Digital Payment and Collections Trends in Accounting
In July, we sent our 2022 CPA Firm Survey to over 2,100 diverse accounting professionals. Our goal was to get a better understanding of digital payment and collections trends in the accounting space and learn how firms are using online payments to power their growth.
For many respondents, there were positive signs that digital transformation is improving their payment process (both for the accountants and for their clients.) But there’s still room for improvement in how most CPA firms engage with their clients – especially when it comes to payments and collections.
- Many firms are falling behind on digital payments and holding onto the paper check.
- Collections need to be a bigger priority at many CPA firms.
- QuickFee’s payment solutions can be an effective way to help resolve these issues.
Firms are a little too comfortable with paper checks.
Paper checks still dominate at many US accounting firms. Although PYMNTS.com found that 93% of CFOs are actively digitizing their accounting operations this year, 77% of our respondents said that up to half or more of all payments still come from checks.
Collections are not always a top priority (but they should be.)
69% of respondents shared that their partners do not have any KPIs, quotas, or incentives in place to help clients pay faster. Most firms also ranked “reducing outstanding AR” as a low priority on the list compared to items like “staffing and recruitment” or “staying competitive.”
This attitude has a direct impact on cash flow at the firm. According to our respondents, almost a third of firms are spending at least 5 hours on collections each week. 31% also revealed that 75% or more of their invoices are physically mailed.
QuickFee’s solutions can save time and money.
78% of respondents said they would be more likely than not to recommend QuickFee. Why? Here are the top three benefits of QuickFee’s online payment platform, according to our respondents:
- Having an easy online option for clients.
- Improvements to cash cycle & collections.
- Faster client payments.
With QuickFee, firms can accept ACH/eChecks and credit card payments, set recurring payment schedules,or offer financing plans. That means clients can pay how and when they want, while professionals get to stop chasing payments at last.