Professional firms and debt collection
The mantra of accountants, solicitors and financial planners is to ensure that clients keep their bad debts under control, but for many firms its a case of not practicing what they preach.
We recently assisted a large financial services firm get back on top of their debtors, in some cases the files were over three years old and they were still working on client matters, at no time was there a concerted effort to bring these accounts back to normal.
A professional relationship needs to include ensuring that accounts are paid on time. Sometimes breaking the nexus between the firm and the client ensures that there is a understanding of what is owing and how it needs to be resolved, ignoring bad or late debts can be fatal for any professional firm, especially where you are paying your bills on time.
We have found some professional firms are reluctant to chase their clients, there is a concern that the client would leave. Leaving a debt to age can be a bigger risk that getting an account back into order. What would stop a client simply changing firms in any case, if they know that at some stage they would need to make good on a major account.
Our approach to debt collection for professional firms is designed to retain your client relationship, we take a professional and where necessary commercially sensitive approach, tailoring a solution across your client base to ensure that wherever possible a client is retained.
Contact us and see how we can assist in getting your debt collection under control.