Accounts Receivable Automation Statistics 2023
– Everything You Need to Know

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Accounts Receivable Automation Statistics 2023: Facts about Accounts Receivable Automation outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Accounts Receivable Automation, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Accounts Receivable Automation Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 26 Accounts Receivable Automation Statistics on this page 🙂

Accounts Receivable Automation “Latest” Statistics

  • According to statistics, businesses eventually write off 4% of their accounts receivable as bad debt.[1]
  • According to a 2014 E2B Teknologies report, 47.93% of SMBs in the B2B sector handle credit and collections using the limited capacity of their accounting or ERP systems.[2]
  • According to a 2014 E2B Teknologies report, 53% of midmarket B2B enterprises handle their accounts receivable using spreadsheets.[2]
  • In the U.S., there is a reported $3 trillion in outstanding accounts receivable from firms, and the typical U.S. company has 24% of its monthly income held back due to trade credit.[3]
  • The market for accounting software would increase at a CAGR of 8.02% between 2018 and 2026, from $11 billion to $20.4 billion.[3]
  • By 2023, online sales in the United States are anticipated to treble, accounting for 20–25% of the country’s total retail market.[3]
  • Automated accounting systems are anticipated to have the greatest influence on firms over the next ten years by more than 50% of C-level accounting executives.[3]
  • According to research, just 29% of chief accounting officers are utilizing RPA for financial reporting4.[3]
  • The typical firm holds back 24% of its monthly income due to payment terms or trade credit, and there are an estimated 3 trillion dollars in business outstanding accounts receivable in the U.S.[3]
  • It is anticipated that from 2021 to 2031, the employment of bookkeeping, accounting, and auditing clerks would decrease by 5%.[4]
  • With a market share of over 39.8% in 2021, the Asia Pacific region became the biggest market for the global accounts receivable automation industry.[5]
  • The worldwide market for accounts receivable automation is predicted to increase from USD 14 billion in 2021 to USD 38 billion by 2030, with a CAGR of 11.8% during the forecast period of 2022–2030.[5]
  • During the projection period, the worldwide market for accounts receivable automation is expected to increase from USD 3.3 billion in 2022 to USD 6.5 billion by 2027, at a compound annual growth rate of 14.2%.[6]
  • In 2026, the market for accounting software is projected to reach $20.1 billion, representing an increase of 8.02% CAGR from 2018.[7]
  • Making the switch to automated payables has cut the cost of operating an accounts receivable department in half and manual processing by 85%.[8]
  • According to predictions, the size of the global accounts receivable automation market will increase from USD 3.3 billion in 2022 to USD 6.5 billion in 2027, growing at a CAGR of 14.2%.[8]

Accounts Receivable Automation “Other” Statistics

  • 25% of credit departments stated in one research that they lacked sufficient employees to handle their demands.[1]
  • According to 27% of bank executives, customer’s usually couldn’t pay on time since they either lacked the funds or couldn’t reach the consumer to address the problem.[2]
  • Only 20% of credit departments, according to Credit Today, have established credit and collections rules, and of that tiny number.[2]
  • Credit Research Foundation estimates that 17% of company clients do not follow supplier credit agreements.[2]
  • 35.5% believe that using electronic invoicing will help to eliminate the need for manual AP processing.[3]
  • In 2020, 65% of organizations intended to spend more than $50 million in big data and artificial intelligence efforts, up from 40% in 2018, according to a recent CEO study by New Vantage Partners.[3]
  • Findings show that just 15% of companies have comprehensive HR technology plans that are in line with their company objectives.[3]
  • According to Deloitte, among millennials, 43% anticipate themselves quitting their employment within two years, while just 28% see themselves lasting longer than five years.[3]
  • According to McKinsey, at least one-third of weekday tasks may be automated in around 60% of occupations.[3]
  • More than 30% of corporate leaders anticipate using fewer checks, while 37% predict payables with virtual cards to see the biggest increases.[3]

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About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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