GETTING PAID: TRENDS CPAS NEED TO KNOW FOR 2019
GETTING PAID:TRENDS CPASNEED TO KNOWFOR 2019
ACCOUNTING PROFESSIONALSAND THE DIGITAL REVOLUTIONEven as you read this, acceleratingtechnological innovation continues to reshapeentire industries. The Third IndustrialRevolution, or the Digital Revolution, whichhas brought a proliferation of software toolsand reshaped the way we communicate andconduct business, is still impacting industriesas more and more services become digitized,virtualized, and mobile.We’ve seen traditional bookstores rockedover the past decade with the rise of Amazonand other online media retailers. Streamingentertainment companies like Netflix andHulu have rendered businesses likeBlockbuster irrelevant. The taxi industry hasbeen remade with the rise of Uber, Lyft, andother ride-sharing startups. And theaccounting profession has been impacted byself-serve tax preparation software tools andcloud-based accounting platforms. CPAs arehaving to rethink ingrained processes,business strategies, and pricing models as aresult of these new technologies.75%Most prefer credit or debitThe vast majority of people,75 percent, say they prefer to paywith a credit or debit card.How people pay forthings is changing,too. Just thirty yearsago, it wasn’t uncommon to see “cash only”signs in storefront windows. Today, paymentmethods like ApplePay, Android Pay, andGoogle Wallet have proliferated. Peer-to-peerpayment apps like Venmo are gainingpopularity, and cryptocurrencies like Bitcoinare roiling markets and disrupting the financialsector. Still reigning supreme are the majorcredit card brands, Visa, MasterCard, andAmerican Express.Some experts believe we’re on our way to acashless, checkless society. With so manydigital payment options and the conveniencethey bring, it’s no surprise online paymentshave become the norm and most people’spreferred payment method.Data shows electronicpayments continueto dominateAccording to a recent TSYS survey, 75 percent ofpeople now prefer to pay with a credit or debitcard. Research from Fiserv found that 74 percentof households that have internet access reporthaving paid bills online, 79 percent ofconsumers have switched to paperless billing,and 70 percent say having multiple ways topay a bill increases their satisfaction withthe biller.Getting Paid: Trends CPAs need to know for 2019 866-531-75662
What it comes down to is people want moreonline payment options, and the businessesthat deliver these make customers happy.Research also shows more people are givingup checks altogether. According to one survey,over half—55 percent—of consumers don’t useor rarely carry checkbooks. Most people neverwrite a personal check or only do so a fewtimes a year, and among the youngest cohorts,the data is even more stark: 61 percent of 18to 24-year-olds never write checks. Anothersurvey found 52 percent of Millennials—whowill turn 21–37 years old in 2018—never usechecks. And the number of bills paid by checkfell 20 percent from 2010 to 2016.65 percentof people expect to beable to pay from a biller’sapp or mobile websiteExpectations of businesses are shifting, too.Like it or not, all businesses are now beingheld to the higher customer experiencestandard that leading companies like Amazonare setting. TSYS found 65 percent of peopleexpect to be able to pay with a credit or debitcard from a biller’s app or mobile website, and79 percent expect local service providers likeyou to offer the same payment options aslarge national companies.The bottom line? Your professional reputation isat stake. Clients don’t expect you to be wrestlingwith stacks of paper and crunching numbers on aretro calculator. They expect you to use the latesttools, processes, and technology available to youto handle their finances adeptly and efficiently.Furthermore, if you’re only offering traditionalpayment options like cash and check, yourclients might wonder whether you’re out of dateon the latest tax rules, too. These days, runningan old-fashioned office doesn’t instill confidence.You want to be seen as modern, technologicallycompetent, and easy to work with. Modernonline payment tools are one key aspect of that,allowing you to show clients and prospects thatyou’re not afraid of the innovations brought bythe Digital Revolution—you’ve embraced them.Getting Paid: Trends CPAs need to know for 2019 866-531-75663
