The size of the data file will determine the length of time to generate a report - how long does it take to preview (rather than export)? That can help differentiate between the report size and the export as to what influences time.

That being said, two hours is very long, and even 30 minutes is long from a local data location. What was the previous version of AR in use prior to the 8.0A upgrade?

If the purpose is to generate an Excel file, it may be way faster to create this file using Adagio GridView rather than exporting the built-in reports. Adagio Receivables 8.0A has a function 'Calculate Customer Aging' under the Maintenance menu, which purpose is to calculate the aging categories by customer to use with GridView.