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 THE MAIN STREET JOURNAL

FIGHTING THE BIAS AGAINST SMALL BUSINESS

The Main Street Journal challenges the tendency to overestimate medium-sized and large businesses and overlook the smallest firms that make up Canada’s economy

THE REALITY OF CANADA'S SMALLEST BUSINESSES

Half of workers in business with fewer than 50 employees work for micro-businesses with 0-4 employees.

87%

of private-sector firms are self-employed or micro-business

0-4

employees defines a micro-business

99.7%

of Canadian firms are not large

WHY SMALL BUSINESSES ARE OVERLOOKED

Our hope is to challenge our own perspectives and those of public-sector and corporate finance counterparts to deliver perspectives relevant to the ‘missing middle’ of Canada’s economy.

Critical Thinking