It might seem ironic that many accountants and accounting firms face difficulty when it comes to their own account payments. But, it’s true nonetheless. Accountants and accounting firms use new and advanced digital tools to help their clients manage finances. Unfortunately, though, there are a limited number of platforms available for them to accept secure payment from their clients seamlessly.
Most of the time, clients have different payment methods they prefer for their accounting expenses. Such different methods make it challenging for accountants to be consistent and efficient in the collection process. Therefore, having a negative impact on their client’s relationship.
However, accountants and accounting firms have a few top-priority payment processes that can make them consistent and efficient. Let’s have a look at them:
Let Clients Accept Credit Cards Online
Instead of accepting payments from the traditional way of paper checks, let clients pay you through credit card online. In order to accept payments through credit cards, make a payment page section on your page and let clients enter their credit card information and pay their bills.
Credit cards payments ensure that accountants can avoid the collection process and minimize the risk of missed or delayed payments. Importantly, credit card payments help clients manage their expenses in a better way.
After a credit card online payment, the client receives an email receipt, and accountants will be notified in real-time. It is a safe and secured payment platform.
Ability to Send an Email Invoice
Digital invoicing or AP Automation significantly lowers the back and forth of manual invoice processing, saving firms a lot of time and money. Accountants or Accounting firms can eliminate the costs involved in sending annual invoices. For instance- printer ink, postage, envelopes, and check stock. Such labor costs can be avoided when the invoice is sent through the mail. It is a more secure and efficient process for a fraction of the cost.
64% of the organizations have already opted for electronic invoices. However, some firms are still worried that their clients may not accept such payment methods. However, such firms can rest assured that AP automation provides secure payment options with built-in security controls for payment, fraud protection, and easy processing.
Enabling digital invoicing would mean an accounting team of 40 can save up to 25000 hours of avoidable rework every year. This would mean they can focus on the higher value of work.
In short, accounting firms get a secured payment platform and save a lot of time and money.
Let Artificial Intelligence take over.
Artificial Intelligence is a more advanced way of handling your payments more conveniently. AI can help firms automate workflow to improve and expedite the overall AP process. Through data analysis, AI can ensure timely payments to maximize workflow, anticipate upcoming invoices and identify low-cost vendors. In addition, it offers fraud protection and ensures that the payment is made on a safe and secured platform.
AI helps in preventing and detecting fraud by raising unusual transactions. For instance, when the payment amount is too large or a transaction is initiated by someone unknown. Let AI take over your financial payments while you focus on managing your client’s finances.
Accountants or accounting firms can offer their clients to pay them in a manner of monthly payments. For example, clients can initiate payments monthly on their credit cards over a period of time. In this way, firms get paid promptly, faster, at less cost and risk while being able to deliver the advice and services their clients are seeking.
It is worth noting that accountants or accounting firms provide their services and have outstanding fees owed from their clients. To overcome such a situation, accountants and accounting firms should opt for the payment methods mentioned above.
For instance, credit card online payments ensure a faster and more secured payment, or AP lets firms send email invoices digitally, saving many costs. Or, in some cases, installed payments work best. In this way, you can receive payments monthly and provide the services without being afraid of overdue payments.
Accounting firms can say goodbye to traditional paper checks in today’s digital era and opt for more convenient digital payment solutions.