Access Accounts is a family-owned accountancy practice that specialises in providing a wide array of accountancy services. Simon Allen, the Director, oversees the operational side of the business, managing IT systems, invoicing, credit control, marketing activities, business development, new client engagement, and client relationship management.
Challenges and Objectives
Before implementing Paycada, Access Accounts faced several challenges:
Xero limitations: The automated reminder service in Xero did not provide an option to escalate an account or include additional steps once the process was exhausted.
Time constraints: As a small business, time pressure often led to overdue accounts being forgotten after exhausting the available options in Xero.
Unmanaged overdue invoices: Invoices that fell overdue by three months or more were often forgotten and not chased effectively.
The main objectives they aimed to achieve with an accounts receivable (AR) solution were:
Improve follow-up on overdue invoices: Implement a solution to manage invoices overdue by three months or more effectively.
Facilitate easy payments: Provide a professional reminder system and an easy way for clients to pay.
Escalate non-payments: Introduce a cost-effective route to escalate overdue accounts when necessary.
Solution Implementation
Paycada stood out due to its ability to seamlessly integrate with Xero and extend the AR process beyond what Xero offered, providing automated solutions and easy payment options.
Impact and Results
Paycada has significantly addressed the initial challenges faced by Access Accountants:
Easy communication and engagement: The Paycada team has been responsive and eager to engage, taking feedback onboard to improve the user experience.
Flexible approach: Paycada has provided a flexible solution that can be tailored to the specific requirements of Access Accounts.
Since implementing Paycada, Access Accounts has seen a significant improvement in their AR management:
Reduction in aged debtors: In the ten months since implementation, three-month+ aged debtors have fallen by 66%, with the majority of this improvement directly attributable to Paycada.
Most Beneficial Features
Automated reminders: Regular automated reminders have been crucial in managing overdue accounts.
Easy payment portal: The payment portal has facilitated easier and quicker payments from clients.
Escalation capabilities via Bluestone Credit Management: The ability to escalate debtors to enhanced collections when necessary has been highly beneficial.
For Access Accountants, the Paycada solution has automated their accounts receivable processes, reduced manual efforts, and significantly improved their overall efficiency and client satisfaction. With Paycada, Access Accountants is well-equipped to continue delivering exceptional service to their clients while maintaining smooth and efficient operations.
