Invoice Management Statistics 2024 - Everything You Need to Know

Are you looking to add Invoice Management 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 Invoice Management statistics of 2024.

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Best Invoice Management Statistics

Best Invoice Management Statistics

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Invoice Management Benefits Statistics

New research data illustrates the benefits and trends of cloud accounting 67 percent of accountants prefer cloud accounting. ^[0]
Almost 80% of companies who are already enjoying the benefits of invoice automation expect to increase their investments over the next three years. ^[1]

Invoice Management 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. ^[2]
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%. ^[2]

Invoice Management Market Statistics

Focused research and data predict that the market will continue to grow with a 20.4% CAGR. ^[3]
53% of midmarket B2B companies are using spreadsheets to manage their accounts receivable. ^[4]
The US mobile payment market increased 41% from $69.8 billion in 2018 to $98.8 billion in 2019. ^[2]
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. ^[2]
It covers over 90% of the US banking market and 98% of all commercial accounts, and is used by over 130,000 businesses today. ^[2]
Also, 21% of accountants believe that market demands are driving the cultural shift in accountancy. ^[5]
83% of accountants agree that investing in the latest technologies and digitalization is necessary to keep up with the market. ^[5]
83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. ^[5]

Invoice Management Software Statistics

with the majority of lawyers using online solutions—59% of participants in the 2020 ABA Legal Technology Survey Report said that they used web based software services or solutions. ^[6]
64.4 percent of small business owners use accounting software 30 percent of small businesses place accountants at the top of their list of trusted advisors. ^[0]
78% of SMBs will rely exclusively on cloud accounting software by 2020. ^[5]
Large businesses are 41% less likely to buy cloud based accounting software than small businesses. ^[5]
Also, 20.4% of businesses want cloud. ^[5]
On the other hand, 19.7% of businesses want on. ^[5]
82% of small businesses use some form of accounting software, be it onpremise or cloud. ^[5]
64.4% of small and midsized businesses in the United States used software to streamline their accounting. ^[5]
Of companies buying accounting software, 37% are first. ^[5]
Of companies upgrading their accounting software, 35% are coming from Intuit QuickBooks. ^[5]
Furthermore, more than 20% of businesses require accounting software that can handle tasks beyond core accounting. ^[5]
Key accounting software purchase motivations include to increase functionality (43%), replace a dated system (29%), improve usability (17%), consolidate multiple systems (10%), improve product support (10%), reduce cost (7%), and improve reporting (5%). ^[5]
Some businesses don’t use accounting software due to security issues (38%), high cost of programs (35%), and the long period of time required to learn to use software (18%). ^[5]

Invoice Management Adoption Statistics

The also found the vast majority of lawyers—95% or higher in most cases— plan to continue to use these technologies beyond the pandemic, which is a clear indication that this technology adoption has become the norm for most firms 2021 Legal Trends Report. ^[6]
90% of accountants feel that there is a cultural shift in accountancy that leans toward technological adoption. ^[5]
41% of C level accounting executives said the adoption of cloud computing would have the biggest impact in the next three to ten years. ^[5]
83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. ^[5]

