How Accounting Firms Benefit From Pay by Bank

Accounting firms are known for precision, accuracy, and the ability to find order in a sea of numbers. But even the best-run practices aren’t immune to operational inefficiencies, especially when it comes to their payment methods. Every week, accounting firms across the UK lose 17% valuable billable hours to administrative tasks. Time spent downloading bank statements, chasing payments, or manually reconciling transactions could be better used advising clients or growing the practice.  This is where Pay by Bank steps in, bringing simplicity, speed, and automation to your payment workflows. Here’s how UK accounting firms can use it to modernise operations and improve cash flow.

What is Pay by Bank?

Pay by Bank is an open banking-powered payment method that lets clients pay you directly from their bank accounts. No cards, no terminals, no clunky gateways. It’s secure, instant, and built for today’s mobile-first world. Clients receive a secure payment link via email or SMS. They then tap, approve the payment in their banking app, and the funds land in your account, often in seconds. 

Why it works so well for accountants

Accountants know how much effort goes into chasing late payments and balancing books when transactions are scattered or delayed. Pay by Bank removes that friction.

• Faster payments: Many Pay by Bank providers offer real-time settlement, improving cash flow.
  
• No card fees: Firms can save thousands annually, especially when billing higher-value retainers or service packages.
  
• Instant reconciliation: Payments come in with full context, making matching and reporting seamless.
  
• No portals or client logins required: Clients don’t need to create an account, they just tap and pay from their bank app.
  

Designed to fit how firms already work

One of the biggest barriers to adopting new payment methods is the fear of disrupting established systems. And understandably so. Larger firms often have well-defined processes, integrated software tools, and layered approval workflows that can’t be easily swapped out. The good news? Pay by Bank doesn’t require you to rethink or rebuild your operations.

Whether you generate invoices through Xero, QuickBooks, Sage, or a bespoke practice management tool, Pay by Bank links can be embedded directly into your existing templates. So, there’s no need for your clients to log in to new portals or create accounts. What they need is a simple, secure payment flow layered on top of your current tools.

You can:

• Assign view-only or restricted access to team members based on roles.
  
• Automate collections via your CRM or invoice software.
  
• Track payment status in real time, right from your dashboard.
  
• Support multi-location access, so regional offices or departments can use it independently.

This makes Pay by Bank especially useful for firms with decentralised teams or shared service centres handling receivables. It works with how your firm already operates, not against it.

A smarter solution for a smarter profession

Pay by Bank is more than just another way to collect fees. It’s a tool that helps accounting firms focus on what they do best. It provides strategic financial insight and trusted client service without the operational drag. Besides, accountants are already great with numbers. But the right tech can help them do even more with less: less admin, less waiting, less cost.

Takeaway

With Pay by Bank, firms get paid faster, spend less time on reconciliation, and reduce costs, all while offering a smoother experience to clients. And in a profession where trust, time, and margins matter, that’s a win worth banking on.

Sources: UK lose 17% valuable billable hours

Frequently asked Questions

What is Pay by Bank?

Pay by Bank is an open banking payment method that lets clients pay a firm directly from their bank account, with no cards, terminals or portals. The client taps a secure link, approves the payment in their banking app, and the funds land in the firm’s account, often in seconds. Atoa is FCA-authorised (FRN 1007647) to provide these payment initiation services.

How does Pay by Bank help accounting firms?

Pay by Bank helps accounting firms reclaim time lost to admin, with UK firms losing around 17% of billable hours to tasks like chasing payments and manual reconciliation. Clients pay from a link with no logins or accounts to set up, and payments settle faster with full context for matching. Atoa runs this alongside your existing invoicing tools.

Does Pay by Bank reduce reconciliation admin?

Yes, Pay by Bank reduces reconciliation admin because payments arrive with full context, making them straightforward to match against invoices. This removes hours spent downloading statements and matching transactions manually. With Atoa, payment status can be tracked in real time from your dashboard.

Are there card fees with Pay by Bank?

No, Pay by Bank has no card fees because it moves money account-to-account and bypasses the card networks. This saves firms money, especially on higher-value retainers and service packages. Atoa’s Pay by Bank starts from 0.6% plus VAT, up to 50% lower than typical card fees.

Does Pay by Bank work with Xero, QuickBooks and Sage?

Yes, Pay by Bank links can be embedded into invoices generated through Xero, QuickBooks, Sage or a bespoke practice management tool, so you do not need to rebuild your workflows. Clients pay from the invoice without logging into a new portal. Atoa works with these tools and supports role-based access and multi-location use.