How to Eliminate AR with Automated Payment Collection

Best for firm owners who want to:

  • Firm owners and managers struggling with manual invoicing, which leads to late payments.

  • Firm owners who want to organize their AR system to encourage early payment.

  • Firm owners and operators looking for a central dashboard to make timely AR decisions.

Show me a manual AR process, and I’ll show you firm owners that are:

  • Sending invoices too late when they can recur invoices and automatically charge the client’s account.
  • Wasting billable hours on invoice follow up when they can automate payment reminders.
  • Losing track of payment and AR data when they should be monitoring opened, voided, or overdue invoices in a dashboard.

Financial Cents addresses accounts receivable problems by automating receivable collection from proposal through invoicing to payment processing.

Here’s how it works 👇

Step-by-Step Guide:

Step 1: Require Payment Information Before Clients Sign Proposals

One major way Financial Cents addresses AR problems is by enabling you to auto-charge your clients when their invoices are due.

To do that, you need their payment information. This step helps you collect their payment information ahead of time.

This video shows how that works. 👇

Step 2: Automate Recurring and One-Time Payments

Delayed invoicing is unlikely when you don’t have to create and send invoices from scratch at every payment cycle. This step helps you create an invoice once for all subsequent billing.

See how here 👇

Step 3: Track Payments in Real Time

A receivable process is only effective when you no longer need to chase clients to understand where an invoice stands.

Here’s how to do that in Financial Cents 👇

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Why Automatic Accounts Receivable Is a Game Changer

Automation removes the human factor that creates bottlenecks in your receivable collections by:

  • Eliminating Manual Invoice Follow-Up: AR automation saves you hours of revenue-generating work by removing the task of creating, sending, and following up on outstanding invoices.

    It also provides a central dashboard that makes it easy to view and resolve invoice disputes on time.

    Without it, precious hours and mental energy would have gone into chasing clients for payments before errors are spotted, which can delay payments and lead to bad debt.
  • Ensuring Predictable Cash Flow: Automated accounts receivables remove the bottlenecks that delay invoicing (including errors), making it easier for clients to pay you and improve your cash flow.

    For example, the recurring feature ensures invoices are delivered to clients on time, and the auto-charge feature automatically credits your account (as and when due) from the client’s payment method on file.

    This reduces your day sales outstanding and cash conversion cycle.
  • Allowing Teams to Focus on High-Value Work: Some teams invest a lot of time drafting emails. Others sacrifice scheduled client projects to follow up with overdue payments.

    Then, there’s the loss of morale that comes with working hard to complete a project only to spend more hours chasing payment.

    AR solutions like Financial Cents provide reminders that keep your payment requests on top of your client’s minds, freeing your team up to focus on completing more of the work that generates revenue.
  • Providing Exceptional Customer Experience: No one (especially accounting clients) wants to waste their precious time sending back-and-forth emails to pay you.

    Automated accounts receivable enable clients to make payments without needing to enter their payment information every week, month, or quarter—as the case may be.

    Combined with the client portal feature, Financial Cents, for example, allows your clients to view and manage their unpaid invoices. They can also collaborate with you to build clarity.

    This ease of payment is reflected in the overall client experience, which encourages client loyalty.

Make Clients More Responsive with Automatic Receivable Collection

The timeliness, organization, and proactiveness (or lack thereof) of your billing system can make or break your accounts receivable strategy.

That is why Financial Cents provides a simple yet powerful tool that enables you to be proactive in your receivable collection.

By allowing you to request your client’s payment methods, automatically charging your client’s account, and auto-reminding clients, Financial Cents gives you more control over your client’s payment behavior.

None of these benefits are possible with manual AR systems. It’s all human errors, wasted hours chasing clients (and tracking payments), and frustrating back-and-forth emails that make client relationships difficult.

See everything we’ve discussed for yourself.

Frequently asked questions

Does the free 14-day trial provide access to all the features?

Yes, you will have access to all the features and features that Financial Cents has to offer during your free trial. Also, you will be able to invite your entire firm to use the solution.

If the accounting software doesn’t have a feature, can you add it?

We offer a very robust accounting workflow software full of all of the features your firm needs to grow with ease. However, if there is something we don’t offer, you can recommend it to our team! We release new features every week and constantly ask our users what we need to build next so we can drive more value for their accounting firm.

So yes, if you have new feature ideas and requests, we will add them to our roadmap and work with you on the best way to develop them.

How does FC prevent work from falling through the cracks?

Financial Cents makes it easy to track the status of client work, see who’s working on what, and know where everything stands within one simple view. Financial Cents also has built-in reminders and notifications to keep your team on top of client work and deadlines.

How does Financial Cents help protect client data?

We focus on serving accounting firms, and because of that, the security of your data is our number one focus. You read about how we keep your data safe here.

What kind of support does Financial Cents offer?

Offering best-in-class customer support is the core of our business. We understand that you are busy and don’t have time to wait for someone to get back to you after a few hours. That is why we promise quick and responsive support with responses within 15 minutes. We offer live chat support directly inside the app so our team can. If we can’t solve your issue via chat, we will jump on the phone or zoom to quickly resolve your issues.

How easily can I add my clients to the software?

Adding your clients is as easy as 1, 2, 3. You can import all your clients and their data within 30 seconds with our QuickBooks Online integration. If you don’t use QuickBooks Online then you can export your client list (via CSV) from your current software and import it into our system in just a few steps.

How does FC help me automate client data collection?

Our system allows you to send your clients automated requests for data needed to complete your work. It will also follow up with them until they complete the request, so you never have to chase down your clients again. This allows you to focus on what matters most—getting your work done on time and growing your firm.

What reports are available in Financial Cents?

We offer several reports that give you insights that help you identify bottlenecks in your process, drive efficiencies, and boost your firm’s profitability. Some of those reports include capacity management, measuring your effective hourly rate, and time tracking reports.

Do you offer unlimited storage?

Yes, we offer unlimited storage for client and firm files. You can easily store all your documents in Financial Cents to keep your firm organized as it grows.

Can time tracking be integrated with QuickBooks Online for Invoicing?

Yes, you can easily integrate your time tracking with QuickBooks Online. It will automatically push all the time tracked in FC to QuickBooks Online so you can easily invoice your clients and manage payroll.

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