Financial Reporting Software
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
sales@reportsmonitor.com<br />
<strong>Financial</strong> <strong>Reporting</strong> <strong>Software</strong> Market:<br />
Market scenario:<br />
Global trade has been increasing at an exponential rate. A vast network of global as well as local trades results in<br />
ample amount of financial transactions and subsequent reporting. Manual bookkeeping simply cannot handle the<br />
volume of such large financial transactions. Also, it is not possible to audit the books and consolidate reports for<br />
further analysis. A financial reporting software is capable of preparing financial statements that conform with<br />
regulatory requirements and reporting standards. The functionality of financial reporting software is by comparing<br />
historical data and estimates of future conditions to track a company’s financial progress and compare it to business<br />
expectations. The increasing importance of the financial growth of the company has resulted in the financial reporting<br />
software market over the past few years.<br />
Download PDF Sample with Popular Trends @ https://goo.gl/hnng7R<br />
Rising costs of compliance and limited capabilities of existing spreadsheet solutions are some of the major drivers for<br />
the financial reporting software market. To increase investor confidence and transparency in the capital markets, the<br />
compliance costs for the financial institutions has risen significantly. Top financial players across the globe have<br />
implemented stringent regulatory frameworks after the sub prime debt crisis, which led to the depression. Such<br />
regulations will require the company to hire more professionals, therefore, increasing administrative costs. However, a<br />
financial reporting software is capable of collating data from multiple sources and standardizing reports with greater<br />
accuracy. In addition, a wide majority of the organizations use spreadsheet solutions for their financial reporting. While<br />
it’s cost effective and easy to operate, it fails to process voluminous data. Additionally, spreadsheet also are unable to<br />
provide data security, consolidated reports, and privacy, which, in turn, favors the financial reporting software market.<br />
Furthermore, increasing complexity and velocity of financial data is also propelling the market growth. The financial<br />
market has evolved from simple accounting to complex trading such as derivatives market, hedge funds, and options<br />
market. Along with complex transactions, the sheer volume of data is also on the rise. Therefore, the demand for<br />
financial reporting software is increasing. However, data privacy and security are the major pinpoints hindering the<br />
growth of the financial reporting software market. Increasing collaborations of small and medium enterprises (SMEs)<br />
with e-commerce players is also projected to drive adoption of financial reporting software market in the coming<br />
years.<br />
Check Discount of this Report @ https://goo.gl/qK8W6V<br />
Recent developments:<br />
May 24, 2018- CaseWare UK Ltd, an accounting software provider to corporate and practitioners, has announced the<br />
launch of Automated <strong>Software</strong> To Make International <strong>Financial</strong> <strong>Reporting</strong> Standards Easier For Accountants.<br />
March 3rd, 2011- Finacle the universal banking solution from Infosys Technologies, and IRIS Business Services, a<br />
worldwide leader in XBRL (Extensible Business <strong>Reporting</strong> Language) tools and solutions announced a strategic<br />
partnership to provide banks with the IRIS XBRL suite, enabling financial reporting process automation in compliance<br />
with XBRL standards.<br />
Regional analysis:<br />
North America is a very prominent region for financial reporting software market. The U.S. has a number of large banks<br />
and the need for storing data and produce reports related to costs, performance, and flexible solution (for creating<br />
multilingual financial reports) is increasing. The increasing need for optimization of these activities has driven the<br />
financial reporting software industry in this region. Increasing digitization, along with a supportive economic<br />
environment is driving the growing financial software market in North America.<br />
Direct:<br />
+1 513 549-5911 (U.S.) | +44 203 318 2846 (U.K.)
sales@reportsmonitor.com<br />
Europe is the most attractive region in the world for financial reporting software due to a huge investment in financial<br />
services. Technological advances and improving macroeconomic environment provides a significant opportunity for<br />
financial services executives and policymakers to create a sustainable future for the market. Innovation and technology<br />
will play a big role in driving the future growth in the financial reporting software market in Europe.<br />
Asia-Pacific Fintech ecosystem to grow significantly in 2017 due to Active support and initiatives by financial regulators<br />
such as Bank Negara Malaysia, Bank Indonesia, and the Monetary Authority of Singapore, which will result into a rise in<br />
adoption of financial reporting software market in the Asia pacific region. A series of industry developments in banking<br />
and insurance, growing customer expectations for service and personalization, and an increasingly competitive and<br />
globalized industry landscape are the major growth drivers for the market in Asia pacific region. In addition, significant<br />
market gains in banking in Australia and New Zealand, and in insurance in Korea are rising the demand for financial<br />
software market in this region. Technological advancements, rising integration of financial reporting software with<br />
various online applications such as automated billing features, automated bank feeds, e-commerce websites, etc., will<br />
drive the financial reporting software market growth in India.<br />
The growth of banking and capital markets sector in Middle East region is very promising. The region's financial<br />
services sector is growing due to increasing diversity in financial products and services; growing regulatory<br />
requirements for better monitoring of processes; populations getting younger, better educated and more demanding;<br />
developing secure financial systems, banks and financial institutions across the region are investing heavily to match or<br />
outstrip their international peers. Middle East financial reporting software market expects to grow further due to Saudi<br />
Arabia's "Vision 2030. It will generate new business in the Middle East, resulting in the growth of financial reporting<br />
software market.<br />
Global financial reporting software market<br />
On the basis of type:<br />
• On-premise <strong>Financial</strong> <strong>Reporting</strong> <strong>Software</strong><br />
• Cloud-hosted <strong>Financial</strong> <strong>Reporting</strong> <strong>Software</strong><br />
• <strong>Software</strong>-as-a-service (SaaS) <strong>Financial</strong> <strong>Reporting</strong> <strong>Software</strong><br />
On the basis of end user applications:<br />
• Small Businesses<br />
• Midsized Businesses<br />
• Large Businesses<br />
On the basis of region:<br />
• Asia-Pacific<br />
• North America<br />
• Europe<br />
• Middle East & Africa<br />
Key players:<br />
• Zoho<br />
• Intacct<br />
• IBM<br />
• QuickBooks<br />
• Microsoft<br />
• Xero<br />
• SAP<br />
• NetSuite (Oracle)<br />
• Sage<br />
• FreshBooks<br />
• KashFlot<br />
• Float<br />
• Finacle<br />
Direct:<br />
+1 513 549-5911 (U.S.) | +44 203 318 2846 (U.K.)
sales@reportsmonitor.com<br />
• Workiva Inc<br />
• Qvinc<br />
• Host Analytics<br />
• CaseWare UK Ltd.<br />
About Us:<br />
Reports Monitor is a market research and consulting company that provides syndicated research reports,<br />
customized research reports, and consulting services. To help clients make informed business decisions, we<br />
offer market intelligence studies ensuring relevant and fact-based research across a range of industries<br />
including Healthcare, Technology, Chemicals, Materials, and Energy. With an intrinsic understanding of many<br />
business environments, Reports Monitor provides strategic objective insights.<br />
We periodically update our market research studies to ensure our clients get the most recent, relevant, and<br />
valuable information. Reports Monitor has a strong base of analysts and consultants from assorted areas of<br />
expertise. Our industry experience and ability to zero-in on the crux of any challenge gives you and your<br />
organization the ability to secure a competitive advantage.<br />
Contact Us:<br />
Jay Matthews<br />
Direct: +1 513 549-5911 (U.S.)<br />
+44 203 318 2846 (U.K.)<br />
Email: sales@reportsmonitor.com<br />
Website: www.reportsmonitor.com<br />
Direct:<br />
+1 513 549-5911 (U.S.) | +44 203 318 2846 (U.K.)