In the United States, the most popular accounting software options are QuickBooks Online, Xero, FreshBooks, and Wave. Each caters to different types of users and business needs.
Overall, QuickBooks Online holds the largest market share, with significant usage among small and medium-sized businesses. Xero, FreshBooks, and Wave also have considerable followings, catering to different niches within the market. The accounting software market in the U.S. is expected to reach $19.74 billion in 2024, growing at a compound annual growth rate (CAGR) of 9.20% to $30.66 billion by 2029.
- QuickBooks Online (Intuit Inc.) is the leading accounting software, widely recognized for its user-friendliness, robust features, and scalability. It dominates the market with over 7 million users, particularly favored by small and medium-sized business accountants. It offers a range of plans starting at $30 per month, scaling up to $200 per month for advanced features, and includes strong integration options with other financial tools?
- Xero is known for its simplicity and ease of use, especially among small business owners. It is cloud-based, supports multiple users, and integrates well with various third-party applications. Is Xero growing rapidly and competing closely with QuickBooks in terms of market share?
- FreshBooks targets freelancers and small service-based businesses. It offers a highly intuitive interface, automated invoicing, and expense-tracking features, making it a preferred choice for self-employed individuals. Pricing starts at $15 per month, and it has been expanding its user base significantly?
- Wave is famous for its free-to-use model, making it a great entry-level choice for small businesses and freelancers who need basic accounting features like invoicing and financial reporting without the costs associated with other software. Wave's market share is smaller than QuickBooks but steadily growing due to its accessibility and no-cost entry point?
Overall, QuickBooks Online holds the largest market share, with significant usage among small and medium-sized businesses. Xero, FreshBooks, and Wave also have considerable followings, catering to different niches within the market. The accounting software market in the U.S. is expected to reach $19.74 billion in 2024, growing at a compound annual growth rate (CAGR) of 9.20% to $30.66 billion by 2029.
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