Invoice Management Latest Statistics

This makes up for a nearly 80% increase. ^[3]
Countries Over 90 Days Invoice Payments in December 2019 Over 90 Days Invoice Payments in June 2020 Russia 5.2% 6.2% Poland 2.7% 4.5% UK 3.7% 3.8% Ireland 1.6% 1.5% Netherlands 0.6% 0.4% Luxembourg 0.7% 0.9%. ^[3]
Predominantly, Poland and Russia stand at the top with the biggest changes at +1.8% and +1%. ^[3]
Countries Over 90 Days Invoice Payments in December 2019 Belgium – 0.01% Sweden – 0.01% Netherlands – 0.02% Germany 0.0% Denmark 0.0% Finland 0.1% UK 0.1% Ireland 0.1% Luxembourg. ^[3]
When it comes to South European countries, Romania stands as the worst performer in late invoice payments with. ^[3]
Variation of other countries like France is 4.1%, Spain 2.6, and Slovenia. ^[3]
In terms of late invoice payments over 90 days, the average percentage is higher by 2% in Slovenia. ^[3]
There is also an increase of late payment of invoices of 0.6% and 0.3% in Bulgaria and Greece. ^[3]
In late 2020, the variation in late invoice payments in manufacturing and financial services had increased to 2.7% on a global scale. ^[3]
On average, the water, electricity, and gas sector also showed a variation of 1.5% throughout the world. ^[3]
Similarly, more than 10% of invoice payments are considered bad debt or never paid at all. ^[3]
Over 10% of late invoice payments are written off or considered as bad debt. ^[3]
Up to 30% of small and medium sized businesses expect to face the negative impact of their late payments that may affect the company’s supplier, staff, and investments. ^[3]
Around 13% of late invoice payments of small businesses are late. ^[3]
The initial reaction of COVID 19 had predicted even more dire consequences for invoice payments. ^[3]
On average, the punctual payments were reduced by 0.7%, whereas late invoice payments over 90 days were increased by 0.1%. ^[3]
Overall, the on time invoice payments stood at 54.2% in 2020, whereas severely late payments over 90 days were 2.9%. ^[3]
By the end of 2019, the punctual invoice payments rate was 54.9%. ^[3]
But it dropped down to 54.2% by the end of June 2020. ^[3]
But this percentage gap rose to 2.9% by December 2020. ^[3]
The total percentage of firms making punctual payments decreased from 43.8% to 41.5% in 2020. ^[3]
This 2.3% decline in invoice payments had a significant impact on small and medium sized businesses in the United States. ^[3]
Although the UK’s current decline in punctual payments stands at 3.8%, the pre pandemic rate stood at 3.7%. ^[3]
Special offer 50% agile Editable drag & drop Scrum and Kanban boards and Agile charts helpdesk Management of Support tickets inside Issues. ^[7]
** 75% of patients are looking up the cost of medical procedures online. ^[8]
62% of patients said knowing their outof pocket expenses in advance of service impacts the likelihood of pursuing care. ^[8]
49% of patients said having clear information on expected outof pocket costs before receiving treatment impacts their decision to use a healthcare provider. ^[8]
A new TransUnion Healthcare analysis revealed that patients experienced an 11% increase in average outof pocket costs during 2017, rising from $1,630 in Q4 2016 to $1,813 in Q4 2017. ^[8]
The analysis also revealed that in 2017, on average, 49% of patient outofpocket costs per healthcare visit were below $500; 39% were $501 $1,000; and 12% were more than $1,000. ^[8]
Total hospital revenue attributable to patient financial responsibility after insurance increased 88 percent between 2012 and 2017 Source. ^[8]
69% have a budget process that takes more than three months from initial rollout to board presentation (the process takes more than six months for 9% of these organizations). ^[8]
41% use rolling forecasts to complement or to replace an annual budgeting process (31% have to plans to implement rolling forecasts). ^[8]
The administrative costs associated with billing and insurance related activities as estimated to be up to 25.2% for emergency department visits. ^[8]
Associated With Physician Billing and InsuranceRelated Activities at an Academic Health Care System Patient healthcare costs – including both deductibles and outof pocket maximum payments – have increased by almost 30% percent since 2015. ^[8]
83% of Physician Practices under five practitioners said the slow payment of high deductible plan patients are their top collection challenge, followed by the difficulties that practice staff have at communicating patient payment accountability (81%). ^[8]
16% have a deductible under $500 19% have a deductible between $500 and $999. ^[8]
46% have a deductible between $1,000 and $2,999 6% have a deductible between $3,000 and $3,999 6% have a deductible that is $4,000 or higher. ^[8]
3% have a deductible under $500. ^[8]
11% have a deductible between $500 and $999. ^[8]
29% have a deductible between $1,000 and $2,999. ^[8]
26% have a deductible between $3,000 and $4,999. ^[8]
23% have a deductible of $5,000 or higher. ^[8]
68% of patients failed to fully pay off medical bill balances in 2016, up from 53 percent in 2015, and 49 percent in 2014. ^[8]
This number is expected to climb to 95% by 2020. ^[8]
67% of Americans are either very worried or somewhat worried about unexpected medical bills (compared to 41% who are very or somewhat worried about paying their rent or mortgage). ^[8]
