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The global market for account reconciliation software is being driven by the ability of digital software to automate and standardise the reconciliation process to produce high quality and accurate financial statements. The healthcare sector is a significant contributor to the overall market growth of account reconciliation software. Medical accounting software can streamline accounting processes by eliminating errors associated with manual data entry. The healthcare account reconciliation software is particularly designed to support the management of day-to-day accounting and business practices, including the management and disbursement of supplies, especially pharmaceutical or lab material with a shelf life, thereby preventing inventory loss. Furthermore, reconciliation software for healthcare automatically identifies any issue, thus ensuring reliability on digital software and hence furthering the market growth. Moreover, due to various diseases and the advent of coronavirus pandemic, account reconciliation software is witnessing increasing demand in healthcare settings for flexible, intelligent, and accurate management of payments, thereby propelling the market growth.
Broadridge Financial Solutions, Inc. (NYSE: BR), a global leader in the market for account reconciliation software, announced in December 2019 the integration of advanced technology including artificial intelligence (AI) and machine learning (ML) in industry-wide reconciliation, matching and exception management applications. Smart automation drives performance and productivity from reconciliation systems, especially for organisations dealing with multiple vendors. The AI and ML technologies are installed to automatically find the underlying cause of a problem and efficiently resolve it. Thus, such innovations and developments by market leaders in the global market for account reconciliation software are driving the market growth.
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The major players in the global account reconciliation software market are Broadridge Financial Solutions, Inc., BlackLine Inc., Oracle Corporation, ReconArt, Inc., and Fiserv, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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