Ensuring timely collection of client fees is a vital, and often awkward area for many practices. Whether you are issuing multiple invoices upon completion of work, proposing a fee beforehand, or looking to clear aged debtors, Fee Finance can be transformational to your practice’s cashflow with minimal processing, while at the same time providing clients with convenient payment terms at low cost.
Fee Finance is fast becoming a primary cash flow tool for accountancy practices of all sizes throughout the UK and Ireland. It offers a seamless and easy-to-use cash flow solution that benefits both practices and their clients. The key advantage? You’ll receive 100% of your fee upfront, eliminating the need to chase payments or wait for Direct Debits to hit your account.
It has been noted that 46% of small businesses claim the time associated with chasing invoices as having the most noticeable impact on their business, with 31% of businesses spending between 21-30 hours per month chasing customers.
Cashflow issues are the other major impact felt due to late payments, with 44% of businesses stating it as the most pressing issue. Small to medium-sized businesses are particularly concerned as it can have a massive impact on their ability to pay suppliers, and staff and is a huge threat to business planning. Over a quarter of SMEs have admitted to being owed between £5,000 – £20,000 in unpaid invoices.
Benefits of Keys and Next-Day Professional Fee Finance
Enhanced cashflow
Receive 100% of your client Fees Next-Day, and provide an extra boost to your cashflow. Allowing you and your clients to invest capital in other areas of your business.
Greater flexibility for your clients
Provide your clients with alternative payment options to ensure smooth collection of fees. Whether that be Fee Finance, Direct Debits, or Upfront Payments. Not all clients will have the same circumstances, so providing various payment options will give them more flexibility.
Reduce debtor days
You can use Fee Finance across your entire billing structure for project work, transactional fees as well as aged debt.
No minimum usage requirement
Use the service as little, or as often as you want. Fee Financing is not invoice discounting or factoring. There is zero cost to your practice of using Fee Finance, and with no additional documentation fees for your client other than the cost of financing
Say goodbye to late payments today, get in touch!