WHAT MAKES A MODERNCLIENT EXPERIENCEIn today’s tech-focused world of instantgratification where we all have a computer inour pocket or purse, people have becomeaccustomed to—and spoiled by—frictionlesscustomer experiences. So what exactly doesthat mean?The term “frictionless” here refers to fewersteps, simpler interactions, and fewer barriersto completion for customers or clients. Let’sreturn to those three businesses wementioned earlier: Amazon, Netflix, and Uber.Amazon eliminated the need to go to a store,reduced the research burden on consumersby using data to present them with productsthey’d like, and pioneered the “one-clickordering” process to nudge customers towardfaster, more seamless check-outs.Netflix eliminated the need to go to the videorental store, provided instant gratification,24-hour service,and completelystreamlined anddigitized themovie-ordering andpayments process. Ubereliminated the traditional firststep of ordering a ride—thephone call—along with thetransactional, physical payment step wherecash or card changes hands, resulting inoptimizations for speed, efficiency, and service.But those are trendy, innovative technologybrands. How does this apply to you? Well,professional services firms can also look at allof their client interactions and identify ways toremove friction at each step. One way toremove friction from your billing andpayments processes is with a modern onlinepayment solution. It allows you to simplifyGetting Paid: Trends CPAs need to know for 2019 866-531-75664
billing and payments interactions andremove barriers to completion, so your billsget paid faster and more reliably. Here aresome of the ways online payment toolsreduce friction in your client experience.Eliminate paper billsIf you’re still asking clients to wait for apaper invoice in the mail and then send in apaper check, you have a big opportunity toclean up and streamline those processes forthe modern age. A digital solution is faster,simpler, and even creates a cleaner, moremanageable “paper trail” forclients—because it’s all online. Clients cansearch their email for past bills, rather thanpawing through paper files.Stop requiring paymentby checkPeople have grown so accustomed to beingable to pay with plastic or with the click of abutton that they expect to be able to, which iswhy so many no longer carry cash or checks.For prospects who don’t use checks, a demandfor payment by check can be akin to a doorslam that forces them to find another CPA.BillPaidProvide instantpaymentconfirmationImmediate gratification hasbecome a hallmark of themodern online buyingexperience, and an online payment solutionlets you provide this perk to your clients. AThe vast majority ofpeople say having multipleways to pay their billincreases their satisfaction.great online payment platform lets you set upautomatic payment receipts that are emailedto clients after they pay their bill, in the sameway they’re used to getting anear-instantaneous order confirmation fromother businesses.Offer a 24-hour virtual serviceWe’re all used to being able to shop online orpay bills on the weekend or in the evening. Anonline solution also lets you effortlessly expandyour hours of service. When clients can go toyour website and pay online on their ownschedule, they see that as another small butcumulative way in which you’re making an effortto meet their needs.CPAs who want to remain competitive in thefast-changing service industry landscaperecognize the value in setting themselvesapart by providing a stellar client experience.The vast majority of people say havingmultiple ways to pay their bill increases theirsatisfaction, so you have nothing to lose and alot of client satisfaction to gain by reducingfriction in your billing and payments processes.Getting Paid: Trends CPAs need to know for 2019 866-531-75665
THE EVOLVING COSTSOF DOING BUSINESSIf there’s an elephant in the room on the issueof online payments among CPAs, it’s this:accepting credit and debit cards meanspaying processing fees. This is one of themost common objections CPAs have toadopting an online payment solution.The fundamental reason for this is that there’sa cost to move money within our financialsystems. But rather than viewing this as ahurdle to accepting credit cards, manyaccounting professionals have accepted thatthese fees are now simply one of the costs ofdoing business in 2019 and beyond.Throughout the Digital Revolution, CPAs haveadjusted to new business expenses likecomputers, web hosting, tax and accountingsoftware, and more recently, cloud storageand document automation tools. Like theseother expenses, online payment processing isanother cost CPAs are building into theirbudgets because of the opportunities forincreased efficiency, productivity, and clientsatisfaction these technologies present.Finding these fees far from cost-prohibitive,professionals we’ve talked to consistently tell usthey’re pleasantly surprised at how affordable anonline payment solution has proved to be.As you consider how you’ll offset the cost ofaccepting online payments, take into account thepotential for greater efficiency, and other costsyou’ll alleviate, such as reduced mailing costswhen you no longer need to send paper