The State of Accounts Receivable Automation 2023
The B2B credit landscape is set to evolve, ushering in an era of smarter, more agile and data-informed credit operations. By integrating automated tools, credit departments can better serve their organizations, customers and stakeholders.
Download NACM’s latest white paper in partnership with BlackLine, The State of Accounts Receivable Automation 2023, to discover current technology trends and what the future may hold for the credit department.
Other key findings include:
- Most credit departments (82%) have only one to four team members involved in cash application
- Nearly half of all businesses use collectors to apply payments at the end of each month, sucking even more resources away from collections.
- The top three projects accounts receivable departments plan to undertake in the future include digital credit applications (40%), digital payments (47%) and electronic invoicing (49%).
- Over the next 18 months, 41% of credit professionals say their biggest focus is on developing stronger customer relationships to improve payment timeliness and reduce outstanding balances.
- Roughly two out of every five credit professionals say their business is somewhat resistant to accounts receivable automation but is open to discussion.
