How Professional Services Companies Can Increase Cash Velocity with Sage Intacct
It’s well known that the greater the variety of customers a company handles, the more elaborate the collection processes must follow. Professional Services companies (such as legal firms, digital marketing and advertising agencies, IT services and consulting, HR services, research, engineering, or another specialized service) face a more diverse mix of clients and projects –which leads to increasing billing and Accounts Receivable complexities.
As we face inflation, recession warnings, and a significant business slowdown, AR professionals running Finance on Sage Intacct find it challenging to ensure timely client billing and payments..
The importance of precise invoicing
To keep thriving in their fields, professional services companies need to improve their billing process and make sure to capture and present flawless invoices where the format, terms, and amounts are correct, using the right data, a variety of fixed prices, and T&M methods.
Timely invoice presentment, payment acceptance, and processing are also essential to ensure matching the timing of inbound payments with payouts to staff and subcontractors.
Timely invoicing to clients is a prerequisite for receiving timely inbound payments. This can also be made easy by allowing clients to pay online via digital payment formats, eliminating the need for paper checks and all the manual labor it entails.
Adopting all of these invoice-centric actions, maintaining them as a habit, and, better yet, automating all processes, will help your accounts receivable staff to recieve, reconcile and recognize more revenue each month.
Improving Billing Processes And Cash Flow
Many businesses struggle with early access to cash, a problem that's becoming more prevalent. Unfortunately, this has left many AR departments feeling "at the mercy" of slow-paying clients who won't allow processes into a faster revenue stream.
The pressure to collect payments faster and reduce costs is becoming unbearable for AR leaders. They need proven solutions that help them generate more money and fix the problems with their current systems to meet these demands without fail.
Automated Solutions for Professional Needs
Enter Paystand, the only zero-fee B2B payments option for Sage Intacct, which helps your organization adapt to the changing economic environment by quickly recognizing revenue at a considerably lower cost and creating a “self-driving cash cycle,” which allows the automation of most AR tasks, from invoicing to payment processing and reconciliation.
With Paystand, you can customize your clients’ billing experience by sending emails with embedded PayNow links (which support various underlying billing methods in the ERP), applying custom invoice templates based on a specific project for each customer, and configuring them to suit their specifications.
Paystand and Sage Intacct integration also allows you to accelerate and improve your cash flow by streamlining your AR processes by sending automated payment reminders and setting them on AUTO-PAY, and allowing customers to pay multiple invoices in a single payment.
Additionally, this digitalization process helps reduce the e2e cash cycle for paper checks (50-75% of payments) via a Smart Lockbox.
3 Steps to a Smooth AR Process
The integration of Paystand and Sage Intacct represents an unprecedented partnership that allows you to improve your collections, accounts receivable, and customer service processes through three key points that summarize what you can achieve by adopting and integrating this platform into your strategy:
- Speed Up
- Reduce billing time by 50%
- Reduce invoice cycle by 50%
- Cut DSO by 20 days
- Shorten monthly close from 17 days to just 7
- Stop revenue leakage by billing for unbilled hours and expenses
We provide businesses with fast, efficient, and profitable payments through a subscription-based model that guarantees predictable operating expenses and a per-payment transaction cost that lowers as the company grows. All this translates to a fixed monthly cost to process an unlimited number of clients and projects payments instead of multiple and variable fees per transaction.
Suppose you are part of a Professional Services company. In that case, you know that the main priority is to continue growing, expanding, and developing an impeccable reputation that allows you to reach a wider audience, so streamlining processes and optimizing resources is vital.
By automating the AR process with Paystand, you can reduce efforts, allowing resources to be redirected to the complete satisfaction of your customers and implementing strategies that allow for sustainable business growth.
Please don't wait any longer, and contact one of our experts to book a demo as soon as possible!