Account Practice Management Market foresees a spike in ‘interest rate’ as Risk Strategies collaborates with CyberCube to enhance the former’s insurance business

 

Account Practice Management refers to the process of collecting, recording and interpreting information related to the accounting practices of a business. In simple terms, it is the ability to gather and organize information from varied sources and organize that information in a manner that makes sense. Proper management of financial transactions and documentation provides an accurate picture of the financial condition of the organization. To ensure accurate accounting, effective decision making, monitoring and reporting skills are necessary.

Rising adoption of cloud-based platforms and increased popularity of cloud-computing due to its benefits such as easy accessibility, improved performance, and minimal costs has broaden the scope for the Account Practice Management Market. In April 2021, a software providing company, iComply Investor Services, collaborated with Thomson Reuters to distribute its iComplyKYC program with Thomson Reuters Marketplace to enable face-to-face interactions with account-holders.

Accounting practice management application helps the accounting firms to handle their front- and back-office activities. These applications are used to coordinate and monitor the execution of a company's resources using workflows and task management. It aids account executives in increasing productivity and improving consumer relationships.

There are many businesses that require the use of a good accounting practice management system. These businesses include corporations, partnerships, limited liability companies, public enterprises, investment firms, lawyers, hospitals, insurance providers, government agencies and public service organizations. In May 2021, the risk management and insurance brokerage company, Risk Strategies, announced its collaboration with a cyber-security providing firm, CyberCube, to adopt the later risk analyzing platform, Broking Manager.

On the heels of these advantages, numerous banks and accounting firms are implementing these account administrating applications in their system which is fuelling the scope for the account practice management market.

However, the fate of the account practice management market will remain a giant question for the market players amidst arising concerns over the poor control and security of the cloud servers. These concerns can prove to be a restraining factor for the expansion of this market.

However, expanding FinTech industry and widespread adoption of 5G technology will pave a way for potential opportunities to the firms involved in the account practice management market.

Regionally, the account practice management market is showing a potential scope in the North American region due to the presence of major market participants such as Cloud Consultancy LLC, Intuit Inc., and Doc.It, which are focused on coping with the need of effectively managing their growing databases. Similarly, the Asia Pacific region is also showing promising signs for the account practice management market as the region is witnessing a considerable surge in the number of SMEs (Small and Medium Enterprises).