Accounts Receivable Automation Statistics 2024 – Everything You Need to Know

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Are you looking to add Accounts Receivable Automation to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Accounts Receivable Automation statistics of 2024.

My team and I scanned the entire web and collected all the most useful Accounts Receivable Automation stats on this page. You don’t need to check any other resource on the web for any Accounts Receivable Automation statistics. All are here only 🙂

How much of an impact will Accounts Receivable Automation have on your day-to-day? or the day-to-day of your business? Should you invest in Accounts Receivable Automation? We will answer all your Accounts Receivable Automation related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Accounts Receivable Automation Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 151 Accounts Receivable Automation Statistics on this page 🙂

Accounts Receivable Automation Usage Statistics

  • Business use of the cards is expected to grow by over 90 percent through the next few years, and usage is anticipated to surpass $1.6 trillion by the year 2024. [0]
  • More than 30% of business executives expect their check usage to decrease, while ePayables with virtual cards are expected to see the greatest leaps at 37%. [0]

Accounts Receivable Automation Market Statistics

  • The global market for accounting software is expected to be $20.1 billion in 2026, a growth of 8.02% CAGR from 2018 – 2026. [1]
  • 53% of midmarket B2B companies are using spreadsheets to manage their accounts receivable. [2]
  • The accounts receivable automation market size is expected to grow from USD 1.7 billion in 2019 to USD 3.0 billion by 2024, at a Compound Annual Growth Rate of 12.1% during the forecast period. [3]
  • The US mobile payment market increased 41% from $69.8 billion in 2018 to $98.8 billion in 2019. [0]
  • There is increasing focus on B2B e commerce market sales, currently rising at 7.7 percent CAGR and forecast to reach $1.13 trillion by 2020. [0]
  • It covers over 90% of the US banking market and 98% of all commercial accounts, and is used by over 130,000 businesses today. [0]
  • Business process management was a $3.38 billion market in 2019, and Mordor Intelligence projects a CAGR of 6.26%, with sales reaching $4.78 by 2025. [4]
  • The RPA market, valued at $1.4 billion in 2019, is forecast to grow at a CAGR of 40.6% between 2020 and 2027, according to Grand View Research. [4]
  • In 2019, DPA was a $7.8 billion market; it’s forecast by Mordor Research to grow at a CAGR of 13%, reaching $16.12 billion by 2025. [4]
  • Key statThe supply chain management market is expected to grow from $15.85 billion in 2019 to $37.41 billion by 2027, a CAGR of 11.2%.—Allied Market Research. [4]
  • No wonder the global market for accounting software is forecast to grow at a CAGR of 8.02% from 2018 to 2026, increasing from $11 billion to $20.4 billion. [4]
  • The productivity software market, which includes office and collaboration applications, was forecast to reach nearly $62 billion in 2020, with revenue predicted to increase at a CAGR of 6.8%, reaching $85 billion by 2025, says Statista. [4]
  • In late 2019, a report forecast that the supply chain AI market was poised to grow at a CAGR of 39.4% through 2027. [4]
  • But months after the COVID19 pandemic struck, Meticulous Research raised that forecast to an even more eye opening 45.3%, with the market reaching $21.8 billion in less than seven years. [4]
  • The analyst firm, which is forecasting that the worldwide RPA market will grow 19.5% from 2019 to 2020, to nearly $2 billion, also predicts that 90% of large organizations throughout the world will have adopted RPA in some form by 2024. [4]
  • Key statAt an expected CAGR of 19%, the market marketing automation software market is forecast to reach $16.87 billion by 2025.—Mordor Intelligence. [4]

Accounts Receivable Automation Software Statistics

  • The global market for accounting software is expected to be $20.1 billion in 2026, a growth of 8.02% CAGR from 2018 – 2026. [1]
  • With an invoicing automation software, the number of invoices effectively processed has increased by 10% a year. [5]
  • No wonder the global market for accounting software is forecast to grow at a CAGR of 8.02% from 2018 to 2026, increasing from $11 billion to $20.4 billion. [4]
  • The productivity software market, which includes office and collaboration applications, was forecast to reach nearly $62 billion in 2020, with revenue predicted to increase at a CAGR of 6.8%, reaching $85 billion by 2025, says Statista. [4]
  • Prices for RPA software will decrease 10% to 15% by the end of 2020 and 5% to 10% in 2021 and 2024. [4]
  • Key statAt an expected CAGR of 19%, the market marketing automation software market is forecast to reach $16.87 billion by 2025.—Mordor Intelligence. [4]