Consumers are demanding more from healthcare92% of consumers want to know payment responsibility prior to a provider visit74% of consumers are confused by Explanation of Benefits and. ^[8]
medical bills73% of providers report that it takes one month or longer to collect from patients. ^[8]
The Rise of Self Pay Accounts , The Association of Credit and Collection Professionals, Collector Magazine , February 2015 30% of the average healthcare bill now comes from the patient’s pocket. ^[8]
74 percent of healthcare providers reported an increase in patient financial responsibility in 2015 90% of patients felt it was important to know their payment responsibility upfront. ^[8]
2015 U.S. health care spending increased 4.6 percent to reach $3.6 trillion, or $11,172 per person in 2018. ^[8]
The growth in 2018 was faster than in 2017 when health care spending increased 4.2 percent. ^[8]
The faster growth in 2018 was associated with faster growth in the net cost of health insurance, which increased 13.2 percent following growth of 4.3 percent in 2017, due primarily to the reinstatement of the health insurance tax in 2018. ^[8]
The overall share of gross domestic product related to health care spending was 17.7 percent in 2018, down from 17.9 percent in 2017. ^[8]
The insured share of the population was 90.6 percent in 2018 and 90.8 percent in 2017, as the number of uninsured increased by 1 million to 30.7 million in 2018. ^[8]
75% of patients say that understanding their outof pocket costs improves their ability to pay for healthcare. ^[8]
62% reported being either sometimes or always surprised by outof. ^[8]
Medicaid DSH Payments Cover 51% of Uncompensated Care Costs, RevCycle Intelligence, August 6, 2019. ^[8]
The average single premium increased 4% and the average family premium increased 5% over the past year. ^[8]
Workers’ wages increased 3.4% and inflation increased 2%. ^[8]
U.S. hospitals provided $45.9 billion in uncompensated care in 2012, representing 6.1 percent of annual hospital expenses. ^[8]
In 2018, 30.4 million persons of all ages (9.4%). ^[8]
National Health Interview Survey Early Release Program, CDC PPOs continue to be the most common plan type, enrolling 44% of covered workers in 2019. ^[8]
Thirty percent of covered workers are enrolled in a high deductible plan with a savings option , 19% in an HMO, 7% in a POS plan, and 1% in a conventional plan. ^[8]
2019 Employer Health Benefits Survey, Kaiser Family Foundation, September 25, 2019 28% of uninsured adults either delayed or did not receive care because of cost Source. ^[8]
Patients’ outof pocket costs averaged $1,109 for an outpatient visit in 2018, up 12% compared with $990 in 2017. ^[8]
68% of Consumers Did Not Pay Patient Financial Responsibility, RevCycle Intelligence, June 27, 2017. ^[8]
80 percent of patients say they would prefer to pay for their care online. ^[8]
The percentage of persons under age 65 with private health insurance enrolled in a high deductible health plan increased from 43.7% in 2017 to 45.8% in 2018. ^[8]
National Health Interview Survey Early Release Program, CDC 68% of hospital bills under $500 were not paid in full Source. ^[8]
In 2020, 32% of American workers had medical debt Source. ^[8]
32% of American workers have medical debt—and over half have defaulted on it. ^[8]
A 2013 study found that 26% of bankruptcies were due to medical debt Source. ^[8]
11% of people surveyed with medical debt in 2017 were 27 years old Source. ^[8]
An estimated 48 million people were paying off medical debt in 2012, up from 44 million in 2010 and 37 million in 2006. ^[8]
In 2012, 41 percent of adults reported that they had medical debt or trouble paying medical bills. ^[8]
Of those who reported difficulties paying medical bills or paying off medical debt, 42 percent said they received a lower credit rating as result of unpaid medical bills. ^[8]
In 2012, 43 percent of adults, or 80 million people, said they had skipped or delayed getting needed health care or filling prescriptions because of the cost. ^[8]
More than a quarter of adults with a chronic health condition said they had skipped doses or not filled a prescription for their health condition because of the cost. ^[8]
62% of ablebodied adults enrolled in Medicaid are either working parttime or full. ^[8]
Understanding the Intersection of Medicaid, Work, and COVID 19 Medicaid spending grew 2.9% to $613.5 billion in 2019. ^[8]
Like your typical consumer of goods, over 92% of patients want to know outof. ^[8]
In fact, 74% of patients are confused by their medical bills. ^[8]
According to studies, patients prefer this 62% of patients said knowing their outof pocket expenses in advance of service impacts the likelihood of pursuing […]. ^[8]
According to 2018 data compiled by MedData, 83 percent of physician practices reported that their top collection challenge was slow payment along with […]. ^[8]
The median wage is the 50th percentile wage estimate 50 percent of workers earn less than the median and 50 percent of workers earn more than the median. ^[9]
According to the American Bar Association’s , there are currently about 1.3 million lawyers in the US. ^[6]
37% of lawyers are female and 86% are white. ^[6]
Of the 112,000 law school students in the US, 53% are women. ^[6]
The job outlook for lawyers—according to the US Bureau of Labor Statistics’ Occupational Outlook Handbook—is overall positive, with a 4% projected growth rate for lawyers between 2019 and 2029, which is in line with the projected average for all jobs. ^[6]
