The global accounting software market has exhibited robust growth, with a notable increase in demand driven primarily by the digital transformation of companies. Although the text does not provide specific global market size data from 2020 onwards, it mentions strong growth trends from previous years and the COVID-19 pandemic's role in accelerating the adoption of such technologies due to the necessity of remote work. In Brazil, the market was estimated at around 120 million US dollars in 2019, and while specific numbers for 2020 are not provided, it is implied that the growth trajectory continued similarly to global trends. Industry leaders like Alterdata reported a 2020 revenue of R$196 million, while Prosoft's turnover was R$67.5 million. The ERP market, closely related to accounting software, is predominantly controlled by major players like Totvs, SAP, and Oracle, with a combined market share of 81% in Brazil. Regulatory frameworks, such as the Brazilian Accounting Standards (NBC) set by the CFC, govern professional conduct and technical standards in accounting, which software providers must comply with. The market is characterized by a variety of software options, catering to different company sizes and needs, and a concentration of usage in Brazil's South-Eastern region. Overall, the accounting software market reflects a trend towards automation, efficiency, and integration, spurred by technological advancements and changing business practices..Title: Evolution of the Brazilian Accounting Software Market: Trends and Prospects In recent years, the Brazilian accounting software market has experienced a significant transformation, which is evident in the increasing adoption rates and investment intentions among SMEs (Small and Medium Enterprises). Observations show that the vast majority of Brazilian companies, particularly SMEs, have traditionally managed their finances using basic systems such as Excel or Google Sheets, or even manual methods like pen and paper. However, the awareness and potential adoption of accounting software are gradually increasing, with an estimated 85% of SMEs planning to invest in such systems within the next 12 months. One of the primary drivers propelling this shift toward accounting software is the complexity of Brazil's tax system and the necessity to comply with the Public System of Digital Bookkeeping (SPED). The need for software to unify various bookkeeping and fiscal activities has never been greater, and the COVID-19 pandemic has underscored the importance of integrating new technology systems for remote operations. While only a quarter of Brazilian SMEs currently utilize accounting software, most companies acknowledge the need for assistance in managing their finances, with more than half relying on external help. The rate of software adoption varies with company size, as larger enterprises demonstrate greater financial capacity and operational complexity, thus requiring more sophisticated solutions. Among the noted challenges with existing accounting software, integration with other systems, adapting to new regulations, and automation are key concerns. Nevertheless, the general sentiment remains positive, with most companies willing to invest between R$30 and R$70 per month for these technologies. Companies choose their accounting software based on several criteria, but the ability to meet company needs, ease of use, and cost are the top considerations. Surprisingly, many businesses conduct limited research and decide swiftly on the software they integrate, underscoring a potential gap in market understanding. Geographically, the Brazilian market for accounting software is highly concentrated in the South-Eastern region, which is home to over half of the companies using such systems. This trend aligns with the broader distribution of the software industry, where South-Eastern Brazil is the most dominant player. Despite the fragmented nature of the market, with multiple software solutions available, there are a few players consistently rated highly by users, such as Nasajon, Fortes Contábil, and Dominio, indicating their prominence in satisfying customer needs. In terms of market value, while the global accounting software market size was estimated at around $6.72 billion in 2019, Brazil's share can be approximated at $120 million.### Key Players Shaping the Brazilian Accounting Software Landscape In the arena of Brazilian accounting software, numerous contenders have made their mark, each offering unique functionalities to meet the evolving needs of businesses in the country. As this sector matures, driven by increasing awareness and regulatory requirements, let's explore the main players that have etched their names in the market. **Domínio Sistemas:** A veteran in the industry, Domínio Sistemas stands out for its widespread popularity, especially among companies of varied sizes. With a comprehensive suite of accounting solutions, it offers robust features that make it a heavy-weight champion when it comes to managing complex accounting tasks. **Alterdata:** Alterdata packs a punch with its impressive portfolio of accounting software that caters to businesses seeking mid to high-end solutions. Known for its scalability and integration capabilities, Alterdata's products are tailored for companies looking to streamline their financial processes with efficiency and precision. **Contmatic:** Yet another significant player, Contmatic prides itself on delivering reliable accounting tools that focus on automation and regulatory compliance. It has carved a niche for itself among SMEs looking for budget-friendly yet effective accounting solutions. **Prosoft:** Prosoft is the choice for businesses that prioritize ease of use alongside comprehensive features. Their solutions are hailed for a smooth implementation experience, ensuring minimal disruption and a quick learning curve for users. **Folhamatic (acquired by Sage):** Folhamatic, now part of the global accounting software giant Sage, brought together local expertise and international prowess. Their combined offering ensures users benefit from globally-tested solutions tailored to meet local Brazilian accounting intricacies. **Fortes:** With a strong grounding in accounting principles, Fortes delivers software that not only aids in accounting tasks but also provides excellent customer support. It is a go-to option for businesses that value ongoing assistance and user-friendly interfaces. **SCI Visual Sucessor:** SCI Visual Sucessor has staked its claim in the market by offering a diversified range of accounting tools. Their focus on innovation and keeping pace with technological advancements makes them an attractive option for forward-thinking companies. **Mastermaq:** Mastermaq has steadily positioned itself as a key provider in the accounting software segment, with offerings that strike a balance between function and cost-effectiveness. Its solutions are particularly favored by small and mid-size businesses looking for a tailored approach. **E-contab:** Another player in the field, E-contab, is known for its specialized focus on accounting and fiscal solutions that adhere to Brazilian regulations. They cater to businesses
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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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Wolters Kluwer (Prosoft)

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