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 evaluated over 40 companies offering accounting software, of which the top 14 were categorized and placed on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Leaders.
QuickBooks, NetSuite, Sage Intacct, Xero, FreshBooks, Zoho Books, and SAP ERP have been identified as visionary leaders as they have established product portfolios and a robust market presence and business strategy. They have a strong portfolio of best accounting software and associated services. These vendors have been marking their presence in the accounting software market by offering highly customized and easily deployable software for their commercial clients, coupled with their robust business strategy to achieve continued growth in the market.
Microsoft Dynamics NAV and Microsoft Dynamics GP has been identified as an innovator as it has a focused product portfolio and an innovative business strategy, which help it set new trends in the market. It has an innovative portfolio of accounting software and strong potential to build strong business strategies for its business growth to be at par with the Visionary leaders. Innovators have been at the forefront in deploying their solutions for niche and custom requests by clients, requiring the processing of high-performance workloads.
Oracle, Outright, and GnuCash have been identified as emerging companies as they have a niche product offering and a decent business strategy, which helps them achieve consistent growth. These emerging players specialize in offering niche and tailor-made solutions and services highly to their clients. Most emerging vendors have been undertaking multiple acquisitions and boosting their sales capabilities in various regions to offer their integrated services to a wide range of clients.
FreeAgent and Odoo have been recognized as dynamic differentiators as they have an innovative portfolio of solutions and services. They have an extensive network of channel partners and resellers to increase the deployment of their services across various vertical markets. Over the years, the dynamic vendors have been consistently generating positive revenue growth in the accounting solutions market, and their market position is enhanced by organic and inorganic strategies undertaken by them over the period.
Top Accounting Software companies have been rated using the following methodology –
A highly experienced team of researchers and senior analysts conducts extensive research to generate a list of vendors.
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.
Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage, or sector footprint.
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.
A weight is assigned to each stakeholder based on information gathered pertaining to the above criteria as well as inputs from stakeholders. These inputs follow the order of priority given below:
The inputs are analyzed, and a final rating is assigned to each vendor.
After the finalization of ratings, each vendor is placed in the most relevant quadrant based on its score.
360Quadrants is the largest marketplace looking to disrupt USD 3.7 trillion of technology spends and is the only rating platform for vendors in the technology space. The platform provides users access to unbiased information that helps them make qualified business decisions. The platform facilitates deeper insight using direct engagement with 650+ industry experts and analysts and allows buyers to discuss their requirements with 7500 vendors. Companies get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in a niche space, to be consumed by giants and startups alike. Experts get to grow their brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide.
360Quadrants will also be launching quadrants in fields like ERP System, Human Resource Software, and E-Commerce Platforms.
Microsoft Dynamics GP is a mid-market business accounting tool, one of four accounting packages acquired by Microsoft. Microsoft provides accounting software with real-time visibility and performance with meaningful insights and also provides an ERP solution. Dynamics GP helps small and medium-sized businesses to derive better results over their financials, inventory, and operations. The accounting software flexible, configurable, and is designed to grow along with the growth of clients’ businesses.
NetSuite is a cloud financials and accounting tool that couples with core finance and accounting functions to improve business performance and increase financial efficiency while reducing back-office costs. NetSuite accounting solution offers greater flexibility, richer reporting functionality, deepened audit trails and new support for multinational financial management.
The major advantage of accounting solution is that it saves a lot of time over manual bookkeeping. With a computerized accounting system, front end business documents and back end transaction recordings are accomplished simultaneously. For instance, one can create customer invoices, prepare bank deposits and write checks in the program, with the added benefit that the system records each transaction.
FreshBooks is a cloud-driven accounting solution developed by 2ndsite Inc. FreshBooks as a cloud accounting software uses a web-based software as a service model that can be accessed through a desktop or mobile device. FreshBooks accounting software is especially useful for self-employed persons and small and medium-sized businesses.
Zoho Books accounting software offers several functions – contact management, invoices, expenses, sales and purchase orders, project time tracking and inventory management. Zoho comes with automatic bank feeds, collaborative client portal, accounting and taxing, online payments, invoice templates and analytical reports.
Accounting solution is a computer software especially 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.