Accounts Receivable Automation Adoption Statistics

  • Still, use of true AI in BPA is relatively low, though it has accelerated considerably in recent years, with enterprise AI adoption up 25%, according to McKinsey’s 2019 Global AI survey. [4]

Accounts Receivable Automation Latest Statistics

  • On average, companies write off 1.5% of their receivables as bad debt. [6]
  • 93% of businesses experience late payments from customers. [6]
  • 47% of credit sales are paid late. [6]
  • 35% of organizations are automating business processes in at least one function or business unit, compared to 28% in 2018. [1]
  • 58% of businesses have embedded at least one AI element into a product or process. [1]
  • 88% of corporate controllers plan to implement robotic process automation in 2021. [1]
  • Accounts receivable is a crucial finance function, and automating it can help you reduce days sales outstanding by 10%, improve collections by 20%, and apply cash with zero. [1]
  • 39% of invoices are paid late in the United States. [2]
  • 48% of customers delay payments. [2]
  • 52% of businesses are asked for extended terms. [2]
  • Businesses in the Americas lose 51.9% of the value of their B2B receivables that are not paid within 90 days of the due date. [2]
  • Invalid or incorrect purchase order information leads to 49% of disputes. [2]
  • 11% of customers never got the invoice. [2]
  • 27% of financial executives stated that customers didn’t pay on time because they either didn’t have the money or they were unable to contact the customer to resolve the issue. [2]
  • According to Credit Today, only 20% of credit departments have formalized policies and of that small percentage. [2]
  • 19% said they update their manual every two years. [2]
  • 15% reported they only change their when they need to. [2]
  • 12% said “other” which really makes you wonder then the last time they updated theirs was. [2]
  • 2013 industry report showed that in the digital advertising industry 6% of invoices are paid in under 30 days. [2]
  • 94% of invoices take over 30 days to be paid. [2]
  • 62% of invoices take over 60 days to be paid. [2]
  • 50% of companies wait between 10 and 25 days for invoice approval. [2]
  • Approximately 17% of business customers do not adhere to supplier credit terms. [2]
  • 61% of late payments are due to compliance or administrative problems such as incorrect invoices or receiving the invoice too late to process payment on established credit terms. [2]
  • 25% of credit departments do not have adequate staff to manage their workload. [2]
  • 47.93% of SMBs in the B2B sector rely on limited functionality in accounting or ERP system to manage credit and collections. [2]
  • 94% of spreadsheets contained errors. [2]
  • On average, companies write off 4% of accounts receivable as bad debt. [2]
  • 26% of invoices over three months old are uncollectable. [2]
  • This increases to 70% uncollectable at six months and 90% uncollectable at 12 months. [2]
  • In the United Kingdom in 2011 indicated 75% of small businesses were affected by long payment terms or late payments. [2]
  • The June 2013 National Average for past due receivables industry wide was 17.68%. [2]
  • The June 2013 National Average for past due receivables in the Construction Industry was 25.37%. [2]
  • The June 2013 National Average for past due receivables in the Manufacturing Industry was 20.63%. [2]
  • The June 2013 National Average for past due receivables in the Transportation Industry was 20.37%. [2]
  • PYMNTS research finds that 87 percent of firms that have automated AR functions are processing faster, while 79 percent say automation enables them to improve team efficiency, and 75 percent say it’s useful in providing “superior customer experiences.”. [7]
  • Just 52 percent and 38 percent of construction and healthcare businesses, respectively, cite DSO improvement as an advantage realized from implementing AR automation,” per the new Playbook. [7]
  • It notes that construction companies using “few or no automation technologies have experienced average DSO increases of 20 percent from before the pandemic’s onset, while healthcare companies reported an average increase of 17 percent. [7]
  • While over half of SMBs believe that an allin one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. [7]
  • Now, Pay Later Volumes Surge 256%. [7]
  • 36% of Consumers Use Mobile Order Ahead for Restaurant Meals. [7]
  • 80% of fortune 2000 companies rely on our research to identify new revenue sources. [3]
  • According to US Accounts Payable Professionals, June 2021 (% of respondents). [8]
  • According to US SMB DecisionMakers, Oct 2021 (% of respondents). [8]
  • The use of paper checks decreased by 34% from 2000 to 2018. [5]
  • 80% of businesses still use paper checks/invoices. [5]
  • Only about 14% of paper invoices are filed the same day they were received. [5]
  • Paper billing is predicted to become obsolete by 2026. [5]
  • 39% of invoices are not paid on time in the United States. [5]
  • About 11% of invoices go unreceived by customers. [5]
  • Customers will delay making payments 48% of the time. [5]
  • Incorrect invoices cause 61% of late payments. [5]
