Today, digital transformation is a key strategic focus for every accounting firm. Firms are adopting a wide range of innovative, new technologies and experimenting with digital-first business development strategies that pave the way for future success.
It’s a vital topic: the industry is evolving rapidly, markets are becoming more competitive, and firms that fail to change will be left behind.
However, one area where firms have been resistant to embrace change is payments. A robust, reliable payments system is a vital component of any successful accounting firm, ensuring steady cash flow and allowing firms to continue prospering.
Despite the undeniable importance of payments, it’s an area where many firms have been slow to innovate. Many firms still accept checks. In fact, some firms only accept checks. Strategically, this is a poor choice, lengthening the time it takes for firms to collect Accounts Receivable (AR).
Digital payment solutions may hold the answer to some of these challenges. That’s why today, we’re unpacking the role QuickFee, a leading online payment provider for professional service firms, can play in accelerating a firm’s digital transformation.
The Value of Accepting Digital Payments
QuickFee’s payment products make it easier for accounting firms to collect payments on time. That enables firms to grow their business through both new client relationships and expanded relationships with existing clients.
By using QuickFee, firms can accept online payments in three ways:
- ACH Transfer
- Credit Card
- Financing Plans
One solution popular with leading firms is QuickFee’s “Pay Over Time” Financing. These payment plans enable firms to offer 3, 6, 9, or 12-month payment plans, with no credit checks required. Firms get paid in full, upfront, with QuickFee handling the financing and payment collection. As more and more firms expand into service lines such as Client Accounting Services, this is an easy way for firms to work with clients who had perhaps only budgeted for tax preparation services.
Between this and QuickFee’s popular credit card processing features, firms all around the world are using QuickFee to get paid faster and reduce their percentage of overdue payments.
Deliberately Designing Your Firm’s Tech Stack
As the accounting industry continues to evolve, so too does technology. QuickFee sees itself as a discrete part of a firm’s technology infrastructure, focusing on providing a market-leading payment experience that delivers tangible results.
QuickFee works closely with other innovators in the accounting ecosystem to collaborate on the tech stack of the future: a cohesive network of technology products that help firm leaders to manage their businesses more effectively.
The QuickFee team are firm believers that accounting firms need a bespoke digital ecosystem based on their unique business model.
“We really want to help drive digital transformation forward. The pandemic and the sudden shift to digital first had a huge impact, but there’s a lot of work still to be done. We’re excited to help firms build best-in-class solutions,” comments Jennifer Warawa, President, North America, at QuickFee.
As they work with their clients, they encourage firms to consider each of the different parts of their digital infrastructure, how they communicate with each other, and whether they’re leveraging best-in-class technology (or something that simply does the job.)
Try QuickFee: An Online Payment Platform for Accounting Firms
QuickFee is already being used by over 1,500 global service providers and has been shown to deliver a 32% average reduction in overdue payments: a statistic that can unlock significant financial improvements for many accounting firms.
Together with their wide network of stakeholders and partners, QuickFee is advancing the accounting profession. We’re excited to welcome them to the Digital Deep Dive Summit in Atlanta this March, and they’re excited to meet our attendees.
Warawa comments: “When it comes to payments, firms like to know who they’re working with. It’s a digital world, but accounting is a high trust profession and everyone values relationships. At QuickFee, we pride ourselves on taking care of our customers and doing the work to build those relationships.”
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