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Accounting Software |
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Current trends ... |
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The continued growth of web (intranet / internet) enabled Accounting Software and systems, including:
- Web based accounting software with a browser ‘front end’
- Automating routine accounts administration
- Web services
- e-procurement, e-commerce, on-line payment and internet expenses systems integrated within accounting software
- Web interfaces eg from e-commerce systems
- Workflow functionality integrated within accounting software
- Accounting employee portals containing all work tasks in one location
- Manager Self Service (MSS) tools in accounting software eg for monthly performance monitoring and reporting, budgets, expenses and travel authorisations
- Electronic payments eg BACSTEL-IP
- Improving reporting, analytics, performance management and Business Intelligence (BI) eg slice and dice financial information, identify cost savings
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Non-web Accounting Software trends - continued growth of:
- Financial and accounting regulations eg IFRS, Sarbanes-Oxley, VAT and ECSL e-filing
- System functionality and tools (either built in or added to existing systems) to assist with regulatory compliance eg automated reconciliation tools, records management and documentation applications, security monitoring and control, repository and storage products
- Costs for financial and accounting regulation
- Integration with other associated accounting software modules eg CRM
- Scalability. Accounting software / ERP that was available for larger organisations, redesigned to be suitable for SME businesses. And accounting software that was suitable for SME businesses increasing in functionality and extending into ERP capability, to be suitable for larger size businesses.
- Globalisation with accounting software supporting employees in multiple countries
- Business purchasing / credit cards
- Packaged Accounting Software / ERP and ‘best of bread’ systems (and a consequent reduction in bespoke systems)
- Return on Investment (ROI) being calculated within organisations to assist justifying investments in new accounting software
- Reducing operational Accounts department costs by using technology and workflow processes - the present Accounts department costs to be halved in the future
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Accounting Software market trends - continued growth of:
- Businesses upgrading their accounting software functionality
- Replacing existing systems with web based accounting software and web enabling activities and processes
- Competition, especially in the mid-range Accounting / ERP software market
- Accounting software market / vendor consolidation
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If you’re thinking about replacing your Accounting Software, you will need to prepare a requirements analysis - click for details of Axia’s time-saving Accounting Software RFI/RFP Requirements Checklist |
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Also visit Accounting Software Criteria for an impartial guide to key criteria of good accounting software. |
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