It can be tempting to try to do it all.
But when it comes to your clients paying you, there may be benefits for firms willing to think outside the box in order to offer the most advantageous payments solution.
A recent report issued by Deloitte, B2B Payments 2015 ANZ Research, found that service providers were increasingly partnering with fintechs to enhance the automation of their receipt processes.
Doing so was described by the report as “an increasingly common way to enhance core payment and financial capabilities”, and a means to “improve efficiency, business intelligence, innovation and decision-making”.
So how exactly can partnering with a fintech be of benefit to accountants?
BUSINESS PROCESS AND SPEED IMPROVEMENTS
It’s unlikely that your firm is expert in performing every single process that occurs across your entire service delivery chain.
This is perfectly normal, so identifying the components of this chain that might be more skilfully delivered by a third party who specialises in their provision can lead to significant efficiency gains. Because this often involves increased digitisation and reduced approval steps, the time required to perform these processes is often also significantly reduced. It also means you can do the one thing no other provider can do – care for your clients by knowing their business issues deeply.
INCREASED CUSTOMER SATISFACTION
Fintechs are often created out of a desire to deliver a pre-existing product or service in a more tailored or personalised manner. For this reason, they are typically structured to provide flexibility and choice for the customer, who may not necessarily understand the underlying technology, but benefits from its existence anyway.
As an example, we’ve recently created a payments portal that can be accessed by clients directly from their invoice or a firm’s website, allowing them to choose between paying with a credit card, eftpos or in monthly instalments – all with just one click of a button.
Though the portal is based on a highly complex algorithm compliant with bank-grade security standards, customers won’t stop to consider the technology driving this option. Rather, they will simply enjoy the added convenience and choice that comes when transacting with your firm.
MORE PREDICTABLE CASH FLOW
Fintechs can also be designed to solve cash flow problems for firms, by taking over the accounts receivable aspect of payment. This can often prove invaluable, as one of the key cash flow issues experienced by many accountants is that arising from late-paying customers.
Professional Fee Funding is one payments solution that delivers this specific benefit, as it uses payments technology to provide your clients the option of paying their bill in more manageable monthly instalments, while paying the invoice in full to the accountant.
In this instance, a fintech solution doesn’t only shore up the accountant’s cash flow. It also enhances customer relations by eliminating the need for awkward conversations around late payments.
Information on the QuickFee Secure Online Payments portal can be found on our website: http://quickfee.com.au/services.php#invoice
Bruce Coombes knows accountants. After 30+ years’ experience in Asian and Australian tax, outsourcing to Malaysia, CA programme exam writing, public practice, board appointments and more, he noticed accountants had a big problem: their clients often took a long time to pay.
Chasing payment was time-consuming and relationship damaging, so Bruce founded a solution: QuickFee (www.quickfee.com.au). QuickFee is a Professional Fee Funding service that pays the invoices of accounting firms within 3 business days, while allowing their clients to pay in instalments.