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Why Accounting Innovation Flourishes In India

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India is becoming a new center stage for innovation in the corporate and small business accounting software space, analysts believe.

A report published by TechSci Research late last week says India is poised to see a 14 percent combined annual growth rate between 2016 and 2021 in the accounting software space. Analysts placed several factors behind this trend.

They include rising corporate budgets on IT, as well as an increased awareness regarding the benefits of accounting software and automated accounting solutions (versus paper and manual processes).

There is also a ballooning demand to manage and analyze accounting data that cannot be adequately handled through manual accounting tools, the report added. Then, there’s the growing adoption of enterprise-friendly mobile solutions and the BYOD movement within India.

“Technological advancements, rising integration of accounting software with various online applications, such as automated billing features, automated bank feeds, eCommerce websites, etc., coupled with increasing adoption of cloud computing, is anticipated to drive accounting software market in the country through 2021,” summarized TechSci Research Director Karan Chechi in a statement. “Increasing collaborations of small and medium enterprises with eCommerce players is also projected to drive adoption of accounting software in the coming years.”

Corporate spend on IT solutions is already impressive; reports said that it reached $67 billion in 2015. The software industry alone is valued at about $5.6 billion, up from $3.8 billion in 2011, according to reports.

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