Accounting is surely not the most anticipated business function, but it is equally important. Accounting is the process without which you can’t expect your business to thrive. So, users need to access all the features of accounting software to do the job well. Hence, a survey has been conducted on the buyers of accounting software for 15 months and asked what features are needed from the upcoming systems.
Core Accounting Features are the most important
A lot of buyers anticipated core accounting as the main feature as compared to the rest. It includes accounts payable (AP), general ledger (GL), and accounts receivable (AR). Over 94% of respondents identified core accounting and 60% identified budgeting as main features. Buyers need core functions more than extra bells and whistles.
Most of the buyers included companies having up to 250 employees. It is simple that smaller businesses just need core features to save up their resources.
Buyers expect Centralized Data and Processes
There were mild responses when asked what buyers expect from a new accounting system. They don’t want to have plenty of features or it can be too hard to use. But lack of features on accounting software is the most common issue.
This way, most answers were focused on centralized accounting with other functions. Core accounting features are a must. Departments are supposed to be more concerned with financial visibility in all functions. Accountants are looking forward to the bigger picture in company-wide financials with centralization. They can shift to a more analytical role with access to more data.
Buyers need Accounting Software to be more automated and advanced
Buyers are expecting more analytical support. Over half of respondents considered forecasting as a feature they want in the next system. In addition, 49% of respondents considered reporting as a vital feature and 8% wanted automation in the next systems. Accountants can influence key financial decisions and think beyond maintaining ledgers by accessing reports, forecasts, and automation.
Over 96% of Buyers Anticipate Cloud Computing
Cloud computing has been the standard in almost every type of software program and accounting is one of them. Around 71% of respondents were open to the above deployment. We saw 25% of respondents are looking forward to having cloud-based solutions. There are different benefits of having cloud features.
Why Do You Need a New Accounting System in 2020?
The major concerns about existing systems of buyers were not all about complaints. Around 26% of them reported the time required for the upgrade. They didn’t find their existing system to be outdated. But they just wanted something more robust. Around 17% of buyers expected a more centralized system, such as integrating other programs and accessing data from other parts of the organization. According to 15% of buyers, their existing system was not able to manage the growth of their business.