Virtual Account Management (VAM) allows activity to be separated under a single, centralized bank account while still maintaining the visibility and reporting required for reconciliation and internal accounting. Virtual account management software solutions are used to simplify the accounting process, save time, and ensure that transactions between businesses and clients are error-free. Furthermore, by archiving, automating, and integrating human resource systems.
These systems are designed to boost productivity. In addition, virtual account management software helps SMEs to reduce errors in dealings with clients and companies, improving relationships and reputations while freeing up time to focus on the core business concept. Moreover, during the forecast period, the growing trend of small and medium businesses collaborating with e-commerce players and integrating with other online applications, such as automated bank feeds and automated billing features, is expected to drive virtual account management software adoption. Therefore, the surge in demand for virtual account management is expected to boost the growth of the virtual management software market in the upcoming years.
The global virtual account management software market is segmented on the basis of component, type, industry vertical, enterprise size and region. Based on component, the market is divided into software and services. In terms of type, the market is categorized into spreadsheets, ERP, custom accounting software and tax management. On the basis of industry vertical, the market is divided into BFSI, healthcare, retail, IT and telecommunication, travel & hospitality, transportation & logistics, media & entertainment, government and others. On the basis of enterprise size the market is divided into large enterprise and small & medium enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Scenario Analysis
- Social and physical separation, partial or complete lockdowns, and the establishment of quarantine zones are all being used to combat the COVID-19 pandemic. Various businesses have closed as a result of these measures and many large corporations have suffered losses. Furthermore, factors such as the growing need for advanced, automated, and efficient accounting software are driving demand for virtual account management software.
- However, since the COVID-19 outbreak, most businesses have been focusing on reducing additional costs, such as accounting software costs. Concerns about data security are also some of the roadblocks to the virtual account management software market share expansion.
Top Impacting Factors
The increasing trend of accounting automation and increased efficiency offered by virtual account management software are driving the growth of the market. In addition, the rise in adoption due to its improved accuracy propel the growth of the market. However, a lack of awareness might hamper the growth. Contrarily, reduced operational costs due to the elimination of outsourcing of bookkeeping are expected to provide lucrative opportunities to the market in the upcoming years.
Increase in Trend of Accounting Automation
Virtual account management software solutions are used to simplify the accounting process, save time, and ensure that transactions are error-free between a business and its customers. Furthermore, these systems are designed to increase productivity by hosting, automating, and integrating HR systems. In addition, the virtual account management software helps to reduce errors in customer-business relationships, improve relationships and reputation, and free up time to focus on the basic business concepts. Therefore, the increasing trend of accounting automation is expected to drive the growth of the virtual account software market during the forecast period.
Increased Efficiency Offered By Virtual Account Management Software
Accounting software, which is used to keep track of accounting transactions or manage money flowing in and out of a business, helps in increasing efficiency. It has emerged as a better solution for managing business accounts, as it can handle many business modules with ease. Furthermore, demand is expected to be driven by features that ensure the company's accurate financials, such as time-saving, cost-effective operation, and higher overall productivity. Moreover, firms or businesses buy virtual account management software to expand their capabilities and replace out-of-date systems. Therefore, the increased efficiency offered by the virtual management software is driving the growth of the virtual account management software market during the forecast period.
Key Benefits of the Report
- This study presents an analytical depiction of the global virtual account management software market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the global virtual account management software market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Virtual Account Management Software Market Research Report
- Which are the leading players active in the global virtual account management software market trends?
- What would be the detailed impact of COVID-19 on the global virtual account management software market analysis?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global virtual account management software market?
- What are the projections for the future that would help in taking further strategic steps?
Virtual Account Management Software Market Report Highlights
By Industry Vertical
By Enterprise Size
Key Market Players
Infor, Red Wing Software Inc., Epicor Software Corporation, Sage Group plc, Xero Limited, Zoho Corporation Pvt Ltd, Reckon Limited, Microsoft Corporation, Oracle Corporation, Intuit Inc.