A fee is not a fee until the money is in the bank. Firms can see profits slip away because of their levels of debtors and work in progress. Equally, ineffective credit control procedures can seriously hamper the firm’s success.
The Library and Information Service has articles, books and ebooks on cash management and credit control.
Adopting effective credit-control procedures is vital to running a successful business. To be effective, policies and procedures for credit control must be established, agreed and implemented. At the same time, day-to-day compliance with them must be monitored.
This helpsheet comprises:
You may want to consider an accountancy fee-funding scheme to allow clients to spread the payment of your fees. The ICAEW's preferred supplier is Fee Plan from Premium Credit.