Juvenile law, according to Clio’s 2021 Legal Trends Report. ^[6]
As shown in the , in 2020, the average lawyer billed just 2.5 hours (31%). ^[6]
When asked about their preferred method of payment, 66% of clients said online payments was their top choice, followed by automated payments (61%), and payments via mobile app (61%). ^[6]
This is a slight increase from 2019, where only 60% of firms indicated to the that they budgeted for tech. ^[6]
The found that 79% of survey respondents saw the option to work remotely with a lawyer as an important factor when hiring a lawyer. ^[6]
The shows that 79% of consumers saw the option to work remotely with a lawyer as an important factor that would have a positive influence on their decision to hire that lawyer. ^[6]
When it comes to reviews and referrals—sought by 82% and 81% of consumers, 2021 Legal Trends Report—will also be influenced by the positive experiences that firms provide. ^[6]
39% of invoices are paid late in the United States. ^[4]
48% of customers delay payments. ^[4]
52% of businesses are asked for extended terms. ^[4]
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. ^[4]
Invalid or incorrect purchase order information leads to 49% of disputes. ^[4]
11% of customers never got the invoice. ^[4]
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. ^[4]
According to Credit Today, only 20% of credit departments have formalized policies and of that small percentage. ^[4]
19% said they update their manual every two years. ^[4]
15% reported they only change their when they need to. ^[4]
12% said “other” which really makes you wonder then the last time they updated theirs was. ^[4]
2013 industry report showed that in the digital advertising industry 6% of invoices are paid in under 30 days. ^[4]
94% of invoices take over 30 days to be paid. ^[4]
62% of invoices take over 60 days to be paid. ^[4]
50% of companies wait between 10 and 25 days for invoice approval. ^[4]
Approximately 17% of business customers do not adhere to supplier credit terms. ^[4]
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. ^[4]
25% of credit departments do not have adequate staff to manage their workload. ^[4]
47.93% of SMBs in the B2B sector rely on limited functionality in accounting or ERP system to manage credit and collections. ^[4]
94% of spreadsheets contained errors. ^[4]
On average, companies write off 4% of accounts receivable as bad debt. ^[4]
26% of invoices over three months old are uncollectable. ^[4]
This increases to 70% uncollectable at six months and 90% uncollectable at 12 months. ^[4]
In the United Kingdom in 2011 indicated 75% of small businesses were affected by long payment terms or late payments. ^[4]
The June 2013 National Average for past due receivables industry wide was 17.68%. ^[4]
The June 2013 National Average for past due receivables in the Construction Industry was 25.37%. ^[4]
The June 2013 National Average for past due receivables in the Manufacturing Industry was 20.63%. ^[4]
The June 2013 National Average for past due receivables in the Transportation Industry was 20.37%. ^[4]
Why 71% of AP Departments are Automating in 2020 and You Should. ^[10]
25% of accounts payable leaders say they are struggling to mitigate increased fraud and compliance risks. ^[10]
And 20% of accounts payable leaders say that paying suppliers on time, while staff work from home, is a major challenge. ^[10]
Only 9% of accounts payable leaders polled by IOFM say their department is fully automated with few or no manual processes. ^[10]
33% of accounts payable departments have little automation. ^[10]
And 14% of accounts payable departments process invoices and pay suppliers in a completely manual environment. ^[10]
All told, 84% of the typical accounts payable practitioner’s time is wasted on manual activities, IOFM benchmarking data finds. ^[10]
71% of businesses plan to automate their accounts payable function further in 2020, according to IOFM. ^[10]
Only 6% of accounts payable departments have thrown in the towel and say they have no plans to budge from their outdated, manual processes. ^[10]
With a resounding 82 percent of all businesses failing due to poor or negative cash flow management, it’s good to know that there are helpful ways to improve your accounting. ^[0]
Coincidentally, small businesses account for 99.7 percent of all businesses. ^[0]
70 percent of small business accountants see their advisory roles becoming more strategic. ^[0]
58 percent of small businesses don’t expect to meet with their accountants faceto. ^[0]
58 percent of large companies use cloud accounting. ^[0]
Companies that exclusively use cloud accounting add five times the number of clients than companies that do not exclusively use cloud accounting Companies that use 100 percent cloudbased accounting saw a 15 percent yearover. ^[0]
Cloud computing reduces labor costs by 50 percent. ^[0]
By 2020, 78 percent of small businesses will rely solely on cloud technology. ^[0]
Relevant accounts payable statistics include 39 percent of AP professionals reported that their total invoices have seen an increase of as much as 10 percent over the past year. ^[0]
A study by the American Institute of CPAs found that 92 percent of CPAs said they are not future ready. ^[0]
83 percent of accountants say clients demand more from them today than they did five years ago 67 percent of accountants feel that the profession is more competitive than ever. ^[0]
