Why More Accountants Are Using Integrated Payments

Tim Sines

Are you looking for ways to streamline your accounting firm’s operations, enhance client satisfaction, and secure a stable cash flow?

Here’s your answer: Integrated payments.

Using an integrated payments system as part of your accounting service will both simplify the billing process and elevate the overall client experience.

But what are integrated payments, and how exactly do they fit into the broader framework of accounting software?

Let's explore the seamless integration and efficiency that integrated payment systems like Mango Payments bring to the table.

Use Integrated Payments in Your Accounting Firm

What is an Integrated Payments System?

For modern accounting firms, staying ahead of the curve means embracing technology that simplifies your workflow, enhances client satisfaction, and improves cash flow management. One way to lean into technology is by using integrated payment software. But what exactly are integrated payments, and how do they work within your accounting software? Let's dive in.

Integrated Payments Explained

Integrated payments are a seamless way to process transactions directly within your accounting software. This means you can manage invoices, payments, and financial reporting all in one place, without the need to juggle multiple platforms or manually enter payment information into your system. It's like having a financial Swiss Army knife at your disposal—everything you need, right where you need it.

How Integrated Payments Work Within Accounting Software

Imagine you've just finished a project for a client. With traditional payment methods, you'd send an invoice and wait, sometimes for weeks, for a check to arrive in the mail. Then, you'd deposit the check and manually update your accounting records. It's a time-consuming process that's prone to errors.

Enter integrated payments.

With this technology, once you issue an invoice through your accounting software, your client can pay instantly using a credit card or ACH payment. The payment is processed securely, and your records are updated in real time. No more waiting and no more manual data entry.

The Mango Payments Solution

Now, let's talk about how Mango Payments fits into this picture. Designed exclusively for CPA firms and their clients, Mango Payments eliminates the old "my check is in the mail" excuse. It empowers your clients to make payments conveniently through a portal and accepts credit card and ACH payments. The beauty of Mango Payments lies in its simplicity and its ability to make paying invoices easier than ever.

Why Choose Mango Payments?

Instant Access to Your Funds - Say goodbye to the long waits for invoice payments to process. With Mango Payments, you get access to your funds within 24-48 hours—that includes ACH payments.

Recurring Payments Made Easy - Mango Payments isn't just about accepting one-time payments. It also allows you to set up recurring payments which means you can set up a steady cash flow.

Cutting Costs on Processing Fees - We understand processing fees can add up. That's why Mango Payments doesn't just promise to save you money on these fees, we guarantee it. Our solution is designed to be cost-effective so that more of your hard-earned money stays in your pocket.

The Bottom Line

Integrated payments can significantly enhance how you manage your accounting or bookkeeping practice.

Mango Payments is here to make this transition as smooth as possible. With our focus on simplicity, speed, and savings, we're not just another payment processor—we’ll help you transform the way you do business.

Download this free infographic that contains time and billing best practices to implement today.

Why Should You Use an Integrated Payments System at Your Accounting Firm?

Using an integrated payment platform at your accounting firm offers many benefits that can streamline operations, enhance client satisfaction, and ultimately contribute to the growth and efficiency of your business. Here’s why adopting an integrated payment processing system is a strategic move for any accounting firm:

1. Streamlined Operations

An integrated payment system automates the process of invoicing and payment collection. And it significantly reduces the manual effort required to manage these tasks. This integration means payments are directly processed through your accounting software. With one system, you can eliminate the need for manual entry and reduce your overall risk of human-made errors. It also simplifies your workflow so that you and your team can focus on more valuable tasks such as client advisory services or business development.

2. Improved Cash Flow

With faster processing times for credit card and ACH payments, you get access to your funds quicker, often within hours instead of weeks. This improved cash flow can be crucial for the operational efficiency of your firm. This can help you manage your firm’s expenses better, reinvest in your business, and avoid the cash crunches that slow payment processes can cause.

3. Enhanced Client Satisfaction

Modern clients expect convenience and efficiency in all their interactions, and that includes payment collection. An integrated payment system meets these expectations by offering a smooth, secure, and quick way to make payments. Clients can pay invoices online from their smartphone or computer in seconds. This convenience improves their overall experience with your firm. Happy clients are more likely to be repeat clients and to refer others to you.

4. Reduced Processing Costs

Integrated payment systems often come with the benefit of lower processing fees compared to traditional payment methods. Some systems, like Mango Payments, even guarantee savings on credit card processing fees. Over time, these savings add up and directly impacts your firm's bottom line.

5. Enhanced Security

Security is paramount, especially when handling sensitive financial transactions. Integrated payment solutions are designed with security in mind. The best payment systems offer advanced encryption and compliance with industry standards to protect your clients' payment information and your firm's financial data.

6. Automated Reconciliation

The integration between your payments system and accounting software means that payments are automatically matched and reconciled with invoices. This automation saves time and reduces the likelihood of reconciliation errors to ensure that your financial records are accurate and up-to-date.

7. Recurring Payments and Subscription Models

For firms that offer ongoing services, an integrated payment system can facilitate the setup of recurring payments or subscription models. This not only ensures a steady cash flow but also simplifies the billing process for both the firm and the clients.

The Bottom Line

By integrating your payment processes directly into your accounting software, you streamline operations, enhance client satisfaction, and improve cash flow management.