invoices.As CPA Nicholas Fedele told AccountingWEB,“First, ask yourself if you can justify the purchasebased on improved firm efficiency. Will thissoftware reduce your labor costs, streamline dailyoperations, or replace outdated tools?” In thecase of online payment technology, many CPAsfeel the answer is a resounding yes.One of the most valuable—though harder toquantify—benefits is time and the freedom tofocus on enhancing client service. As CPADavid Cantor told CPACharge in 2017,“Knowing that I get confirmation of a creditcard payment immediately takes away theburden of having to worry about the checkbeing ‘in the mail.I promise.’”In a panel discussion with the Journal ofAccountancy, when asked which technology hasdone the most to transform her job during hercareer, CPA Amy Vetter highlighted the benefitsof online payments. “Giving the clients controlof how they make payments, and making iteasy, takes the collection discussion out of thecustomer relationship. It allows CPA firms [.] todo the work they are good at, and let thepayments technology take care of collections.”The truth is, the question of cost mayeventually become a moot point. If you don’taccept credit card payments, one of yourcompetitors will. Keep this in mind as youwork to win new business and attract ayounger clientele.Getting Paid: Trends CPAs need to know for 2019 866-531-75666
HOW CPAS ARE OPTIMIZINGWORKFLOW AND CASH FLOWWe all want to provide exceptional clientservice, but what’s in it for you? How does anonline payment tool make your workday easier,save you time, or deliver valuable businessinsights? Let’s look at some process andoperational benefits to see how online billingand payments are being used in firms aroundthe country to boost cash flow and save time.Stop waiting for checksto arrive in the mailImagine eliminating what can beweeks worth of lag time as youwait for clients to receive your bill,write a check, send it throughtraditional paper mail channels,and then wait for the check to postto your account.With online payments, you get paid faster,you get a near-immediate confirmation emailwhen payment is submitted, and thetransaction shows as pending in your paymentplatform within minutes. One survey of legalindustry professionals found that those whoaccept online credit card payments get paid39 percent faster on average.Bookkeeper Juliane Jay with Crippen CPA saidshe wasn’t sure clients would use a self-servicepayment link, but she’s been surprised by howOne survey of legal industryprofessionals found that those whoaccept online credit card paymentsget paid 39 percent fasteron average.Getting Paid: Trends CPAs need to know for 2019 866-531-75667
popular it is. “I embedded the link in the emailI send with invoices, and I'm amazed how muchit's used by our clients,” Jay said. “As a bonus,they're forced to give me better identificationof the payment (invoice or client number) thanthey're likely to supply on a check.”Automate your cash flowFor work that you take on retainer or any repeattransactions you need to process, the bestonline payment tools let you set up recurringpayments to manage these charges. This is ineffect like putting your cash flow on autopilotand just watching revenue flow in, and you canuse the time saved on administrative busy workto focus on adding new services.Let your techtools worktogether intandemAnother big benefit of anonline payment platform isthat many integrate with thesoftware you already use and love. Being ableto process payments from your existingsoftware isn’t just easier than having to jumpfrom one program to another, it also bringsthe potential for streamlining your workflowand delivering richer business insights whenyour software tools can share data and talk toone another.If you prefer working in a spreadsheet, mosttools will let you export all of your paymenttransactions right to Excel and crunch data toyour heart’s content.Alleviate yoursecurity burdenToday, security is a topconcern for CPAs and theirclients alike. High-profileevents like the 2017 Equifaxbreach and more targeted ransomwareattacks against legal and accounting firmshave set professionals and their clients onedge. But data security concerns don’t seemto be dissuading people from wanting to payfor goods and services electronically. In fact, ina recent survey by TSYS, more than half ofrespondents said they believe credit or debitis the safest payment type.Too many CPAs around the country are stilljotting down clients’ credit card numbers overthe phone. Even if you still leave sticky noteswith sensitive credit card information on themscattered around your desk or office, youprobably realize what a security risk this is.An online payment solution lets you email adirect payment link to clients so they canenter their card information into a secureportal themselves, which means you nevertake possession of that sensitive data. Thislets you effectively shift much of the relatedsecurity burden off of your firm. Theresponsibility for safeguarding that datalargely rests with your payment processor,which should be an established company withtop-notch security. When comparing vendors,be sure to choose one with PCI Level 1security, which is the best you can get.Getting Paid: Trends CPAs need to know for 2019 866-531-75668
