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.
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.
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