Finance and accounting industry to strike US$5b

China’s smart finance and accounting current market will grow swiftly with demand from customers for digital transformation and cloud-based mostly apps in reimbursement, finance and compliance, an marketplace report explained on Thursday.

In 2022, China’s sensible finance and accounting sector, which covers finance and accounting and connects business processing and offer chain programs, will hit 32 billion yuan (US$5 billion), as opposed with 18.2 billion yuan in 2020, according to a report by researcher EqualOcean and Shanghai-based mostly Cloudpense. 

This 12 months, about 45 % of firms plan to raise financial investment in electronic transformation masking the current market section. 

With new systems these types of as cloud, massive information and synthetic intelligence, finance and accounting programs will come to be more intelligent and carefully connected with other techniques this kind of as manufacturing, provide chains and income.

Many apps can simplify the function procedure, control possibility, help you save duplication, slice expenditures and make decisions for Chinese enterprises. Cloud know-how growth will speed up digital transformation, said Yu Yang, main government of Cloudpence. 

The Shanghai-based startup, which has raised several rounds of funds valued more than 100 million yuan, has provided cloud-dependent finance and accounting units for clients in several industries including health treatment, banking, retail, electronic manufacturing and lodges.

The company is also included in making an sector conventional in the marketplace to strengthen extensive-expression advancement, Yu said.