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

The Future of Accounting Software | Key Features | 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.

The Future of Accounting Software-

Artificial Intelligence Reduces Redundancy;

Artificial Intelligence (AI) will never fully replace your accountant, but AI-based accounting software is already performing several tasks. One of the major achievements of AI is automatically matching transactions from connected bank accounts to invoices and expenses. This helps to reduce the amount of time needed for bank reconciliation. Additionally, with an AI-based system there is no need for more pressure over paper statements every month to make sure the transactions match your journal ledger. By permitting AI to handle redundant tasks, the margin of error is much lesser. Obviously, some tasks will always need oversight, but AI-based accounting systems will alert you whenever data needs a human touch.

Blockchain Will Make Accounting Simpler;

Disruptive and driving technologies like Blockchain, which is at the core of cryptocurrencies like Bitcoin, are making waves because of its resistance to fraud and ability to record transactions without a middleman. For instance, businesses must use a third-party (bank or payment gateway)to accept money from a client. But with blockchain technology, transactions take place instantly and are digitally recorded without the use of a bank or payment gateway. In accounting, blockchain technology helps to automate the auditing process and reduce the frauds or almost impossible. But it is too early to see any extensive changes yet as the technology is still flourishing.

Best Accounting Software

Key Features of the Best Accounting Software:

Auto-billing Capability –

Best accounting software enables setting up a billing schedule helping automatically charge subscription-based and recurring clients. It also secures all client card information and receives payments within seconds.

Late Payment Reminders –

To avoid constant late payments that slow down businesses, the software enables the creation of automatic reminders to gently push clients with emails when invoices are overdue. It also has default settings, or can manually customize messages to meet business needs.

Potential Issues of Accounting System:

Developing industry-specific financial models: If you are facing a choice between a basic, standardized accounting solution and one created to match the industry's particular needs, go for the latter. However, in several situations, you are not going to be dependent on years of credibility to support its efficiency, so make sure that all the functionalities you need are there and do so beforehand.

Scalability and customization: Since accounting interacts with a non-creative matter, few developers can do to make the digitized process more engaging than normal. But the best accounting software isn't going to be the most fun and open-to-configuration features you can get your hands on. What might be a successful plan of action on your part is to pick a flexible approach to make sure that the rules to company standards will be applied within. This will also mean you don't need to upgrade the device when your company continues to grow.

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

Accounting Software | Key Features & Benefits | 360quadrants

 The Accounting Software Market reached USD 12.03 Billion and is expected to reach USD 19.6 Billion by 2025, at a CAGR of 8 percent over the 2020-2025 estimate periods. The accounting software and financial management system industry has undergone many shifts in the last twenty years. One of the main shifts is to deliver accounting software applications focused on the cloud.

Accounting software operates internally with various other applications such as CRM, SCM, HRM, and analytical dashboards and reports. Within financial functions such as accounts payable, cash inflows, payroll, and trial balance, accounting solution is used to manage and monitor all such transactions. This software also monitors sales, maintains cash flows, conducts analyses, and produces visualizations and reports. Large businesses and small and medium-sized organizations are widely embracing the accounting software for tracking financial transactions.

Who Uses Accounting Software?

accounting software is utilized by accountants, administrators, CFOs, and other representatives of accounting teams. The accounting team ranges in size based on the scale of the organization and the scope of its activities, which can have one person accountable for all or staff in control of particular financial processes such as AP, AR, cash management, or cost management.

Computer accounting solutions are a must for virtually any company. They enable businesses to manage economic wellbeing and strategize long-term success. Online invoicing helps firms to file invoices, receive payments electronically, and get charged more easily. Expenditure monitoring is another important accounting feature that helps businesses to monitor, manage, compensate, and evaluate expenditures relevant to the workers. Financial information, such as forecasts, income & loss accounts, balance sheets, and cash flow statements are perhaps the most demanded best accounting software features.

Best Accounting Software

Key Features of the Best Accounting Software

Auto-billing Capability –

Best accounting software enables setting up a billing schedule helping automatically charge subscription-based and recurring clients. It also secures all client card information and receives payments within seconds.

Late Payment Reminders –

To avoid constant late payments that slow down businesses, the software enables the creation of automatic reminders to gently push clients with emails when invoices are overdue. It also has default settings, or can manually customize messages to meet business needs.

Benefits of Accounting software:

Simplification - Accounting software put control of funds in the hands of a non-accounting crowd, aimed at giving significance to statistics while executing electronic computations. With hardly any training, the company owner can execute all financial transactions and meet the legal requirements from a desktop computer or smartphone, even without having to pay a third party to keep the expenditure in the loop.