Be sure to download your free infographic on time and billing tips for accountants here.

How Integrated Payments Can Enhance Client Satisfaction

Your clients expect convenience, speed, and security in your transactions. Integrated payments meet these expectations by revolutionizing the way clients interact with their service providers. Let's explore how integrated payments create a seamless payment experience and foster trust and satisfaction among clients.

1. Seamless Client Payment Experience

Integrated payments make the payment process incredibly straightforward for clients. Instead of navigating through multiple platforms or steps to pay an invoice, your clients can complete payments directly through a secure portal provided by you. This integration means that as soon as an invoice is generated, clients can pay it with just a few clicks, anytime and anywhere, from their preferred device. The convenience is huge. It’s like the difference between mailing a letter at the post office and sending a text message from your smartphone.

2. Multiple Payment Options

One of the significant advantages of integrated payments is the flexibility it offers clients in how they pay. By accommodating multiple payment methods, including credit cards and ACH transfers, firms can cater to the preferences of a broader client base. Your clients will appreciate the ability to choose the payment method that best suits their needs and circumstances.

3. Reduced Wait Time

The speed and efficiency of integrated payment processing have a profound impact on client trust and satisfaction. In an era where instant gratification is often expected, the ability to process payments quickly is a significant advantage. Clients no longer have to wait days for payments to be processed and acknowledged. Instead, integrated systems confirm payments almost immediately, providing peace of mind to clients and reducing the administrative follow-up often required from both parties.

The Bottom Line

Offering a seamless payment experience can lead to stronger client relationships, higher retention rates, and positive word-of-mouth referrals.

The Bottom Line

Tips for Improving Cash Flow Management

Integrated payments can streamline your payment processes and enhance your cash flow management. Here’s how you can leverage these systems to your advantage:

1. Real-Time Visibility into Cash Flow

Integrated payments provide immediate updates to your accounting software when transactions occur. This eliminates the wait times associated with manual entries or batch processing. Real-time visibility into your cash flow allows you to see how much cash is available at any given moment so that you can make informed financial decisions. You can quickly identify when payments are received, monitor outstanding invoices, and manage your firm’s finances with up-to-date accuracy.

2. Strategies for Shortening the Payment Cycle

Use integrated payments to set up automated reminders for clients about upcoming or overdue invoices. This can encourage prompt payment without requiring manual follow-up from your team.

Offer multiple payment options. By providing various payment methods (such as credit cards, ACH, and online payments), you cater to the preferences of all clients. This makes it easier and more convenient for them to pay promptly.

Offer discounts or other incentives for early payment. Clients are often motivated by savings and may pay faster to qualify for these benefits.

For clients with ongoing engagements, set up recurring billing to automate the invoicing and payment process. This ensures timely payments and reduces the administrative workload.

3. Leverage Integrated Payment Data for Forecasting and Decision-Making

Use the data from your integrated payments system to analyze trends in how and when your clients pay. This can help you identify patterns, such as seasonal fluctuations in cash flow, enabling you to plan accordingly.
Be sure to monitor outstanding invoices. Real-time data allows you to keep a close eye on invoices that need to be paid. Use this information to quickly take action on late payments and improve your cash flow.

You can also use data tools for financial forecasting. With comprehensive data on past and current payments, you can more accurately forecast future cash flow. This predictive insight can inform decisions around investments, expenses, and growth strategies.

Finally, make adjustments based on past behavior. Evaluate your clients' payment histories to adjust terms for future engagements. For clients who consistently pay late, consider requiring deposits or changing payment terms to secure cash flow.

The Bottom Line

Integrated payments can provide real-time financial insights. Analyze this data to shorten the payment cycle and improve your firm’s financial stability.

Final Thoughts

Adopting integrated payments is a big step forward for accounting firms. It completely changes the way your firm works but for the better. Your firm will become more efficient, more client-focused, and more financially stable. By adding payment systems like Mango Payments to what you do every day, you make your work smoother and make your clients happier with easy and safe ways to pay.

Schedule a free demo of Mango Payments today to see how we can help you future-proof your firm.

Unlock your accounting firm’s potential.

Save time, streamline workflows and get paid faster with Mango’s all-in-one Time and Billing Practice Management software.

Blog Categories

Recent Articles

2 clients are smiling while the CPA is discussing

Shifting Gears: Offering Client Advisory Services Post Tax Season

If you run your own practice, you know all too well the…

Happy Fourth Anniversary! Celebrating the Release of Mango’s ImagineShare Client Portal & eSignature Module

Happy Fourth Anniversary! Celebrating the Release of Mango’s ImagineShare Client Portal & eSignature Module

At Mango, we enjoy a good celebration-and we can’t think of a…

Accountants How to Stop Leaving Money on the Table

Accountants: How to Stop Leaving Money on the Table

One big challenge that accountants, medical practitioners, lawyers, and all independent contractors…

Integrated Payments System at Your Accounting Firm

The Pros and Cons of Integrated Payments

In this post, we discuss why you should use an integrated payments system at your accounting firm, along with three considerations to keep in mind.

What is a realization rate

How To Increase Your Realization Rate

In this guide for accountants, we discuss what is a realization rate, and how you can use this metric to improve your firm’s profitability.