FeeSynergy Insights provides accounting and legal firms with a unique view into the payment behaviour and credit worthiness of the firm’s clients. This exciting module integrates exclusively with Equifax credit scoring technology providing Collect users with a deeper understanding of the client’s business and the overall quality of the firm’s client portfolio.
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FeeSynergy Insights ticks all the boxes...
For accounting and consulting legal firms, knowing your client’s credit score can empower you to make informed decisions, manage risk and help identify new business advisory opportunities.
FeeSynergy Insights provides clarity on the risk profile of their total debtor’s ledger and enables FeeSynergy client firms to identify opportunities to help their clients.
The online access to Equifax reports and data verification services also positions our clients to get ahead of the curve to comply with expected Anti-Money Laundering (AML/CTF) and Know Your Client (KYC) legislation.
FeeSynergy Insights benefits …
- Client payment trends
- Client portfolio risk profile
- Equifax credit scores
- Equifax subscription
- Online access to Equifax range of credit reports and land title search reports
- Online access to data verification services for KYC
- Gain valuable insights into your client’s business
- Risk mitigation and risk management
- Reduce write-offs
- Identify new business advisory opportunities
FeeSynergy Insights Questions
Knowing a client’s credit score is one of the best indicators of what others think of your client.
When an accounting or legal firm take on any client work they are often relying on their own personal judgement of the client and their ability to pay for the services rendered. Even clients with a long association with the firm may not be a good credit risk. Credit scores are not binary; a client’s business may be flourishing one day and then floundering the next and vice versa.
FeeSynergy has partnered exclusively with Equifax because they are the largest credit bureau agency in the world.
Equifax credit data is used for credit decisioning by all major banks, financiers and telcos and utility companies.
FeeSynergy has a long history of using Equifax credit reports and KYC data verification services in its finance operations.
Scoring is the process of using a variety of information available at a certain point in time, to quantify the likelihood of a particular outcome occurring in the future. The development of a scorecard involves the use of statistical techniques to identify and measure correlations between historical data and actual behavioural outcomes for a given population.
Once quantified, a formula is then created that can be applied to calculate the probability (i.e. a score) that a particular outcome will occur in the future for an individual with certain attributes.
KYC stands for Know Your Client which is central to Australia’s Anti-Money Laundering and Counter Terrorist Financing legislation (administered by AUSTRAC).
All financiers and other designated service providers are required to comply with strict KYC rules to help identify money laundering, organised crime, tax evasion, welfare fraud and financing of terrorism. Tranche 2 of the legislation, when eventually enacted, will extend compliance to a number of non-financial industries deemed vulnerable by AUSTRAC (including accounting and legal).