  • About 75% of companies offer a two week due date from the invoice date 15. [5]
  • Automated invoice processing reduces the time in a company’s serviceto payment cycle by 80%. [5]
  • Trends Account Receivable Automation Market is projected to reach USD 2.9 billion by 2025 and witness a significant CAGR of 13.9% during 2019. [9]
  • Reportlinker.com announces the release of the report “Accounts Receivable Automation Market Growth, Trends, COVID19 Impact, and Forecasts ” https//www.reportlinker.com/p06079811/?utm_source=GNW 66% during the period of. [10]
  • According to PYMNTS, such invoices cost businesses about USD 16 to USD 22 per invoice to process; moreover, these are delivered via postmail and fax machines, which amounts to 72.4% and 43.8%, respectively. [10]
  • According to PYMNTS, in 2018, 26% of the smallest companies planned to automated receivables, whereas 33% of the largest companies planned for the same. [10]
  • Employment of bookkeeping, accounting, and auditing clerks is projected to decline 3 percent from 2020 to 2030. [11]
  • As these digital alternatives go mainstream, transaction volumes are estimated to surpass $9 trillion annually. [0]
  • To put it into perspective for you, in the US it’s estimated that $3 trillion is tied up in business’ outstanding accounts receivable and the average business has 24% of its monthly revenue held up in , payment terms or trade credit. [0]
  • With a 12.8% projected CAGR from 2019 to 2024, the total value of digital transactions is expected to reach $6.7 trillion by 2024. [0]
  • The number of people using digital wallets will increase from 2.3 billion this year to nearly 4 billion, or 50% of the world’s population, by 2024. [0]
  • The preferred method of global online shoppers is digital wallets (36%), followed by credit cards (23%) and debit cards (12%). [0]
  • With e invoicing the average cost to process a single invoice is 81% lower than the competition, while the average time to process a single invoice is 77% faster. [0]
  • Electronic invoice payment processes cost 60 percent less on average than their paper. [0]
  • 46.4% of accounts payable professionals would like to implement electronic invoice solutions, and 22.9% would like to integrate ePayables with virtual cards into their B2B operations. [0]
  • Although 80.8% of businesses still use paper checks in some form, only 40% are satisfied with them. [0]
  • 35.5% see electronic invoices as a solution that can reduce manual AP processing. [0]
  • B2B virtual cards will account for almost 80% of virtual card transactions by value, as that transaction value doubles over the next 5 years. [0]
  • 33% percent of mid size businesses report payment processing time as a major issue. [0]
  • B2B check payments have now fallen by nearly 50 percent since 2004, when they were at 81 percent. [0]
  • In the US, an estimated $3 trillion is tied up in businesses’ outstanding accounts receivable and the average US business has 24% of its monthly revenue held up in , terms or trade credit. [0]
  • It takes B2B businesses an average of ~30 days to complete a payment, and around 47 percent of the suppliers are paid late for their products or services. [0]
  • 35% of businesses report high processing costs as a major challenge with traditional payment methods, as it costs a typical Accounts Payable organization nearly $8 to process a single supplier payment. [0]
  • A survey of 400 financial decision makers showed many expect automation to earn a strong ROI for their organization 84% of respondents believe B2B automation could reduce error rates and 81% believe it could reduce costs. [0]
  • 78% of finance professionals predict that all the future accounting methods will be automated. [0]
  • 80% of accounting executives believe that AI leads to competitive advantage, and 79%say it can increase the productivity of their company. [0]
  • 66% of accountants are ready to invest in AI, out of which 55% plan on using it in the next 3 years. [0]
  • Robotic Process Automation increases efficiency by 44% by automating manually repetitive tasks. [0]
  • 74% of B2B buyers today research at least onehalf of workrelated purchases online, and 30% complete at least half of their work. [0]
  • 17% percent of deposited checks are now image deposits, 93% of image deposits are by businesses, and 71% of businesses are also accepting digital payments. [0]
  • For today only its 50% OFF. [12]
  • The Accounts Receivable Automation Market is expected to register a CAGR of approximately 12.69% during the forecast period. [12]
  • Also, it has been estimated that more than USD 2 trillion can be saved in a global workforce by automating almost half of the tasks performed by humans, especially in an emerging industry, like retail. [12]
  • Online sales in the United States are expected to double, by 2024, reaching approximately 20 to 25% of the overall retail sector. [12]
  • According to The Census Bureau of the Department of Commerce, the estimate of US retail e commerce sales for the fourth quarter of 2019, adjusted for seasonal variation, was USD 158.0 billion, which was an increase of 2.6% from the third quarter of 2019. [12]
  • If you are blindly looking up and trading stocks the way 99% of traders are, you are missing on HUGE potential returns. [12]
