With the Christmas / New Year holiday season fast approaching, it is time to “double down” on your collection activity. Invoices unpaid by the 20th December are likely to remain unpaid until well into the new year.
The next few weeks are critical to the firms cashflow over the Christmas break (which for many firms means up to late January). SO what should be done over the next few weeks? Firms should increase their focus on their debtors and make more calls. These calls will result in more payments and Payment Arrangements which means increased cash. Do this now whilst the firm’s clients are still in business mode … because they too will be in holiday mode (like the rest of small business Australia) through to the end of January.
2024 has been a very tough year for small businesses pretty much across all industry sectors; with the September quarter being the toughest quarter yet. Even professional service firms with robust systems and professional credit managers are dealing with more than the usual challenges in collecting cash from struggling business clients. Firms that do not offer a range of payment options (such as online card payments, direct debits, monthly instalments and fee funding) will struggle even more to secure payments from those clients.
If your accounting or legal firm’s cash flow is under pressure heading into the holiday season, FeeSynergy is here to help you turn the tide quickly. We’re a trusted partner with a long history of providing outstanding service to firms just like yours. Our systems and expertise helps ensure your cash flow remains strong and predictable month after month.We understand the impact a rapidly ageing debtor books can have on firms. For example, based on significant debtor ledger data going back many years, we know that once an invoice hits 90 days overdue, it is likely to remain unpaid for a further 90 or more days.
“The older the debt, the harder it will be to collect.”
Imagine a world where cash flow worries are a thing of the past, where your firm always has the funds to cover wages, super, BAS, rent, tech upgrades, and more. This is the world that a typical FeeSynergy Collect user enjoys all year round.
Wondering how this can become your world? FeeSynergy’s automated debtor management and payment solutions platform (called Collect) is a proven solution which is used by hundreds of accounting and legal firms across Australia and New Zealand. FeeSynergy Collect is not just another app — it’s a comprehensive platform that tackles common challenges faced by accounting and legal firms. Beyond improving cash flow, FeeSynergy Collect positively impacts your firm’s overall financial performance as well as enabling compliance in a range of areas (BECS, ACCC, APES, TPB/ATO).
Book a free demo today and see first hand how FeeSynergy Collect could have a positive impact on your firm in 2025.
