As FY25 comes to a close, many professional service firms will be carrying over unpaid invoices and unresolved debts into the new financial year. These lingering issues can weigh heavily on cash flow, disrupt planning, and limit your ability to grow in FY26. Now is the time to put systems in place to ensure your firm starts the new year on stronger financial footing. FeeSynergy is here to help you approach debt recovery strategically, so you can minimise risk, improve collections, and stay focused on the year ahead.
Step 1: Assess the Scale of Outstanding Debt
Start FY26 with a clear picture of your accounts receivable. Evaluate:
- Total value of overdue invoices
- Aging profile of debts (30, 60, 90+ days)
- Recurring client payment issues
The longer a debt is outstanding, the harder it is to recover—so early action in FY26 is critical.
Step 2: Establish Clear Communication Protocols
Make consistent, proactive communication part of your FY26 collections strategy:
- Use automated reminder emails via FeeSynergy Collect
- Follow up personally on high-value or long-overdue debts
- Provide structured payment plans to improve recovery rates and client relationships
Step 3: Reassess Client Creditworthiness
The start of a new financial year is the perfect time to review the credit health of your client base. Monitor credit scores, past payment patterns, and overall financial behaviour to flag risks before they become problems.
Through its unique integration with Equifax, FeeSynergy is well placed to assist its clients assess their own client’s credit worthiness.
Step 4: Use Technology to Drive Efficiency
Modern debt management tools like FeeSynergy Collect allow you to:
- Automate follow-ups
- Offer online payments and direct debits
- Enable flexible fee finance options
- Reduce manual workload and improve recovery rates
Step 5: Strengthen Payment Terms and Policies
FY26 is your opportunity to tighten engagement terms:
- Set clear payment windows (e.g. 14 days)
- Use upfront deposits or monthly billing cycles
- Include late payment penalties and recovery clauses
Make sure clients are aligned on these expectations from the outset.
Step 6: Monitor, Report and Refine
Use real-time dashboards to track progress across FY26. Measure:
- Recovery percentages
- Time-to-payment trends
- Client responsiveness
This data helps refine your strategy and boost long-term outcomes.
Step 7: Leverage Expert Support
If internal efforts aren’t enough, FeeSynergy’s expert team can help you implement professional, compliant, and effective debt recovery strategies tailored to your firm.
Plan Smart for FY26
Recovering debt isn’t just about fixing the past—it’s about building resilience for the future. With the right tools and systems in place, your firm can enter FY26 with greater control, healthier cash flow, and fewer financial roadblocks.
Talk to FeeSynergy today and start the new financial year with confidence.
