The worldwide accounts receivable (AR) software market is predicted to exhibit fast-paced growth over the estimated period (from 2017 to 2022), as per the findings of a research report available on Radiant Insights, Inc. Accounts receivable is an important part of a balance sheet that tracks money owed to a business by customers that have used its services or purchased goods on credit. It is software used for financial and accounting operations and presents many benefits. It can be used for automating routine tasks that eliminate manual errors, thereby keeping books accurate. Payments of AR can effectively reduce a company’s debt, consequently improving cash flow and reducing financing charges. Savings can be invested in capital expenditure or used to increase dividends or risk capital.
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The software has witnessed high demand due to growing number of companies in different sectors and this is anticipated to augment the growth of the AR software market over the coming years. In addition, AR software helps keep all receivables data updated, accurate, and centralized; this is also expected to be a key demand driving factor over the next five years. Several other benefits such as effective management of receivables, minimal credit risk, improved customer relationship and customer credit management, reduced administrative costs, and shorter payment cycles are also considered responsible for the rapid expansion of the global market.
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AR software has a wide scope for application, such as for personal use and for all types of businesses including small-, medium-, and large-sized organizations. This is also expected to propel global market development during the next few years. There are different types of AR software – right from free and basic suites to costly and specially customized suites. Fresh Books is one of the leading AR software available today, a solution that makes billing effective and easy for small businesses. The latest version of Fresh Books has an attractive, modernized interface that allows easy collaboration with business teams and partners offering improved quality of work.
The global accounts receivable (AR) software market is categorized as per type, application or enduser, and region. Based on type, the market is categorized into client-side and web edition. Based on end user, the market is segmented into enterprise, banks, personal use, and others. Based on region, the market is divided into Europe, United States, Southeast Asia, India, China, and Japan.
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The US region is likely to account for a considerable market share on account of the strong presence of many IT giants and other sectors that require AR software to manage their finances. Rapid industrialization and development of various businesses in many developing countries in Southeast Asia are expected to contribute toward the development of the accounts receivable software market in the region. In addition, rising awareness about the benefits of using such software is projected to drive the market in this region over the coming years. Factors such as increased adoption of cloud computing, technological advancements, and integration of AR and other accounting software with various online applications are also estimated to fuel the region’s growth in the forecast period.
Major companies operating in the global AR software market include Account Mate Software Corp.; WorkflowAR; Funding Gates Corp.; SlickPie; Click Notices Inc.; and HansaWorld. Many of these market players have undertaken strategies such as mergers and acquisitions and product and business development to be in the topmost position in the global market.
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