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Summary and extracts
1 Market overview
1.1 Definition and scope of study
Accounting is an integral part of any organization - its activities involve cash management - whether it is a company, a government or a non-profit organization. Although SMEs choose precise software to perform a specific mission (human resources, sales, accounting, finance, etc.), large companies are equipped with ERP (Enterprise Resource Planning) software that allows them to manage all operational activities, including accounting. The global accounting software market is growing rapidly and is largely dominated by the United States.
In addition to management software, new operators now offer cloud computing solutions. They also take advantage of new practices and expectations from SMEs and developing companies to develop new, increasingly appropriate, state-of-the-art solutions. Market growth is driven by innovation; for example, high potential is seen for increased automation in reporting and accounting processes.
Accounting management via software is increasingly vital for Brazilian companies, be it a large multinational or an SME. Besides the accounting chaos that is the tax system in Brazil, software is essential to meet the requirements of the Public System of Digital Bookkeeping (SPED), which has made Brazilian electronic bookkeeping definitive. The software is also necessary to unify the reception, validation, storage and authentication of books and documents integrating the accounting and fiscal deeds of legal entities. In this context, the quality of the software becomes a decisive factor when choosing the product, which intensifies the competition. Currently, some of the main players are: Nasajon, SCI, Fortes Contábil and Alterdata.
In Brazil, the accounting software market is still fairly small. However, it is growing, as the awareness of these systems by Brazilian companies increases. Moreover, the Covid-19 pandemic has worked as an accelerating factor for the development of of this sector, given how it has shown companies how important it is to have new technology systems integrated in their operations.
1.2 The fast-growing global market
In ****, the global market for accounting software was worth $*.** billion, up nearly *% from ****. Forecasts predict very strong growth over the coming years, with a CAGR of *.*% over the period ****-****, to reach a market of $**.** billion by ****. This strong growth will be driven mainly by the digital transformation undertaken by many ...
1.3 A small, but fast growing market
In ****, the software sector in Brazil (***) was worth **.** billion US dollars, representing a **.*% growth from **** [***].
Size of the software market Brazil, ****-****, in billions of US dollars Source: ****
As the figure above includes a market much wider than the scope of this study, we need to do further calculations in order ...
1.4 The impacts of the Covid-19 pandemic
If the market for accounting softwares has already been growing rapidly in recent years, the Covid-** pandemic only helped to accelerate this trend. With most businesses having to employ work-from-home (***) measures in order to comply with lockdown restrictions, the reliance on technologies has never been greater.
Big companies that had already ...
2 Demand Analysis
2.1 Still a low popularity for accounting softwares
Most of Brazilian companies have not yet evolved to more modern and efficient ways of doing business. In fact, according to a study conducted by Capterra in ****, only **% of Brazilian SME's use accounting softwares to help them with their finances. The vast majority are using systems like Excel or Google sheets ...
2.2 The problems encountered by companies
One of the main reasons as to why companies would decide to take on board accounting softwares is because of the issues they face dealing with their finances. In Brazil, one of the main accounting challenges SME's face is managing to keep up-to-date with laws and regulations, which was cited by ...
2.3 A positive outlook for the future
Despite the current relatively low popularity of accounting softwares in Brazil, it seems like the awareness of these among companies in the country (***) is growing.
In fact, according to the same study conducted by Capterra, **% of Brazilian SME's that currently do not use accounting softwares are planning on investing into some ...
2.4 How companies choose their accounting software
Given the novelty of these systems, companies need to do their research before deciding which software is the right fit for them. Starting with the most important criteria for companies when it comes to choosing their software, we find that the most important aspect is the system's ability to satisfy the ...
3 Market structure
3.1 The larger ERP market
The accounting software sector is part of the wider ERP (***) market. This is a market that was estimated at approximately R$*.** billion in **** and is controlled by * major companies; Totvs, SAP and Oracle, which controlled **% of the ERP market in Brazil combined [***].
Market share by company in ERP Brazil, ****, in % Source: ...
3.2 The accounting softwares being used
According to a **** survey conducted by Capterra, below are some of the accounting softwares being used by Brazilian SME's:
Alterdata Quickbooks Conta Azul Sage SCI Notasoft Fortes Contábil Domínio Arquivei eNotas Vfatec
A study conducted by Nibo in **** showed a slightly different result in terms of accounting softwares being ...
3.3 A market based in the South-Eastern region of the country
It should not be a surprise that the Brazilian region where accounting softwares are most popular is the South-Eastern one. In Nibo's **** study, where only companies that have an accounting software integrated were considered, more than **% of respondents came from three South-Eastern states; São Paulo (***) [***].
Distribution of companies using accounting ...
4 Analysis of the offer
4.1 The features of accounting softwares
Accounting softwares provide a more automated way for companies to deal with their finances. Below you can see the main advantages for companies of these systems according to Oitchau.
Cost reduction - Given how accounting softwares automate tasks that were previously done by accountants, companies can save costs by cutting down ...
4.2 Comparing the offer
Given how there are so many players in this market, in order to ensure that their softwares stand out, companies need to provide services that differentiate themselves from competitors. In Nibo's **** study, various accounting are ranked based on factors such as:
Recommendation; how likely users are to recommend this software to ...
5 Regulation
5.1 Regulations
The Brazilian Accounting Standards (***) are a set of rules and procedures of conduct that must be observed as requirements for the exercise of the accounting profession, as well as the doctrinal concepts, principles, technical structure and procedures to be applied in carrying out the work provided for in the standards approved ...
6 Positioning of the players
6.1 Segmentation
- Sage
- Domínio
- Alterdata
- Wolters Kluwer (Prosoft)
- Folhamatic
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