In the accounting and legal world, for many firms, maintaining consistent positive cash flow is a day to day challenge. In a volatile economic market, businesses (ie your clients) are regularly faced with unbudgeted for expenses which can create financial difficulties leading to delays paying their “less essential” suppliers.
This is where the expertise of an experienced Credit Manager can make all the difference. Recruiting and retaining high quality credit managers can however be a challenge in itself … they are in demand professionals who simply “don’t grow on trees”!
That is why more and more businesses including accounting and legal firms are turning to specialist outsourced providers. The good news for FeeSynergy clients is that we have a team of Australian based Credit Managers who specialise in professional services accounts receivable management.
“Engaging the FeeSynergy Outsourced Accounts Receivable Service has totally transformed our debt collection system. The service fits perfectly into our business but more importantly allows the accounting team to get out of the way of the collection process and back to doing the work! It solves the two great business problems – time saved and improved cash flow” – Jamie Doyle Collins Hume
Here’s why considering a FeeSynergy specialist might be the best move for your business:
- Specialised Skills: We at FeeSynergy have a deep understanding of the ACCC Debt collection Guidelines and the legal requirements associated. We are members of the Australian Institute of Credit Management- ensuring the team are up to date with industry trends, regulations, and best practices. We are trained in negotiating techniques and communication skills.
- Time to Focus on your clients: Chasing payments from your clients can be time consuming and at times emotionally draining. By outsourcing this task to our local based team at FeeSynergy your team can focus their energy towards their clients.
- Build on Relationships: We are aware that you work hard to get your clients. We want to be the people who form constructive working relationships with Partners and clients and replace the stress of debt with a positive customer experience
- Expert Negotiation: We at FeeSynergy are professional negotiators. We communicate professionally, employing the best techniques to reach the most favourable result that will align with your business goals.
- Time is Money: The longer a debt remains overdue, the harder it becomes to recover. We have effective systems in place to escalate the recovery process, helping you recover your funds more efficiently.
- Improving your cash flow: Unpaid debts can have serious implications on your business’s financial health. Hiring a specialised person in debt collection can help reduce your debt, increase your cashflow and give you the opportunity to seize new opportunities.
Outsourcing your accounts receivable function is not a sign that the business is incapable of managing their own collection process. Rather, it is a strategic, smart and cost effective move to outsource to experienced professionals who enjoy the work and are better at achieving the desired outcomes.
If your business is facing challenges with overdue invoices, it might be time to reach out to FeeSynergy to discuss your options.
If you would like more information on our outsourcing debt service, please contact Dean Phillips at deanp@feesynergy.com.au.
