The development will save administrative staff time while improving cash flow, said the firm.
Wolters Kluwer practice manager integrates with FeeSynergy Collect
Professional information and software systems provider Wolters Kluwer has integrated with debtor management business FeeSynergy.
The integration has brought together Wolters Kluwer’s cloud-based practice management software CCH iFirm and FeeSynergy Collect, which it said would help reduce payment times as well as write-offs.
Head of product at Wolters Kluwer tax and accounting Asia Pacific Rakesh Naidu said the integration would provide the users of its practice management software greater control over their liquidity.
“Managing cash flow can be challenging in any economic climate, but within the backdrop of multiple economic headwinds in 2022, ensuring prompt invoice payment is more important than ever before,” said Mr Naidu.
“In addition to helping accounting firms improve practice management effectiveness and efficiency, CCH iFirm Practice Manager now goes a step further to help improve cash flow, reduce administrative burdens, and further support business growth.”
Wolters Kluwer said that the link between the two systems would also provide iFirm users with an automated debtor management and payment system as well as the ability for consumers to pay clickable invoices and statements within the security of the accounting firm’s website.
The integration between the two systems also allowed CCH iFirm users to send customised, automated email payment reminders to their clients.
The firm said that the development meant all aspects of debtor management would be on one platform, enabling accounting firms to improve cash flow and accelerate firm growth.
Wolters Kluwer said the inclusion of FeeSynergy Collect within CCH iFirm would help users to get paid faster and reduce write-offs as well as minimise administrative staff time spent on collections.
FeeSynergy founder and managing director Malcolm Ebb said that the development was key as it would assist accounting firms to overcome daily challenges.
“This is an important integration for both FeeSynergy and Wolters Kluwer CCH iFirm,” said Mr Ebb.
“It brings together two proven and powerful cloud-based platforms that solve many of the day-to-day challenges faced by accounting firms in Australia and New Zealand.”