Within this context, debtors are expected to increase, and cashflow will be a major challenge for many businesses – and accounting firms are no different.
“Cashflow can be a challenge at any point in time; but within a backdrop of multiple economic challenges in 2023 it’s more important than ever as it could mean slower payment of invoices by your clients. CCH iFirm Practice Manager now includes automated debt collection that helps ensure accounting firms will get paid on time,” said Wolters Kluwer TAA APAC Head of Product, Rakesh Naidu.
CCH iFirm Practice Manager, now integrated with FeeSynergy Collect, an automated debtor management and payment solution, can enable your accounting firm to improve your cashflow from an industry average of 23% in debtors to just 8% in debtors – a 188% relative improvement.
Do you know how to quickly calculate your average debtor days? Follow the example below and see how your firm stacks up against a typical FeeSynergy Collect user firm.