  • For a limited time only we are gifting away our #1 options trading newsletter for a massive 50% OFF. [12]
  • Key stat31% of businesses have fully automated at least one. [4]
  • A 2020 global survey of business leaders from a wide cross section of industries conducted by McKinsey & Co. found that 66% were piloting solutions to automate at least one business process, up from 57% two years earlier. [4]
  • The percentage of companies that have fully automated at least one function, however, has grown more modestly, from 29% in 2018 to 31% in 2020. [4]
  • A case study conducted by consulting firm Elder Research found that forecasts during the four week study delivered a median accuracy rate of 88%. [4]
  • Key statIn early May 2020, U.S. employee engagement advanced to a new high of 38%.—Gallup Improving worker productivity is a top driver for technology investments, including automation. [4]
  • Overall, U.S. productivity growth clocked in at a paltry 1.4% between 2007 and 2019, according to the Bureau of Labor Statistics. [4]
  • In the manufacturing sector, growth has increased only 0.5% since the financial crisis, falling sharply from 4.4%. [4]
  • Among Millennials, 43% envision leaving their jobs within two years, while only 28% see themselves staying beyond five years, according to Deloitte. [4]
  • McKinsey estimates that, in about 60% of occupations, at least one third of workday activities could be automated. [4]
  • Key stat60% of retail respondents have implementation AI, up from 35% during the prior year, making it the industry with the sharpest increase.—McKinsey Advances in AI and machine learning are key enablers of BPA. [4]
  • Among its key findings 63% of those that have implemented AI say that it contributed to increased revenues. [4]
  • 58% embedded at least one AI element into a process or product, up from 47% in 2018. [4]
  • 30% incorporated AI across business units, an increase from 21%. [4]
  • Since the outbreak, McKinsey found that 88% of finance and insurance executives and 76% of those in IT have accelerated their implementations of automation and artificial intelligence. [4]
  • 27% Capture and apply knowledge that is hard to otherwise attain 26% Apply automation to reduce headcount 24%. [4]
  • Digitization and a focus on streamlining business processes is accelerating demand for modern workflow automation management systems, which Grand View expects to show a CAGR of 27.7% through 2025. [4]
  • Key stat64.8% of businesses planned to invest more than $50 million in big data and AI initiatives in 2020, up from 39.7% in 2018.—New Vantage Partners. [4]
  • A recent executive survey from New Vantage Partners shows that 65% of businesses planned to invest more than $50 million in big data and AI initiatives in 2020, up from 40% in 2018. [4]
  • While only 38% have created data driven organizations, 27% have successfully created “data cultures” within their companies. [4]
  • 91% cited people and process challenges as the largest barriers to evolving into data. [4]
  • Key stat88% of corporate controllers expect to implement RPA in 2021, though many are hesitant to use it for financial reporting.—Gartner. [4]
  • RPA could save finance teams 25,000 hours of avoidable rework from human errors, at a cost savings of $878,000, according to research firm Gartner. [4]
  • Still, a study found that only 29% of chief accounting officers surveyed are using RPA for financial reporting. [4]
  • Key stat25% of companies are using AI to screen resumes or job applications.—Littler. [4]
  • Investments in HR technology will soar between 2020 and 2024, according to a report by Gallagher, an insurance brokerage, risk management and consulting firm. [4]
  • More than two thirds, 69%, of HR execs surveyed said they will expand or replace their HR systems by 2024. [4]
  • According to the findings Just 15% have holistic HR technology strategies aligned with their corporate goals. [4]
  • Still, 35% have implemented new HR technology with success since 2018. [4]
  • 29% use more than 75% of the capabilities provided in their systems. [4]
  • Most, 69%, say they are not using these systems in their recruiting or hiring processes, for example. [4]
  • It appears that companies are listening Among the 600 HR and IT executives PwC surveyed, 74% expect to increase HR technology spending. [4]
  • Likewise, 72% said their core HR applications will be cloud based by the end of 2020. [4]
  • Over 50% of C level accounting executives expect automated accounting systems will have the highest impact on their businesses over the coming decade. [13]
  • Statistics suggest companies end up writing off 4% of their accounts receivable as bad debt. [13]
  • In one study, 25% of credit departments admitted they didn’t have adequate staff to manage their workloads. [13]
  • According to the survey, top performers invoice the majority of their invoice line items electronically or automatically, compared to bottom performers, who invoice only 20 percent of total invoice line items electronically or automatically. [14]
  • Top performers receive the vast majority of customer receipts electronically, compared to only three fourths received electronically by bottom performers. [14]

