Latin America Accounting Software Market Report and Forecast 2024-2032

Latin America Accounting Software Market Outlook

The Latin America accounting software market size is projected to expand at a CAGR of 10.90% in the forecast period of between 2024 and 2032, driven by an increasing penetration of accounting apps, automation of accounting processes, and rise of data-driven financial analysis. 

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Key Trends in the Market

Accounting software helps accountants analyse, track, retrieve, manage, and report daily financial transactions. With software, the probability of mistakes and errors is significantly reduced. An accounting software enables insightful reporting and better decision-making, while also makes auditing easier by automating accounting tasks and allowing real-time tracking of financial transactions. Comprehensive accounting software systems can be used to monitor assets, liabilities, revenues, and expenses. 

• A key trend in the market is the availability of accounting software with multiple features such as general ledger (GL), sub-ledger, payable and receivable accounts, cash management, reporting and analytics, besides collection, asset, risk, and revenue management features. Advanced accounting software can manage budgets, handle payrolls, and even perform customer relationship management functions.

• Automating accounting and finance related tasks brings down costs. Besides, advanced accounting software can also perform data-driven financial analysis, enabling better decision-making. The pandemic, followed by fears of recession, is pushing organisations to cut costs and optimise their finances, which is leading to a growing demand for accounting apps in the Latin America accounting software market.

• Complementing the accounting automation needs is the cloud adoption and availability of accounting SaaS. They have come as a crucial advantage for SMEs that require custom-fit solutions, flexibility, and data-driven insights to ensure sufficient margins to survive in the market. Accounting SaaS facilitates metered usage, which brings down accounting automation costs without sacrificing advanced accounting software functionality.

Market Analysis

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Based on component, the market is segmented into solution and services. By deployment mode, the market is categorised into Cloud-based and on-premises. Based on software type, the Latin America accounting software market is divided into commercial accounting software, spreadsheet software, enterprise accounting software, and custom accounting software, among others. On the basis of enterprise size, the market is segmented into small and medium sized enterprises (SMEs) and large enterprises, among others. 

By industry verticals, the market is divided into BFSI, manufacturing, government and public sector, IT and Telecom, pharmaceuticals and healthcare, retail, and media and advertising, among others. Based on country, the Latin America market for accounting software is segmented into Brazil, Argentina, and Mexico, among others. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin America Accounting Software market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Infor

• Microsoft Corporation

• SAP SE

• Zoho Corporation

• Intuit Inc

• Thomson Reuters Corporation

• Others

Market by Deployment Mode

Cloud-based accounting software and accounting SaaS are expected to outpace the demand for on-premises accounting software during the forecast period in the Latin America Accounting Software Market. They offer flexibility, scalability, and lower liability, besides bringing down costs. SMEs are likely to increasingly avail of cloud-based software and solution. Owing to minimal installation and maintenance costs, cloud adoption, and SaaS delivery model, their demand is expected to rise in the coming years. With the inherent advantages of metered usage, the option for using only the required features, and up-scaling, cloud deployment models are projected to support the growth of the Latin America accounting software market during the forecast period.    

Market by Software Type

Among the accounting software types, enterprise accounting software is likely to account for a substantial share of the Latin America accounting software market. Enterprise accounting software can perform ERP functions along with the accounting tasks. Their key advantage lies in bringing together payroll and HR management, supply chain management, business intelligence, and financial management together. An increasing number of organisations are opting for advanced accounting features integrated into their existing ERP software. Similarly, many companies are choosing accounting software with necessary ERP features. Real-time availability of data across departments, and real-time transaction tracking ensures efficient management. It also makes the communication between the accounting team and various departments in the organisation easier.

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Competitive Landscape

Infor is a leader in cloud-based software products and is known for creating industry specific functionalities. Operating from over 45 locations with over 17,000 employees, it serves over 60,000 customers globally, with its innovative tools and deep-industry solutions. Infor’s financial and supply management solutions combine ERP with accounting and financial capabilities.

SAP SE is the world leading enterprise software company and a popular ERP vendor. Founded in 1972 and headquartered in Germany, the company today operates from over 130 countries across the five continents and boasts of an employee strength over 1,00,000. It offers accounting and financial software for professional accounting firms as well large corporations. SAP’s software are known for their excellent automation capabilities, agility, and productivity.

Intuit Inc is known for its popular accounting software for the SMEs, known as QuickBooks. Intuit is a customer-focused global technology platform that focuses on financial software. Founded in 1983 in California, Intuit has over 14000 employees, working from over a dozen offices across three regions globally. It helps small businesses and consumers in overcoming financial challenges.

Other major market players include Microsoft Corporation, Zoho Corporation, and Thomson Reuters Corporation, among others.

Key Highlights of the Report