Accounting Software Market for Small Businesses in Canada

According to Market Research firm Mordor Intelligence:
“The accounting software market is experiencing significant growth. As of 2024, the market size is estimated to be around 27.6 billion dollars and is projected to reach 42.9 billion by 2029.”

So what does that mean for Canada’s small businesses?

We went to the CODAT GUIDE TO THE ACCOUNTING SOFTWARE MARKET to find out.
According to them:
“the Canadian government has reported the number of small and medium enterprises has to 1.23 million in 2021, up by 8% from the previous year. Over half of these businesses have fewer than 5 employees and 97.9% have fewer than 100.”

Related Content:

Codat_Global_Accounting_Guide_2021.pdf

The demand for accounting software packages has gained
momentum in recent years. The growth has been aided in regions
such as the UK by the introduction of Government initiatives such as
Making Tax Digital. In addition, the already evident shift in demand
from desktop-based packages to cloud-based services has been
propelled further forward as small businesses look to manage their
finances and access support remotely. It has also inflated the
addressable market for accounting software providers.
Given the particularly competitive landscape, this has resulted in key
players looking to adapt to the changing needs of small businesses
in order to capture these new customers.

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ABOUT

Launch – June 16th, 2023

The MAIN STREET JOURNAL was launched online in 2023, as a kind of Canadian, small business counterpoint to the venerable WALL STREET JOURNAL (WSJ), established in New York City in 1889.

Canada’s small businesses are smaller than most people think.

This is true for people that work in small businesses, for policymakers, business schools, and the business press. The self-employed and other small business owners don’t ‘get no respect’ and yet about 73% of private sector employment in Canada is made up of the 2.85 million self-employed individuals, and 1.3 million small employer businesses which average less than 7 employees.

We believe it’s time that these workers, and the small business owner-managers that employ them, got some respect. What’s more, we believe that business schools and policymakers should get out of their ivory towers and take a walk on Main Street!