As these digital alternatives go mainstream, transaction volumes are estimated to surpass $9 trillion annually. ^[2]
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. ^[2]
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. ^[2]
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. ^[2]
The preferred method of global online shoppers is digital wallets (36%), followed by credit cards (23%) and debit cards (12%). ^[2]
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. ^[2]
Electronic invoice payment processes cost 60 percent less on average than their paper. ^[2]
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. ^[2]
Although 80.8% of businesses still use paper checks in some form, only 40% are satisfied with them. ^[2]
35.5% see electronic invoices as a solution that can reduce manual AP processing. ^[2]
B2B virtual cards will account for almost 80% of virtual card transactions by value, as that transaction value doubles over the next 5 years. ^[2]
33% percent of mid size businesses report payment processing time as a major issue. ^[2]
B2B check payments have now fallen by nearly 50 percent since 2004, when they were at 81 percent. ^[2]
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. ^[2]
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. ^[2]
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. ^[2]
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. ^[2]
78% of finance professionals predict that all the future accounting methods will be automated. ^[2]
80% of accounting executives believe that AI leads to competitive advantage, and 79%say it can increase the productivity of their company. ^[2]
66% of accountants are ready to invest in AI, out of which 55% plan on using it in the next 3 years. ^[2]
Robotic Process Automation increases efficiency by 44% by automating manually repetitive tasks. ^[2]
74% of B2B buyers today research at least onehalf of workrelated purchases online, and 30% complete at least half of their work. ^[2]
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. ^[2]
By the end of 2026, it is expected to reach $19.59 billion with a CAGR of 8.5% from 2021 to 2026. ^[5]
Other drivers include regulations (16%), ongoing digitization (15%), generational changes (13%), Client demands (13%), and investments to keep pace (12%). ^[5]
82% of accountants say clients are more demanding today in terms of wider services offering. ^[5]
91% of accountants say that accounting technology has increased their productivity. ^[5]
Interestingly, only 38% of accountants believe that today’s accountancy training programs will be relevant enough to sustain a successful practice by 2030. ^[5]
Recent data shows that accountants are actively training or considering to upskill in other areas, such as client management and business advisory services (63% of respondents), business management (59%), and project management (56%). ^[5]
In a bid to build practices that are ready for the next decade, 74% of accountants have reviewed their business practices in the last year. ^[5]
Some of the top services undertaken by accounting firms include accounting/bookkeeping (79%), payroll (25%), tax (24%), compliance (20%), business advisory (17%), assurance/audit (15%), and outsourced CFO (5%). ^[5]
The highest full time accounting positions in small businesses are CFO (30%), general bookkeeper (21%), accounting manager (19%), controller (12%), and staff accountant (4%). ^[5]
Surprisingly, only 26% of small businesses understand how ghost assets impact their accounting books and taxes. ^[5]
A recent survey by SJD Accountancy found that 72% of self employed contractors handle their accounting tasks without seeking assistance from a professional. ^[5]
Consequently, the remaining 28% get some assistance from general accountancy firms (18%), specialist accountants (7%), family & friends (2%), and another person (1%). ^[5]
Besides, 35% of self employed contractors say making mistakes when doing their accounts is the most stressful thing. ^[5]
Other worries include how long it takes to complete (15%), the complexity of the process (13%), and being slapped with financial penalties (5%). ^[5]
90% of accountants say that cloud accounting and digital business processes can be the key differentiator among companies in the near future. ^[5]
67% of accounting professionals prefer cloud accounting. ^[5]
58% of large companies utilize cloud accounting in their operations. ^[5]
SMBs represent 90% of businesses globally ; however, only a small fraction of SMB owners are equipped to perform accounting on their own. ^[5]
21% of SMB owners feel that they are not knowledgeable enough about accounting and finance. ^[5]
SMBs outsource the following accounting tasks tax preparation (71%), payroll (50%), auditing (48%), tax planning (30%), personal finances (16%), and bookkeeping (14%). ^[5]
30% of SMBs regard their accountants as their most trusted advisors. ^[5]
Companies with less than 25 employees feel that their accountants are more reactive than proactive (41%). ^[5]
81% of C level accounting executives believe that harmonization of business standards with global accounting will certainly impact the accounting industry in the next three to ten years. ^[5]
74% of Clevel accounting executives are certain that the emergence of the cashless society will have the greatest long term effect after 2025. ^[5]
