Chasing payments is costly – in more ways than one. For accountants, the hassle of following up with late payers takes away from building and servicing ongoing client relationships.
Recognising this, Guy Pearson CA, founder of Interactive Accounting, developed Practice Ignition, a platform for accountants to automatically get paid for every piece of work via digital proposals that are linked to auto-payment collection.
Practice Ignition is pre-populated with the CA ANZ Engagement Letter tool. And in a special offer, CA ANZ members that sign up to Practice Ignition before 30 June 2021 can save up to 50% on the first three months of their subscription.
Practice Ignition has been a game changer for Rachael Selak, operations manager at accounting, advisory and wealth specialists The Gild Group in Melbourne. “The fact that it stores all your engagements, automatically raises and reconciles invoices, while automatically collecting payment is fantastic. Practice Ignition has taken away the heavy lifting for us,” she says.
“Before, we’d have to sign in to check the engagement in one place, then sign in somewhere else to see where the invoices were being sent to, and then go to another platform to see how they were actually paying for them.
“Practice Ignition has really streamlined the whole process by doing all of it,” she says.
User-friendly software for SMEs
Although The Gild Group now has more than 50 employees, Selak says things were different five years ago when the firm had a small team of five or so people.
“We were a small business that was very hands-on and ad hoc – manually calling debtors, doing proposals by email. It was a bit of a clunky process,” she says.
“We used some other software, but it didn’t have the same kind of functionality in terms of payments and invoicing. Practice Ignition is incredibly user friendly, even for people who aren’t that tech savvy.”
An all-in-one approach
Chasing payments from clients can be a huge headache, but the all-in-one approach of Practice Ignition has, thankfully, taken the hassle out of the task, says Selak.
“In terms of debtor tracing, it’s great. We do a lot of fixed-fee, monthly-recurring proposals rather than time-sheeting, and in terms of setting that up, Practice Ignition is really great.
“It makes what’s going on clear,” says Selak. “We don’t have to be constantly chasing clients for invoices, and we no longer need to engage third parties to chase payments on our behalf.”
“We no longer need to engage third parties to chase payments on our behalf.”
With the end of financial year looming, Selak says Practice Ignition has been a godsend in terms of keeping processes simple and speedy.
“You can do a tax return and it’s got your standard services and you can do a standard fee against it, which is good for the admin team when they’re drafting proposals,” she says.
“It’s even gone to the next stage now, where I can put in a whole draft proposal of a standard individual tax return, or a more complex structure set-up proposal, and you’ve just got to fill in the details – making sure you’ve got your fees right – and you can tailor it from there.
“I’m really happy we’re using it.”
Find out more:
Sign up for a 14-day trial. Visit https://landing.practiceignition.com/caanz to start a free 14-day trial and see our exclusive CA ANZ member benefits.