In the final part of our five part series, we discuss the importance of engaging professional credit managers to follow up late paying clients and maintain tight control over the firm’s debtor ledger. This can be one of the most challenging admin type roles in any firm and many firms, big and small, struggle with recruiting credit managers who have professional service industry experience. This is why we established our own outsourcing team who can step in to perform the function on behalf of our client firms. Our credit managers (all AICM members) are experts in navigating debt collection, allowing clients to focus on other essential business aspects while FeeSynergy focuses on cash flow.
Who will you be outsourcing your Accounts Receivable function to?
Let’s begin by introducing Dean Phillips, the National Manager of FeeSynergy’s Outsourced Accounts Receivable Division. Dean has been with FeeSynergy since May 2022 and brings a wealth of experience and passion to his role. He emphasises that customer service and engagement are essential to his team’s success.
Dean explains that his department focuses primarily on accounts receivable, which includes the delicate task of debt collection on behalf of their professional service provider clients. In these times of economic uncertainty, maintaining empathy and understanding while addressing financial matters is key.
“Everything we do in this division is customer focused. We’re collecting debt on behalf of our clients, so it’s at the forefront of every interaction.”
Building Relationships, Not Breaking Them
FeeSynergy’s Credit Management team understands the importance of building and nurturing relationships with clients and customers, gone are the days of heavy-handed debt collection tactics that didn’t benefit any of the partners involved. The success of FeeSynergy’s debt collection approach lies in personalising services and making clients comfortable discussing their financial challenges. The aim is not to stigmatise debt but to normalise the conversation, offering solutions that enhance business relationships rather than hinder them. FeeSynergy prioritises the treatment of their client’s customers, ensuring they are communicated with the utmost respect and understanding.
The FeeSynergy Collect Platform: A Vital Tool for Debtor Success
FeeSynergy’s Collect platform serves as the linchpin of their customer-centric approach. All of their operations, including reporting and client meetings, are seamlessly integrated into this platform. It provides a comprehensive dashboard that allows clients to track key financial metrics, such as debtor days, email engagement, and more.
Managing Dual Relationships: The Unique Challenge
Managing debt creates a unique challenge of managing two layers of customer relationships. On one hand, FeeSynergy serves accounting and legal firms as their clients. On the other hand, they interact with the customers of these firms. Maintaining a delicate balance and ensuring that both sets of customers are satisfied is a top priority.
“In a way we have two customers. We’ve got the client which is the accountancy or legal firm, and then we’ve got the customer of that firm.”
The Importance of a Positive Experience
FeeSynergy’s commitment to a positive client experience has played a pivotal role in their Credit Management success. By focusing on building relationships, leveraging innovative technology, and prioritising client feedback, FeeSynergy has set new standards in the industry. Their dedication to enhancing the customer experience, both for their clients and their clients’ customers, is making a positive impact in an ever-changing business landscape.
“It’s about making people feel comfortable with the conversation of having debt. We want to normalise it, make the customer understand how we can help.”
Don’t Just Take Our Word for It
“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
“The experienced team at FeeSynergy have a great understanding of how accounting firms work and the challenges associated with collecting fees for services provided. After three months of implementing the Collect debtor management system we can already see the benefits of reduced debtor days and increased efficiency in our debt collection process.”
Belinda Butler – Perks CA
