We know that having consistent cash flow is crucial to CPA firm success. And, “I’ll pay you soon!” just doesn’t cut it when the budget relies on client payments.
Account Receivable policies are meant to maintain billing practices — but with lax enforcement, your firm can unintentionally become your clients’ bank.
Here at QuickFee, our main goal is to help you achieve smooth cash flow. We have tips and tricks to improve your A/R practices that will last throughout the upcoming new year.
Reasons Why Clients Don’t (or Can’t) Make Payments
Clients typically won’t skip payments out of spite. Here are other reasons why clients might miss payments and what to do for each situation:
Client dissatisfaction or fee dispute with your firm.
Investigate the situation as soon as possible, and find out together how to avoid future issues.
Client forgets to make payments.
Online payment portals offer accessibility to make payments anywhere, anytime. And you can set up reminder notifications for clients.
Client is experiencing cash flow problems.
Cash flow disruptions give your firm an opportunity to offer financing through QuickFee.
Best Practices for Year-End Accounts Receivable
Here are our A/R process best practices to consider for your CPA firm’s future success:
- Send email or text invoice reminders to clients for payments.
- Follow up with a phone call if clients don’t respond within 24-72 business hours.
- Ask your client, “When will you be able to pay?” instead of, “Why haven’t you paid?”
- Offer clients financing with payment plan options.
Providing payment plan options to clients can help them manage their finances, and allow them more room to send your firm payments on time.
How Financing with QuickFee Works
QuickFee has a financing solution that will get everyone what they want from the billing cycle. You’ll love getting 100% of a client’s unpaid invoice upfront — and your client will enjoy getting multiple options for making payments.
QuickFee Pay Over Time – Give clients the flexibility to stretch their amount owed instead of in one lump sum.
How it works:
- Your firm drafts multiple quotes with payment terms options (3, 6, 9 or 12 months) to clients along with their statements.
- Your clients pick which payment terms they prefer.
- Payments are made by clients through your firm’s payment gateway.
- After a simple, quick approval by QuickFee, funds are distributed to your bank within three business days.
It’s quick and straightforward with minimal paperwork.
Improve Your Accounts Receivable Process for the New Year
Whether you need to establish an Accounts Receivable process or improve existing policies, your QuickFee Account Management team is happy to assist your firm.
Our team can connect with your clients to guide them through our products. Although QuickFee isn’t a collections agency, we want to receive your invoice payments.
We’re here to help you build your A/R practices and achieve smooth cash flow.
Find out how we can help your clients and your year-end A/R.
