Market Overview:
Accounts receivable automation leverages automation tools and technologies to streamline the receivables process. It includes tools like invoicing, credit management, payment collection, cash application, collections, and reporting. Accounts receivable automation assists enterprises in securely managing their customer transactions, improving cash flow, reducing Days Sales Outstanding (DSO), and optimizing working capital.

Market Dynamics:
Rising need for improved cash flow and working capital management is a key driver bolstering the growth of accounts receivable automation market. As accounts receivable automation helps organizations accelerate cash collections, reduce payment delays, optimize working capital, and enhance overall cash flow. It provides real-time visibility into cash position and payment status.

Another factor promoting the adoption of accounts receivable automation is the growing adoption of cloud-based accounts receivable automation solutions. Cloud-based solutions offer various advantages like minimal upfront costs, easy setup and deployment, scalability, on-demand access from any location, and enhanced collaboration. This has propelled SaaS-based accounts receivable automation.

The global Accounts Receivable Automation Market Size is estimated to be valued at US$ 3313.82 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Accounts Receivable Automation helps to streamline the entire billing and invoicing process. It reduces manual errors and improves efficiency of accounts receivable teams by automating repetitive tasks like invoice generation, payment tracking and more. It provides real-time visibility into cash flow and helps accelerate cash collections. Automation ensures hassle-free compliance with accounting standards and reporting requirements.

Weakness: High upfront implementation and IT costs are associated with accounts receivable automation solutions. Manual processes may still be required for exceptions or complex transactions. Lack of digital skills among finance teams can be a challenge for adoption of new technologies.

Opportunity: Growing preference of organizations towards cloud-based accounts receivable solutions offers significant opportunities.digitization of invoicing and payments driven by distributed workforce trends post-pandemic. Automation helps improve customer experience and relationships through quicker invoice resolution. .

Threats: Data security risks associated with third party integrations pose threats. Disruptions due to evolving regulatory landscapes and compliance requirements affect demand. Emergence of alternative payment technologies like digital wallets can reduce dependence on traditional billing systems.

Key Takeaways

The global Accounts Receivable Automation market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing digitization of invoicing and payments driven by distributed workforce trends post-pandemic.

Regional analysis: North America region dominates the global accounts receivable automation market currently, owing to high adoption of advanced technologies across industries in the US and Canada. Asia Pacific region is expected to grow at the fastest pace during the forecast period, driven by growing digital payments acceptance and increasing number of SMEs automating financial processes in developing countries like India and China.

Key players: Key players operating in the Accounts Receivable Automation market are Esker Inc., SAP SE, Comarch SA, Oracle Corporation, Bill.com Holdings Inc., SK Global Software, MHC Automation, Quadient(YayPay Inc.), Qvalia AB, Kofax Inc., HighRadius Corporation, Workday Inc., and Corcentric LLC.

Read More: https://blogger-veritas.blogspot.com/2023/11/artificial-intelligence-is-fastest_23.html