Press release
Accounts Payable Software Market Size, Status and Forecast 2019-2023
The global accounts payable software market is likely to witness the growth with a CAGR of 6% during the forecast period. The account payable software is the system used for financial and accounting processes. The account payable software allows the enterprise to save time, improve accuracy and increases work effectiveness and efficiency. It also enables the enterprise to track suppliers and vendors activities and maintain accurate financial records. The software is mainly used for tracking and calculating short term debts. The solution also provides single-entry apps and advanced double-entry programs that offer accounts payable, general ledger, and accounts receivable functionality.
The increasing adoption of the software by small and medium enterprise is driving the growth for account payable software market. At the same time, increasing adoption of cloud accounting software by various companies propels the growth of the market in recent years. The benefits provided by account payable software such as minimized upfront cost, fast deployment, minimal risk, accounts payable support and lower labor expenses propels the growth of the market.
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Further, the increasing use of account payable software by bookkeeping businesses in order to improve customer records is creating the opportunity for the market during the forecast period. Moreover, the ability of software to manage business modules such as billing & invoicing, account receivable, account payable, sales & purchase, business reporting and payrolls increases the demand for the market. However, poor data entry problems of account payable software obstruct the growth of the market.
North America dominated the market in 2018 and is expected to show similar trends during the forecast period. The increasing adoptions of modern technologies coupled with rise in penetration of business accounting mobile application are the factors that are driving the growth of the market in the region.
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