Published Date: August 15, 2019 . Last Updated April 23, 2021
Getting clients to pay you your payment on time is one of the never-ending woes for businesses. And it becomes more of an issue if all interaction, correspondence, and delivery of service are on the internet. CPAs and financial experts that offer services such as online payroll management and bookkeeping often have to suffer a great deal in getting their payments on time.
Although there is no sure shot way of getting your clients to pay you on time, you can certainly try some things to succeed in it. In this blog post, we are going to discuss some measures that proprietors of online bookkeeping firm and other similar ventures can adapt to ensure timely client payments.
1) Accountants Should Be Clear With Clients On Payment Schedule And How To Pay
Many CPAs, especially the ones who are new to the online landscape, often don’t put definite payment schedules in place. Many of them do this deliberately just to rope in clients. Clients already know that they have to pay for whatever bookkeeping and accounting service they are hiring. So, getting them in the loop regarding payment schedule in advance is not going to put them off, given that they are convinced regarding the quality and prompt delivery of the service.
However, avoid asking for a full upfront fee particularly if you are an online tax preparation firm that usually offers a one-time service. With so many scams being run on the online landscape, it is only natural for prospective clients to be cautious or to even avoid ventures that demand the full fee in advance.
When clients discreetly know about the payment schedule right from the start, they will naturally try to pay you on time.
2) Introducing a Late Payment Policy Helps CPAs Ensure Payment Is Made
It gets really embarrassing to chase clients down for your rightful invoices. If you dislike such discomfort, go on and introduce a late-payment policy that entails penalties. If you have a good work ethic and a number of satisfied clients to back this reputation, such late payment penalties will help you in keeping the people diligent with their payments.
3) Keep Payment Processes Simple For Accounting Clients
Being bookkeeping and accounting expert yourself, you would be well aware of how difficult methods often become the sole reason for deferred payments. Especially if you are offering online payroll and other such digital financial services, then make sure clients can pay you through every possible offline and online channel.
By keeping these three things into account, you can experience a noticeable improvement in clients’ payments.
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