From Microsoft's announcement at the end of this month to stop selling Money financial management software, we can take a look at the accounting software market.
According to foreign media reports, Microsoft announced on Wednesday that it would stop selling its Money financial management software from June 30 this year. Industry insiders believe that Microsoft made this decision for two reasons: one is the decline in demand for Money software in the market, and the other is Microsoft's need to cut costs. Microsoft stated that after the sale of Money software stops on June 30, existing Money customers can continue to use the software and enjoy corresponding online services. Microsoft said that the reason for making the decision to stop selling Money software is partly because Microsoft needs to focus on "other priority development projects." A statement on the Money website hinted that with the increase in various types of financial management software in the market, user demand for Money software has decreased somewhat.
Matt Rosoff, an analyst at the independent U.S. market research firm Directions on Microsoft, believes: "The main reason for Microsoft's decision to stop selling Money software is cost-cutting considerations. In the personal finance software business, Microsoft products do not have a market advantage."
Today, I learned about Microsoft stopping the sales of its personal accounting and financial management software. This news is undoubtedly good news for China's largest online accounting site (Caik Online). Regardless of how much market share Microsoft's Money financial management software holds or how well it performs, as long as Microsoft is involved, if they were to put in full effort, their influence cannot be underestimated. Even a dying camel is bigger than a horse. Today, Microsoft has completely stopped selling the 'Money Financial Management Software,' which means Microsoft has completely abandoned this market. This brings great opportunities for Caik Online because Caik's future goals are not limited to China; it will certainly go global.
Currently, worldwide, the more powerful personal financial management software includes Quicken. Both Microsoft's Money financial management software and Quicken are standalone accounting software, which has certain limitations. As for online accounting software, globally, mint.com is the largest abroad, while caakee.com is the largest in China.
Many people doubt how big the online accounting software market actually is. Intuitively, people feel that the online accounting software market is small and cannot grow large. They think the market for Caik Online is not big enough. However, if we follow our intuition, it contradicts the facts. Because the largest accounting software abroad, 'Quicken,' is listed on NASDAQ. Can the market be small? Furthermore, a company as large as Microsoft has launched personal accounting software. Is Bill Gates' vision less sharp than ours? Although Microsoft did not perform well in the personal accounting software market, it does not mean the market is small.