10 Most Promising Accounting Software Providers - 2014
Accounting softwares are unlocking itself from in-house systems to adopt a different dimension—the shift to cloud computing. Accounting in the cloud has made the multi users in an organization concurrent on the same information, by accessing a common set of applications over the internet.
From a silo approach, the comprehensive accounting software has added functionalities to integrate with the rest of the functional business areas. CFO’s acknowledge the visibility across multiple aspects of the enterprise and the cost effectiveness of maintaining a single system.
Though accounting remains the interpretation of numbers, wave accounting for small enterprise is doing away with the tedious manual entry by importing bank data automatically from the financial institutions. Accounting software vendors are adding business intelligence tools to present actionable business metrics on dashboards and graphical representations. The software challenge is in identifying, filtering and analyzing metrics to focus on emerging trends.
Widespread broadband access is enabling vendors to reach out to customers globally by offering remote implementation support. Vendors offering Software-as-a-Service are able to provide a collaborative approach to implement solutions across the enterprise. Adding to it, the mobility factor is enabling vendors to help clients to use mobile devices for participating in corporate financial processes while away from the office.
The increasing impact of social tools and embedded instant messenger type capabilities in accounting applications are equipping individuals with instant information to better serve customers.
Accounting software vendors are responding to these necessities by specific customizations, additional modules, solutions on the cloud and integrations with other applications as well as impressive new service levels.
In the last few months we have looked at hundreds of solution providers who primarily serve the finance industry, and shortlisted the ones that are at the forefront of tackling challenges faced by this industry.
In our selection we looked at the vendor’s capability to fulfill the needs of the finance sector through the supply of a variety of services that support core business processes, including innovation areas related to cloud, mobile, Saas, PaaS and ERP, Big Data and analytics, mobility, and social media in the specific context of the finance industry. We also evaluated the vendors support for bridging the gap between IT and Operations Technology.
We present to you CIO Review’s 10 Most Promising Accounting Software Providers 2014.