Cost reduction - Accounting and finance frameworks simplify key estimates and operating processes and gain a charge of the sales process and you don't need to outsource financial services to an external specialist. They also raise printing and storage prices and store confidential data is safe and controlled locations.

Total financial disclosure - The key advantage of effective accounting processes for an accountant or an auditor is that they avoid expensive and repeated human mistakes. Calculating incorrect quantities or failing to disclose results on time will potentially contribute to a business problem and this is when it is most helpful to optimize calculations.

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

Accounting Software | Key Features & Benefits | Recent Developments | 360quadrants

 The Accounting Software Market reached USD 12.03 Billion and is expected to reach USD 19.6 Billion by 2025, at a CAGR of 8 percent over the 2020-2025 estimate periods. The accounting software and financial management system industry has undergone many shifts in the last twenty years. One of the main shifts is to deliver accounting software applications focused on the cloud.

Accounting software operates internally with various other applications such as CRM, SCM, HRM, and analytical dashboards and reports. Within financial functions such as accounts payable, cash inflows, payroll, and trial balance, accounting solution is used to manage and monitor all such transactions. This software also monitors sales, maintains cash flows, conducts analyses, and produces visualizations and reports. Large businesses and small and medium-sized organizations are widely embracing the accounting software for tracking financial transactions.

Accounting Software

Key Features of the Best Accounting Software

Auto-billing Capability –

Best accounting software enables setting up a billing schedule helping automatically charge subscription-based and recurring clients. It also secures all client card information and receives payments within seconds.

Late Payment Reminders –

To avoid constant late payments that slow down businesses, the software enables the creation of automatic reminders to gently push clients with emails when invoices are overdue. It also has default settings, or can manually customize messages to meet business needs.

Benefits of Accounting software:

Simplification - Accounting software put control of funds in the hands of a non-accounting crowd, aimed at giving significance to statistics while executing electronic computations. With hardly any training, the company owner can execute all financial transactions and meet the legal requirements from a desktop computer or smartphone, even without having to pay a third party to keep the expenditure in the loop.

Cost reduction - Accounting and finance frameworks simplify key estimates and operating processes and gain a charge of the sales process and you don't need to outsource financial services to an external specialist. They also raise printing and storage prices and store confidential data is safe and controlled locations.

Total financial disclosure - The key advantage of effective accounting processes for an accountant or an auditor is that they avoid expensive and repeated human mistakes. Calculating incorrect quantities or failing to disclose results on time will potentially contribute to a business problem and this is when it is most helpful to optimize calculations.

Recent Developments:

· In March 2020, Freshbooks started its service in the United Kingdom. The firm has also rolled out a new set of functions geared toward British business needs.

· In November 2018, Xero a suite of online best accounting software for small businesses, accountants, and bookkeepers acquired Instafile which is a cloud accounting firm.

· In September 2018, Sage Intacct a financial management software acquired Budgeta Inc. a modern budgeting and forecasting solution empowering businesses to plan faster, smarter, and more collaboratively.

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

8 Critical Factors to Be Considered While Selecting the Right Accounting Software

 Accounting software is computer software majorly designed for accounting professionals to manage accounts and perform day-to-day accounting operations. Accounting is a systematized practice, work, or process of communicating and tracking financial data. A business organization applies accounting software in their day-to-day accounting practices for different purposes including internal and external audits, reports, and financial analysis to comply with legal or internal managerial requirements. There are various types of accounting software including simple and easy, single-entry programs for individual record-keeping, to more urbane, double-entry systems that can process and track accounts receivable, accounts payable, payroll, and inventory, among other features and functions.

BEST ACCOUNTING SOFTWARE

Important factors for selecting the Best Accounting Software :-

1) Online or Offline

The first question to ask yourself is – Whether you require online software or desktop-based offline software?

How does it impact? Well, most businesses today are adopting cloud-based software as they offer a high number of benefits over traditional offline software. But, some businesses such as retail stores require speed and are not always connected to the internet. For them, offline Point-of-Sale (POS) systems are the best choice.

2) Data Security

If you are planning to opt for an online accounting application, then data security is the most vital aspect to check. If you have opted to go for an offline accounting package, then you can skip this.

