Recommending iwocaPay to settle client supplier invoices can turbocharge accounting advisory services


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Recommending iwocaPay to settle client supplier invoices can turbocharge accounting advisory services

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This has made compliance work easier and faster to deliver for firms that have been able to master accounting tech. Accounting firms now have an opportunity to differentiate themselves from the competition and provide advisory services to help their clients develop their businesses and reach their growth objectives.

One area in which accountants can provide significant value is by helping their clients manage their cash flow. Running out of cash is one of the most commonly cited reasons for business failure, and late payments of invoices is a significant contributor to this problem. Research from iwoca reveals that it takes 43 days for standard 30-day invoices to be paid on average.

Signing clients up to accept iwocaPay payments from their customers can allow them to overcome the late payments problem by enabling them to get paid instantly and also be a hook for firms to introduce a suite of advisory services to serve their client base better.

Improves cashflow for clients

The most compelling reason to refer clients to iwocaPay is that it can help solve their cashflow woes.

Signing up to iwocaPay is a simple process that only takes a few minutes, with clients being able to unlock finance from issued invoices immediately.

iwocaPay is can be a cheap form of finance. The Pay Later option allows clients to pay back the balance over three monthly instalments at a representative rate of 1.5% per month based on the outstanding balance (subject to approval).

Claims back admin time

Unfortunately, late payment of invoices is all too common. iwoca research, consisting of data from over 500 small businesses in the UK, showed that more than 40% of respondents were owed more than £10,000 and that nearly a third lacked the confidence that they would get paid for these.

Chasing up unpaid invoices is stressful and takes up significant time. Quickbooks research shows that UK SMEs collectively spend 56.4m hours per year chasing payments.

In some instances, businesses can spend the equivalent of a week per year chasing these late invoices.

By using iwocaPay, businesses can gain back this lost time due to being paid instantly, use this saved time to tend to activities related to their growth.

Help attract new customers

With iwocaPay businesses have the option to get their invoices paid instantly, in return for a 3% fee.

This opens up the pool of customers they can sell to as the credit risk lives with iwoca if they are unable to pay invoices that have been advanced with iwocaPay. This allows clients to work with newer companies with a limited trading history, as well as those who have good historic records but may have had their credit scores affected by the pandemic.

Become more embedded in clients' businesses

Implementing iwocaPay can help accountants become more embedded within their clients' businesses.

Improving cashflow and claiming back admin time for clients demonstrates overarching value to small businesses rather than just completing compliance filings and making the numbers add up.

This can also make the services of firms more sticky, reducing the likelihood of clients switching accounting providers.

Upsell complimentary advisory services

iwocaPay provides the perfect entry point to upsell complimentary advisory services that can boost revenues and enable firms to differentiate themselves further.

If they do not do so already, accountants can use this as a hook to engage in conversations around wider cash flow support such as cashflow forecasting tools and access to finance.

If clients are already satisfied using iwocaPay and seeking finance, their familiarity with the brand positions iwoca’s flexible lending product as a suitable solution.

Help clients reach their goals

Getting invoices paid instantly can help clients continue to trade and reach their goals by faster cash collection giving them options around expansion such as taking on new staff, moving to new premises or expanding internationally.

These growing businesses will likely need to increase the scope of work provided by their accountants and potentially create a need for personal services required by owners who receive a windfall in return for selling their companies.


Introducing clients to iwocaPay can create a win-win scenario for small businesses and their accountants, as well as strengthening the relationship between them.


Words by
Nick Levine
Article updated on:
August 12, 2022

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