With the help of Robotic Process Automation (RPA) and Artificial Intelligence (AI), Accounts Receivable automation software modernizes the account receivable processes to reduce repetitive and time-consuming tasks. The system takes away the risk of human error including misplacement of documents and typing mistakes. In recent years, accounting systems have taken boundless steps toward being more user-friendly and automated.
Growing necessity to reduce accounting cycle time and improve cash flow are the key factors that are triggering the growth of the global accounts receivable automation market. Further, there is increase in adoption of accounts receivable automation from small and mid-size enterprises as it frees up the time of accounts receivable teams that can be used to carry out higher value work including downloading backup documentation, monitoring high-risk accounts to mitigate bad debt, and reducing days sales outstanding(DSO). Also, automation of accounts receivable process helps to reduce cost, improve efficiency, increase accuracy, and improve working capital. This is propelling the growth of the global market. Moreover, with the growing demand for adequate solutions to minimize the burden of payment collection, a surge in demand for accounts receivable automation is witnessed which in turn is augmenting the growth of the global market. Furthermore, growing adoption of cloud-based technology by BFSI and manufacturing unit may escalate the adoption of accounts receivable automation software thereby providing beneficial opportunities for the growth of the market.
The global accounts receivable automation market is split on the basis of component, organization size, vertical, and region. Solutions and services are the components of accounts receivable automation market. The organization size segment is divided into small & medium-sized enterprises and large enterprises. The verticals categorized under the global market include consumer goods & retail, energy & utilities, healthcare, IT & telecom, manufacturing, BFSI, and others.
Among the regions, North America is estimated to grab the topmost position in the global accounts receivable automation market over the forecast period. Growing adoption of account receivable automation software from a wide range of enterprises to reduce the operational cost is the prime factor fueling the market growth in this region. Asia Pacific is expected to register fastest growth rate owing to an increase in focus towards automating operational process and reduce cost. Additionally, the growing preference for accounts receivable automation over paper-based and manual processes in accounts receivable departments is also adding up to the overall market growth in this region.
The prominent players that are in service in the global accounts receivable automation market include Comarch, Bottomline Technologies, Workday, SAP, Oracle, Sage, OnPay Solutions, VersaPay Corporation, YayPay Inc., Emagia Corporation, FinancialForce, and HighRadius.
Key Development: In June 2021, Quadient for its cloud-based accounts receivable (AR) automation solution, launched advanced Business Intelligence (BI) module.