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.

accounts receivable automation market

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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.

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.   

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.

accounts receivable automation market 1

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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.

Oracle Corporation

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
  • Deployment
  • Industry
  • Region

Global Accounts Receivable Automation Market, by Enterprise Size

Based on enterprise size, the global accounts receivable automation market can be divided into:

  • Small & Medium Enterprises
  • Large Enterprises

Global Accounts Receivable Automation Market, by Deployment

Based on deployment, the global accounts receivable automation market can be segregated into:

  • On-premise
  • Cloud

Global Accounts Receivable Automation Market, by Industry

In terms of industry, the global accounts receivable automation market can be segregated into:

  • Banking, Financial Services & Insurance
  • Telecom & Information Technology (IT)
  • Manufacturing
  • Construction
  • Wholesale Distribution
  • Non-profit Organizations
  • Chemicals
  • Food and Beverage
  • Retail
  • Others (Hospitality, Government, and Public Sector, etc.)

Regional analysis of the global accounts receivable automation market includes:

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Malaysia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America
accounts receivable automation market 2

 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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