Interestingly, 56% of firms in the UK believe that accountants will help them accomplish tasks outsides the field of accountancy in the future. ^[5]
Moreover, 59% of small businesses in the UK believe they won’t need to hire an accountant in 10 years’ time. ^[5]
79% of accountants are confident in providing general business management advice to their clients. ^[5]
Also, 82% of accountants are considering hiring from a nontraditional background. ^[5]
Technology literacy (57%), relationship building (46%), business advisory (44%), industry experience outside accountancy (43%), and project management (36%). ^[5]
67% of small businesses are satisfied with their accounting services. ^[5]
Also, in 2017, 39% of accounts payable teams said that the volume of their invoices increased by up to 10% from the previous year. ^[5]
Approximately 42% of businesses/clients expect their accountants to offer business advice. ^[5]
40% of accountants say they feel less confident about the prospects for their practices. ^[5]
More than 50% of C level accounting executives expect that the development of more sophisticated automated accounting systems will have a big impact on the industry in the next three years. ^[5]
50% of accounting tasks can be automated through currently available technologies. ^[5]
37% of business owners think that they can complete more accounting tasks on their own as processes become automated. ^[5]
Most importantly, 83% of accountants in the UK’s small businesses say that understanding technology is as vital to their roles as understanding accountancy. ^[5]
Only 17% of small businesses use asset management solutions that allow auditing. ^[5]
A survey by Viewpost reveals that only 21% of small and midsized businesses in the US have integrated their accounting system with payments and invoicing products. ^[5]
However, only 11% of the upgraders are from Sage 50. ^[5]
QuickBooks Pro (9%), QuickBooks Online (5%), QuickBooks Enterprise (4%), and QuickBooks Premier (3%). ^[5]
Also, 39% of accountants say they are early adopters of technology. ^[5]
The top reasons why accountants adopt new technology include to increase efficiency (64%), improve the quality of service (44%), and attract new clients (42%). ^[5]
80% of executives believe that AI in accountancy gives them a competitive advantage. ^[5]
79% of business owners say that accounting AI is the key to increasing their company’s productivity. ^[5]
66% of accountants say they are more than willing to invest in artificial intelligence, while 55% are already planning on using it. ^[5]
58% of accountants believe that AI is helpful in automating accounting tasks and improving overall operational efficiency. ^[5]
58% of accountants ‘strongly agree’ or ‘agree’ that artificial intelligence will automate tasks and improve their firms. ^[5]
Moreover, 20% of accountants are currently investing in and utilizing artificial intelligence , and another 20% state that they are planning to invest in in the next 12 months. ^[5]
52% of senior executives report that they discounted data they didn’t understand. ^[5]
25% of accounting professionals lack the skills or expertise to make greater use of data. ^[5]
Also, 59% of finance and accounting professionals say that by 2020, data science and analytics skills will be required in the industry. ^[5]
75% of C level accounting executives believe data mining and new analytical technologies will impact the accounting industry. ^[5]
Meanwhile, 21% of accountants are currently adopting advanced and predictive analytics leveraging Big Data and 23% are planning to invest in this technology within the year. ^[5]
The top accounting challenges facing SMBs are accounts receivables/collections (51%), cash flow (44%), paperwork (33%), closing the books monthly (28%), and payroll management (27%). ^[5]
66% of companies in the United Kingdom are at risk due to the mismanagement of accounting paperwork. ^[5]
64% of small businesses in the US spend $1,000 annually on tax preparation. ^[5]
26% of US companies take up to 10 hours per year to handle tax related duties, while 40% claim it can add up to 40 hours per year. ^[5]
Also, 69% of CFOs rely on spreadsheets to build reports. ^[5]
36% of small accounting firms agree that keeping up with regulatory change is their biggest issue. ^[5]
47% of large firms’ biggest challenge is recruiting and retaining their best employees. ^[5]
36% of accounting firms confirm that pandemic related issues are their biggest challenge with more than 50% of them being midsized firms. ^[5]
67% of the firms started offering Corona virus related services in 2020. ^[5]
60% of large firms plan to invest more in technology in 2021 while 41% of small firms and 38% of midsized firms plan to do the same. ^[5]
89% of small firms have staff who work 100% remotely. ^[5]
26% of large firms plan to increase the number of their remote staff in 2021. ^[5]
Small firms (6%) and midsized firms (13%). ^[5]
12% of accounting firms are planning to add Coronavirus related services in 2021. ^[5]
66% of Businesses at Risk Due to Paperwork Storage. ^[5]
Yet this manual work can easily be automated, saving your company up to 81% of processing costs and 73% of processing cycle time. ^[1]
Robotic processing automation of any basic task improves compliance, quality, and accuracy by more than 90% while enhancing productivity by 86%. ^[1]