I know you want to use Accounts Receivable Automation Software, thus we made this list of best Accounts Receivable Automation Software. We also wrote about how to learn Accounts Receivable Automation Software and how to install Accounts Receivable Automation Software. Recently we wrote how to uninstall Accounts Receivable Automation Software for newbie users. Don’t forgot to check latest Accounts Receivable Automation statistics of 2024.

Reference

  1. paystand – https://www.paystand.com/blog/b2b-digital-payment-statistics-2020.
  2. highradius – https://www.highradius.com/resources/Templates/accounts-receivable-automation-assessment/.
  3. lockstep – https://lockstep.io/blog/27-accounts-receivable-management-facts-for-the-cfo/.
  4. marketsandmarkets – https://www.marketsandmarkets.com/Market-Reports/accounts-receivable-automation-market-186013726.html.
  5. netsuite – https://www.netsuite.com/portal/resource/articles/business-strategy/business-automation-statistics.shtml.
  6. gosite – https://www.gosite.com/blog/accounts-receivable-statistics.
  7. yaypay – https://www.yaypay.com/blog/5-ar-collection-statistics-scare.
  8. pymnts – https://www.pymnts.com/accounts-receivable/2021/automation-revolution-improves-key-metrics/.
  9. emarketer – https://www.emarketer.com/content/spotlight-accounts-payable-receivable-automation.
  10. blueweaveconsulting – https://www.blueweaveconsulting.com/report/global-accounts-receivable-automation-market-bwc19279.
  11. globenewswire – https://www.globenewswire.com/news-release/2021/06/01/2239635/0/en/Accounts-Receivable-Automation-Market-Growth-Trends-COVID-19-Impact-and-Forecasts-2021-2026.html.
  12. bls – https://www.bls.gov/ooh/office-and-administrative-support/bookkeeping-accounting-and-auditing-clerks.htm.
  13. benzinga – https://www.benzinga.com/pressreleases/22/04/26423469/accounts-receivable-automation-market-by-size-supplier-demand-analysis-type-statistics-regions-and-.
  14. gaviti – https://gaviti.com/ar-automation-the-secret-to-improving-ar-collections-in-enterprise/.
  15. apqc – https://www.apqc.org/blog/benefits-automating-your-invoicing-and-accounts-receivable-processes.

How Useful is Accounts Receivable Automation

The first benefit of accounts receivable automation is the reduction of human error. Manual data entry processes are prone to mistakes, which can lead to discrepancies in financial records and cause delays in processing payments. By automating these tasks, businesses can ensure that all information is accurate and up-to-date, reducing the likelihood of errors and enhancing the overall efficiency of the accounts receivable department.

Another advantage of accounts receivable automation is the ability to speed up the collection process. Automation can send out reminders and notifications to customers about their outstanding invoices, reducing the need for manual follow-ups and increasing the likelihood of prompt payment. This not only improves cash flow for the business but also frees up valuable time for employees to focus on other tasks that require their attention.

Additionally, accounts receivable automation can provide valuable insights and analytics into the financial health of a business. By tracking data such as payment trends, customer behavior, and outstanding balances, companies can gain a better understanding of their cash flow and identify areas for improvement. This data can then be used to make strategic decisions about credit terms, debt collection processes, and customer relationship management, ultimately leading to better financial outcomes for the organization.

Furthermore, accounts receivable automation can enhance customer satisfaction. By implementing automated systems for invoicing and payment processing, businesses can provide customers with a more streamlined and convenient experience. This can lead to increased customer loyalty and repeat business, as well as positive word-of-mouth referrals that can help drive growth and success for the organization.

Overall, accounts receivable automation offers a variety of benefits for businesses looking to improve their financial processes. By reducing errors, speeding up the collection process, providing valuable insights, and enhancing customer satisfaction, this technology can play a crucial role in driving efficiency and profitability for an organization. As businesses continue to embrace digital transformation and look for ways to optimize their operations, accounts receivable automation will undoubtedly play a key role in helping them achieve their goals.

In Conclusion

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