The widespread (and growing) use of accounting software, and its dramatic financial success, stems from its rapid evolution its value has increased in tandem with the number of systems it can connect to. Intuit’s valuation soared from US$18 billion in 2013 to its current US$70 billion. Xero took a mere six years to hit a valuation of US$1.6 billion in 2013 with just 78,000 paying customers it is now worth A$11 billion and has more than two million subscribers. The market has witnessed MYOB being bought for US$437 million in 2008 and sold for US$1.3 billion three years later. The valuation trajectories of accounting software greats MYOB, Xero and Intuit have been in the limelight over the past decade. As a result, smaller businesses now have better access to high quality software. Competition among providers is increasing and pushing down prices.The widespread adoption of this software is due to its evolution into a multi-purpose tool.The market value of cloud accounting software has grown exponentially over the past decade.Here's a look at the major accounting software players for SMEs. When choosing accounting software, the big factors to consider are the suites of applications - apps - on offer and how well each option connects to other systems.
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