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

Reference

g2 – https://learn.g2.com/accounting-statistics.
relevant – https://relevant.software/blog/how-invoice-automation-can-transform-your-business/.
paystand – https://www.paystand.com/blog/b2b-digital-payment-statistics-2020.
brodmin – https://brodmin.com/invoicing/late-invoice-statistics/.
lockstep – https://lockstep.io/blog/27-accounts-receivable-management-facts-for-the-cfo/.
financesonline – https://financesonline.com/accounting-statistics-analysis-of-trends-data-and-market-share/.
clio – https://www.clio.com/blog/lawyer-statistics/.
redmineup – https://www.redmineup.com/pages/help/invoices/invoices-statistics.
meddata – https://www.meddata.com/blog/2017/10/26/medical-billing-statistics/.
bls – https://www.bls.gov/oes/current/oes433021.htm.
paymerang – https://www.paymerang.com/blog/why-71-of-ap-departments-are-automating-in-2020-and-you-should-too/.

How Useful is Invoice Management

Effective invoice management goes beyond simply generating and sending out invoices. It involves carefully monitoring and tracking payments, resolving any discrepancies or disputes promptly, and optimizing the overall invoicing process to ensure efficiency and accuracy. By implementing robust invoice management practices, companies can streamline their financial operations, improve cash flow, and enhance their relationships with both customers and suppliers.

One of the key benefits of proper invoice management is improved cash flow. Late payments and unpaid invoices can significantly impact a company’s liquidity and cash flow, potentially leading to financial difficulties or liquidity problems. By actively monitoring and following up on outstanding invoices, businesses can ensure that they receive payment in a timely manner, reducing the risk of cash flow disruptions and improving overall financial stability.

In addition to enhancing cash flow, effective invoice management can also help businesses improve their relationships with customers and suppliers. Timely and accurate invoicing demonstrates professionalism and reliability, building trust and goodwill with clients and vendors. Clear and thorough invoicing practices can also help prevent disputes or misunderstandings regarding payment terms, leading to stronger, more sustainable business relationships in the long run.

Furthermore, efficient invoice management can drive cost savings and operational efficiencies. Manual invoicing processes are often time-consuming and prone to errors, leading to inefficiencies and unnecessary costs. By implementing automated invoicing systems and streamlining invoicing workflows, businesses can reduce administrative burdens, minimize the risk of errors, and free up valuable resources to focus on other strategic priorities.

Beyond the immediate financial benefits, effective invoice management can also have broader implications for a company’s overall competitiveness and market position. In today’s fast-paced and increasingly digital business environment, the ability to streamline financial processes and adapt to changing market conditions is critical for success. Companies that invest in optimizing their invoicing practices can gain a competitive advantage by improving operational efficiency, enhancing customer satisfaction, and positioning themselves for long-term growth and sustainability.

In conclusion, invoice management is a valuable and essential practice for businesses of all sizes and industries. By prioritizing and optimizing their invoicing processes, companies can improve cash flow, strengthen relationships with customers and suppliers, drive operational efficiencies, and enhance their overall competitiveness. Investing in effective invoice management is not just a prudent business decision – it is a strategic imperative that can have a profound impact on a company’s financial health, operational performance, and long-term success.

In Conclusion

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Invoice Management Statistics 2024 – Everything You Need to Know