By Tyler W.
September 04, 2020
Apxium Automating Debtors
How Wise Accounting Pty Ltd automated their debt collection process to not only improve their debtor day efficiency, but also kick start their automation process journey.
It is ok stand on the shoulders of giants in order to facilitate innovation. The fact of the matter is that existing developers are going to generate efficiency and automation solutions much faster than the average non-tech person will. However, this does not mean that, you cannot still be innovating, leveraging others ability and products. In fact that is the most popular way for an existing business to push the tech curve. It is about knowing what is out there. I am only a novice coder, and far from a developer but my interest in technology has me always looking to innovate and find a more effective of completing tasks.
Debtor management is one of the least enjoyable aspects of running a business, but as integral as oil to your car. Ever heard the term “cash is king”, or have you ever seen a business survive without reducing their debtor balance. I find chasing up clients for money awkward, and feel it adds to the stereotype, that an accountant only sees people as “dollars and cents”. Any business I run starts with me wanting to help, with money being a low priority; however, it is pretty hard to pay bills without it. Furthermore, as I run a unique accounting firm with zero admin staff, I need a tool that allows the process to be as fluid as possible, with as little physical input from me as possible.
I am not the biggest Xero fan in the world, but must applaud them for their open API (Quckbooks Online has a similar API mentality) policy, as it frankly has lead to the development of some truly inspiring software and add-ons (go and check out the Xero marketplace if you have not already). One of these is Apxium (formerly Onebox) and this is an all-in-one debtor management system. I have been using this software for over 6 years, and cannot rate it high enough. I should note that Apxium integrates with all popular practice management suites: MYOB, Xero, Reckon.
Effectively, as a result of Apxium, my debtor control steps are:
- I finalise / approve the invoice.
That is it. Apxium literally takes care of the rest.
Upon finalisation of the invoice Apxium emails the client with a copy of the invoice, with instructions how to pay. The client clicks the link and enters their credit card or Eft details, and can elect to pay the invoice now, or on it’s due date.
If the client neglects the first email, a reminder statement is issued at the expiration of terms, again with the payment instructions. This process can continue 2 more times (fully cusomtisable within the software) with the fourth communication from us being a text message to the client with payment instructions and the threat of referral to a collection agency. This method normally gets results, however, thanks to the effectiveness of Apxium, I cannot recall the last time one of our clients was sent a text message.
Furthermore, if your clients are unable to pay the amount in full, then Apxium allows for the client to enter in to a payment arrangement with you. Apxium handles the documentation for the direct debit, thereby making sure you are completely compliant. Apxium make it almost impossible to not get paid!
Sounds too good to be true? Well, it gets better. The fees are completely realistic and in my instance cheaper than the traditional merchant fees we were being charged for software and hardware.
As you can see I rate apxium, and the proof is in the pudding with Apxium reducing our adjusted debtor days to 13.62, down from 47, which effectively lead to the introduction of this software solution.
Apxium has completely revolutionised and automated our debtor system, and is a tool we highly recommend to colleagues and clients alike. This is not just an accounting tool, this is for anyone who wants to get paid. If you want to know more reach out to the friendly team at Apxium or if you want to discuss my user experience, I am always happy to chat.
** I am not affiliated with Apxium in any manner, other than a paying user. This article is completely independent.