The global accounting practice management market was valued at US$ 2,693.9 million in 2018 and is expected to increase to US$ 6,455.1 million by 2027, registering a CAGR of 13.7% over the forecast period from 2019 to 2027.

Accounting practice management helps in managing one’s clients and is used to collaborate and track the progress of both upcoming and past works. It includes front & back office operations such as proposals, payment processing, workflow management, sales enablement, client communication, reporting, and others.

Accounting practice management software is a solution, which aids in management of the front- and back-office operations for companies providing accounting services. This type of software is utilized to organize the services offered by a company and to keep track of delivery of product and services using workflows and task management. Accounting practice management solutions support accounting professionals in increasing productivity and improving the relationships with their customers.

The global accounting practice management market is expected to witness significant growth during the forecast period (2019–2027). The market growth is majorly attributed to increasing benefits of the accounting practice management software in cost cutting and time saving. Use of accounting practice management software helps in book keeping, stream lining and managing taxes, data entry, and creating dashboards.

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North America is expected to account for the largest market share in the accounting practice management market. Asia Pacific is expected to witness fastest growth in the market over the forecast period. The market growth in North America is attributed to the presence of large number of market players in the region such as Intuit Inc., Doc.It, and Cloud Consultancy LLC and increasing need to supervise and control data entry processes. In Asia Pacific, the market growth is owing to significant rise in the number of small and medium enterprises and high demand for financial accounting software among accounting firms.

Increasing demand for accounting practice management software among European countries is boosting growth of the market

In small and medium-sized enterprises, the demand for external and internal accounting practices is increasing at a very high pace. Moreover, governments in the European region are focusing on boosting growth of the accounting practice management market.

For instance, the European Union took an initiative in 2014 to help small and medium-sized enterprises (SMEs), in order to develop accounting practices to minimize administrative burden, while maintaining the information value through the effective implementation of accounting practice management software for preparing tax sheets and financial statements.

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