Empowering accountants and SMEs using Curlec’s online Direct Debit solution

Products used

Group 277 Payments

globe 1 Malaysia

building 1 Professional Services

Introduction

Founded in 1993, Cheng & Co is one of the largest local accounting firms that serves over 6,000 SMEs in Malaysia by providing professional business services in the areas of tax, accounting, company secretarial and business consulting. With over 14 branches located across Malaysia and 4 branches overseas including Singapore, Hong Kong, China and Australia, the company serves predominantly SME businesses along with fellow startups and larger corporations.

The challenge

Prior to adopting Curlec, Cheng & Co was facing a number of challenges, including time wasted relying on manual administrative work, as well as chasing for late payments with invoices as low as RM1.25.

What’s more, 100% of their clientele were utilising manual methods such as cheques and bank transfers to pay their dues, putting a large portion of effort for Cheng & Co into managing time and manpower to solve these discrepancies in their cash flow.

The solution

With the help of Curlec, automated Direct Debit has now become a new standard for Cheng & Co’s clients in Malaysia. Incorporating Curlec’s services designed specifically to handle both recurring (designed for recurring secretarial services) and one-off payments (for tax services), the system has enabled Cheng & Co to not only provide a seamless payment cycle for its clients, but also diversify it’s payment plans to provide more options that benefits both the firm and the clients during this MCO period, such as the incorporation of instalment schemes within the terms for outstanding payments.

For a traditional business like Cheng & Co, Curlec’s payment solution makes the payment process easy to initiate and monitor, as they work closely with the company to integrate all the invoices with payment links for our clients to easily make payment through email or WhatsApp. Since the company has incorporated everything into a single system, Cheng & Co know exactly when they get paid as well as what is coming down the cash pipeline every month, making it so much easier for the company to plan its internal finances.

“Making strides in payment efficiency, Curlec integrates seamlessly with our cloud-based accounting software, Xero to streamline our entire collection process, helping to digitise our businesses in line with the current situation, thus, giving our clients the full package.

Moving forward, we are working to move at least 50% of our collection done through Direct Debit.”

- Tom Wong, CEO of Cheng & Co.

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