Bookkeeper Software Market: Rising Complexities In Financial Service Firms And Adoption of Digital Technologies

Bookkeeper software is a computer program that aids bookkeepers in reporting and recording a firm’s financial transactions. The functionality of the book keeper software varies from product to product. Smaller firms often opt for off the shelf products whereas larger firms opt for customized solutions that integrate a huge amount of data from various departments. This software is an important resource for modern businesses. It enables almost instantaneous reporting, analysis, and detailed tracking of financial transactions. Earlier these tasks were performed manually, using bulky transaction journals. Unplanned reporting was usually unfeasible since the labor involved in merging the manual entries. Bookkeeper software automates these tasks, decreasing the cost of accounting and facilitating improved financial decision making through timely reporting.

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The bookkeeper software market is primarily driven by the increasing demand to upgrade finance operations. Rising complexities in financial service firms and adoption of digital technologies are the reason forcing the upgrade of finance operations. Another important factor responsible for the growth of the bookkeeper market is the shift toward green IT. Green IT refers to the efficient usage of IT resources and computers with an environmental friendly approach. Implementation of cloud based technology helps in achieving sustainability and energy efficiency. Emergence of business accounting mobile applications is also an important factor that is likely to bolster the demand for book keeper software during the forecast period. These mobile applications assist customers to control daily accounting tasks anytime from anywhere. It also helps with accounting processes like sending invoices, accepting payments, tracking receipts, logging expenses, and planning budgets. Majority of mobile accounting applications have basic features which includes expense and invoicing tracking. Advanced features in applications comprise bill reminders, mobile wallets, and bank transfers.

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Despite many positive indicators, there are some factors that are likely to restrain the market growth of bookkeeper software during the forecast period. Although cloud based software offers several advantages, there are few risks as well. Some of the important considerations include lack of physical control of the servers, potential of being affected by loopholes, and data transmission out of the office. There are chances of the software being exploited by malicious programs over the internet leading to data breach.

New technologies like optical character recognition are likely to be an important opportunity in the global bookkeeper software market. Although it is not a new technology, it is gradually gaining popularity and is likely to create opportunities during the forecast period. This technology is used to convert images into editable and readable text. It aids in converting printed material into digital media.

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On the basis of deployment type, the bookkeeper software market has been bifurcated into on-premises and cloud. Based on end users, the market is segregated into large enterprises; and small and medium size enterprises. The geographical segregation of the market comprises North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America is expected to account for highest market revenue share throughout the forecast period. High demand for cloud based services and applications along with the increasing application and data users is fueling growth of Bookkeeper Software market in North America.