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.