Results from a new survey show a rapid increase in the adoption of accounting software, as well as the increased adoption of cloud computing.
New buyers made up a significant portion of the accounting software market last year, at 37 percent. More companies are finding that legacy accounting systems can’t keep up with their needs and say that today’s new cloud-based accounting software is more in line with their business processes. Some 43 percent of buyers indicated the reason they purchased new accounting software was to gain increased functionality.
It remains to be seen if this trend will continue in 2018, but one thing is for sure. CFOs and enterprise finance departments are working harder and seeking more innovative ways to drive greater returns to satisfy working capital requirements. This new cash management imperative is ushering in new disruptive approaches to transform Accounts Payable (AP) functions from cost centers to profit centers by unlocking hidden value, unleashing new and significant revenue streams.