Tuesday, 24 September 2019 06:42

Westpac, FeeSynergy devise payment solution for accounting firms

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Westpac, FeeSynergy devise payment solution for accounting firms Image by mohamed Hassan from Pixabay

Australian bank Westpac and automated debtor management and fee finance solutions provider FeeSynergy have collaborated to offer an integrated digital payment solution designed for the accounting industry.

A statement from Westpac said the solution could help cut the number of days for payment by making it possible to pay through an online method.

Westpac national head of Professional Services, Paul Goessler, said while all accounting firms had their own practice management system, quite a few lacked a dedicated debtor collection solution.

“Our joint offering with FeeSynergy aims to help our professional services clients get paid on time," he said.

"Taking steps such as implementing online payment systems can transform a firm’s cash position, enabling investment into new technology, new divisions, and tuck-in acquisitions.

"It also frees up capacity to fulfil increasingly tech-savvy customer expectations, who are seeking swift, seamless, personalised services.”

The bank said the new offering could be integrated into existing systems and assist in automating cash collection, establish recurring direct debits and facilitate online payments. Money would flow directly from the client to the accountant’s bank account.

FeeSynergy co-founder and managing director Malcolm Ebb said many accounting firms faced difficulty in receiving timely payment, having to wait an average of anything from 65 to 90 days.

“The implementation of our automated debtor management platform has enabled client firms to dramatically reduce their average debtor days to below 30 days," he said.

"For a firm with annual revenue of $5 million, this equates to a free cash improvement of upwards of $800,000, freeing up capital instead of it being tied up in debtors.

“Our combined offering with Westpac provides an easy-to-use, fully integrated and secure online payment gateway, which is a key feature of the platform.

"A large percentage of transactions made on this gateway occur after hours, demonstrating the preference of small business owners to pay invoices at a time that’s most convenient to them. Providing this sort of service not only reduces debtor days, but takes the task of chasing debtors away from partners.”

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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