Global Accounts Receivable Automation Market: Introduction
Accounts receivable automation can be defined as a software used to automate the process of account receivable functions. Accounts receivable are generally the current assets of the company which generates revenue after competition of the credit cycle. Traditionally, accounts receivable was handled manually; but the need for accounts receivable automation has increased with the adoption of accounting software by organizations.
Accounts receivable automation starts functioning after capturing the accounts receivable invoice from the ERP/core account application. Some of the major functions of accounts receivable automation includes reporting, communication, monitoring, and e-mail invoices. Accounts receivable automation accelerates the cash flow, reduces the average day sales outstanding (DSO), reduces labor cost, streamlines the invoice management system, and improves the overall customer relationship.
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Global Accounts Receivable Automation Market – Dynamics
Increasing Need for Digital Platforms to Monitor Day to Day Accounting Activities Driving the Growth of the Market
Increasing Adoption of Automation & Digitization by SMEs
Extensive adoption of digitization, smart technologies, and automation by large as well as small & medium enterprises is the global trend. Overall, 90%-95% of total enterprises are small & medium in size while only 5%-10% are large in nature. Majority of SMEs within the U.S have integrated or are looking forward to integrate their work flow with automation to gain operational efficiency. Thus, adoption of accounting software such as accounts receivable automation, and reconciliation software has increased globally. Adoption of automation in the workflow process by SMEs is expected to drive the growth of the market.
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Increasing Need to Reduce Operational Cost
Organizations are increasingly striving to reduce the operational cost to survive in this competitive environment. Financial institutions, retail enterprises, and many other industries are eliminating manual operational work and shifting to workflow on a software. Accounts receivable automation eliminates manual work and reduces labor cost. Labor cost is one of the components which needs to be paid by organizations. This cost can be optimized through accounts receivable automation.
Constant Security Concerns and Network Issues Restricting the Growth of the Market
Cloud security and network transmission issues
Accounts receivable automation software models that rely heavily on cloud services are susceptible to service impairment or control loss, data leakage, service loss including service interruption, or in worse cases monetary loss. The user experience may also be affected by unstable network transmissions at some places and this limits the reach of cloud based services including cloud-based and hybrid services/solutions in the impacted regions.
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North America Expected to Dominate the Global Accounts Receivable Automation Market
In terms of region, the global accounts receivable automation market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global accounts receivable automation market during the forecast period, as the adoption of accounting software within this region to manage operational work in SMEs is high compared to other regions.
Global Accounts Receivable Automation Market – Competition Landscape
- In July 2019, Intuit launched the QuickBooks Accountant Apps Program. This is expected to help accounting professionals save time, and work more efficiently when provisioning, purchasing, and managing apps for their clients.
Established in 1977, Oracle Corporation is headquartered in Redwood Shores, California, the U.S. The company provides dedicated solutions for financial management, covering multiple functions such as finance and accounting, billing, revenue recognition, financial planning, and financial reporting. Furthermore, the company has gained expertise in cloud based solutions. Oracle’s JD Edwards EnterpriseOne Accounts Receivable streamlines and accelerates the process of applying receipts, giving real-time accounts receivable information.
Vanguard Systems, Inc.
Founded in 1983, Vanguard Systems, Inc. provides enterprise content management solutions designed to improve organizational efficiency and regulatory compliance. The company provides solutions such as ECM, AR/AP Automation, Workflow Automation, and ID Protect. The company has partnered with IBM, Microsoft, Citrix, and other technology leaders for solution development related to accounting.
Global Accounts Receivable Automation Market: Segmentation
The global accounts receivable automation market can be segmented based on:
- Enterprise Size
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