Cloud-based accounting software is growing at a tremendous pace. Not too long ago accountants relied on spreadsheets and manual data inputs to discharge their duties. Traditional and offline accounting methods made it difficult to access real-time insights, which eroded business competitive advantages.
With the advent of cloud computing, the world of accounting has been completely transformed. Today, more and more organizations depend on real-time accounting data to stay competitive and make sound financial decisions – a great news for cloud-based accounting software providers.
However, the SaaS accounting software industry is fragmented and highly competitive. From FreshBooks to Intuit and Xero, there are many established players in the cloud-based accounting software space. Which is why smaller accounting software firms find it difficult to gain market shares. This and other business challenges are prompting numerous providers to expend more resources on distribution avenues such as accounting marketplaces to increase brand visibility and generate more sales.
Accounting marketplaces help link software providers with potential customers who are looking to enhance their existing accounting software or acquire new ones to meet their evolving business needs.
According to Xero, a New Zealand-based software firm, organizations who use cloud-based accounting software reported a 15% increase in year-on-year revenue compared to just 4% for traditional firms, indicating that the adoption of cloud-based accounting software systems will only continue to grow.
Accounting marketplaces provide the accounting software firms the platform to reach further into their niches and tap into this burgeoning opportunity.
It takes a considerable amount of time and resources to create marketing campaigns that can generate positive returns in a competitive field like accounting. From brand awareness to lead generation and customer development, there’s a lot to deal with when it comes to marketing directly to end-users. This is what accounting marketplaces are designed to do — to simplify the process of software distribution to the end consumers.
Leveraging accounting marketplaces for your software distribution will help you connect with users who are already searching for products like yours, making it easier to reach and sell to prospective customers.
Use our Marketplace Finder to see which SaaS accounting marketplaces are a good fit for your business needs.