All accounting firms know the pain of having to write off client debt due to an unforeseen insolvency type event. The question however is … how many of these write offs were avoidable? The answer is probably most … if not all.
Where to start?
A leading indicator of your client’s business health is its Equifax Commercial Credit Score and how it is trending month to month. The good news for FeeSynergy clients, is that this information is already available in your FeeSynergy Collect platform. It just needs to be switched on!
In the sample case shown below …
- the client’s credit score took a dramatic decline in December 2023 and has been trending downward ever since
- what was the trigger event for this happening?
- their deteriorating credit score indicates their business is in real trouble.
- this client pays us over $100k per year and they currently owe us $25k!
The call to action in this case is to find out what is going on. The client may not even be aware that their credit rating is now so bad that their chances of securing finance on favourable terms or credit terms from suppliers is in jeopardy.
Would you invest $0.30 per month to mitigate the risk of $000’s in writeoffs?
That is all it costs to monitor the client/s that you choose to monitor in FeeSynergy Collect.
Collect enables you to simply select the clients to be monitored and if one of the 35 listing events shown below occurs, you will be promptly alerted by the system so that you can decide next steps.
FeeSynergy return all 35 types of alerts but will “ring the bell” as an urgent call to action if a critical alert is registered.
For most accounting firms reading this article, it will be an eye opener to what tools are readily available to them via FeeSynergy. We have spent over 4 years bringing this product to market so that our clients can gain easy access to the sorts of decision making information used by banks and financiers when providing credit. For more information, please contact us at hello@feesynergy.com.au or book a demo https://feesynergy.com.au/book-a-demo/