CPA Scott Saltzman said he loves being ableto let clients enter their payment informationthemselves. “This ensures clients authorizethe charge and the amount,” said Saltzman.“I never have to personally input orauthorize charges, so I can avoid anypotential concerns of conflicts or misuse ofclient confidential information.”You can also get guidance from experts onhow to handle PCI compliance. Everybusiness that accepts credit cards has tobe PCI compliant, which involves meetingsecurity requirements that may be beyondyour expertise. A quality online paymentscompany will not only be PCI compliantitself, but also offer comprehensive supportand guidance to help your firm get and stayPCI compliant.Mine your payment datafor insightsA digital solution also makes it much easier toview and access your payment data to bettermanage revenue trends in your business.A payment-focused software tool can offertagging functionality to help you get a bettersense of where income is coming from andshift some of your activities to create awell-rounded portfolio of work.I NEVER HAVE TOPERSONALLY INPUT ORAUTHORIZE CHARGES, SO ICAN AVOID ANY POTENTIALCONCERNS OF CONFLICTS ORMISUSE OF CLIENTCONFIDENTIAL INFORMATION.SCOTT SALTZMAN, CPAAlong with seeing which types of work you’redoing are driving the most revenue for yourfirm, you can also dig into who yourtop-paying clients are, and look for ways tooffer them additional services or reach out tothem requesting a referral.As you work to manage the seasonality of taxwork and the challenge of managingexpenses and revenue throughout the year,digging into your payment data can helpspark new ideas for managing this challenge,whether it’s planning additional consultationsduring the slow season or executing newmarketing at strategic times throughout theyear to build up a pipeline of steady business.Getting Paid: Trends CPAs need to know for 2019 866-531-75669
CONCLUSIONIf the experts are right, and we are steadilymarching toward becoming a cashless society,it’s only a matter of time before online billingand payments processes come to dominateevery industry—even accounting. This meansadopting online payments is no longer aquestion of if, but when, as more of yourclients will choose competitors who do offerthese options.The good news is you have much more togain from this technology shift than you standto lose. Greater operational efficiency andsignificant time savings more than offset thecost of an online payment solution.Sources:TSYS 2016 U.S. Consumer Payment StudyFiserv Sixth Annual Billing Household SurveyFiserv Eighth Annual Billing Household SurveyFiserv 2012 Billing Household Survey2014 GOBankingRates PollWePay Small Business Payment Survey 2013ACI Worldwide: How Americans Pay Their BillsFiserv Fourth Annual Mobile Bill PayBenchmark StudyAccountingWEB: How Firms Can Justify theCost of New TechnologyJournal of Accountancy: Technology andCPAs Survey2017 Clio Legal Trends ReportFinally, for professional service firms like yours,providing exceptional service is one of thebest ways to delight clients, increase repeatbusiness, and win more referrals. In today’sworld of instant gratification and lightning-fasttechnology, letting clients pay with just a clickis an easy win.Getting Paid: Trends CPAs need to know for 2019 866-531-756610
About CPAChargeCPACharge is an online payment solutiondeveloped specifically for CPA firms, givingyou a professional way to accept credit, debit,and eCheck payments in your office or online,with no equipment or swipe required. Giveclients the modern options they want, whileyou get 100 percent of your paymentsdeposited into your bank account, for easy,accurate reconciliation.CPACharge is proud to be a vetted andapproved Member Benefit of theWith PCI Level 1 certification, we handle PCIcompliance for your firm, at no extra charge,and all payment data stays safe and private.Our knowledgeable in-house team ofCertified Payments Professionals is always justa call or email away.Trust the experts for a solution that’s used by60,000 professionals and offered as a MemberDiscount Partner by AICPA—CPACharge.Special offer for ISCPA membersLEARN MOREcpacharge.com/idcpa 866-531-7566Getting Paid: Trends CPAs need to know for 2019 866-531-756611
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