Establishing simple methods encouraging accounting clients to pay their charges on time requires a mixture of tactics.
1. Clearly Communicate Your Fees
When you consult with a client for the first time it is vital you’re upfront about what sort of services you will provide and how much you will be charging. Do not leave any figure out, the client needs a clear idea of the total fee. If it turns out the charges come to much more than what you’ve assured them, they will not be happy.
2. Add Payment Options to the Engagement Letter
When you provide your new client with an engagement letter it is helpful to include payment options within. The inclusion of payment options will give the client all the information they need to take care of their invoices into the future.
3. Include Simple & Quick Payment Options
These days it is common practice for businesses to offer clients various payment options to take care of their bills.
By providing your clients with a professional fee funding provider payment option they can ‘set and forget’, paying month by month in instalments via direct debit. This can help encourage some clients to pay on time rather than putting off large lump sum payments, this way they can control their finances better by paying off what they owe, as they go, in smaller amounts on a monthly basis.
4. Early Payment Incentive Plan
A great way to improve the amount of clients fixing-up their fees on-time is by initiating an early payment incentive for prompt-paying clients.
You could offer these clients a discount for paying early, within an established time period, or simply upfront.
Getting paid early usually helps to reduce administration work, so you save money along with a bit of time. It’s a win for both you and the client.
5. Online Invoicing
Invoicing your clients via email will save you time and money printing the bills out and sending them off.
By using online invoicing methods you can give your clients the option of fixing you up using credit or debit card, online bank transfer, or you could add a link to your business’ website’s payment portal (if your firm has one).
If you’re offering clients a fee funding payment option then you can add a link to the emailed invoice, making it quick and convenient for them to set-up monthly repayments.
Clients Will Thank You for It
In this day and age, with technology offering new, convenient and helpful ways of improving client relationships why not take advantage of the latest quick and easy invoicing methods to give your accounting clients more options and encourage them to pay on-time.
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