How to boost cashflow and efficiency in your practice

Here’s a game-changing fact: of 115 million Australian MYOB invoices, those with online invoice payments enabled were paid up to 3x faster than those without.*

As an accountant or bookkeeper, getting paid on time is crucial to maintaining a healthy cashflow.

By incorporating online invoice payments into your invoicing workflow, you can significantly reduce late payments, spend less time on admin, and improve customer experience.

This article explores the benefits of using online invoice payments in your practice. It also addresses common implementation concerns, and guides you through harnessing this innovative solution to foster business growth.

The Game-Changer: Online Invoice Payments

Enabling invoices to be paid with popular online payment methods (such as Apple Pay™, Google Pay™, PayPal, AMEX, Visa, Mastercard and BPAY) can improve your invoicing in the following ways:

• Streamlined Cashflow. Invoices with online payment options are paid up to three times faster than invoices without. This improves cashflow, giving businesses the financial flexibility to invest in growth, cover operational expenses, and save time chasing payments.
• Operational Efficiency. The invoicing software automates manual tasks, such as payment reminders and invoice reconciliation, saving time and reducing the risk of errors. This efficiency allows businesses and their teams to focus on more strategic and value-adding activities.
• Enhanced Client Experience. Offering clients various payment options, including Apple Pay™, Google Pay™, PayPal, and major credit cards, caters to their preferences and enhances convenience, contributing to a superior service experience and fostering loyalty.

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Addressing Concerns and Challenges

While the benefits of online invoice payments are clear, it’s normal to have concerns about adopting new technology. Let’s tackle the most common challenges head-on:

• Flexible Payment Options: You can tailor the payment process for each client. You can easily toggle online payments on or off at the invoice level, giving you control over how you receive payments. Additionally, you can choose whether to absorb the surcharge or pass it on to your clients, empowering you to customise payment terms based on individual preferences and business requirements.
• Understanding Fees: When clients pay using an online payment option in Australia, a 1.8% + 0.25c fee per transaction (including GST) applies. When making decisions involving additional costs, it’s important to consider the potential benefits that come with it. Investing in your practice’s efficiency and client satisfaction can lead to accelerated payment times, improved cash flow, and streamlined administrative processes. These benefits can significantly impact your practice in the long run and make the cost well worth it. So, taking the time to weigh the costs against the potential benefits is essential to making an informed decision.

Embracing Innovation for Business Growth         

Implementing online invoice payment software as part of your invoicing workflow isn’t just about keeping up with technology.

It’s about streamlining processes and boosting cash flow, helping free up time to grow your Practice.

Here are some steps to integrate the software seamlessly into your invoicing workflow.

1. Educate Your Team: Ensure your staff understands the features and benefits of online invoice payments. This will streamline the implementation process and help your team assist clients effectively.
2. Communicate with Clients: Inform your clients about the new payment options. Clear communication can increase the number of clients who use online payment options, improving your practice’s cashflow efficiency.
3. Monitor and Adjust: After implementing the payment software, monitor its impact on your operations and cash flow. Be open to offering different clients online payment options; test your surcharging settings, and monitor the results as needed to maximise your practice’s benefits.

Streamline your Practice

By adopting online invoice payments, you can streamline operations, enhance client service, and accelerate cashflow in your Accounting and Bookkeeping Practice.

This proactive approach to technology adoption can help you remain competitive, responsive, and aligned with your clients’ needs.

Integrating online invoice payments into your MYOB business management platform offers clear advantages, from getting paid faster to improving operational cashflow efficiency and client satisfaction.

So, take advantage today and discover how you can say goodbye to late payments.

Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.

Applications for online invoice payments are subject to approval. Fees apply when clients pay their invoices with online invoice payments, view fees and charges. No set-up or cancellation fees. Rate applies to card, BPAY, Apple Pay, Google Pay and PayPal transactions. View terms and conditions here.

*Based on a sample of 115,341,810  MYOB Australian invoices issued between January 2023 and January 2024 on days to payment for invoices paid via online invoice payments versus non-online invoice payment invoices.

Google Pay is a trademark of Google LLC.