When it comes to your accounting business, working with clients is the rewarding part. The part that’s not quite as enjoyable? Waiting to make sure you get paid on time, or having an uncomfortable conversation with a long-term client who hasn’t paid yet.
As many as one in 10 invoices is not paid on time, and that delay can put additional stress and strain on your firm.
Fee financing can change that for your accounting firm by making it easier for your clients to pay you, and easier for you to manage your cash flow, too.
How does fee financing work?
Clients can sometimes put off necessary work because they don’t have the capital available up front to pay for it. Offering fee financing allows you to give your client the gift of time and flexibility, while ensuring your bills still get paid.
Fee financing makes it easier to collect the money you’re owed by giving your clients the opportunity to set up a structured payment agreement. This program gives the client flexibility to pay on an installment basis while reducing the impact of a longer payment period to your bottom line.
When you offer a client fee financing as a payment option, QuickFee will provide your firm full payment on their invoice immediately. However, your client doesn’t have to provide all that money upfront, and instead will be given the option to pay their total outstanding amount over a span of three to 12 months.