Wolters Kluwer (AEX: WKL), a leading global provider of expert solutions, insights and services for tax and accounting professionals, today announced that thanks to a new technology integration between its market-leading practice management software and the leading debtor management software among accounting firms in Australia and New Zealand, accounting firms can now significantly improve cashflow, get paid faster, reduce write-offs and free up administrative time to accelerate firm growth.
Now that CCH iFirm, the Wolters Kluwer award-winning, cloud-based practice management software, integrates with the FeeSynergy Collect automated debtor management and payment solution, accounting firms can send customised, automated email payment reminders to clients. Invoices and statements are all clickable to view and pay immediately, within the security of the accounting firm’s website domain and gateway.
With all aspects of debtor management on one platform, accounting firms can now improve cashflow and accelerate firm growth, because they can:
- Get paid faster – reducing invoice payment days to 30 days or less, versus the industry average of 75-90 days
- Reduce write-offs – from an industry average of 23% to just 8%1 – a 188% relative improvement
- Reduce administrative staff time spent on collections – by as much as 80%2 – so staff can spend more time on more strategic initiatives that deliver client value and drive growth
“Managing cashflow can be challenging in any economic climate, but within the backdrop of multiple economic headwinds in 2022, ensuring prompt invoice payment is more important than ever before,” said Rakesh Naidu, Head of Product, Wolters Kluwer Tax and Accounting Asia Pacific. “In addition to helping accounting firms improve practice management effectiveness and efficiency, CCH iFirm Practice Manager now goes a step further to help improve cash flow, reduce administrative burdens and further support business growth.”
To learn more about how this new technology integration can help accountant firms reduce debtor days and improve cashflow, access the Wolters Kluwer free ebook “How to get paid in less than 30 days,” or attend a no-cost demonstration of CCH iFirm Practice Manager and Fee Synergy Collect.