified providers. For each company, we will provide a 1-2 sentence overview, list of product offerings, their target market, and their competitive advantage in terms of the content, user experience, creative features, and other notable aspects.
We also recommend performing strength, weaknesses, opportunities, and threats (SWOT analysis) of the accounting services industry for a deeper understanding of the market.