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Tax & AccountingJanuary 23, 2023

How to improve cashflow by 188% in 2023

In 2023, many businesses are facing a myriad of challenges from inflation to supply chain issues, interest rate rises all set against the backdrop of a global pandemic.

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.

Average debtor days calculator Example FeeSynergy client Your firm
A Turnover $3,000,000 $3,000,000
B Debtor balance total $700,000 $225,000
C Divide B into A (%) 23% 8%
D Divide C into 365 = Average debtor days 85 27

In the example above; what this means is that 23% of the firm’s turnover is tied up in debtors at all times. By employing an automated debt collection service, this can be reduced to 8%, which is an improvement of 188%.

CCH iFirm and FeeSynergy collect

CCH iFirm is an award-winning cloud-based practice management ecosystem in Australia and New Zealand, which is known for is practice management, document management, secure file sharing, and digital signature capabilities plus more.

The new integration with FeeSynergy - the #1 provider of debtor management software and payment solutions to accounting and legal firms in Australia and New Zealand - enables busy firms to:

  • Get paid faster – reducing average payment days to below 30 days instead of the average industry of 75-90 days
  • Reduce write-offs – ensure you are getting paid by your clients
  • Free up your administration staff from collections to help accelerate firm growth
  • All aspects of debtor management in the one platform

Learn more about how you can reduce your debtor days and improve your cashflow with our free ebook: “How to get paid in less than 30 days”.

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CCH iFirm Practice Manager

It is the accounting practice management software you need to run your practice effectively. With the CCH iFirm Practice Manager application, your accounting practice will benefit from efficiency and visibility like never before.
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