According to joint research findings from Intuit and PayPal, not only are Australian accountants and bookkeepers owed a staggering amount in unpaid invoices, they are then forced to dedicate the equivalent of two full weeks of work to chase down unpaid debts.
The research indicated that accountants and bookkeepers are waiting an average of 17 days to receive payment; however, more than half invoice their customers on the day on which the work was completed.
“Despite the overwhelming majority of accountants and bookkeepers invoicing promptly, they are still spending significant time chasing payments,” said Nicolette Maury, country manager and managing director of Intuit Australia.
Ms Maury added that almost one third of accountants and bookkeepers have been forced to seek additional financing to manage cash flow while they wait for payments.
A strategic partnership between Quickbooks Online and PayPal has been announced in an attempt to ease the strain of chasing payments for accountants and bookkeepers alike, with Ms Maury stating that only 38 per cent of accountants and 23 per cent of bookkeepers accept electronic payments, a process she believes enables faster invoice payments.
“We’re working to help solve the challenges accountants and bookkeepers face day-in-day-out chasing payment for work they’ve done. That’s why we’ve integrated Quickbooks Online with PayPal to accept online invoice payments and enable our accounting and bookkeeping customers to get paid more quickly,” Ms Maury said.
“Our merchants can now offer their customers more payment options, including PayPal, credit and debit cards, and can raise invoices and accept payments on the go to improve their cash flow,” she added.