Essential things to check:

– Confirm with the company on how they store the application data. Generally, this information will be available on their website. For instance, some of the trusted cloud hosting service providers are Amazon and Rackspace. If your accounting software provider is hosting the application on their own servers, enquire with them about the security measures they are taking to safeguard your data.

3) Features

List down the essential features that are mandatorily required in accounting software. Below are some key features which must be part of a good accounting package.

·        Generate invoices and customize the look and feel

·        Track and record expenses according to categories

·        Inventory management, inward-outward stock movements and wastage management

·        Bank reconciliation performance by importing bank transactions

·        Generate Purchase Orders (PO) and record inventory purchases

4) User Interface & Complexity

It is commonly seen that most entrepreneurs do not have any accounting background. Although you have a dedicated accountant who would be using the application, as an owner you should be able to log in and browse. Moreover, it should be quite easy for your employees to learn and understand the software. Investment in training is again an expense and should be avoided.

5) Scalability

Most businesses make a mistake by purchasing an application that suits their needs at the time of purchase. Later, when their business expands and starts growing, the accounting software fails to manage with the progress and ultimately business owners have to shift to another software. Shifting data from an existing system to entirely new software can be painful.

6) Exit Options

In case the company you are purchasing from shuts down its operations or you discover many bugs a few months later after purchase. To save yourself from such situations, it is always better to ensure that the accounting software provides the data export functionality.

7) Hidden Costs

Some software providers may charge for the support or upgrades. It is seen that sometimes as a part of a marketing strategy, basic software is offered at a lower cost and then you are forced to purchase ‘add-ons’ or pay extra as a ‘maintenance fee’. So, it is important to check if there are any hidden costs related to the software you are planning to purchase.

8) After-sales Support

This is the most significant but most unnoticed point while selecting accounting software. No matter how good or easy the software is, you require support at some point. If there is no one to talk to when you are stuck, your investment is in vain.

Lack of support is also one of the reasons why some accounting software is cheap. Obviously, the support cost is not involved in the offering. It is better to avoid such products at any cost.

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

Gynecology Surgical Instrument Market Size, Share, Growth, Trend and Forecast

According to the new market research report “Gynecology Surgical Instrument Market by Product (Scissors, Forceps, Trocar, SIMS, CUSCO), Application (Laparoscopy, Colposcopy, Hysteroscopy, D&C, Ablation, Biopsy), & End User (Hospital, Clinic, Ambulatory Surgery Center) – Global Forecast” published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia, and Rest of the World (RoW).

How the Market Growth looks like and Industry Segmentation?

The Gynecology Surgical Instrument Market is expected to reach USD 2.44 Billion, at a CAGR of 7.1% during the forecast period.

On the basis of products, the market is segmented into forceps, scissors, needle holders, dilators, trocars, vaginal speculums, and other instruments. Forceps are expected to account for the largest share of the market, in 2016. The growth of the forceps segment is attributed to the increase in the number of gynecological surgeries and the repeated use of forceps in most gynecological surgeries.

Based on application, the market is further segmented into laparoscopy, hysteroscopy, dilation and curettage, colposcopy, and other applications. Laparoscopy segment is expected to grow at the highest CAGR during the forecast period. Laparoscopy forms the largest and fastest-growing application segment of the market. This is mainly attributed to the various advantages of laparoscopy procedures, which includes less blood loss, shorter hospital stays, and fewer intraoperative & postoperative complications.

Browse 104 market data tables and 40 figures spread through 139 pages and in-depth TOC – Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=122824797

                                                Gynecology Surgical Instrument Market

Major Market Growth Drivers:

• High Incidence of Gynecological Diseases
• Government Initiatives
• Increasing Number of Gynecology Surgeries
• Increasing Awareness on Gynecological Diseases
• Emerging Asian Markets

Geographical Regions Mapped in Report:

Based on region, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest share of this market in 2016. However, the Asian market is expected to grow at the highest CAGR mainly due to the increasing awareness programs, high incidence of gynecological diseases, increasing government initiatives focusing on women’s health, and improvements in the healthcare sector of Asian countries.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=122824797

Major Key Players Mapped in Research Report:

The market is highly fragmented with several big and emerging players. Key market players include B. Braun Melsungen AG (Germany), CooperSurgical Inc. (U.S.), Ethicon, Inc. (U.S.), KARL STORZ GmbH & Co. KG (Germany), KLS Martin Group (U.S.), MedGyn Products (U.S.), Olympus Corporation (Japan), Richard WOLF GmbH (Germany), Sklar Surgical Instruments (U.S.), and Tetra Surgical (Pakistan).